Show IS tiro IS NIS I 1 nitta OV on n jhc round rou nu that thu tile operation of th law WN bould be b too expensive and that there that it wu av aas ae considerable doubt na its to ha its conr 1 tut n a 1 i t j gov G e william 1 V i ll 11 1 a m S cpr pr r pent en t th the e in initiative loi i a t 1 e and a n d kcf r 0 r L brendum r e du ni bill b tl t tr t tt the I 1 c secretary or of 9 t ate Tut dutlay lay with ith hi his disapproval the bill vaa one ot of the pit measures ot of the democrat democrats in the reent recent re ent ses session nion of or tte tre tt e legislature and introduced by tle dan shields of salt alt lake it p pa ed eil the houfe house b bj it vote 0 o to ot of 31 24 t t it I 1 and the by a etc vote otc of 10 to 7 and provided that the initiative initia tio might ie to petition to the of 12 i of th thy fled led voters of the state governor itt latr r it f dik al follow follo a fi this IM I 1 hm falls alkil d to reuline my ap approval for the follon lne the initiative lit at this time ie is wholly holly u cinco since tho the people of thil state ta te if they desire an ani m nuns lire ute of general nat aro sro enacted ted into 1 aai ma petition the ks slature to hae such without incurring a tithe of ot the expense that x bill make r n e c in order t ti i ha have e s sich ich measure enacted if th prevent measure beco 11 a law an I 1 Is iq to be nade ballal ie lo to the people it mill ill it apoe burdens upon th e rr jt at this time far tar in exi em of any be enell ent ll that tan can be derived from the it ita of if land ii nil 1 the tile term terms of senate bill no 54 64 1 1 0 idich aa signed lucckas by sar an fifteen or mori mor adult freeholders freehold ern of the fhate may u and a I lind ind mortgage I 1 lank ank but must ha hae e a capital of not lesa less than the la pro vr ides that tv tie e rate of interest at ii malch aih loans loan are made rando hy ily the bank shall not filer ana condl condi eions 1 exerted per cent per annum tho the purpose of the law lan li to furni furnish ural I 1 communities N it ith nion moil on in conff tm time e loans at tow to w rates r it cis of in inter t er ert all ti for loans must be made in uri writing ting must elate state the purpose for aich the loan Is 1 desired and no loan wilt bo he made anle as tho the intire committee Lom mittro of loans loan of the bark 1 Is fied that it promises tn ta benefit thi borrower the applicant for a loan bonmer mn maa appeal from the decision of the loan committee tho the montages mor riven ga en for ioan aa on farmr and anti du dwelling ellings mint must be lie recorded and tiled filed w alth ith the state mate treasurer aurer and tondi for the amount represented b such mortgage nut mm be issued ly by the bank the of the bank shall I 1 to e fet set f et a alde ilde a referee runa to an amount equal to 2 2 per cent of the capital stock outstanding and anti the balance of the kiy ni ty bo be paid as a co ope operative rathe profit sharing dill deni senate 1 0 no o 62 1 by mr nir rideout i ie ir alfo alro mu mua or 14 of rural inter et eit and provides dc fm tho the of co operative banks which may loin oi on personal property it was clau 11 d cuerda by Go cruor ahry the law lau provides that any seven or more broons ma form euch such an aso claiton elation to promote thrift and raving and to render aid to members through loans secured on the assod lia ll 11 ability sharen shares in the c ct oper operative atle binka are axed at 5 each and no m member aber may liall more than five me hundred chari and mem ra ernt erg are liable for or an amount dual toual to their suba 1 and administrative meth oda of the co loin lon banha banks mut murt be reported ta to the hate bank examiner holh both the co opera operatic loan bank banks and the land morti rage banks are under the jurisdiction of the state bank o 0 n similar baneg have hae been cm inducted in germany and other I 1 align countries countr lea for j tars arx |