The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-06-20

$50 WV. The banslS uf an otheerS shalt D. mad,
payable O. the President, ~ his sagg>s n ia office
and mas H. pas N suit b order "a Gao Baspi OF
SHc Nv. The Attorney or Attorneys shah OK.
antne al title papcrS, aud pnncuf9 "a, uecpSsGrs
searches tr property oGJreti Ia this csrs,rE4nn A.
scnrliy fus money ioanc ar otherwise ami certify
the psstlt ~ the same iu wrltiug tie shall fr,,-
pare al h0ndS, mortgages GgrCcmpnty and other
Writings Of legal mature, 10 h. given iasea hy
the corporation; and shall h. entitled to rtssli,e
ircm the property liable for the same not less than
Ave nor ulorC than twenty dollars eNCCpt In uases
Of extra taber and rcscareh, when mors may bc
aloNosi al the stiscpsiiou az the Finance Commits
tee All disputes 60 the amount III such ehar,,,,s
shall bo settled by the laaard nj Directors
S.C XVI, The President shalt annually, az the
hrst rKutar meeting ~ the Board % nirrinT at,-
point irOlu their number Finance COMMITTEES, ~
thrcc whose duty IL shall b. "a act in conjunction
with the President "a examine and audit all claims
against the Association, and generally Ca attend "a
All financial business OF the Association. They
shall report, I'm writing, at the last mon thly meet
ing ot each corporate wear, giving fall statement
Of the financial eoudiion Of the Association to The
lAaard q bin'ctors and majority of the Finance
Committee shall be competent To act
SEQ, XVI. The President shah alSo al the satae
time and In the same manner, appoint q Valuation
committee at thnc, whose duty il shall hy t. az
anime and determine the value 81 ali securities nf
iered to This Association, and shall report their
conclusions "a the President aud the Finance Conn
mittoe Tor action by them. piajnrity af this com.
miiIee shall he competent to act
NlN NNln The ab0Ve committees may atupt
such rules Tor their government as thcy may Sre
A. pr3ytded the same arr not contrary this char
ter and hy-laWS.
SEC. XIX, M thc stated monthly meetings If the
Association, the uuds on hand n 10 the amount AZ
''t share "r murc, shall hn Offered for lnau and the
Stockhqider who shall hid the highrSt prgmiui Tor
the preference priority Of loan Slui hr entitled
10 rrceivv loan al two hundred ,}otlar, ior each
shart at stock held b, such stock hollrr and lnod
AMI ample security co.'s RIAL estate shall "a, given hy
the borrower to secure the repayment ef the loan
IN ttNt tue borrower shall neglect 10 atnr security
81 NhaH offer security that is not abprnye8 OF hy
Tue hoard Of Directors by such time a. the charter
may prescribe, he OF she shall bc charged With nnr
month interest together with ANY peusrs incur
red, and the money shall h. rcs,,lh ii the ucxt
stated meeting ~ vase of non-paymont ri instal-
ments or interest by borrowing stockholders. far
the space OF four months, payments al PRINCIPAL
and interest without doduCtng the nremiuin l,nid
or Interest thereon, may be enforced by proceeding
on their securities according 90 the terms OF thr
contract under which the loan Is made
Shc w Interest on all loans shall Dc at the rate
81 etghi psf Wm. per annum, from the time Of max
ing said loans, aud shall be- paid In monthly In
stllimenls m advance, aud al the sane time that
the regular dues are paid aud such loans shall hs
for the purpose OF enabling the borrower thereof Ia
secure home for himself and family, or for the
purchase o other real estate, for the improve
ment oi the same, or for the paving OF encum-
branCes ON real estate already owned hy HIM and
ior no other purpose whatever,
SEQ. NNL The successful bidder for ANY lnnn
shall at thc time ut such bidding IN, Deposit with
the Secretary the sum of five dollars per share for
every share hid in by him, security Tor the pay
ment az interest expenses, etc Incurred IN per srr-
tons XIV, XIX and xXvI, which said dcposu Shall he
returned when said interests expenses, etc. shall
have been satisfied.
SIC. MIL No member shall he entitled to bid
on, or receive loan, or to vote on amy question
whatever, who is In arrears tnr monthly INSTALL
ments, interests, fines or penalties.
