HARRY W. NICE, GOVERNOR. 443

Association except according to the following provisions. Upon
receiving written application from a shareholder to repurchase
a share or shares in full or in part, the Association shall num-
ber and file the same in the order received and said Associa-
tion shall pay to the first applicant in numerical order 10%
of the amount of shares offered for repurchase within thirty
days of the date of the application, provided, that if, such
share or shares are pledged as security for an obligation to the
Association the full amount of such application to repurchase
shall be first applied in satisfaction of such obligation; appli-
cant shall retain his numerical order until sufficient funds
have been received by said Association to make payment of
said amount of 10%, and upon such payment being made, the
said share or shares offered for repurchase shall be charged
with the amount of said payment and said application shall
then be renumbered and placed at the end of the list of applica-
tions to repurchase and thereafter upon again being reached
shall be paid a like amount, but not exceeding the value of the
shares offered for repurchase and until paid in full shall con-
tinue to be so paid, renumbered and replaced at the end of the
list; it being expressly provided, however, that the Board of
Directors pay to any shareholder, - in any order regardless
of whether such shareholder has filed a written application
for repurchase or not, having to his credit a sum of less than
$500. 00, such sum as they shall determine, provided that said
payment shall not be less than $75. 00 monthly until paid,
and when such payment is made the same shall be considered
to have been made on account of the repurchase of shares.
The Association shall at no time apply in payment of applica-
tions for repurchase less than one-half of its receipts from all
sources other than receipts from interest and expense funds of
borrowers. Shareholders filing written application for the
repurchase of their shares shall remain upon the list of appli-
cations to repurchase as above set forth until such time as
their applications have been paid or satisfied. Shareholders
filing written application for the repurchase of their shares
shall remain shareholders until paid and shall not become
creditors. Provided, however, that no new deposits or free
share accounts of any Building or Homestead Association re-
ceived by said Association after June 1, 1937, shall be subject
to the provisions of this Section.

SEC. 2. And be it further enacted, That should any section,
clause, sentence or part of a section of this Act be held to be
unconstitutional or invalid for any reason, such holding shall
not be construed as affecting the validity of any remaining
section or part of a section of this Act, it being the legislative
intent that the remainder of this Act shall stand, not with-