Salt Lake Telegram | 1932-09-14 | Page 9 | King Will Receive Bank Applications

KING WILL RECEIVE BANK APPLICATIONS With the forms including I and nd subscription blanks fo for for membership in the Federal Home Horn Loan bank now from Was Washington Wash Wash- ington D C. C applications win will be received received re rc- re- re beginning Thursday b by J. J G G. King assistant secretary of the chamber chamber cham cham- ber of commerce it was reported Wed Wed- Institutions eligible to membership in the bank include building and loa loan association saving saying and loan associations associations cooperative banks homestead associations insurance companies an and savings banks Mr King said To be eligible these institutions institution must be duly organized under th the state te or federal laws must be subject to inspection under state or federal banking laws or similar laws am and must make home mortgage e loans a ain as asin asin in the judgment of the Home Loan bank board are term long mortgage loans Joans Stock subscriptions required o of members is to equal 1 per cent of th the ag aggregate regate of the unpaid principal o othe of the subscribers subscribers' home mortgage loans but must not be less than 1500 M MR Mn King said Stock subscriptions may be paid for in cash or may be wit with one fourth cash payment at the time Urn of the application with further payments payments pay pay- ments of one-fourth one at the end of each cach succeeding four month periods Applications for loans cannot b be betaken taken laken until subscription books have hav been received and then the loans mus must n be obtained obtain d from the concerns who are members of the bank Mr King Kin pointed out 1 I