Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1876-02-11
BundIng ana Loaa AssoelallOn.

ings. the constitution and bylaws were
read and explained, some new subscrip-
lions taken, and an election of directors
| gone into, with the following result;
/ HI. Topky, IN J. B. Crosby.
/ 1P.F. Good, James Reed,
w. s. .Burnham, NJ. G. Dick,
CIR Vaughn. ]. II. Bugbee,
/ d. W. Haskell.
A subsequent meeting of the directors
was held, and 3. ]. Topky elected Presi-
dent of the association. Mr.. Topky show
ed a becoming modesiy in the matter of
accepting this position, being compare
tive stranger among US, and urged that
the honor might be conferred upon some
older member, more generally acquaint-
ed but the Board refused TO listen 10
any consideration of this kind. He was
considered the best man from his interest
in and perfect familiarity with the work
ings of these institutions. 1T seems very
proper that as the father of the institu-
ton, he should preside over and direct
rs business. particularly as he enjoys the
confidence and high respect of the COM
muniiy for business clearness and integ-
rity. The meeting was adjourned to
Wednesday evening at Hall 6 Bros. Of
fce, for the election of the other officers
-SecretarY, Treasurer and Solicitor. The
Board of Directors, We may here add,
perhaps, without distressing our own
modesty, is good one, embracing men
of the best business qualifications. and
| who enjoy the respect and confiienc of
their fellow citizens
It was determined to offer the consti-
tuition and by laws to the village jour
nails for publication, at a mere nominal
compensation, for the purpose of giving
the people an opportunity to be5ome
more thoroughly acquainted with the
character of the association and its be-
nevolent designs and practical work
ings. r
On Monday evening next meeting Of
the Stockholders will be held al the Of
lice of Hall Bros, for the adoption of the
constitution. It is desirable that there
should be full representation of the
stock present. Any one wishing to
take shares or become acquainted with
the character of The association may find
it well to be on hand, as the association
would like to have as full q subscriptio
as practicable 10 begin with. The fol-
lowing portions ofthe constitution, COM
piled by President Topky, is though
to be all that is needful to publish for
giving good understanding of the lead
ing features of the enterprise
ARTICLE vI-sToCKHoIDERs
Sec. 2. Every stakeholder in this As
sociation shall pay, on subscribing,
bonus of 25 cents on each share, and %
cents a share weekly thereafter to the
Secretary, or such other person as shall
from time to time be authorized to re-
ceive the same, until each unredeemed |
share of said stock shall he worth in cash |
two hundred dollars and there shall be !
funds enough in the Association to pay |
that amount to the holder of said unre- |
deemed shares after paying all the debts |
ofthe Association. The Board of Direc- |
tors shall then proceed to satisfy any |
liabilities of the Association, and then |
pay over to the owner ofeach unredeem- |
ed share an equal dividend of all sums on |
hand, and which shall afterwards be re-
ceived, until the whole shall be divide |
and from the time of the commenceme mt /
of the payments of such dividends, no |
further weekly dues or interest shall be |
payable, except that all arrears shall be |
fully paid up. And the Association shall |
deliver 10 each mortgager who has fully |
compiled with the conditions of his mort
gage o discharge thereof, and all papers
connected Herewith. After the perfOr- |
nance of the foregoing duties this As
sociation shall cease to exist, and shall |
not be sooner dissolved, nor shall this |
section be altered, amended or repealed.
Sec. 8. Interest shall be allowed on
dues paid SIX months in advance the |
rste not to exceed six per cent. per anum
Sec. 4 Every person who shall sub
scribe for stock in this Association shall /
pay weekly installments until said weekly
installments shall amount to one dOlla ar
on each share taken before he shall be /
entitled to receive his cetiieate of stock; |
and any member who neglects to pay
his weekly dues shall be fined cents o
each share for each weeks delinquency
A member neglecting to pay the interest
on his advanced loan shall pay fine OF
25 cents on each share monthly
Sec. g. If any stockholder (not haviug
taken loan) shall neglect or refuse to
pay his weekly dues for the space of |
three months, he shall receive from the
Treasurer the amount actually paid by /
him, without any allowance for inte rest,
first deducting all fines that ma be
charged against him, an equitable pro-
portion of all losses of the Associ alton,
and one dollar forfeiture for each share
by him held /; he shall then cease to be a
member of the Association, and his
shares shall be Cancelled.
Sec z. If any member may desire to
retire from the Association, and shall
give notice thereof in writing to the Di-
rectors, all his weekly installments, after
deducting his proportion of losses, an d
one dollar forfeiture on each share, shall
be refunded to him as soon as the
amount shall be in the hands of the
Treasurer. and not otherwise disposed
Of A retiring member must renounce
in writing all claims upon the Associs-
ton. The refunding in such cases shall
take place in the order in which the no
tices have been received.
. III ARTICLE vH-LoANs.
Sec. L. When the money in the hands
of the Treasurer at the time of any regu
lar meeting is sufficient to redeem one or
more shares of stock it shall be loaned
to the stokholder who will pay the high
est premium therefor. But no member
who is in arrears to the Association IN
fines or dues shall be allowed to obtain
such loans.
Sec g. All loans shall bear interest
at the rate of six per cent, per anum upon
the amount actually advanced by the
Association, commencing at tue time the
money is in the treasury ready to pay to
the borrower; and IaId interest shall be
paid monthly.
Sec. 3. ALI loans must be secured to
the satisfaction of the Board of Directors;
and such security must be submitted to
the Board within two weeks after the
loan has been obtained. If such securi-
ty is not presented within that tune, the
member shall lose bis right to the loan
for that time, and pay fine of one dol
lar on each share for which such right
was taken, unless the Directors shall ex-
tend this time for good cause.
Sec. 4. The conditions of the mort
cages to be executed to the ASSOCIATION
shall be such as in the opinion Of the
Board of Directors shall protect the