The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1872-05-17

credit to his good sense, be indiffer-
ent to this matter. If lis not what
it assumes to be, he should take
open ground against it. IF it is
what is claimed, it is the duty of all
to favor It, aud the direct interest of
q very large number to become ac-
tive participants. That mans time
must be exceedingly valuable who
cannot spare an hour or two to in
vestigate the subject whenzi it is put
before his eyes in plain print:
CHARTER OF THE EMPoRIA MU-
TUAL LOAN ASSOCIATION.
LIST. The name of this Corporation
shall be "The Emporia Mutual Loan
Association"
2nd. The object of this Association
is the accumulation and loan of funds
to members.
Sd. The place where its business
shall be transacted shall be in the city
of Emporia Lyon county, Kansas.
4th. 1t shall exist until the weekly
installments and interest and profits
from all sources shall amount to one
hundred and twenty-five dollars per
share, not to exceed nina years.
5th. The number of its Directors
shall be nine. Those selected for the
first year are j. Il. Graham, j. w.
Lynn, j. P. Pinkerton, d. S. Gilmore,
Geo. w. Frederick, w. B. Jones, Jr.,
Z. T. Kerns, C. Z. Kelsey and o. p.
Bowman, all of Emporia, Lyon coun-
ty, Kansas.
9th. The amount of its capital stock
shall be one hundred and twenty-five
dollars, to be divided into one thous-
and shares of one hundred and twenty
five dollars each, to be paid in weekly
installments of twenty-five cents per
share. .-.
I, w. II. Smallwood, Secretary of
State of the State Of Kansas, do here
by certify that the above and forego-
ing is true and correct copy of the
original certificate of Incorporation
filed in my office April 26, A. D. 1872.
In testimony whereof have
SEAL. hereunto subscribed my
name and affixed the Great
Seal of the State. Done at Topeka
this 9th day OF April, 1872.
w. III. SMALLwOOD,
Secretary of State.
CONSTITUTION.
ARTICLE I.
The name, object, capital stock,
number of shares and duration OF this
Association are the same as described
in its charter.
ARTICLE II.
The members shall consist of all per-
sons who hold one or more shares of
It's capital stock, and have signed its
Constitution. ..pI.
ARTICLE III. ~
No member can hold less than ono
nor more than twenty shares, or be
loaned more shares than he holds, or
cast more than one vote
ARTICLE ". -lf21
The officers shall consist of q Presi-
dent, Vice President, Secretary, Treas
urer, a Board of Directors, composed of
the above named officers and five other
members of the Association, and an
Attorney. Any officer may be remov-
ed by "a vote of all the members of
the Association. Vacancies in Office
may be filled at any regular meeting.
ARTICLE V.
The term of office shall be one year,
except that five members of the first
Board of Directors shall be elected for
only six months. The semi-annual
elections shall be held by ballot at the
first regular meetings in June and De-
cember of each year.
ARTICLE vi.
An installment of twenty-five cents
per week shall be paid into the Treas
ury upon each share of stock, ard in
terest of fifteen cents per week shall be
paid upon each share loaned. Advance
&c INn mo- a hTlf Rn6Rlnl
benefit shall be derived therefrom.
ARTICLE VII.
At each regular meeting the money
on hand shall be offered for loan to the
members i'll separate shares, PrOutded,
that by unanimous ieonsenb of all the
members present loan may include
two or more shares. Each loan shall
be awarded to the member who, be-
ing entitled to bid for the same, offers
the highest premium therefor. The
premium shall be discounted from the
par value of the loan and remain in
the treasury Tor loan again. LoaEs
must not eXceed the money on hand
for that purpose. 'stl sraE
ARTICLE VIII.
When 4 mem Der who is not entitled
to loan bids therefor, he shall pay a
penalty of one dollar, and it shall not
be awarded to him. when Il member
is awarded loan he may allow it to
remain in the Treasury until he offers
the requisite security, so long as he
pays the interest upon said loan as it
falls due. When in such Q case
he ceases to pay, as stated, the
loan shall be annulled and he pay a
penalty of not less than one dollar, nor
more than three dollars, as the Board
of Directors may determine. M
ARTICLE TX. sa7
All loans, before any part, thereof
shall be paid out of the Treasury, shall
be secured by first mortgages to the
Association upon unencumbered real
estate in Lyon county, Kansas.
ARTICLE Z. 5se,
Ali mortgages shall be drawn for
nine years, or until the dissolution of
the Association. They shall cover an
amount equal to one hundred and
twenty-five dollars for each share loan
ed upon them, not to exceed three
fourths the cash value, appraised by
the Board of Directors, of the real es-
tate in question. All buildings on
mortgaged property shall be kept fully
insured at the expense of the mort
gag0r, for the benefit of the Assoeia-
ton, as its interest may appear, They
shall also guarantee the regular pay
ment of ali installments and interest
and other dues upon the shares loaned,
and coincide in all respects, with acRr-
tain form to be adopted by the AsSocta-
ton. The Attorneys and Recording
fees shall be paid by the mortgag COR, by
being added to the premium he offers
for the loan. 3t - -
ARTICLE XII. olts
The President, Vice President and
Secretary of the Association snail hold
corresponding offices im THE Board Of
Directors. It shall be the especial duty
of the Board to superintend the carry
ing out of all loans, to see that the At
tOrney faithfully performs mis- duties,
ard 70 In all respects carefully quart
the intsFssts of the Association. I It
must authorize ailIorllers upon the
Treasury Tor loans, and each such or
der must state in whose favor it is
drawn, and be voluntarily signed by
six OF the Directors. 1t shall hold a
public meeting at the close of each
regular meeting of the Association.
Five Of its members shall be quorum
for the transaction of Its business.
ARTICLE XII. -t-
The President shall preside at all
meetings. 1t shall be his especial duty
to strictly enforce all rules OF the As
ISOLATION, and cause all bonds and
mortgages to be executed in strict ac-
cordance with law. When absent from
meetings the Vice President shall pre-
side, and in the absence of both, a 4
President pro ten may be chosen.
ARTICLE KIN.
The Treasurer shall take charge of
all moneys and valuable papers belong
ing to the Association, pay all orders
duly drawn, and signed by the
President and Secretary, and Keep a
correct record of all his transactions.
and make q full report of the same at
the first regular meetings In june.
December aid March, OF |
each year. He shall allow all members |