The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-07-04
THE CHARTER
Incorporation Of the Building and
Loan Association, of Jackson,
Mississippi.

The purpose for which this incorporation is form
ed Is the accumulation Of fund which may be
loaned on good real estate security to the members
thereof, thereby enabling them to procure homes,
and to make such other investments as may De
provided for in this Charter.
SECTION l. This corporation shall be composed Of
the following named persons, to-wit: r. L. Saun-
ders, q. d. Subway, y. N Barrows, Byron Lemly
". Il. Perkins, Robert Kells, NJ. 5; Craft z. l.
Wilder, Jr., II. N. Taylor, John Mcdonnell, w. l..
Hemingway, r. Il. Cooper, T. Virden, L. Tuttlc,
Jr., S. E. Virden ], Strauss, W 1. Nugeut, J. l..
Harris Oliver Clifton, d. r. Porter, q. Y, Free
man. j. ID. Stewart. w. IL. II. Green, j. j.. Power,
X. K Jayne John McGill, Geo. G. Mckee,
J. b. Fuller, and q. f. Galceran, and such others
as have associated may hereafter associate with
them for the purposes herein named who shall by
this Charter &c Incorporated under the name Of the
Building and Loan Association OF Jackson, Missis-
sppi, and by that name may sue and be sued plead
and be impleaded, In all courts OF law or equity
may adopt and use a corporate seal and alter oI
| change tho same at pleasure, and in general may
possess all the rights, powers and privileges con
ferred by the laws OF this State on corporations
| created In the mode and manner as provided in
Chapter Ss Of the Code Of 1880, which are not in
consistent with the purposes Of this corporation
and the provisions Of this Charter.
SEC II. The stock of this Association shall be
limited to two thousand shares Of two hundred dol
| lars each.
SIC. III. All certificates of stock must be signed
/ by the President and attested by the Secretary
with the seal Of the Association attached and mus
be duly numbered and recorded
| SEC. w No one person shall hold more than ter
shares I'm this Association; Provided, That parents
| or guardians may hold stock for minors.
/ SEC. V. On each share there shall be paid
monthly intallment of one dollar In advance, Per
/ sons wishing to take stock after the organization
| must pay up all installments which may have be
| come due, with such premium as the Board OF Di
| rectOrs may require, to make the cash payment OF
new stock equal to the cash value of old stock
! SEC. vi. Each and every stakeholder or trustet
who shall neglect OF refuse TO pay his monthly due
or interest as often as the same shall become du'
| and payable shall forfeit and pay the additions
sum Of ten cents monthly on each and every dolla
due by him; dues Of each month taken separately
SEC. VII. All claims for dues, interest, fines an'
penalties shall Be held ~ lien against the stock
such claims shall amount to a sum equal TO tn
amount Of dues actually paid by such delinquent
the said stock shall be forfeited and cancelled on tn
SEC VIM. All Ifnes penalties and interest shall
be payable with regular dues.
SEC. TX. The affairs Of the Association shall b
managed by a Board Of eleven Directors, who shal
be elected annually, at such time and place In IN
City Of jackson as the Board OF Directors for Oh
time being shall appoint, and shall hold their ofhc
for one year, or until their successors are eecte
and qualified Said election shall be BY ballot, b
majority Of stockholders voting allowing one vOt
to every share. stockholders not personally pres
ent may vote by proxy made in writing 70 tb
pprsons representing them at such election
SEc x The Board Of Directors shall, as soon 9
may be after the first election, and thereafter Al
nuaIIy, at the first regular meeting Of the boar
succeeding each election, choose out OF their mum
her one person 10 act as President, and Vic
President They shall also appoint Seeretarl
Treasurer and Attorney or Attorneys, and sue
other otficers and assistants m 10 them may seci
Necessary prescribe their duties, FIX their c0npeI
sation, and take from them such security ~ the
may deem necessary for the faithful performan'
Of such duties.
SEC. XII II shall be the duty Of the PreSiden
ond In his absence the Vice-preAident, 70 preside
ali meetings Of the Association and B9aIa o. ORE
tors. 10 preserve order therein, TO- administer Y
laws Of the Association, and perform such oth
II duties A. may be prescribed 10 this Charter, o. q
4 Ry.IAwp Taaei 10 pursuance thereof.