The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1873-05-23
Notice.


at regular meeting eT the Emporia
Mutual Loan Aossociation, held 8iay 90
the following amendments to the consti
tuition were duly offered and ordered to
be published in THE EMPoRIA NEWS:
ARTICLE 4.-To be amended to read
after the word association, "or = two
thirds vote OF the Board Of Directors."
ART. THAT article be amended to
read: At each regular meeting the mon
ey on hand shall be offered for loan to the
members in separate shares. Each loan
shall be awarded to the member who, be-
ing entitled to bid for the same, offers the
highest premium therefor, and he may
take as many shares on his bid as he
chooses, not to exceed the number OF
his unloaned shares, or the number of
shares offered for loan that evening. The
premium shall be discounted from the par
value OF the loan and remain in the
treasury for loan again. Loans must not
exceed the msneV on hand for shat pur-
pose.
Art. 9.-To be amended to read: 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 coun-
~, Kansas, or by assignment TO the As
sociation a = collateral security OF unIonn-
ed stock OF the Association, or bonds of
the United States. or bonds of the State
OF Kansas.
ART. IO.-Added to as follows: War
rants for loans shall not be delivered by
the seer etary to the members in whose IA
vor they are drawn, respectively, until
the attorney certifies in writing to tile
secretary that the bond and mortgage
given to secure the loan have been duly
executed, the mortgage flied for record
and the same number of certificates OF
stock delivered up to the treasurer. When
the security offered il stock or bonds, said
security shall be forfeited to the AsSoci-
alton in case of neglect of more than
two weeks TO pay the installments and in
tGrest due upon the shares so loaned, and
such loan shall in no case exceed the cash
value Of such shares Of stock or bonds ut
that time, and such loan may and must be
returned without regard to difference In
premiums. The cash value of such shares
shall be the sum of installments paid in
upon them up to that time.
ART. Ito be amended, to strike
out the words "$2," and insert ''S5."
ART. 15,-To be amended. To add after
the word at itles," "and shall give a bond
Of $1,000 to secure the Association against
loss by reason of an incorrect abstract
report OF record titles"
ART. 16.-TO be amended to strike out
words 'any Monday evening"" and insert
in place 'one evening in each week.
ART. 19.-When Il member wishes to
return q loan and have the mortgage can
celed, an equal number of shares con-
cerned shall be offered for loan and award
ed as usual When the new loan is fully
effected. on real estate security. the first
party shall return the actual amount OF
money he received as the lean, and be
charged or credited, as the case may be
with the difference between the two pre-
miums, and his mortgage shall be can
celed, leaving his ownership of said
shares the same as if they had not been
loaned. Or such loan may be reduced
one or more shares at 4 time in like m@n-
ner. Provided, that this article shall
have no application to cases where the
money has not been taken out Of the
treasury.
ART a0.-To read: When it shall be
2scertained that the value of each share
amounts to one hundred and twenty five
dollars, a meeting OF the stockholders
shall be convened, at which time diviS-
ion shall take place, and the holder Of
each share of stock shall receive the sum
OF one hundred and twenty-five dollars,
or his or her own securities to that
amount, with the same fully satisfied and
discharged OF record, and this CorpOra-
ton shall cease and determine.
ART. 29.-TO be same as article % II now.
Signed, ID. w. EASTMAN, Sec.