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and purposes of building and loan associations; and in particular, it is alleged thatthey are, in the main, held by well-to-do people purely for purposes of investmentand not by wage-earners for accumulating their modest savings for the buildingof homes.In the articles of incorporation we find the special shares described asfollows:" 'Special' shares shall be issued upon the payment of80 per cent of their par value in cash, or in monthly dues of P10.The 20 per cent remaining of the par value of such shares shallbe completed by the accumulation thereto of their proportionatepart of the profits of the corporation. At the end of each quarterthe holders of special shares shall be entitled to receive in cashsuch part of the net profits of the corporation corresponding to theamount on such date paid in by the holders of special shares, onaccount thereof, as shall be determined by the directors, and atthe end of each year the full amount of the net profits availablefor distribution corresponding to the special shares. The directorsshall apply such part as they deem advisable to the amortizationof the subscription to capital with respect to shares not fully paidup, and the remainder of the profits, if any, corresponding to suchshares, shall be delivered to the holders thereof in accordancewith the provisions of the by-laws."The ground for supposing the issuance of the "special" shares to beunlawful is that special shares are not mentioned in the Corporation Lawas oneof the forms of security which may be issued by the association. In the agreedstatement of facts it is said that special shares are issued upon two plans. By thefirst, the subscriber pays to the association, upon subscribing, P160 in cash, onaccount of each share. By the second, the shareholder, upon subscribing, paysin cash P10 for each share taken, and undertakes to pay P10 a month, as dues,until the total so paid in amounts to P160 per share. On December 31, 1925,there were outstanding 20,844 special shares of a total paid value (includingaccumulations) of P3,680,162.51. The practice of El Hogar Filipino, since 1915,has been to accumulate to each special share, at the end of the year, one-tenthof the dividend declared and to pay the remainder of the dividend in cash to theholders of shares. Since the same year dividends have been declared on thespecial and common shares at the rate of 10 per centum per annum. When theamount paid in upon any special share plus the accumulated dividends accruingto it, amounts to the par value of the share (P200), such share matures andceases to participate further in the earnings. The amount of the par value of theshare (P200) is then returned to the shareholder and the share cancelled.Holders of special and ordinary shares participate ratably in the dividendsdeclared and distributed, the part pertaining to each share being computed onthe basis of the capital paid in, plus the accumulated dividends pertaining to eachshare at the end of the year. The total number of shares of El Hogar Filipino