Building and Loan Associations

PLAN 1.

Withdrawing shareholders receive the dues paid in without interest or profit.

Under this plan withdrawing shareholders receive only the dues paid in on the shares upon which withdrawal is made, the profits earned by said shares being retained by the association.

Among the associations reported as operating under this plan the following modifications and regulations are found:

1. No withdrawal is allowed to be made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: Three months; six months; one year.

2. Only a certain portion of the dues paid in can be withdrawn, varying, in the associations reporting such a regulation, as follows: 75 per cent; 90 per cent; 95 per cent; 95 per cent if the shares upon which withdrawal is made are less than six months old; 95 per cent or 96 per cent if the shares upon which withdrawal is made are less than one year old; 95 per cent if the shares upon which withdrawal is made are less than two years old; 95 per cent if the shares upon which withdrawal is made are less than one year old; 97 per cent if one year but less than two years old.

3. Among the associations reported as operating under this plan and its modifications the following regulations regarding withdrawal fees are found:

(1) Withdrawal fee of 10 cents, 25 cents, 50 cents, or $1 per share is charged.

(2) Withdrawal fee of 25 cents per share is charged, but not more than $5 per transaction.

(3) Withdrawal fee of 50 cents per transaction is charged if the shares on which withdrawal is made are less than one year old.

(4) The dues withdrawn are discounted, the rate of discount being graduated according to the age of the share upon which withdrawal is made.

The number of associations reported as operating under this plan and its modifications is as follows:

LOCAL.-Alabama, 6; Arizona, 1; Arkansas, 2; California, 4; Colorado, 1; Georgia, 3; Illinois, 5; Indiana, 7; Iowa, 4; Kansas, 3; Kentucky, 12; Louisiana, 1; Maryland, 5; Michigan, 6; Mississippi, 2; Missouri, 29; Nebraska, 11; New Jersey, 18; New York, 6; North Carolina, 5; Ohio, 9; Pennsylvania, 34; South Carolina, 15; Texas, 8; Virginia, 17; Washington, 1; West Virginia, 5; Wyoming, 1; total local associations, 221.

NATIONAL.-California, 1; Kentucky, 1; New Jersey, 1; North Dakota, 1; total national associations, 4.

PLAN 2.

Withdrawing shareholders receive the dues paid in and a fixed rate of interest per annum on such payments.

Under this plan withdrawing shareholders receive the dues paid in on the shares upon which withdrawal is made with a fixed rate of interest thereon per annum, which varies in different associations.

Illustration: In an association in which the dues are $1 per month per share 6 per cent interest on the dues paid in is allowed withdrawing shareholders. If a shareholder withdraws when his shares are four years old he will receive on each share upon which withdrawal is made $18, the dues paid in thereon, with 6 per cent interest on the same for two years, the average time of investment, or $5.76, making the total amount he will withdraw on each share $48 plus $5.76, or $53.76.

Among the associations reported as operating under this plan the following modifications and regulations are found:

1. The total amount to be withdrawn must not exceed 95 per cent of the present value (consisting of dues and apportioned profits) of the shares upon which withdrawal is made.

2. This plan is applied to withdrawals in all series except the oldest one in force, in which either the full value of the shares may be withdrawn, or an arbitrary allowance is given.

3. No withdrawal is allowed to be made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: Two months; three months; four months; six months; one year; two years; three years; any time which may be fixed by the board of directors.

4. No interest is allowed if withdrawal is made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: One month; two months; three months; four months; six months; eight months; ten months; one year; thirteen months; eighteen months; two years; twenty-six months; three years; four years.

5. Among the associations reported as operating under this plan and its modifications the following regulations concerning withdrawal fees are found:

(1) Withdrawal fee of 5 cents, 10 cents, 20 cents, 25 cents, 50 cents, $1, or $2 per share is charged.

(2) Withdrawal fee of 5 cents per share is charged for each month the shares upon which withdrawal is made have been in existence. (3) Withdrawal fee of $1 per share is charged if the shares upon which withdrawal is made are less than six months old.

(4) Withdrawal fee of $1 per share is charged if the shares upon which withdrawal is made are less than one year old.

(5) Withdrawal fee of $2 per share is charged if the shares upon which

(6) Withdrawal fee of 50 cents per share is charged, but not less than $1 nor more than $2 per transaction.

(7) Withdrawal fee of 50 cents per share is charged, but not less than $1 nor more than $2.50 per transaction.

(8) Withdrawal fee of 50 cents per share is charged, but not less than $1 nor more than $3 per transaction.

(9) Withdrawal fee of 50 cents per share is charged, but not more than $5 per transaction.

(10) Withdrawal fee of $1.30 per transaction is charged.

(11) Withdrawal fee of $3 per transaction is charged if the shares upon which withdrawal is made are less than one year old.

(12) Withdrawal fee of $1 per transaction is charged if withdrawal is made upon less than six shares; if upon six shares or more $3 is charged.

(13) Withdrawal fee of 1 per cent of the dues paid in is charged. (14) Withdrawal fee of 5 per cent of the dues paid in is charged. (15) Withdrawal fee of 5 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than one year old. (16) Withdrawal fee of 5 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than one year old and 2 per cent if one but less than two years old.

(17) Withdrawal fee of 5 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than three years old. (18) Withdrawal fee of 10 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than one year old. (19) Withdrawal fee of 5 per cent of the present value of the shares upon which withdrawal is made is charged.

(20) Withdrawal fee is charged of a rate per cent of the dues paid in, graduated according to the number of months the shares upon which withdrawal is made have been in existence, if the shareholder withdraws during the first year of the existence of the shares.

