Rensselaer Republican, Volume 20, Number 26, Rensselaer, Jasper County, 1 March 1888 — The Building & Loan Association. [ARTICLE]

The Building & Loan Association.

jfow Fully Organized and Soon Ready for IltixlneHH. The organization of the Rensselaer Building, Loan and Savings Association, was completed last Monday, at the meeting at the court house, articles of association andliy-laws adopted and a board of directors elected. The main points in the articles and by-laws will be briefly stated: The full name of the association is given above. It is “The Reiissejaor, Building, Loan and Savings Association. -Its capital stock is $500,000, divided into live series of 8100,060 each; and each series divifti d into SOOshares of S2OO each. I'lit* payments are one dollar per month on each share, and an entrance fee of 25 cents per share and a, yearly assessment of 50 cents per share, to pay running (•X[>tn:-cs. ; The accumulated funds will be loaned every month, to the stockholder offering the highest premium, or discount. Interest is six percent, per annum. Provision is also made for loaning any funds not bid for by stockholders. The association.is managed by nine directors, elected by the stoekhohlcrs, and by a president, vice-president, secretary and treasurer, elected by -the directors. An attorney is also to be employed by the directors. All the officers servo without pay except the secretafy vrho is paid Vol) per year and the attorney whose compensation is to be nrranged -by the (lirecb-rs. The nine dlTectors npw elected will decide by lot which three will serve one year, which three two years and which three three years. Thus hereafter three new directors will be elected every year and serve three years. The terms of all officers Except directors are one year. In the election of directors ancPin all other matters, each stockholder lias one vote and no more, irrespective of the number of shares held by him. Stockholders can withdraw any or all of their stock, on giving three mouths'notiee, and are paid back all they have paid in on installments. If the withdrawal is not hiade until afterPhe first year, they will also get six per cent, .interest on rill tlrey have paid in.

A system of'fines and penalties are provided in case shareholders fail to pay inst diments dr dues, and for borrowers who fail to pay the interest oil their loans. :—Am }'le I >rov ii :nis 1 • s:ls e £or r> 1 - tering or amending the by-laws, when--vet experience... shows the necessity for so doing. The first' board of directors, chosen Monday evening, are A. Parki ODj, L'avid Noweis, J. If. S. Ellis, E. IVRhoades, B. P. Fvigrtsoig Biram Day, Jcku Eg.-r and Vai Selb. An excellent board. They will meet to-day to elect the other officers and take other steps necessary to get the Association in running order.