The number of associations reported as operating under this plan and its modifications is as follows: LOCAL.-Connecticut, 1; Illinois, 16; Iowa, 1; Massachusetts, 3; Nebraska, 1; New Jersey, 16; New York, 38; Pennsylvania, 13; South Dakota, 1; West Virginia, 1; total local associations, 91. NATIONAL.-Illinois, 1; total national associations, 1. PLAN 10. Withdrawing shareholders receive the dues paid in and an arbitrary allowance of profits. Under this plan withdrawing shareholders receive the dues paid in on the shares on which withdrawal is made with such rate of interest, portion of the profits, or specific amount as the management of the association may from time to time determine. Illustration: In an association requiring monthly payment of dues at the rate of $1 per share the board of directors decides, at the end of the sixth year, that the earnings have been sufficient to justify the payment to withdrawing shareholders of 6 per cent interest per annum on the dues paid in for the average time of investment. A member then withdrawing would be paid his dues, $72, and 6 per cent interest thereon, $12.96, making a total of $84.96. If, instead of interest, a part of the apportioned profits is allowed and at the end of the sixth year the board of directors decides to allow 75 per cent thereof, the entire profits amounting to $20 per share, the withdrawing shareholder would receive $87 per share, and if, instead of either interest or a part of profits, it should be decided to pay a specific amount, as, for instance, $10 per share, he would receive $82. 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 follow: Six months; one year; two years. 2. No interest or profit 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; sixty days; two months; three months; six months; nine months; one year; eighteen months; two years; three years; four years. 3. The allowance in addition to dues must not be less than interest at a certain fixed rate per cent per annum thereon, which varies in different associations as follows: 3; 4; 4; 5; 6; 8. 4. The allowance in addition to dues must not be more than interest at a certain fixed rate per cent per annum thereon, which varies in different associations as follows: 4; 6; 8; 12. 5. The allowance in addition to dues must not be less than a certain fixed portion of the apportioned profits, which varies in different asso 6. The allowance in addition to dues must not be more than a certain fixed portion of the apportioned profits, which varies in different associations as follows: 75 per cent; 90 per cent. 7. The allowance in addition to dues must not be less than 44 per cent per annum thereon, if withdrawal is made during the first two years of the existence of the shares; after two years such allowance must not be less than 75 per cent of the apportioned profits. 8. The allowance in addition to dues must be within certain fixed limits, varying in different associations as follows: Not less than 3 nor more than 6 per cent per annum, or not less than 3 nor more than 8 per cent per annum on the dues paid in; not less than 70 nor more than 90 per cent of the apportioned profits. 9. Withdrawal is not allowed on more than ten shares at one time, nor ou more than five shares during the three months succeeding such withdrawal by the same shareholder. 10. If withdrawal is made during the first three months of the existence of the shares, the dues only are returned; during the next three months, the dues paid in with 4 per cent interest per annum thereon; after six months the allowance is arbitrary. 11. All the apportioned profits, in addition to dues, are paid to withdrawing shareholders after their shares are five years or six years old. 12. 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, 25 cents, 50 cents, or $1 per share is charged. (2) Withdrawal fee of $1 per share is charged if the shares upon which withdrawal is made are less than one year old. (3) Withdrawal fee of 5 per cent of the dues paid in is charged. (4) Withdrawal fee of 5 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than six months old. (5) Withdrawal fee of 5 per cent or 10 per cent of the dues paid in is charged if the shares upon which withdrawal is made are less than one year old. (6) Withdrawal fee of all profits apportioned if the shares upon which withdrawal is made are less than one year old. The number of associations reported as operating under this plan and its modifications is as follows: LOCAL.-Alabama, 12; Arkansas, 3; California, 18; Colorado, 6; Connecticut, 1; Delaware, 2; District of Columbia, 2; Florida, 3; Georgia, 7; Illinois, 93; Indiana, 3; Iowa, 12; Kansas, 7; Kentucky, 13; Louisiana, 1; Maine, 2; Maryland, 32; Massachusetts, 4; Michigan, 1; Minnesota, 21; Mississippi, 3; Missouri, 75; Montana, 1; New Hampshire, 1; New Jersey, 66; New York, 32; North Carolina, 4; Ohio, 10; Pennsylvama, 93: Rhode Island, 1; South Carolina, 1; Tennessee, 13; Texas, 1; Utah, 1; Virginia, 4; Washington, 4; Wisconsin, 5; total local associations, 558. NATIONAL.-Alabama, 1; Georgia, 1; Kentucky, 2; Missouri, 1; New Hampshire, 1; New York, 1; Oregon, 1; total national associations, 8. PLAN 11. Withdrawing shareholders receive the dues paid in and all the profits. Under this plan withdrawing shareholders receive the dues paid in on the shares upon which withdrawal is made and, in addition, all the profits earned by or credited to such shares. In some cases interest is allowed on the dues paid in since the date of the last apportionment of profits at rates varying in the different associations as follows: 3 per cent; 4 per cent; 6 per cent; 10 per cent. Illustration: In an association in which the dues are $1 per month per share and the profits are apportioned semi-annually all the profits credited are allowed on withdrawal. A shareholder withdraws when his shares are four years old; he has paid in on each share during said four years $48 in dues, and the profits apportioned to each share are 38; said shareholder will therefore receive, on each share upon which withdrawal is made, $48 plus $8, or $56. In case interest is allowed on the dues paid in since the last distributing period, suppose the rate of such interest to be 6 per cent per annum, and the shares upon which withdrawal is made to be four years and three months old; the dues paid in on each share are $51, and the profits shown as credited at the end of four years, date of last apportionment, are $8. The shareholder will then receive on each share upon which withdrawal is made $51, dues paid in thereon; $8, profits last apportioned, and 6 per cent interest on $3 paid in as dues since last apportionment, which, for one and one-half months, the average time of investment, would be 2 cents, making a total of $59.02. Among the associations reported as operating under this plan the following modifications and regulations are found: 1. In some associations all the profits credited are allowed only in case they do not exceed interest on the dues paid in at a certain fixed rate which varies in the different associations as follows: 6 per cent; 8 per cent. 2. In one association the profits paid on withdrawal must amount to at least 6 per cent interest on the dues paid in whether the profits earned or credited amount to so much or not. 