(21) Withdrawal fee is charged of a rate per cent of the dues paid in, graduated according to tlre number of months the shares upon which withdrawal is made have been in existence, if the shareholder withdraws during the first two years of the existence of said shares.

(22) Withdrawal fee is charged of the interest at the fixed rate on the dues paid in during the first year of the existence of the shares upon which withdrawal is made.

(23) Withdrawal fee is charged of the interest at the fixed rate on the dues paid in during the last six months of the existence of the shares upon which withdrawal is made.

(24) Withdrawal fee is charged of one-tenth of the total interest calculated at the fixed rate on the dues paid in on the shares upon which withdrawal is made.

The number of associations reported as operating under this plan and its modifications is as follows:

LOCAL.-Alabama, 1; Arkansas, 6; California, 25; Colorado, 18; Connecticut, 1; Delaware, 8; District of Columbia, 13; Florida, 10; Georgia, 6; Idaho, 2; Illinois, 313; Indiana, 291; Iowa, 32; Kansas, 39; Kentucky, 8; Louisiana, 1; Maine, 1; Maryland, 19; Michigan, 31; Minnesota, 13; Mississippi, 4; Missouri, 143; Montana, 2; Nebraska, 25; Nevada, 1; New Hampshire, 2; New Jersey, 56; New Mexico, 4; New York, 19; North Carolina, 6; North Dakota, 2; Ohio, 4; Oregon, 1; Pennsylvania, 514; South Carolina, 4; South Dakota, S; Tennessee, 2; Texas, 15; Virginia, 34; Washington, 2; West Virginia, 31; Wisconsin, 21; Wyoming, 2; total local associations, 1,740.

NATIONAL.-Alabama, 1; Colorado, 1; District of Columbia, 1; Florida, 1; Georgia, 6; Illinois, 14; Indiana, 3; Iowa, 3; Kentucky, 2; Louisiana, 1; Maryland, 3; Michigan, 1; Minnesota, 1; Missouri, 8; Nebraska, 2; New Jersey, 1; New York, 1; North Carolina, 1; Ohio, 1; Pennsylvania, 2; South Dakota, 2; Tennessee, 2; Texas, 2; Virginia, 3; Washington, 1; Wisconsin, 3; total national associations, 67.

PLAN 3.

Withdrawing shareholders receive the dues paid in and a graduated rate of interest per annum on such payments.

Under this plan withdrawing shareholders receive the dues paid in on the shares upon which withdrawal is made, with interest thereon at various increasing rates per cent per annum, graduated according to the age of the shares.

Illustration: A member holding shares which are six years old, four years old, and two years old, respectively, desires to withdraw from the association. He has paid $72 per share as dues in the first class, $48 per share as dues in the second class, and $24 per share as dues in the third class. The conditions governing withdrawals are as follows: Shares withdrawn during the first two years receive 3 per cent per annum on the average investment; during the third year, 4 per cent; during the fourth and the fifth years, 5 per cent, and after the fifth year, 6 per cent. On each share six years old the withdrawing shareholder would receive the dues paid in by him, $72, with interest thereon at the rate of 6 per cent per annum for the average time of investment, amounting to $12.96, making a withdrawal value of $84.96. On each share four years old he would receive the dues paid in by him, $48, with interest thereon at the rate of 5 per cent per annum for the average time of investment, amounting to $4.80, making a withdrawal value of $52.80. On each share two years old he would receive the dues paid in by him, $24, with interest thereon at the rate of 3 per cent per annum for the average time of investment, amounting to 72 cents, making a with

Among the associations reported as operating under this plan the following modifications and regulations are found:

2. No interest is allowed if withdrawal is made upon shares which have not been in existence for a certain specified time, which varies in different associations as follows: One month; three months; six months; nine months; one year; eighteen months; two years; three years; four years.

3. Some associations operating under this plan permit withdrawal on only ten shares at any one time and require six months to elapse before another withdrawal can be made by the same person.

4. Among the associations reported as operating under this plan and its modifications the following regulations regarding withdrawal fees are found:

(1) Withdrawal fee of 5 cents, 10 cents, 25 cents, 50 cents, or $1 per share is charged.

(2) Withdrawal fee of 8 cents or 10 cents per share is charged for each month the shares upon which withdrawal is made have been in existence.

(3) Withdrawal fee of 10 cents per share per month is charged if the shares upon which withdrawal is made are less than two years old. (4) Withdrawal fee of 25 cents per share is charged if the shares upon which withdrawal is made are less than two years old.

(5) Withdrawal fee of $1 per share is charged if the shares upon which withdrawal is made are less than one year old.

(6) Withdrawal fee of $1 per transaction is charged.

(7) Withdrawal fee of 50 cents per share is charged and, in addition thereto, 2 per cent of the dues paid in.

(8) Withdrawal fee of 2 per cent of the dues paid in is charged. (9) Withdrawal fee of 10 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than six months old. (10) Withdrawal fee of 3 per cent of the dues paid in is charged if the shares upon which withdrawal is made are more than six months and less than one year old; 24 per cent of the dues paid in if more than one year and less than eighteen months old.

(11) Withdrawal fee of 5 per cent of the dues, or of 10 per cent of the dues, is charged if the shares upon which withdrawal is made are less than one year old; 24 per cent of the dues, or of 5 per cent of the dues, is charged if the shares are more than one year but not exceeding two years old.

The number of associations reported as operating under this plan and its modifications is as follows.

LOCAL.—Arizona, 1; Arkansas, 5; California, 8; Colorado, 8; Delaware, 4; Georgia, 1; Illinois, 35; Indiana, 15; Iowa, 8; Kansas, 2;

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