The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1867-10-02


other respects and We trust that, with the season
Of 1868, new boats will be ready to compete
more prizes win be won, and yachting on the
Potomac be ever considered among US an agree. !
able exercise and healthy recreation, contr'.
buting to enjoyment, and being alike useful and
honorable.
WASHINGTON Co-oPERArIvE ASSOCIATION.
The second meeting Of the above association
was held at Temperance Hall, street, last
evening, which was largely attended
Tho meeting was called to order by Mr.. J. E,
Thompson, and Mr.. J. s. Thompson acted /"
The consultation and bylaws were reported
from the committee previously appointed, which
elected considerable debate and amendment.
A committee Of six was appointed to open sub.
scription books at such places as they may des-
ignate, and report at the next meeting, on
Wednesday night. Tho COMMITTEES consists Of
Messrs. John X. Elyans, ]. Il. Thompson, Nor
aet, Callan, Davis. and Edison.
Tho following are the main points OF the con-
stitution, as adopted last night
The object Of the association II, by co.opera.
ton, to enable It's members to become their own
landlords, by providing funds for each member
to purchase real estate, and to make improve.
ments thereon. =.
The members Of this association shall be resi-
dents Of the United States, OF the ago OF seven
entitled to an advance.
Each stookholder personally present at any
meeting Of the stockholders and holding 10 his
own right, or as trustee, ono or more shares OF
stock shall DO entitled to one vote for the cleo
tion Of officers, as well as on all other coca.
sious.
Transfers Of stock, to enable q stakeholder to
vote must DO made at least ten days before an
election; and In no case, after the first election
of officers, shall stakeholder be entitled to vote
who has not complied with section three OF article
ten Of this constitution.
Females shall be allowed the privilege Of voting
BY proxy In writing. Minors over seventeen
years Of ago shall DO allowed to vote:
Tho capital stock Of this association shall not
exceed two thousand shares Of 81, 600 each. The
subscription books shall remain open for four
months, unless the above amount Of shares should
be sooner subscribed for.
All persons on becoming members Of this as.
ISOLATION shall pay an initiation fee Of one dollar
and shall DO allowed to subscribe for any num-
Der Of shares Of stock not exceeding ten, but no
member shall have moro than one vote.
| Each and every stakeholder for each and
every share Of 81, 900 that he or she holds In
this association shall pay the sum OF two dollars
and city cents on the second Wednesday eve
! ming Of each and every month to the treasurer
or such other person or persons as shall from
| time TO time by the laws and regulations OF the
|
In case any stakeholder shall neglect or refuse
to pay his monthly dues as often as the same
shall DO payable as aforesaid, each and every
stakeholder 20 neglecting or refusing, shall pay
fine Of twenty cents per month on every 81 ,ooC
share, for every month that It shall remain un'
paid, to DO charged with monthly dues.
Any member paying his subscription for nj
many months in advance as be may be In ar
rears, his fines thereon may be remittcd.
No member shall participate in the sales FOL
advance until all arrears and dnes DO paid
Any member failing to psy his monthly due
and fines for one year shall forfeit oil his interes
in the association.
For neglocting or refusing to refund any pre-
MUM paid by the association on an insurane,
policy each stockholder so neglecting or refusipl
shall pay q ine Of Eve cents on every dollar 81
remaining unpaid at the next monthly meeting
and also for each and every monthly ncglee
thereafter All fines shall first be paid out o
money paid in, when authorised by the board o
directors.
Whenever the funds Of the association sha
warrant II, one or moro shares shall be dispose
of by the secretary to the highest bidder, pre-
yided tho came shall not sell under 70 cents, at th
B regular monthly meetings Of the stockholder'
which advance or advances shall be repaid b
. the purchaser at the rate Of one tenth per al
mum, payable monthly. The premium paid o
A such advances to be added to tho sum advanced
. and said advance anu preuium W w i0Pa'e "''h
Q rate of one tenth part thereof per annum pay
4 ablo monthly. Stockholders may pay one 9
moro monthly advances, premiums, or subscriT
lions in advance and shall receive six per cen
interest thereon TO- tho time so paid In advanc'
Any member desiring to withdraw from th
association shall, after giving one months motto
in writing to the secretary, receive back tn
. whole amount of his subscription which he sha
d have paid into the association, with tho excel
Il tion Of fines, provided there shall have been su
r fcient money paid on account OF return OF az
!, yances, from which funds alone Withdrawal
shall be paid, the subscriptions being reserve
b entirely for making new advances and payin
0 expenses. Any member so Withdrawing shall
entitled to receive SIX per cent interest per al
mum on the amount paid In by him as dues
the association, provided he shall have been
: member six months.
l. Each and every stakeholder, for each al
8 every share Of stock that he or they may hold
y the association, shall be entitled to purchase a
advance of stock Of 81, 900 from the funds Of Il
q association, and no morei provided, however, IN
. no stakeholder shall receive an advance Of moi
!, than 81, 900 at any one meeting Of tho stoel
], holders II any other stakeholder, not having
ceived an advance, desires 1t.
j Any stakeholder having made purchase, al
d not being able to give the necessary security
Il tho time, the board Of directors shall ha'
81 power to pay 8 per cent. interest per annnm
the amount nelu Dy tue tfoubuiei ~ oesa S10N
l. Each and every stakeholder having taken
N advance from this association shall continue
pay his monthly subscriptions regularly duriT
10 the whole time he is paying the return OF
IL advance or advances, and after having return
10 said advance or advances, he shall continue
s. pay as agreed at the time Of executing said Dol
I'd and mortgage for any share or shares, in respe
10 of which said advance or advances have been o
g. tanned, provided such time shall not exceed iou
teen years.
n. Any member falling to make the payments
he account Of advance and premium for one mon
10 after II shall have become due shall pay fine
b, 5 per cent. per month on tho amount due
10 every month that 1t shall remain unpaid.
1t. Any member taking an advance on his or
pt stock, shall be entitled to credit for the val
I'D of said stock at the time Of purchase said amou
to be held by the association, as collateral sec
g. rity, and to be paid over to the stockhold
ok taking such advance as the last instalment d
on on such advance.
as Whenever an advance has been made on o
tn or more shares of stock, and the same repa
%. said stock shall be cancelled whenever the 81
er scripton for fourteen years has been paid In,
on the party taking such advance to DO clear q
released.
lal Each and every stakeholder for each a
ng every share Of stock he or she may hold, sh
he pay, on tho second Monday In each and eve
ly month, tho sum Of $3.50, for the space Of FOL
III -. ,,.I.s. tha nj shall sooner