The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-07-11
THE CHARTER
Incorporation of the Building and
Loan Association. of Jackson,
Mississippi

Z This purpose ior which this Incorporation Is torn
Ell, l. the accumulation II a fund which may
. loaned on god real estate security to the membc
iherot, thsrby enabling them 70 pr'cuw home
and 10 make such other investments a. may /
provided iur In this Charter
slsfioN J. This corporation shalt be composed
the following named pcr~ons, to.wi, r. l. Saut
dcrs, q. H. Sidsas, y. \. harmws, hymn ieml,
W " Perkins, kotoit kclls, NJ = Craft, g.
wilder, j., n, NJ. Taylor, John Mcdaniel, W /
Hemingway, u d, Uroper, y Ninicu, 4. Iutil'
Ir, : T. Ninlcn, l. Strauss, W. l., Nagrnt !. /
Harris, oliver Clifton, y !, Rr,er q n Frv
man, ). y. stewart. W. H. n. GrcCn, j. l. RpNcI
X X Jayne, John Mcsiil Geo q Mckee
J. u, Fuller, and g. +, 6alccran, aud such other
a. have associated or may hcrcaiicr associate viii
thcln for the purposes herein named who shall h,
this Charter 6e incorporated under the maine 81 III,
building and loan Association II Jackson, Missls
sirpi, and by that name may and b. snri plca,
and he impeadcd, In all courts Of hw Or Equity
!. may adapt and use corporate seal and alier ol
change the same al pleasure, and la general lnay
POSSESS all the rights, pnwcrs aud privileges cn
IerrSi by the laws II this state Oh corporations
| crraied In the mode aud manner as pnnyided la
Chapter - Of the code of iSSl, which are not in.
consistent with the purposes 81 this corporation
| aud the pm. isions ei this Charter
src ~ The stock Of this Association shall he
limited "a tWo thousand shares 81 two hWnded doll
| lars each
Sro. m Al certificate. 81 stock must hs signed
| by The President aud ai,es,ed BY the seentary
With the seal VI the Association attached, and must
b. duly uuMtenA aud recorded
| Skc. ", No Que person shall hold more than ton
shares Ia this Association, PFvciisd, That parents
OF guardianS may hnld stock Tor minor
SIX " On each shaw Their shalt he rail a
monthly niallncnt Of Wnr dollar IN advance ict~
suns wishing 10 take stock after the organisation,
must pay IN all miscellaneous which MAY have he
come due, with such premium ~ the hoafd nt hi-
rectdrS NAV ryiulre, in make the cash payment on
new stock equal To the cash value Of old stock,
SIX, VI bach and every stakeholder or irusIec
who shall neglect refuse 20 pay his monthly dues
or interest aS often as tho same shall h0cnne due
and pa, able, shall forfeit and pay the additional
sum of ten cents monthly on each and every dollar
due by him dues OF each month taken separately
SEc WI. All claims for dues, interest, fines aud
penalties shall be held as lien against the stock Of
delinquent members or their assignee aud when
such claims shall amount 70 q stun cqna,, 70 w
the said stock shall he forfeited aud cancelled on the
books Of the company.
SIC. viii, All fines, penalties aud interest," shall
be payable with regular dues.
SEc. TX. The affairs Of the Association shall be
managed by Board Of eleven Directors, who shall
he elected annually, ~ such time and place In the
City Of Jackson ~ the board Of Directors for the
time being shall appoint, and shall hold their Office
for one year, until their Successors ara elected
and qualified, said election shall be BY ballot, by
majority Of stockholders voting, allowing one vote
10 every share. Stockholders not personally pres-
ent may vote by proxy made IN writing 10 tho
persons representing them 81 such election.
SIC. X The Board of Directors shall, ~ soon a.
may be after the first election, and thereafter nn
nnally, at the first regular meeting Of the board
succeeding eaeh election, choose out Of their nwn-
bcr one person 10 act as President and one Vice
Treasurer. and Attorney or Attorneys, and such |
other officers and assistants a. 10 thetn may seehl
necessary, prescribe their duties OK their oompen-
sation, and take from them such security NJ they |
may deem necessary for the faithful performances
Of such duties.