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: Three months; six months; one year; two years; three years. 4. No interest or profit is allowed if withdrawal is made upon shares varies in different associations as follows: One week; two weeks; one month; three months; thirteen weeks; four months; twenty weeks; six months; thirty weeks; eight months; nine months; one year; fifteen months; eighteen months; two years; three years; thirty-nine months; four years; five years. 5. In one association withdrawal is not allowed upon more than ten shares at one time, nor upon more than five shares at one time during the six months succeeding such withdrawal by the same shareholder. 6. 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, 8 cents, 10 cents, 15 cents, 25 cents, 30 cents, 50 cents, $1, or $1.50 per share is charged. (2) Withdrawal fee of 5 cents per share is charged if the shares upon which withdrawal is made are less than six months old. (3) Withdrawal fee of 5 cents per share is charged for each week the shares upon which withdrawal is made have been in existence. (4) Withdrawal fee of 5 cents per share is charged for each week the shares upon which withdrawal is made have been in existence, if less than one year old. (5) Withdrawal fee of 5 cents per share is charged for each month the shares upon which withdrawal is made have been in existence. (C) Withdrawal fee of 5 cents per share is charged for each six months the shares upon which withdrawal is made have been in exist ence. (7) Withdrawal fee of 5 cents per share is charged for each month the shares upon which withdrawal is made have been in existence, if less than one year old; if one year but less than two years old, 4 cents per share for each month of existence; if two but less than three years old, 3 cents per share for each month of existence, and if three years old or over, 2 cents per share for each month of existence. (8) Withdrawal fee of 10 cents per share is charged, but not more than $5 per transaction. (9) Withdrawal fee of 20 cents per share is charged, but not less than $1 per transaction. (10) Withdrawal fee of 50 cents per share is charged, but not less than $1 nor more than $3 per transaction. (11) Withdrawal fee of $1 per share is charged, if the shares upon which withdrawal is made are less than one year old. (12) Withdrawal fee of $1 per share is charged, but only if the apportioned profits amount to $1; if not, the apportioned profits only are charged as a withdrawal fee. (13) Withdrawal fee of 10 cents, 25 cents, 50 cents, or $1 per transaction is charged. (14) Withdrawal fee of a fixed portion of the dues paid in is charged, which varies in different associations as follows: 6 per cent; 10 per cent; 25 per cent; 3 per cent if the shares upon which withdrawal is made are less than one year old, and 14 per cent if said shares are one year but less than two years old; 5 per cent if the shares upon which withdrawal is made are less than one year old; 10 per cent if the shares upon which withdrawal is made are less than six months old; 10 per cent if the shares upon which withdrawal is made are less than one year old; the first payment of dues; one week's dues; dues paid during first three months of shares' existence. (15) Withdrawal fee of a portion of the dues paid in, graduated according to the age of the shares upon which withdrawal is made if less than one year old. (16) Withdrawal fee of a fixed part of the apportioned profits which varies in different associations as follows: 2 per cent of said profits if the shares upon which withdrawal is made are less than one year old; 5 per cent of said profits; 10 per cent of said profits; 40 per cent of the last declared dividend; one-half of the last declared dividend; onehalf of the last six months' profits; the last declared dividend; profits of the last three months; profits of the last six months; profits of the last two years; 10 per cent of the last two dividends; profits of the first ten weeks; profits of the first thirteen weeks; profits of the first six months; ten weeks' profits and 10 cents per share additional. (17) Withdrawal fee of a fixed portion of the book or present value (dues paid in plus the apportioned profits) of the shares upon which withdrawal is made, which varies in the different associations as follows: 2 per cent; 5 per cent; 10 per cent; 5 per cent if the shares upon which withdrawal is made are less than one year old; 5 per cent plus the profits made by the dues paid in upon the shares upon which withdrawal is made during the first year of their existence; 8 per cent if the shares upon which withdrawal is made are less than two years old; 6 per cent if two but less than three years old; 5 per cent if three but less than four years, and 4 per cent if four years old or over; 10 per cent and, in addition, whatever the shareholder may bid for the privilege of withdrawing. (18) Withdrawal fee of such an amount as the shareholder may bid for the privilege of withdrawing. (19) Withdrawal fee of an amount equal to the average premium paid on the loans made to members of the association previous to the date of withdrawal. (20) Withdrawal fee of an amount equal to the average premium paid on the loans made to members of the association during the month in which the withdrawal is made. (21) Withdrawal fee of 25 per cent of the profits is charged unless 5 per cent of the difference between the book or present value (dues paid in plus the apportioned profits) and the maturing value is less than 25 per cent of the profits, in which case 5 per cent of said difference is |