(1) Any person, partnership, or corporation, may become a member of any one, or more, associations.
(2) Every applicant for membership must become a borrower to entitle him to be admitted as a member.
(3) Each applicant must sign a writing, in the form of a recordable instrument, declaring himself to be a member of the association to which he is admitted. This may be done by a separate writing, or by and through a declaration to that effect written into his mortgage or trust deed, upon faith of which he borrows money from the association. Such writing shall also contain therein a declaration of the parties signatory thereto that such applicant holds himself thenceforth bound by the laws of the association then adopted, or that may be thereafter adopted.
(4) In addition to the common stock taken in the association by each borrower, each member shall be liable for an assessment of ten percent on the face of his loan, to be secured by the security given for the loan, in case there be losses in any year’s operations which require such assessment.
(5) Each borrower, for each loan made to him, shall be treated and considered as being a new member, in so far as the laws and bylaws of the association are concerned and to be applied.
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