The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-06-20
THE CHARTER
Incorporation Of the Building and
Loan Association, of Jackson,
Mississippi.

The purpose ior which this incorporation l. lorm-
ed, is the accumulation OF fund which may be
loaned on good real estate security the members
thereof thereby enabling them to procure homes,
and to make such other investment, ss may be
provided for in this Charter.
SECTION I. This corporation shall he composed Of
the following named persons, to-wit r. l.. Saun-
dCr, G. D. Subway, d. y Barrpws Byron Ienly,
W II. Perkins, Robert Kels, NJ. :. Craft, G. l.,
Wilder, Jr., II. NJ Taylor, John Mcdonnell w L.
Hemingway, J. +. Cooper, +. Nircn, l.. futile,
Jr ;. +. Nirden, L. Strauss, W. l.. Nugcnt j. l..
Harris, Oliver Clifton, u. r. Porter, q y Free
man, J. y. stewart. W II. II. Green, ]. H. Power,
X. \. Jayne, John McGi Geo. &. Mckee,
J. b. Fuller, aud q, L. Galccrnn, and such others
as have associated or may hereafter associate with
them Tor the purposes herein named; who shall by
this Charter he incorporated under the uame Of the
Building and Laan Association of Jackson Mssis-
sippi, and by that name may and bc sued plead
and he implicated, ~ all courts OF law or equity
may adopt and use 9 corporate seal and alter or
change The same o. pleasure, and III general may
possess all the rights powers and privileges con.
terrpl by the laws 0( thie State on corporations
created ln the mode aud manner provided in
Chapter - oi The Code o3 1880 which are moi ia
consistent with the purposes % tni- corporation
and the provisions Of Ills Charter.
SIZE. II. The stock ~ thiS Association shal be-
limited u TWO thousand shares % tNo hundred Aol-
lar, oaai,
sEc III AZ certificate. Of stock must be signed
by The President and Arrested by ihc secretary
VIVA Inc seal u the ANNfttHtu attached.
be- duly numbered and recorded
Sc. ~, No one person shall hold more than ten
shares in TINS Association; PJ0rfd, That parrats
or guardians may hold sgoeE ior minors
SEC. v ON each share there shall be raid p
monthly intallment Of one dollar ia advauc, Per-
sons wishing 10 take stock after the organization
must pay up al insiallnents which may have he.
come due. with such premium as the Board Of Iii
reotors may require to make the cash payment on
new stock equal to the cash value 0i old stuck
SEC. ". Each and every stakeholder or trustee
who shall neglect OF refuse TO pay his monthly due
or interest as eten.as the same shall become due
and payable, shall forfeit and pay the additional
SUM Of ten cents monthly on each and every dollar
due by him; dues 81 each mouth taken separately
SIG WI III claims for dues, interest, fines and
penalties shall be held as lien against the stock o
delinquent members or their assignee aud when
such claims shall amount TO sum equal 10 the
amount Of dues actually paid by such dcIinquent
the said stock shall Ike forfeited and cancelled Tho
books Of the company
SEC VII. Al fines penalties and interest shall
be payable with regular dues
SEC TX. The affairs uf the Association shall b,
managed 10y Board Of eleven Directors, who shall
be elected annually, at such time aud place In the
City OF Jackson as the Board 81 Directors for III,
time being shall appoint. and shall hold their Office
for year, until their successors are elected
aud qualihcd. said election shall he by ballot by
majority OF stockholders voting, allowing one yot,
to every share. Stockholders not personally pres
ent may vote by proxy made In writing 70 tll
persons representing them at such election.
SEC. y The Board Of Directors shall, as soon a
may be after the first election, and thereafter an
nualiy, at the first regular meeting 81 the boar
.succceding each election, choose nu ~ their mum
1 Der person 10 act President and one 81 Vice
! President They shall also appoint Secretary
| Treasurer, and Attorney or Attorneys, and .ucl
other officers and assistants as To them may seen
/ necessary, prescribe their duties FIX their c6uuep
SatiOn, and take from them surh security "a the,
may deem necessary tur tine faithful pcrformanc'
4 Of such duties.
! SIC xf. 1t shall be the duty Of the President
and Ia his absence the NicePresideHt, to preside a
tors, to preserve order therein. to administer thu
/ laws Of the Association, aud perform such 0the
duties az may be prescribed ia this Charter or tn
| BY Laws made Ia pursuance thereof
| SIC. XII II shall be the duty of the Secretary Il
| keep accurate minutes Of the proceedings ~ thu
Association and Board VI Directors. He shall keeI
| a strict and correct account with the members, re-
ceiye all moneys paid to the Association, pay tln
same over 10 the Treasurer within three DAYS afte
the receipt thereof, taking hi- receipt as a vouche
therefor he shall hold himself responsible for tn
correctness Of the accounts, and perform such othe
duties may be required by the Director. To Sc
cure the faithful performance o his duties be sbal
/ enter into band, with two securities in the sun
OF not less than two Thousand dollars and shall re-
| ceive for his services such compensation ~ tn
! Board Of Directors may allow
SIC. XIII. II shall be the duty IT the Treasure
TO receive all moneys paid 10 the Association iron
| the Secretary, giving him receipt for the same
lie shall pay all the drafts ordered hy the Boar,
| u Directors, attested by the President and Score
tary. He shall keep correct account Of all money
received and paid out, and his books and account
shall be- subject at ali times, to the inspection
/ the Directors or any member. lie shall, when re
/ queSte$. make report Of the financial affairs o
| the Association. 10 secure the faithful perform