sEc. II II shall be the duty Of the President, |
and In his absence the VieePresldent TO preside at
all meetings Of the Association and Board Of Direc-
IuFn. order therein to AumfUtstpf the |
laws Of the Association and perform such other |
duties as may be prescribed In this Charter or the
By-Laws made In pursuance thereof
NC, III. II shall he the duty Of tho Secretary 10
keep accurate minutes Of tho proceedings II the |
Association aud board OF Directors. He shall keep
strict and correct account with the members, re-
neive all moneys paid 90 the Association, pAy the |
same over 70 the Treasurer within three days after
the receipt thereof taking his receipt q voucher
therefor, he shall hold himself responsible for the |
correctness Of the accounts and perform such other
duties ~ may be- required by the ulfeotara In se-
cure the faithful performances of his duieg he shall
enter Into bond, with two securities, ~ the SUM
VI not less than two thousand dollars and shall rc-
ceiye for his services such compensation M the
Board 81 Directors may allow
SIC, NIII. II shall he the duty Of the Treasurer
10 receive all moneys paid To the Association from
HE Secretary, giving him receipt for the same
lie shall pay all the drafts ordered by The hoard
II Directors attestcd by the President and Secrc-
AIRY lie shall keep correct account pf all moneys
eceiyed and paid out and his books and accounts
hall be sub ect at all times, 10 the inspection OF
he Directors or any member. He shall, when re-
uested, makes report Of the financial affairs 81
he Association 10 secure the faithful perf0rni-
nee Of HIS duties, he shall enter into bond with
we or more securities, In sum not less than FIVE
housaDd dollars. lie shall deliver over 10 his sue
essor 10 office AL moneys, books, papers aud prop
ry Of every kind, belonging 10 the Association,
iithin two weeks after the election OF his success
Dr.; and for the faithful performance of his duties
g may receive such compensation As the Directors 4
ray allow.
Size xiv. The bonds Of all officers shall he made
ayable to the President or his Successors in Office
nd may be put In suit by order Of the Board Of
lirect0rH
SIC xv The Attorney or Attorneys shalt ex- !
mine all title papers, and procure the necessary Z
arches for property offered 10 this corporation ~
scurity for money loaned or otherwise, and certify
be result oi the same In writing lie shall pre- :
are all bonds, mortgages, agreements and other
ritingr OF legal nature, 70 be given or taken be
he corporations and shall be entitled 10 receive
ON the properly liable for the same not less than
We nor more than twenty dollars, except In cases
extra labor and research, when more may he ,
lowed, at the discretion Of the Finance Commit Y
~ Al disputes a. 70 the amount Of such charges 4
lall be settled by the Hoard II Director. 4
SIC. XVI The President shall, annually at the \
Mt regular meeting of the Board Of Directors aI- .
pint from their number Finance Committee Of }
lree whose duty 1t shall be 10 act IN conjunction y
It'll the President, 10 examine and audit ali claims q
gatnst the Association, and generally 10 attend 10
! financial business Of the Association. They o.
la report, In writing, at the Last monthly meet o.
=
the financial condition Of the Association, 10 the Il
card Of Director, and majority Of the Finance q
onimittec shall be- competent TO act. b
SIC. XVII The President shall also, Al the same d
me and In the same manner, appoint Valuation ID
Dmmittee Of three, whose duty II shall he 10 ex- VI
nine and determine the value Of All securities Of
red 10 this Association, and shall report their
neluslOns 10 the President and the Finance COM =
ittee for action by them. a majority Of this cam
ittee shall b. competent 10 act
SIC NvIu. The above committees may adOpt
lch rules for their government a. they may see
provided the same are not contrary 20 this char
sEc. xix. Al the stated monthly meetlnss Of the
ssOciation, the funds hand, n 10 the amount Of
le share more, shall be offered for loan and Inc
who shall bid the highest preIninm fnr Il
e preference priority Of loan shall BE- entitled q
receive loan u two hundred dollars for each Q
are OF stock held BY such stock holder aud god Il
d simple security real estate shall H. given b. b
z borrVwer 70 secure the repayment Of the loan u
case the borrower shall neglect 70 Offer seftirIfg \
shall offer security that 4 not approved n III y
Board q DIRECTOR By such time a. Che charter y
" reserioe. he Or she shall Be- charged with one "
ynths interest, together with any expenses iner- VI
], and The money shall BE- reaold II he next
TED meeting. In case 81 noB-paymeut uf INSTALL
mt or Interest BY borrowing at0ckholderr. for =
2 pace q four months, payments u principal
Z Interest without dedacting the premInm paid
Interest thereon, may h. eufaYcsd b. proee4sIinrl
their securities according 10 the terms Of M
IirAct under which The loan Il made m
nc IL. Interest al loans shall he Al the rate II
eigAf per eeat per snnum from the time II max -
eaid loans, and shall be paid IN monthly IN X
1mene IN advance, and al the same time fhat 4 .
me pufrose 81 mailing the boT0Ner thereof b a.
IRE home for himself and family, sr fsr ne - -
chase Of other real estste or fsr tie improve -
NJ u the same, o. for the paying a eBcun- n