Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1868-06-12

and the order of benefit shall be upon
the order of ballot
Whenever a beneficiary shall have
paid the full amount of his indebted
dess, except an amount equal to the
amount of his stock, he may if he SO
elect have his debt and stock both
cancelled.
Immediately upon the house of any
beneficiary being completed, he will
be expected to take charge of it, pay
ing rent upon the entire debt I'm favor
of the Association at the rate of q
per cent. quarterly, and at least p per
cent ON the principal of the debt also
quarterly, with the privilege, howev-
er, of reducing his debt as fast as he
may wish-the payments to bear date
upon the first quarter day of the fiscal
year after its actual payment, and
such quarter days shall be on the first
days of July, October, January and
April, of each year.
The shareholders of the Association
shall be entitled to its benefits i'm the
building of houses till all are provided
for, upon the basis of the articles pre-
viously mentioned, but in the event
of the shareholders being fully pro-
vided for, and the Association by q
two-thirds vote shall deem it for the
interests of the Association and fur
thcring the aims and intentions which
gave rise to the formation of the &C.
b. A." to build small cottages for flu
ture citizens, then the Association
may devote sufficient of its means to
buying land or receiving it as stock,
either inside Of or within one mile of,
the corporate limits of the city, and
build cottages thereon, to be sold or
rented in a similar manner as those to
the shareholders.
Besides the q per centum rent on
the debt and the q per centum pay
ment, as sinking fund, to be paid
quarterly, the beneficiary shall have
the building insured for the benefit of
the &C. B. A., !" for an amount equal
to the debt owed thereon, in some re-
liable company, acceptable to the AS
ISOLATION or committee of arbitration,
and shall pay the taxes on the lott and
building as fully as if the Association
held no lien or mortgage on the build
ing. rr
Upon each quarter day the Superin-
tendent shall make an estimate of
the money necessary to carry out the
ends of the Association, and upon
this estimate the President shall issue
call countersigned by the Secretary
sufficient to meet said wants, and the
Superintendent shall Immediately
proceed to collect said call, and deposit
in such banks as shall by a vote of the
Association become its repositories.
The funds of the Association shall
be drawn from the depository only
upon the check of the Superintendent
countersigned by the President. ,l
The committee of arbitration shall
at least four times year examine the
books of the Superintendent and shall
make q written or printed report ev-
cry year at the annual meeting on the
first Monday of July, for the benefit
of the shareholders. ..H
Upon the beneficiary taking pos
session of his house he shall make and
execute mortgage upon said house
and lot upon which it is situated for
the amount of the debt and condition
cd accordingto the rules of the C. b.
A." and the payments hcrcinbefore
mentioned, said mortgage having in
herent the privilege of foreclosure
upon five quarterly failures to pay as
prescribed in the articles.
The salary of the Superintendent,
although paid from the funds of the
&C. B. A." shall be assessed proper
tionately upon each house built pro
rata, and shall become q portion of
the cost of the house, the same as any
other labor or material entering into
its composition.
No application of n beneficiary
shall be considered for q dwelling
house to cost over five thousand dol
lars, unless the beneficiary agrees in
his application to furnish so per cent
of the necessary amount OH starting
or the first year-none to cost ovei
three thousand five hundred dollars
unless 40 per cent. is provided for as
above, and mono over two thousand
dollars, unless 30 per cent is provided
for in advance or the first year.
In the event of one hundred thou
sand dollars being subscribed Mt any
time during the first three years, the
&C. b. A. " may also upon vote of
two-thirds of its members, furnish G
building entire upon the same terms
as for dwelling houses, to any manu-
featuring establishment, when The
cost Of the machinery or tools necCs
sary to carry ON such establishment il
SHOWN to beof greater worth than tn,
building, and said applicant share
holder shall swear to, and demon
strate, his ability to furnish said man
ufactuing establishment ready foI
successful operation, by the assistanc,
of the &C. Is. A. To the skeleton
house or building rs aforesaid.
In the employment of builders, me
chanics and laborers and the purchas,
of material, the Superintendent will
employ and purchase only of share