The weekly Oskaloosa herald. [volume] (Oskaloosa, Iowa) 1855-1885, 1872-07-18
BYLAWS
OF THE
MALAYSIA COUNTY
BUILDING and Loan Association

| DuAAaA5 oAu hVuA AAhSooAoaoh
ARTICLE l....Name and object ofthe Association
! This Association shall be known as th,
MALAYSIA COUNTY BUILDING AND LOAN AS
ISOLATION. The object Of the Association il
to accumulate money to be loaned to the
members thereof on good security, to aiC
them in procuring homes; and for other pur
poses not inconsistent with the Articles of In
corporation, or the Laws of the State of Iowa
ARTICLE Uncommon Seal.
| The Common Seal of this Association here
! by adopted shall have engraved on the face
| thereof the words "SeaI of the Mahasks
| County Building and Loan Association Of
Oskaloosa, Iowa."
ARTICLE IIl..-capitaI Stock.
The capital stock of the Association shall
be divided into fifteen hundred shares. Each
| share shall entitle the holder thereof to re-
ceive from the Association loan of two hun
dred dollars, subject to the rules and condi
| tons hereinafter prescribed.
ARTICLE W.--SharehoIders.
| Sec. L. The shareholders of this Associa
ton shall be residents of the United States
and must have attained their majority; and
no person shall hold over ten shares of stock
in this Association.
Sec. 2. Each person on becoming a sub
scriber to the stock of this Association shall
pay an entrance fee of ten cents per share
for each share subscribed by him.
Sec. 3. When the full amount of the CAPT
tai stock of this Association shall have been
subscribed, the subscribers shall be notified
by the Secretary that the same is ready foi
delivery, and that the first monthly install
| ment is due.
500. f., If any shareholder shall neglect
1 RI call FL, for n
days days from the date Of such notice, his
stock shall be deemed forfeited and may be
| sold to another person.
Sec. 5. Each shareholder shall pay the
sum of one dollar per month for each share
| in the manner hereinafter prescribed; such
payments to continue until the value of the
whole number of the shares of this Associa
| ton shall be sufficient to divide to each share
the sum of two hundred dollars or it's equiv
| alent.
Sec. g. Each shareholder shall receive
| from the Association certificate of member
ship signed by the President and Secretary
and stamped with the common seal of the
Association.
Sec. 7. Upon the death of shareholde,
the legal representative may at his option
| continue to enjoy the privileges which would
have belonged to the deceased, by signing
the Bylaws of the Association and fulfilling
| the obligations that would have fallen upon
| the deceased or he may receive back the
amount of dues paid by the deceased, togeth
er with seventy five per cent of the net prof
its accrued upon the same to the time of the
death of the deceased.
Sec. 8. When the whole funds of the AS
ISOLATION, including the securities for loans
shall be sufficient to divide to each share the
sum of two hundred dollars, then this Asso
citation shall close. At this period those who
have borrowed from the Association and are
yet members shall have their obligations can
celed and returned to them. The investment
members or those who have not borrowed
from the Association shall be paid the value
Of their shares in cash.
ARTICLE v.--Officers.
Sec. /. The officers of this Association
shall consist of President, Vice President
Secretary, Treasurer nine Directors, and two
Auditors, all of whom shall be shareholders
in the Association.
Sec. g The Directors shall at the earliest
opportunity, meet and elect one of their own
number for President, and one for Vice Presi.
dent for the ensuing year. A majority of the
Directors shall constit lite quorum for the
| transaction of business.
Sec. 3. Immediately after the new Board
/ of Directors is organized, they shall proceed
| to elect Secretary and Treasurer for the en-
suing year and shall determine the amount o.
compensation such officer or officers shall re
ceive.
| Sec. A. In case of misconduct or neglect
on the part of any officer of the Association
the DOsrd or Directors may renloue snoh 9th
GERS until the action of the Association can be
had upon the charge or charges against such
| officers.
ARTICLE vI...EIections.
Sec. l. Each shareholder shall be entitled
to one vote for each share he may hold, il
the election of officers and on all propositions
| to alter or amend the Bylaws. On all other
questions each shareholder present shall be
entitled to but one vote.
| Sec. g The annual meeting Of this Asso
citation for the election of nine Directors shall
be held on the first Monday of October il
each year.
ARTICLE VII..-Loans.
| Sec. /. The funds of the Association shall
be disposed of to the highest bidder in sucf
manner as the Directors shall determine, sub
| ject to the rules herein prescribed.
Sec. 2. Whenever shareholder shall be
come entitled to a loan or loans, he shall
either pay or allow to be deducted the pre-
MUM offered by him for the same and befor
receiving the same, he shall give such securi
ty to the Association as is approved by thu
| Directors by executing his note secured by
real estate, for the full amount of the loan
awarded to him and by deposlting with tn
| Association Fire Insurance Policy; and nj
ter the security offered is approved of by tn
| Directors, the President and Secretary shall
be authorized by the Board of Directors t.
draw upon the Treasurer for the amount o
money to which such shareholder may be en-
| titled.
| Sec. 3. Every loan made TO a sharehold
er shall be endorsed upon his certificate
membership. In case of failure to give sat
isfactory security for each loan within amontl
from time the same is awarded, the month
interest shall be charged TO the borrower AM
the loan shall revert to the Association I'm
less the Board of Directors shall deem it ex
pedient to extend the time.
Sec. 4. All charges, fees and disburse
ments in making searches, recording AM
proving papers, and preparing mortgages AM
/ other written instruments and examining pa
/ pers, titles and other matters relating to TIN
security for loans, shall be paid by the Dor
rover. In all cases of disputes as to amour
of charges the same shall be determined by
the Board of Directors.
Sec s. Shareholders taking loans from
the Association shall pay the interest on th'
same monthly, interest to be computed from
| the time of the meeting at which the loal
may be awarded at the rate of one half pc
/ cent per month If the interest is suffered t.
/ remain unpaid more than six months, the Di
rector may proceed to collect the same b,
suit or otherwise.
| Sec. 6. No money shall be loaned at
less rate than that prescribed by these By
Laws.
Sec. 7. When any member having a loal