The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-07-04

secure a home for himself and family, or for the
purchase of other real estate or for the improve
ment of the same, or for the paying Of encum-
brances real estate already owned by him, and
for no other purpose whatever
SEC. XXI The successful bidder for any loan,
shall at the time of such bidding in, deposit with
the Secretary the sum Of five dollars per share for
every share bid in by him. as security for the pay
meni Of interest, expenses, etc. incurred as per
tions xy,xIx and yXvI, which said deposit shall he
returned when said interest, expenses, etc, shall
have been satisfied.
SEC XXI. No member shall he entitled to bid
| on, or receive a loan, to vote ON any question
whatever, who is IN arrears for monthly INSTALL
| ments, interests, fines or penalties.
SEC. XIII. All real estate or improvements offer
ed security as per Section TX, must be situated
within two miles OF the corporate limits of the city
Of Jackson, and must be free from all membranes,
| and worth, at cash valuation such an amount
over and above the amount asked as loan on u, AZ
the Valuation Committee shall deem sufficient
| margin To amply secure this Association from loss
| All improvements must be kept fully insured OF
to the extent of the loan made, for the benefit OF
this Association, in some good Insurance Company
and the policy approved by the Finance Committee
and deposited with the Secretary. The annual pre-
MUM receipts on such policy and the annual tax
receipts Of all kinds for which the property Is a-
BILE, shall be exhibited TO the Secretary annually
while the loan exists, and filed with the papers
SEC XIV. The Valuation Committee shall have
the right to require any borrower to increase his
security, II at any time they hnd the value Of tho
same deprecated below the margin required In Sec.
tiOn XIII; and in thirty days after such notice, O
unless the borrower shall repay much Of the loan
M will re-establsh the above margin, the Board Of
Directors shall have the right 90 proceed against
such borrower and his security, per terms OF
tract for the purpose Of protecting the Association
| from loss
SEC. XIV. No member shall he allowed to take
more than ten shares Mt any one bidding, nor shall
any member be allowed 10 transfer his bid, any
| OF II TO any other member
Size XVI Security must ne offered In FIVE DAYS
after bidding in the loan and interest the loan
must be paid from the expiration OF the five days
/ after bidding In the loan.
SEC xvii All fees or examination Of titles for
loans and preparing an recording papers, shall be
\ paid by the borrower.
| SEC XVIII II ut any time there should he a sur
plus fund on hand, and not desired by any mem
| Der a loan, the Board Of Directors may invest
the ut their discretion for the benefit OF this
Ass0ciatiOni but no money snail he disposed Of
| under this section, except by three-fourths vote
| Of all the members Of the Board.
SEc. xxx. The liability OF any stakeholder Of
| this Association shall he limited TO the amount OF
/ the unpaid stock OF such stakeholder.
| SEC. Xxx. The Directors shall have power 10
make and adopt such Bylaws, Rules and Regula-
| tons as they may deem expedient, not rcpugnant
SIC. XXI. This Association shall 20 into liquida-
ton at the end Of ten years sooner n at any time
| the assets shall he found 10 have reached or ex-
ceeded the par value OF all the shares Of stock in
| force when each and every member shall receive
the value Of all shares held by him, either IN cash
record shall he satisfied; Proridei, hgeereT, That
stakeholder shall be entitled 10 have his secure
ties released colateTals returned or liens Of record
| against him satisfied until he has fully paid all
dues, fines, interest and all other charges that he
may owe TO the Association.
| SIC. XXI. Shares on which loans have been
made npon real estate security, may be transferred,
subject 70 the rights Of the corporation In the fol-
lowing manner; First--Whcn the assignee Is the
purchaser Of the mortgagcd premises, the shares
l%ay be transferred u him assuming the Ubliga-
ti0ns Of the assignor, when he may become mem
Der Of the Association. Sccond-fhe purchaser Of
the shares may substitute tat his own expense
other property satisfactory 70 the Board Of Director.
az security for the money loaned, whCu the first
mortgage shall be discharged and cancelled Thru
The mOrtgager, by paying the amount Of money
loaned with all Interest due, may receive back his
shares 20 as 10 transfer the same.
SIC xxxm. Shares ON which loans have ie,r
made may be transferred, subject ri the " bts H
the corporation, or on payment - thr ail1uut
loaned. and ali interest duo, tbc holder may receive
back his shares " ag jo transfer the same
SEc. vNxv On tho arrival Of any minor 0r MI
ncrs holdipg shares 90 the age o. tweniy-One years