1893 - State Library Information Center

470 STATISTICS OP LABOR AND INDUSTRIES.to wait some time for their money. It allows to each shareholderwho has stock about to mature three courses to pursue: First,he may withdraw under the provisions for non-matured Btock;aecoud, he may become a borrower on his shares; or lastly, hemay let his shares mature so that there is due him the full maturedvalue of the same., "Under the plan above described the maturing of shares producesno disturbance whatever in the regular course of businessof the association. There is no accumulating of funds that drawa low rate of interest. Unless there is something in the law ofthe State which prohibits, it i& entirely proper for the stockholdersof an association to hold a meeting, as provided by their articlesof association for amending the same, and at such meeting amendtheir articles of association to conform to the plan above specified." The plan which I have above described has been in practicaloperation for nine years in the Ohenaung Valley Mutual LoanAssociation of Elmira, New York. The articles of associationwere amended about two years before the first series of stockmatured; and this \Vas done by its shareholders, without a dis-Benting voice, upon presentation to them of the method proposed,at a meeting held for that purpose. This association maturesnext month its ninth annual series of stock. There has neverbeen a complaint from any shareholder with reference to his notgetting his money at the time the shares matured. If there issome shareholder who stands in great need of his money, thesecretary is always able to make some arrangement in the matterby which he'is accommodated." We knew how prone all workers in the local building andloan association movement are to think that the methods underwhich they have been working and with which they are familiarare the beBt, There is but one objection that can arise in theminds of any one to the method above outlined, and that is thatthe shares are not all paid promptly at the date of their maturity.That objection amounts to nothing in actual practice. The associationshould never agree to pay matured shares faster than ithas funds to pay the same. There Bhould be no provision in thearticles of association which makes an association legally liableto pay moneys faster than they are received for that particularjmrpose. No association, on account of matured shares, should