The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-07-11


OF jackson. aud must y, fryc ffom al iaeuniranc,
sns Narth, al ulsh valuation sa'h an amour
ever aud ah-iyc the amount asked a loan un IL, 4
The Valuation Committee shall dcem sutteien
mArTin d amply soeurv this As~leiaioa from loss
Az improvements must h. krpt fully insured, o.
10 the extvni 81 the loan made, for the hcnc6t o
this Association, Ia some siad Insurance Company
and the policy approved BY the Finsnoc Cunmitte'
aud deposited With the SecrtaTy. The annual pre-
MUM rccipts on such policy aud the annual taN
recvipts VI all Kinds for which the property " Ia
! hlc, shall - exhibited to the scrrctary annually
Whilc thr loan exists, aud hlc,i with the paVcr.
SEE. xNtv. The Valuation Oommittes shall have
the right "a rquirv any hufruNct o. Increase his
soarity, Il a. any time they tnd the value oi thc
same dcpFecial, below the margin n~lairvl IN Ssc-
ton NNlIt aud Ia thirty days aitcT such notice. or
Wnlss the fprruwcr shah repay - nUeh Of the loan
a. will r'-esiehish tbs ahoye margin, tho Hard Of
ninci"rs shall have the right % proceed against
such borrower and his security par terms ~ con-
tract lor the purpose OF protecting The Association
/ trpm loss
/ sKc. XIV No member shall he allowed 10 take
morv than tcn sharvs az any bidding, nor shal
any member h. allowed 10 lfansfct his hid or any
/ 81 II 90 any other member,
| $50 NNNI security must Ne aNercd In Ave dayS
after bidding in the oan, and intcrst the loan
must H. paid from the expiration oi the Ave DAYS
after bidding Ia the loan
SEc, NNyu All fccs for examination Of titles for
loans and preparing an recording paIcrs, shall be
paid by the borrower.
sEc. WYNN II at any time There should b. a sur
plus fund on hand, and not desired by any mon-
her g. . lGRn, the board of Uinuctors may invest
the same AZ their discretion for the benefit OF this
Association but no money shall h. disposed OF
under this sretion, except by ihres-f0urths vote
~ all the members uf the Rnard.
SIC xxx. Tho liability 81 any stakeholder OF
this Association shall he limitcl . the amount Of
the unpaid ktock oi such stakeholder
ShC xNN. The Directors shnl have power 10
make and adopt such bylaws, Rulcs and Regua-
iions a. they may deem cNpclicnt, not rcpugnant
sKe xNxl THE Association shall 10 into laulaa-
l,on ~ Tue cnd n ten years or sooner II AZ any time
tho asscts shall ho found 70 have reached Or cx-
ce,4led tlr par value 0f all the shares " stock In
ldrre, when each aud every member shall rurcVe
tie value ~ all sharos held nv HIM either Ia cash
on their securities % that amount and all liens Of
rccnni shall he satisfied. Prprtiof, Ao,rersf That
no stakeholder shall be entitled 10 have his securi-
ties released, cnllaterals returned liens Of record
against him satisfied, until he has fully paid ali
ducs fines, interest aud all other charges that he
may owe to the Association.
SRc. xxNiL sharvs which loans have been
made npon rchl estate security, may he transferred,
subject to the rights Of the curpomtian IN the fol-
lowing manner First-Mhen the assignee IL the
purchaser of the mortgagcd promises, the shares
may he transferred 10 him assuming the ohliga-
tons Of the assignor, when he may become menu
tcr ni the Association. sccond~rhe purchaser of
the shares may substitute lat his own EXPENSE
other property satisfactory % the oard Of Directors
mortgage shall b. discharged aud cancelled Third
The morigager, by paying the amount ~ money
loansd With all Interest due, may rscove back hGs
shares W "a to transfer the
SEc. xxxiii Shares on which loans have been
made may he transferred, subject 10 the rights Of
the corporation, or on payment Of the amount
loaned and all interest due, the hoscr may receive
back his shares 20 transfer tho same
HEc, NNXtN TN the arrival Of any minor or NIL
loFs holding shares, 10 the age Of twenty-one years.
~ Hoard Of Directors may transfer % him or her,
iis or share or shares VI stock in his or her own
lRnle, and they shall thereupOn 10 entitled 10 all
he privileges Of stockholders.
hEc, xxxv. Meinhers who transfer their sharees
. others mast do 10 on the transfer books ol the
uinpahy, and at the same time surrender old GER
lhtltea aud pay transfer fec u twenty-five cents
sEc. xxxvI, All vacancies IN the Beard Of Difee-
ors shall he illad by election provided In Secs
ion ~ NJ the next regular meeting VI the Associn-
Ion after said vacancy phall have occurred
SEr. NxxvIi. IN case 4 membeF receiving loan
honld desire 10 build, the money shall ba advanced
ny until Its completion, the Association executing
N agreement "a that effect az lis own expense. Ia
uGh ease the member shall present written certl-
,caie nom The builder engaged In the erection Of
he building, certified by the chairman 0f the wall
atlon committee, Of the sum necessary for that
purpose.
sic, xxxvuf Books q nibscrip,ion may be
pened Immediately after the approval Of this Char
UGH place ~ they may designate, and when Ave
lundred shares Of the stock shall have been sub
cribed, the snhscdbers may elect the Hoard Of hi
ectoTs, and said Board Of Directors ah.fl fix the
mount necessary 10 be paid IN by the subscribers
eiore business IL commenced, and shall also fix
ne day and date on which The irnt monthly In
~ provided In section " shall he paid
sEr. xxxfx The doiniol Of this Association
hall bc In the City Of Jackson Mssssippi but may
2 changed al any time by majority vote II tbs
oard o. Directors % any point within two miles Of
ic corporate limits Of said rity,
SEc NJ. These articles may be altered or amend
by three-fourths vote Of an the menIbcr Of the
ssociationj Pforided, That those members who
70 Indebted TO the Association for loans shall not
: entitled to vote upon propositions 10 alter or
mend
jane 20, 's3-gw.