Ogden Daily Standard | 1915-01-26 | Page 8 | Co-Operative Loan Banks

CO-OPERATIVE fl LOAN BANKS Salt Lake, Jan. 26. Senator D. 0. I Rideout Introduced his state polire department bill yesterday and also introduced a measure providing for ' il the establishment of co-operative . Il banks which might loan money on il personal property. Il The co-operative personal security ll loan bank bill provides that any sev- ll en persons may form such an associa- Lion to promote thrift and savings and lll render aid to members through loans ll secured on the association liability js of Its members. . The use of the fl words "co-operative" and "bank" and ll "farmers'' together are not permitted ' fl to be used by other organizations, ft IH Shares are fixed at $5 each, no TfrK(flw ll bar may holLjTfl tjjaxiOjiargg I jjl and members KTertJie fur an amount fl equal to thelW suosorlptlons Busl- fH ness and adnainistrattve methods are prescribed anil such organizations fl must report regularly to tho state lH bank commissioner. H Thi state police bill provides for H j an appropriation of $20,000 for thet tfl I support h& department which will jl be req ired to act whenever the lo- jl cal authorities are unable or unwilling nl to enforce the state laws. Il