The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1868-01-23
CONSTITUTION
OF ThE
Tiffin Savings and Building Loan
Association.


Tiffin Savings and Building Loan
Association.
I This association shall bc demon.
mated "TuE TFFiN SAviNus Ann
DurLplNG LOAN ASSOCIATION" Its
object is TO accumulate a fluid which
may be loaned, ON good security, to
the members thereof 20 aid them in
procuring homes.
., The stock Of the association
shall eonsist Of one thousand i've
hundred shares Of iva hundred dol.
lars each.
.. The association shall have a
common seal, with such device as
shall be judged proper the Hoacd Of
DRcetors shall prescribe aud control
the use thereof.
g. Females may hold stock in their
own names.
.. Every member shall pay to the
association monthly, at such times as
the Board Of Directors may prescribe,
one dollar for every share of stock
held by him or her, until the value
thereof shall be two hundred dollars
the stock shall then be paid on
agrecaSly to regulations to be pro-
scribed By the Board of Directors.
Cash dividends shall be poid every
three or six months, of such amour,
as tho business of the association
will warrant, on stock which has
reached the value of two hundred
dollars per share; such stock shall
continae to be subject to Withdrawal
iu the same manner us ether stocks Of
the association.
TRANSFERS.
6. The stock OF the association
shall be transferable, subject to the
regulations of the Directors; but no
transfer shall be allowed Of stock ON
which tiuos or arrears arc due.
WITHDRAWAL or SrocK.
Z. Members may withdraw the
amount of their stock on which no
debt is due, by giving one months
written notice, at stated meeting Of
the Board, Of the intention to with j.
draw; whercupon the dues paid in
shall be returned, subject to deduc
tion Of one dollar per share, if dur
lug the first year after the issuing of
the stock so Withdrawn, and there.
after the whole Of the dues paid in
shall bo returned, with interest at the
rate OF six per cont. per anuum pro-
Uidcd, that if the expenses and losses
Of the association shall exceed the
profits, then the stock withdrawn
shall bear its proportionato share of
such excess of loss, aud it shall also
be subject ia all dnes incurred; and
preceded, that not more than half the
increase of any month shall be paid
for Withdrawals without the consent
of the Board Of Directors.
s. No return of meney for stock
shall be made until the loans sold,
when the withdrawal is due, shall be
paid.
o. Upon the death of a shareholder
who is not indebted lor a loan, bis or
her legal representative may receive
back the amount of dues paid by the
deceased, together with the benefits
aeeruing to the same to the time of
his or her deceaso, or may by FIRST
siguing the Constitution and fulfilling
the obligations that would have do
voted upon the deceased to enjoy the
privileges which would have belonged
to the deceased, but for his or her
death until the close Of the associa
ton. M
10. Shares on which II loan has
been made may be Withdrawn by
payment to the association Of the to.
tai amoput charged on the books of
the association to the shareholder,
from which shall be deducted the
amount Of dues paid in, less one dol
lar PR share, If the withdrawal is
made during the 6rst year of the is.
suing Of the stock, and thereafter of
the whole dues, with interest at six
PSi NNh'' PVl 1huulh' I..r fHr .rl.r...
BoAuD OF DlREcToRs.
H. The business of the association
shall be transacted by President
Treasurer, Secretary, aud ton Direc.
tors, all Of whom shall bo members of
the association They shall together
form Board Of Directors, and shall
be elected, with such other officers us
the association may deem necessary,
at the annual meeting Of the assoeia
tion, by the lnombers qualified to
vote, to serve for Que year, and until
lhoir successors are duly elected and
Installed. a ai ri
II. The Board Of Directors elect
shall meet on the ------- in
at which meeting the off
eers elect shall be duly installed, aud
all standing committees for the Gu.
suing year shall bc appointed.
ID. The directors, as such, shall
receive no compensation rin .ai rs
IL. They shall meet on stated
day in each month, at such time aud
place as they may appoint, for the
transaction Of the business of the as.
soeiation. 4 They may also meet at
other times aud places for the sauie
purpose, either by adjournment, or
ON the call of the Secretary, who
shall eull special meetings at tie writ
ten request Of two members. 1al
10. They may make rules for their
own government, and may prescribe
the number necessary to form a quo.
rum competent to transact the busi--
moss Of the Board. fiftI nos
Y 10. Whom vacancies occur in the
Board Of Directors, a special meeting
Of tue association shall bo called by
the President BY giving two weeks
notice in tbs city papers, aud said va
oancy shall 10 Allied by mujdfity of
tho voters present. y sdt id rodl7
s II. fla Direslor shoald be absent
himself frort the meetings OF the
Board for three months in sueces-