The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1883-06-07
AntlFrson gntelli9eneer.
BUILDING ANDLoAN ASSOCIATION.


We publish by request the Constitu
ton and Bylaws Of the Anderson
building and Loan Association, adopted
BY the corporators. From reading it,
those interested can obtain correct
idea of the purposes and workings Of
the Association
NAME AND OBJECT
ARTICLE This Association shall he
known as the Anderson building and
Loan Association, and it's object shall he
to cuabic stockholders to accumulate n
fund from their earnings, whereby they
may procure homes for themselves and
at the same time furnish "A safe and rrotl-
table investment for surplus capital
MEMBERS.
AHrIrLE2. Any one may become y
member of this Association by subscribe
ing one or moro shares tn the Capital
Stock OF the Association, and signing
the Constitution; IrOriitd, That mi
nors shall borrow money only through
guardians or trustees.
SHARES.
ARTICLE 3-SErrIoN /. The number
Of shares shall not exceed one Thousand
of tho par value Of One eIlundrcd DOllars
each.
SEC. .. Each stockhnl,lcr shall pay for
each share Of stock held by him or her
The silm Of twenty-five cents upon sign.
ing this constitution, and the same
amount OH tho last day OF each week
thereafter. These payments shall be
made to the Secretary ana Treasurer at
such place as may be designated, and
shall be continued until each continuing
stakeholder shall have paid in tho whole
amount Of his stock. or until tho funds
Of the Association shall be sufficient to
pay to cnch share the sum OF Two Hun
dred Dollars, and upon tho dctcrmina-
ton Of either of tho foregoing events, tho
Association shall dissolve. Every share
of stock shall be subject TO Il lien for the
payment Of unpaid insiailmcnts and 9th.
or charges incurred thereon, and tho
bylaws may prescribe tho form and
manner Of enforcing such liens.
SEC. 3. Stockholders in arrears Of their
weekly contributions, for the space OF
three months, who nave not borrowed
nron :bc'r shares, shall l,c regarded es
being Withdrawn from tho Association,
and shall receive i'll full payment Of all
their claims against tho Association, tho
amount of dues paid by them, less their
fines and arrearagcs and their proportion
OF losses and expenses, md without in
torcst
SEC. 4. Stockholders who have received
no loans and who desire To withdraw
from tho Association, shall givo ninety
days written notice to the Treasurer OF
their intontiOn TO do SO, and shall then
receive all dues actually pail by them,
less their proportion OF losses and OK pen
hcs, and their fines and without interest :;
Porided, That not more than ono.half or
any months receipts shall be approprin-
ted to such redemption.
SIC. 8. Upon tho death Of any stock
no DOR who has received no loans, his or
her legal representatives shall lluvc tho
option of retaining the stock and cOntin-
linE tho payments, or should they prefer
IT. they shall DO entitled to receive tho
amount of dues actually paid by tho de-
ceased, less his or her proportion Of loss.
rs anu expenses. and his Or her fines, and
with interest ut tho rnto Of six por cent.
por unLun.
SEC. @. Shares or stock may DO trans.
iorred or assigned by the holder upon tho
payment OF u transfer foo of twunty five
conts por share, and tho nenber making
Inc transfer OH the books of tho &ssocin-
ton In person or by his attorney In fact,
anu tho transfcrco or assignee shall bo
entitled to the same privileges AMI sub
Ject to tho same conditions and liabilities
III tho previous holdcr
SEC. I. No stakeholder shall subscribe,
IN his or hcr own right, more than twenty
nor loss than one siaro.
SEc. y. Every lnembor not In arrears
shall be entitled to ono vote for ovcry
share held by him or her individually, or
rs trustee or guardian up to twenty
shares, and ono vote only for every fvo
shares above that number. Stockholders
absent from the City of Anderson, or do
tanned by reason of sicknoss, ut tho timo
of any meeting, and Ieninl o stOck ho ldora
shall be entitled to be represented by
proxy Iroriied, That no other ,than n
stockholder shall represent stock az
proxy, nor shall any one pernun no rep
Tpaent moro thon tan abnrnu
ARTICLE &.-SE,TIoS i. Tho officers OF
tho Association shall consist OF Presi.
don't, Vice President, Secretary aud
Treasurer, Solicitor and seven Directors,
who shall be elected ut the organization
Of the Association, and Mt the regulnr
stockholders. Thoy shall hold their
offices for the term of one year, and un-
I'll their successors have becn elected and
qualified. Tho President, Vice President
and the soven Directors shall constitute
tho Board Of Directors, majority OF
transaction OF business. In the absence
or tho President, tho Vice. President
shall perform all tho duties OF President,
anu liz tho absence OF both President aud
Vice President, the Board shall choose ono
OF their number President pro tenn, who
shali be vested with all tho powers Of
President.
SEc. 2. Tho Board OF Directors shnll
have power to fill vacancies in any of the
offices OF the Association which occur
from death, resignation or other cause for
Tie remainder of tho term, and shall
adopt oil such rules and regulations as
may DO necessary for the efficient conduct
OF the Association, not in conflict with
tho Constitution and Bylaws.
LOANS.
ARTICLE 5.-sEcrIoS !. Every stock.
holder not In arrears shall be entitled to
receive loan OF Two Hundred Dollars
for each share OF stock held by him in
this Association, less tho premium bid.
SEC. 2. Loans shall be granted to such
sto9kholders as shall offer or bid the
highest premium therefor, and shall be
made only for the duration okthe Asso-
citation.
SEC. 8. Tho premium shall a, no time
be less than ($l0) Ton Dollars on every
lonn OF One Hundred Dollars. In case
tle funds OF the Association should not
be loaned to members, as provided In
this section, and shall remain unproduc-
tive for two months, then the same
shall DO invested in real estate, United
States Bonds, or otherwise, as majority
of tbs Board Of Directors may direct;
but no loans shall be made to person
not stockholder, upon security in any
way inferior to that exacted from its
mombers. The rate OF interest on such
loans shall be fixed by the Directors.
SEC. 4. All loans except as provided in
the last CLAUSE, (Soc. 3, Article 6. } shall be
charged with interest at the rate OF one
half per cent. por month, counting each
share ct tho fall value OF Two Hundred
Dollars, said interest to bo paid on the
last Saturday OF every month. The
payment Of all loans shall be secured by
note and mortgage OF funencumbored real
estate, situated in Anderson County, un-
der such regulations us may bo prescribed
by the bylaws or fixed by tho Board Of