Show C 0OPY P Y ear 15 13 1944 mr memorandum TO lir waltor honderick dorick supe superintendent waltor Hori in business R FROM F ollice of the project attorney march I1 havo your of 11 concerning arch 68 cc cernin t the reasons why we requested the residents to 4 transfer their safe keeping deposit in the topaz deposit account to the tha topaz federal credit ur union ion urion the prino idle reason why the project attorney has been seriously concerned about the topaz deposit account has been the fact that ii establishing the account the bosz cooperative was actually doing a banking business without authority of law the deposit accorn were continued and the state banking departmentii were informed I1 amK sure that we would bi bb required to discontinue by the state banking bankin de apartment part ment department ry however that if the stagg banking it belief is department should question us concerning the deposit account that J be able to justify it on the basis of our preparing to org ize a cred credit lt union and that the deposits wore were accepted for safe kc keeping until a credit union could be organized once oice the credit union is orp organized anizel the reason for a deposit account no longer exists and would have to co be discontinued c rd from the standpoint of the residents thora is aLo another thorf and probably a more serious reason why the u deposit account should bo transferred to the credit union A arastod is 0operated by tho the topaz con ludua Luuua jiz eric which enlar jus inc is engar ed in operating a number of canteens gaged topaz deposit account the while se arate from the commercial account of the cc separate ct cooperative operative is nevertheless owned and controlled by the cooperative ic i posit sible that if the cooperative were to be sued by creditors or by some person who was injured by the operation of coo co oop operated coop automobile for example might attempt to tie up the ahr deposit abc mtt pu j ilae av I 16 r byy 1110 ua the 01 tl gooba stiv ol the cladu ill the claim cl mi eijiu zhu ht bio be ui tha acco urit be frood iList bly would bo liht frol by ttheC bour courto OU cut that acl C iise and bearc takoe time ime deposit the hile account would be tied uv u the u ar f id1 ic woul oulu topaz in an tuuli an caunt uan ba be buciu vasily ivied liz cocos abid arii barjJ orraJ toc ic o ad rc cause djdanae cau-se aid ald result alt aae to honest and a nd e f 1 1I 0 lent aia ai a ement of the cooperative coo C L 11 I- 4 V U LL tc AL TV 1 V LJ A A L lat aa LA 4 VAIL L c V L L 41 0 ro dib urit ane absolutely is any way 14 aa organise org anise r alt ii 10 lo ar ann banks oy the che leveral creaig union independent of any other organization and cannot in mone L be subjected to claims against other corporations is safe because it is ia controlled by the people who deposit theiritmone through their elected representatives duty the has furthermore of making sure that proper banking practices the fc fe are ad so that financial security remains strong at A credi times all union represents the simplest and safest method for the residents of topaz to safe guard their savings here in the center S signed ralph C barnhart 1 S c project attorney i je t v a yap 1 |