SEC, NNitI. All real estate Improvements offer
cd Is security Ms PER Section XXI, must be situated
within two miles of the corporate limits of the city
Of Jackson, and must be free from all uoulahranoe
and worth, nj cash valuation such an amount
over and above the amount asked as lnAn On H. as
the Valuation Committee shah deem sufficient
muIgin To amply secure this Association from, loss
All Improvements must hc kept fully insured OF
10 the extent OF the loan made, Tor the benefit ni
this Association, la some good Insurance Company.
and the policy approved by the Finance Committee
aud deposited with the Secretary, The annual pre-
MUM receipts on such policy aud the annual tax
receipts Of all kinds Tor which the property Ia la-
Bile, shall he exhibited 10 tho Secretary annually
while the loan exists, and filed with the papers.
SEC. XIV. The Valuation Committee shall have
the right 10 require any borrower Ia increase his
security II at any time they find the value Of the
same depreciaed below the margin required In Sec
ton NNlIt; and In thirty days after such notice or
unless the borrower shall repay much oil the loan
will rc-esahlish the above margin the Board oC
Directors shall have the right 10 proceed against
such borrower aud his security, per terms d con-
tract Tor the purpose OF protecting the Association
from loss.
SEC. XIV. No member shall he allowed 10 take
more than ten shares at amy one bidding nor shall
any member be allowed 10 transfer his lila Or any
Of it 10 any other member.
SIC. NNvL security must be offered in Eve dnys
alter bidding IN the loan and Interest on the loan
must he paid from the expiration ii The Ave DAYS
after bidding in the loan.
SIC. XVII All fees for examination Of titles ion
loans and preparing aud recording papers, shall be
paid 10y the borrower
SIC. NXvu, II at any time there should be u SUR
plus fund on hand aud not desired by any uiem-
bei a loan, the Board al Directors may invest
the same At thor discretion for the benefit Of this
Association hut 90 money shall he Disposed VI
under this section except bv thfre-tohrths vute
Of al the meuibol1 al the Board
NE'. NNlH. The liability 81 any stakeholder Of
this Association shall b. limited 10 the amount 81
tho nnpald stock u such Atockhnldcr.
SIZE. NXN, The Directors shan have pnWer Ia
make and adopt such Ry-Iaws Rules aud leatla-
tons rs taeF may deem cNPeient moi repuanant
10 this charter
SIC xxNl This Association shall ~ IN 10 ljoltics-
tien AZ the end Of ten Years obncr II at amy time
the assets shah he found to have reached or cx-
eceded the par value ai all the shares Of Atoet ip
force, when each and every member Shall receive
the value Of all shares held by him either IN cash
or their securities 10 that amount and all liens al
record shall be satisfied PI0rido5I ht,rerer That
no stoeEh0ider shall be entitled 80 have his sceuii
ties released coaerals returned or lions OF record
against him satisfied until he has fully paid All
dues, hnes, interest and all other charges that he
may owe To the Association
SEC. XSxli, shares on which loans have been
made upon real estate security may be- transferred
subject To the rights Of the corporation, Ia the fol-
purchaser OF the n0rtgnPed premises the shares
may be transferred 10 him on assuming the GhaH-
tons oi the assgnor, when he may become q menu
her 0f the Association. Socond--lho purchaser III
the shares may substitute cat his avn expense
other property satisfactory 10 the Board OF Directors
as security for the money loaned, when the first
mortgage shall be discharged and cancelled Third
The mortgagcr by paying the amount Of money
loaned, with all interest due, may receive back his
shares ~ a. 10 transfer the same
SEQ. NNNTn. shares on which loans have been
made may be transferred, subject 10 the rights OF
the corporation, or on payment OF the amount
loaned, and all Interest due the holder may receive
back his shares 80 as to transfer the same
SEC, XxxIy. On the arrival Of any minor or fai-
nors holding shares, TO the age Of twenty-one years
the Board OF Directors may transfer 10 him or her
his or share or shares Of stock in his Or her own
name ana they shall thcreupon be entitled 10 all
the privileges Of stockholders
SEC. XXXN. Members who transfer their shares
to others must do 50 on the transfer books of the
company ana at the same time surrender old GER
tihcates and pay transfer fec Of twenty-five cents
SEC. xXXvI. All vacancies III the Board 0f Ditec-
tors shall be filled by election as provided 10 SEQ
ton TX at the next regular meeting % the Ass0ea-
ldh after said vacancy shall have occurred
SIC. xN&NIi, In ease member receiving a loan
should desire TO build, the money shall b. advanced
~ sums necessary for the prosecution Of the build
Ih8 uhii its completion the Association executing
an agreement ~ that effect at It's expense. In
such case the member shall present written certi-
ticaie from the builder engaged in the erection Of