The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1868-01-11


Itcs President. 1t shall be the daty OF
the Vice Presiden, to assis, tho Presidcn.
10 the discharge of his duties, and othciste
for him in his absence. lf;he Vice Pres.
dent be also absent, meeting of the stock
holders or Board OF Directors may be organ.
lied by the appointment ola President pro
TEN, by accpmation, who shpll have the
same power aud authority of the President.
Secretary. The duty Of the Secretary
shall be to keep correct minutes of the pro
ceedipgs Of the Association aud OF the Board
VI Directors, and record The same in books
kept for that purpose. He shall keep &C.
curate accounts with the stockholders; a.,
test all orders drawn 90 the Treasurer for
the payment Of money. when ordered by the
Board OF Directors, and shall also keep
book for the transfer of stock. He shall
at the expense of the Association, notify the
stock holders OF annuel and apt cini meetings
ct the Association, by advertisement, in the
county papers at least five days before the
time OF meeting. He shall receive for hib
services, and II suitable room for holding
meetings, The SUN OF s. PR aunuu. lie
shall give security in the sum Of S.
1rsasurer.--Th Treasurer shall give good
aud sufficient security, in the sum Of -----
- --'--,.to the. satisfaction Of the
auce OF hi. duty Ills duties shall he to re-.
.eiyc ali moneys paid into the AssYciaiop,
aud give receipt tor the same to the Secrs,
turyi TO pay oil drafts drawn by order otthe
Directors, ii signed ~ the presiding officer
and Rttested by the Secretary, provided he
have sufficient funds in his possession be
longing - the Association; and at the ex
pralicu ST his term Of Office, he absll deiiv.
,r 10 his successor oil moneys, books aud
papers Of the Association that may be in hi.
possession.
1t shall be the duty of the Treasurer to
settle and adjust the accounts Of the Assoc
citation prior to the annual meeting, and TO
report to the stockboiders, with Il taithlu!
and ample exhibit OF the state o. the Treas
ury, and the yelgs Of the shares.
Directors. The Directors, together With
tho Pre-ideul, Vice President, Secretary
aud Treasurer, shal! be called the Board OF
Directors. his Board of Directors shall
have power TO fill all vacancies that may oc
cur in the!7 body during the year.
At every monthly meeting il shall be the
duty OF the Board Of Directors, through the
prcaidiug officer, to receive bids from the
stockholders for the loan Of such moneys rs
may be in tho Treasury; and when the Sc.
curi'y i'd satisfactory, those bids vii! be nc.
cepted on which the greatest premium is
offered for the lean.
No security shall DC deemed sufficien, Oh.
less approved by at least b majority Of the
Board OF DIrectorsi aud when the security
offered for a loan is deemed insufficient hy
the Board then the bid or bids at ,ae mex,
greatest premium may be accepted, aud Inc
money loaned accordingly.
The Directors shall receive no compensa.
ton for their serric,s; and shall, IS early
as possible after their election, meet ard
divide themselves into three classes, and
draw lo's for one, two or three years: those
drawing one year, Shall have Their places
supplied at the next annual election those
iraTing Two years, shall have their plnces
supplied OF the second annual election, aud
those drawing three years, shBll have their
places supplied ut ihc third anna! election,
thereby making the Directors elective one
third in each year. Seven cnbcrs Shall
make quorum,
lhe board Of Directors may enac, By.
Law, for their own goverunA.nl, NOS repug.
nant to these By Laws.
Expenses incurred for books, printing.
&C., must be sanctioned by majority ..
the Board Of Directors.
The President, Vice President, Treasurer
and Directors, for non attendance at meet.
lngs shall be fined rs cents each provided
that this fine shall not be imposed II QUO
rum is present at the time appointed for such
meeting. If any member Of the Board o!
Directors be absent from three succs We
monthly meetings, his place may be cou
sidered vacant.
The Secretary, for neglectirg to attend q
meeting of the Directors or stockholders
shall be fined one dollar.
The Treasurer, for neglectinF or refusing
to furnish to thu stockholders, ct their an.
nual meeting, q detailed statement Of the
finances, shall be fined FIVE dollars.
All Of which fues shall be soosed Of az
the Board of Directors shall direct, and no
excuse to bs taken by the Beard excep,
sickness
Nep Stockholders and Ne,o lShayss-Anv
stockho!0er, or other person, may take al.
ditional or new shares of stock q, any time.
after the organization Of this Association.
BY paying the value Of such stock. provided
the stock shall not be sod below par
FssS-Entrance fee, 80 cents per share I;
transfer fee, Sl.0O per share; pb books,
- cents each.
Ahornev--The Attorney shall be elected
by tho Directors. Ii ahall be his da,y 10 sx,
anime and pass an opinion upon the title OF
All property offered to this Association ms
security for loans draw the instruments for
its security 10 conduct the suits, and all
other legal business Of the Association. -
He shall receive such compensation for his
services as is usual in like cases.
Transfer of Ifoperty-Cyon sale Of prop.
erty mortgagad TO this Association, tho
mortgagor may substitute the purchaser 10
bis stead by paying the transfer fee, pro
vtded the purchaser shall become member
Mortgages, and mortgagcd prem.ss, and
other securities held BY the Association
may, at the request Of the borrower, be NJ
any time exchanged, conveyed, or differently
located, upon The approval Of the Directors !;
provided the party requesting pay al fees
and expenses accrnng upon the exchange
or transfer,
Amendments. These By. Laws shall no..
be altered or amended unless notice Of such
alterationos amendment be gived at u prev.
ious nesting o! the stockholders, and con
Cured in by two'ihirds Of tho members
present.
---~-~-~----- -r---.--
MOORE & BROS Brown Rosin Sosp ie
not only equal to any in tho market for
4crubbing, bnt il is pure enough TO wash the
iucst fnhric, and sold at very low figure