The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-12-04
LOAN ASSOCIATION
completion of Its OrgAuizatiOn-The
Officers Elected.

Thursday night the Building and Loan as
ISOLATION (which name it went by up 70 that
tme) met at the city council chamber fol-
the purpose of completing its organization
James Ma7oney, chairman, presiding.
After the reading and approval Of the
minutes of the last meeting tie consideration
Of the bylaws was resumed at section Il,
watch referred TO the mode and manner the
association should losn its money.
A prolonged discussion ensued. The plan
finally agreed upon was that a borrower
rhould advance ore-tonrh and the asIocia-
ION thres-four.hs upon any given piece Of
property Which borrower Should either
wish 10 purchase or improve Rent-ten
per cent per annum interest should
b, paid upon all money borrowed.
That the money should not
be loaned to any one outside of the sssocia.
ton so long as any one in it wanted it. That
each applicant for money shall add IS his
request to the secretary on or before the
eighth day of each month, stating the amount
he wanted. That every such name should
be, by the board of directors, placed in hat,
and bv one Of the directors, blindfolded
drawn out, the drawing to thus proceed until
the lnds in tho treasury be exhausted At
each monthly meeting tho san drawing shell
take place, and the awards INSIDE in tbs rota-
ton which they shall come from the hat. II
il appears that the money is MT or any part
Of it, loaned, then the directors mar loan it
to others not members of the easocisiiop,
upon tho came character Of securities
exacted from member, and at at
lssst tNe saue amount of interest,",
After the adoption Of this thu 'q:ociq'l5r
proceeded b pass upon the balance Of Tue
clauses Of tho by laws until they ware Gn-
i Ned. Whtreupon they we're put upon their
final reading, when, according 10 previous
solution, tea cents upon every share was
called for, the payment Of which was made q
condition precedent before share could be
voted. The constitution and bylaws were
then read the third time and unanimously
s1opted
Election of officers was then declared in
order. Various nominations were made for
the nine directors provided for by the char
ter tellers appointed and the ballots received
BY them. The following gentlemen were
officially declared elected as board of di--
rector. for the year ending December s. 1881:
W. j. Betterton, j. s. Burton, t. F. McEn-
ris, j. Maroney, @. A. Gill, NJ. w If }. B.
Adou, X, j. Kelvin, j. L. Herman.
A board of three auditors were then chos-
tn as follows: j. @. BOgel, G. o. Wood, l..
Myers Conner.
The election of an attorney was then held,
when Col. j. B. Simpson was chosen by
ne rly a unanimous vote, which was made
unanimous.
The last and final ballot was taken upon
secretary and treasurer, II. 9. Stevenson be-
ing chosen to fill that office.
All officers serve without "0mpensstion
except the attorney, who receives fees from
the members requiring his services and fro IN
the association when attending its general
business. The secretary receives a salary
from the association direct. He is required
to execute bond of $4,000 and to deposit
all money of the association in 4 bank des-
ighstod bv the directors, from which it can
not be drawn except by order Of the dirsc'
tors and check signed by him and by the
president,
The number Of shares subscribed as they
stand upon the rolls is l,072. But the books
have not as yet BEEN finally ordered closed,
although the original prospectus eontem-
plated one thousand. And thus has the as
ISOLATION bsen successfully organized, with q
board of directors Of unquestioned honor, and
a sci of laws which absolutely guards every
U1nkholdor's rights