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

and all arrears duo TO the Association
being paid. and the conveyance to the
purchaser being executed, such purchaser
shall thcncciorth become liable to pay ali
the monthly dues and interest payable III
respect OF such shares, and the Directors
may grant To the original mortgagor 1T
his or her cost and charges. n release from
all future liability in respect thereof
Brc. 3. Should any stock holder desire
10 have his or her property discharged
from mortgage before the Association is
| regularly terminated, he or she shall ho
allowed To do go upon paving such sum
or money ~ will. at the ratio or premium
tho funds are then selling, produce the
same monthly payments Of interest az
that which said StOrklol,lcr had been
previously paying; h0rIici, Such sum
| shall in no case hc less than the not
amount actually received by him or her
AKIicLEG. Tho stockholders NAV
| make, alter or r"Scind bylaws for tho
| better management nf the Association,
| which shall not DC rcEugnaut - this
Constitution or the Constitution and
| LAWS of the state or To- tho United States.
| The Board Of Directors may make Bv-
| Laws Tor their own government, Suhirct
| to tho same restrictions.
AkTiCLE7. This Constitution may DO
| altered or amended at our annual meet
ing only, or at Il special meeting called
| Tor tho purpose ana a twOtlirds vote OF
those present shall hc necessary TO make
| n change, and ~ least one months publc
| notice Of tho proposed change shall 10
given.
ARTICLES II shall bo lawful for this
| ASSOCIATION to purchase at any Shcrin's
| or other judicial, or other sale, public or
private, any real estate upon which tho
Association may lave or hold any mort.
| gage, Judgment, lion, or other incun-
brnncos or ground-rent, or III which it
| may have M interest and tho real estate
so purchased, to sell, convoy, lease or
mortgage, at pleasure, to any person or
persons whomsOever.
BYLAWS
ARTICLE l.-SEcTIoS |. 1t shall bo tho
duty OF tho President to preside ut all
meetings of tho Association and OF tho
Board OF Directors, and to preserve order
therein. lie shall sign all Drafts on the
Secretary and Treasurer whom ordered
by tho Board Of Directors, and shall por.
form al other duties usually apperlain-
ing to his Office. lie shall have power,
with the concurrence Of four members
OF he Hoard Of Directors, to call special
! meetings of tho Association when it in
Doomed ndyiSabio.
SEC. =. II shall bo the duty Of tho See
retary and Treasurer TO receive all mon
cys paid into tho Association, aud to pay
all orders drawn upon him by authority
oi the Board of Directers whOn signed BY
| tho President. lIo shall receive and hold
| In trust for tho Association, ali notes,
| mortgages, policies of insurance and other
papers III connection with property upon
when money * loaned. II shall DO his
| duty, and he is hereby empowered, to
Bivo releases and ncuuittanccS for all
| sums OF money pniu to tho Association
upon any note. mortgage or other scruri-
", ana II necessary, acknowledge rutis-
faction of tho same on record, upon re-
quest of tho mortgngnr and tender Of
legal fees He shall keep accurate
accounts with tho Stockholders, and
| or nll moneys paid into tho AsSocia-
| tion. His books shallbe subject to the in
| spectiOn Of tho Board of Directors, and
hc shall bo prepared Mt nll times to in
| form tho members of tho state of thoir
accounts. at tho annual meeting he
shall furnish detailed statement OF the
finances of tho Association, and he shall
make deposits weekly OF all moneys OF
tho Association in National Bank OF
| Anderson, =. &. IIo shall keep correct
minutes of tho proceedings OF tho Asso-
citation and Of tho Board OF Directors,
| and record tho Same in Il book or books
provided for the purpose. Ho shall no.
tify tho stockholders Of annual and
hpccinf meetings by advertisement In one
| or moro of tho County newspapers. Iio
shall give bond in tho sum of Five
| Thousand Dollars for The fnithfu per-
| f0rmnnce OF his duties said BOND to bo
| approved by the Board of Directors. At
| tho expiration of his term OF Office he
shall turn over to his successor all mon
! eys, books and papers i'll his possession
belonging to tho Associations, and shall
| receive Tor his service and be paid there
for, $500 per nnnun.
SEC. 3. The Board OF Directors shall
meet on Tuesday after tho first Monday
Of every month, nt such place as tho
I hoard may appoint, for the purpose OF
investing and lonning ont the moneys In
tho treasury, and transacting such othor
| business rs may bG necessary to tho we'll
being OF tho Association. Tho Board
shall discharge all tho financial business
of tho Association. and shall have tho
right to hold special or extra meeting,
| as often M necessary.
| SEC. 1. Tho duties OF the Solicitor shall
| DO to examine tho titles to all property
! offered as security to tho Association, and
| to file with tho President u written opin-
| ion thereon. IIo shall prepare all bonds.
dceds, mortgages and other papers given
| or taken by the Association, and attend
to all tho othor legal business thereof,
| and shall receive for his services such
compensation, and be paid therefor as
the Board of Directors may determine
upon.
| ARTICLE 2.-SEtrIoN !. Stockholders
who fail TO pGy THAR weekly comtribu-
| tions shall suffer and pay fine of tivo
| cents por share for every weekly failure.
| These fines must DO paid in ono Of tho
three successive meetings oil the board,
or tho Board shall bo authorized to do.
duct the same from his first payment
Irorided, No fines shall be charged on
fines.
SEc.2. Average interest at tho rate Of
| six per cent. per annum shall DO allowed
on all cash payments made for more than
ak months i'll advance.
ARTICLE 3. Each member shall bo on
titled TO certificate for rs many shares
as he holds, assured in tho namo and un-
der the soal of tho Association, and at
tested by the President and Secretary and
Treasurer.
ARTICLE 4. The President, Vice. Presi-
dent, Secretary and Treasurer, as well as
tho members Of all committees, shall pay
fine of twenty-five cents for every neg
loct to attend n meeting, unless they can
give sufficient cause for their absence
and in case tho Secretary and Treasurer
shall fail to make out his annual report,
he shall pay fine of twenty-five dollnrH
The Board of Directors snail have the
disposal OF such fines.
ARTICLE s. The annual meeting Of tho
stockholders shall talke place on the
second Thursday In Juno of each year.
a representation OF q majority of stock
shall be necessary to constitute q quorum.
ARTICLE 6.--SEcTIoN !. Tho election
of officers shall DO held Mt the annual
moeting In June. EXCEPT at the meeting
for organization. and nil elections shall
be by ballot.