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3. The total profits apportioned to each class are divided by the amount of dues paid into the loan fund for the rate which is applied upon the dues standing to the credit of each share.

The number of associations operating under this plan is as follows: LOCAL.-Illinois, 1; total local associations, 1.

PLAN 24.

1. Multiply the total value of all the shares in force as declared by the last report plus the dues paid in during the term by half the time of investment for the dividend bearing capital.

2. Divide the net profits by the dividend bearing capital, for the rate per cent of profit.

3. The dividend bearing capital of a share multiplied by this rate gives the profit per share.

The number of associations operating under this plan is as follows: LOCAL.-Illinois, 1; total local associations, 1.

PLAN 25. The net profits for the first six months are assigned to the first series; the net profits of the second six months are divided between the first and second series, giving 19 parts to the former and 7 parts to the latter; for the third six months the division is made by giving to the first series 31 parts, to the second series 19 parts, and to the third series 7 parts; and for any period of six months the number of parts assigned to any series is 12 units greater than the number assigned to the same series the preceding six months, but no series which has not been in existence for a full period of six months is entitled to share in the distribution.

The number of associations operating under this plan is as follows: LOCAL.-Illinois, 1; total local associations, 1.

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CHAPTER V.

WITHDRAWAL PLANS.

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CHAPTER V.

WITHDRAWAL PLANS.

As in the case of premium plans and plans for the distribution of profits there are various rules for withdrawals. They are not so numerous, however, as in the other cases, although there are twelve such.

Shares are issued by building and loan associations upon the theory that when the periodical dues paid thereon, together with the profits earned thereby, amount to the ultimate, or, technically, the maturing value of the shares, the holders shall be entitled to receive, in cash, such value, if the shares have not been pledged for loans; if pledged for loans, equal in amount to their maturing value, the loans shall be cancelled; if the loans do not equal in amount the maturing value of the pledged shares the holder shall receive, in cash, the difference between the amount of the loans and the maturing value of the shares.

Shareholders are not, however, as a rule, required to continue the periodical payment of dues until the maturity of their shares, but may, if they so desire, cease paying such dues, and, if their shares are unpledged for loans, withdraw the amounts already paid in, subject to widely varying regulations; if the shares have been pledged for loans, and the holders desire to settle their indebtedness before the shares mature, they are usually permitted to do so by paying the difference between the withdrawal value of the pledged shares and the amount of their indebtedness.

Provision is usually made in the constitutions or bylaws of building and loan associations for the giving of notice by shareholders desiring to withdraw, ranging from one week to ninety days. Such notice is not, however, universally provided for, and when provided for is frequently not enforced if sufficient funds are on hand to permit with. drawal without notice. It is also usually provided that only a certain portion, as one-third or one balf, of the receipts of the association shall be applicable to the demands of withdrawing shareholders, and in such case, should the notices of intended withdrawals call for more money than the designated portion of receipts could satisfy, the withdrawing shareholder would be compelled to wait until future receipts should supply the deficiency.

In nearly all national associations a certain portion of the periodical dues are set aside for expenses, as explained in Chapter IV relating to the distribution of profits, the remainder of the dues being H. Ex. 209 -30

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