| Show FOB F 0 R m GAZING 00 HOME LOAN lions foster plan under federal setup set up committee named the richfield lons club monday night brought to a successful conclusion a project which has for the past two months been handled and by the civic welfare committee that of organizing a home savings and loan association in sevier county at the last meeting of the club the committee was instructed to can fan a meeting for monday night ni 9 lit in in the telluride power company offices of all interested to arrange for an organization under the federal setup set up the federal government according to the investigation vesti gation of the committee is willing to put up 75 per cent of the money for the loan company in order to stimulate building and remodeling of homes don E kenney chairman of the committee took charge of the monday meeting which was attended by an enthusiastic group that promised financial support the organization committee of seven members as specified in in the instructions was elected as follows don E kenney george georg e peterson B C luth frank G martines and A at Al maughan aughan all of richfield D M anderson of salina and H roland of monroe if any of these members are unable to serve they will be replaced by the balance of the committee this committee will serve until such time as the stock in the loan and savings company is subscribed at that time the stockholders will effect a permanent organization next monday night the committee will meet in the school board offices to elect a president vice president and secretary they will also at that time make plans for the selling of stock As briefly outlined monday the plan is to sell a minimum of in stock to not less than 30 persons the government will then grant a charter and put up the balance of the money for operation although the local organization I 1 on will have complete control of the he funds the federal government in insures all loans and the stockholders against loss no money can be used for operating expenses until a profit is shown the new loan company will no doubt make it possible for many local people to build or improve their homes hom e s at a minimum rate of interest it will also be valuable from a standpoint of providing people with a place to save their money at a higher rate than the banks or the federal savings accounts pay |
