The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1859-04-20
By Laws Of the Marlborough Savings
Institution.
ARrIcLk I--cArIraL STOCK.


SscrIos |. The Capital Stock Of this Cor
poratlon shall be divided into shares Of fifty
dollars each ten dollars to be paid on or
before the 10Th day Of iprll. 1889; fifteen
dollars on June lst. and the remainder on
or before the Isl day Of July ensuing. And
after that date any person may subscribe Tor
share or shares, paving. in addition TO the
fifty dollars for each share. slx per cent. in
terest on the same from the day Of declaring
the last dividend up ~ the day Of making
the subscription.
SEC. 2. The payment on account Of the
stock shall constitute fund to be denomi.
mated the :. Stock Fund.-" on which the Di.
rectors may discount notes. or drafts not
having more than ninety DAYS 10 run. The
Directors shall also have power to grant dis
counts on stock or other securities Or 10
invest the funds Of the corporation as direct.
ed in section Ith Of the charter.
SIC. 3 Any stock note offered by mem
Der shall be acted upon in the same manner
as other notes are acted upon. except that
no endorser shall be required thereon pro.
,ided always, that no stock nate shall be for
a greater amount than three .iourths Of the
par value Of the stock held b. the maker.
SIC. 4. Any stockholder may dispose ol
his OF her stock. provided there be no loan
made by this Institution on the pledge II the
,ane.) BY assignment TO be duIy entered on
the bucks Of the CortD stion aud regularly
atiested by the Cashi.i. And such assign.
ment may be made personally Of BY power
Of attorney.
SIC. S. When all the installments on the
share or shares subscribed for by any per.
son shall have been fully paid in, 4 Ger.
tlfcaie Of stock ,hall be issued 10 him or
her. sealed with the seal Of the Corporation
and signed by the President and attested by
the Cashier; and when any stock shall be
assigned. the old certificate shall be taken
IN. and new esrtiheate. sealed. signed and
attested IN like manner, shall be issued 10
CORRESPOND with the assignment.
SEC. Every person Becoming 4 subseri.
Der TO or assignee Of stock IN this institution
,hall AZ the same time sign the By Laws.
ARTICLE n-eEsgaAL nsETIso.
Section J. The stated Annual Meeting of
the Stockholders shall be held On The III
Monday 10 January Of each aud every year
and there shall be elected by majority 81
the Stockholders present. or represented by
proxy, seven Directors to manage the affair.
Of the Institution, who shall continue IN
ONCE one year. and until their SUCCESSORS
are elected. The first election to be held a.
provided Tor % the Charter. and the Diree.
tors then elected shall hold their Office until
the ist Monday 10 January next.
SIC. ?. IN all elections by the stoekhold.
ers they shall vote b. ballot, and N The de.
eision Of other questions the sense Of ,bs
meeting shall be determined pira roe,. 4 ma.
Jority governing IN all cases. Absentee, NAV
woe BY proxy such delegated authori,y 10.
ing 10 writing duly atiesied By some J1.tiee
Of the Peace. or Clerk Of a Court Of Record
and none bot StocI holder shall Be a prosv.
skc. .. The number Of votes 10 which each
Stakeholder shall be entitled shall be ae.
cording TO the number % shares held.
SIC. I. II shall be the duty Of The p,esi.
dent, Tor IN case of bic absence or inability
TO act, the Cashier upon the written appli.
cation Of i've or more Stockholders, 10 cali
special meeting Of the Stockholders giving
ten DAYS notice thereof in some newspsper
published in Hillsbofough o. Raleigh. ma
said notice shall specify what business shall
be proposed for action.
ARTICLE fii-oryicsss.
sEcrioF !. The Officers oC ,hs Ins,;,u,;or
shall consist Of President and Cashier. Who
shall be annually elected BY . msiorit, Of
the Board IL Directors F"
sac. 2. The Directors shall meet al least
once week. IL an hour 10 be appointed 81
the President. Four Directors shalI eon,,f.
tute quorum for the Transaction Of business.
Of whom The Presiden, shall always Be one,