The clarion. [volume] (Jackson, Miss.) 1883-1888, 1883-06-27

secure home for himself and family, or for the
purchase OF other real estate, OF for the improve
ment vi the same, or for the paying q encum-
hrhnces on real estate already owned by him, aud /
for sio other purpose whatever.
SEE XXI The successful bidder for any loan, /
shall at the time Of such bidding in, deposit with |
the Secretary The stun Of hVe dollars per share for
every share bid In by him. as security for the pay
mcnt uf interest expenses, etc, incurred per seq
tions XIV, XIX and XVI, which said deposit shall be
returned when said INTEREST expenses etc, shali
have been satisfied.
SIC. XXI No member shall bc entitled 10 bid
ON, receive loan, OF 10 vote ON any question
whatever, who Is IN arrears for monthly INSTALL
mentS, Interests, fines penalties.
SIC xxiti. All real estate or improvements OTTER
ed security as per Section TX must he situated
within two MiieH o the corporate Limits u the city
Of Jackson and must he free from all incumbrance
and worth, at cash valuation such an amount
aud above the amount asked as loan on ~, a.
| the Valuation Committee shall deem sufficient
| margin to amply secure this Association from loss
| All improvements must he kept fully insured, or
To the extent Of the ,da. made, for the hencht 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 IL lia-
BILE shall he exhibited 10 the Secretary annually
while the loan exists and filed with the papers.
| SEC. xNfv The Valuation Committee shall have
1.-THE right ~ require any borrower 10 increase his
security, II nj any time they find the value 81 the
same deprecated below the margin required Ia Seo
ton XIII; and In thirty days after such notice,
unless Inc bDFFHNNf NfiAit WufH OF tue tOhI
As will re-establis the above margin, the Board 81
Directors shall have the right 70 proceed against
such borrower and his security as per terms 0t con-
tract, for the purpose Of protecting the Association
Size xxy. No membef shall be allowed to take
more than ten shares az any one bidding, nor shall
any member be allowed 10 transfer his hid or any
Of 1t to any other member.
SEC XVI Security must he offered in 1--WE days
after bidding in the loan and interest on the loan
must he paid from the expiration VI the five days
| after Kidding in tho loan
sEC XVII. All fees for examination Of titles for
loans and preparing and recording papers, shall he
paid by the borrower.
sEc XVIII II at any time there should I've sur
plus fund on hand, and not desired by any menu
her as a loan, the Board OF Directors may invest
the at their discretion for the benefit Of this
: Association; but no money shall be disposed ~
under this section except by a ihree-ionrbs vote
III all the members Of the Board
SIC xxx. The liability OF any stakeholder Of
ths Association shall he limited 10 the amount al
e the unpaid stock Of such stakeholder.
SIC. xxx. The Directors shall have power u
: make and adopt such By-Iaws Rules and Iegua-
: ti0ns they may deem expedient, not repugnani
7 TO this charter
SIC xxxI This Association shall 90 into liqulda.
: tion Ut the end Of ten years sooner n at any time
the assets shall be found to have reached or ex
Il eceded the par value Of all the shares Of stock IN
q force, when each and every member shall receive
: the value u all shares held by him, either IN casf
or their securities to that amount, and all liens
10 record shall be satisfied Pr0Uifed, holreUeT Tina
no stakeholder shall he entitled 10 have his securi
e nes Released cplAeIah fetheu OF leus ol ItNpI,
n against him satisfied until he has fully paid al
i dues fines, interest aud all other charges that h
n may owe 70 the Association.
Il sEo. xxxIl. shares on which loans have bcel
" made upon real estate security, may be transferred
subject 10 the rights of the corporation In the fol
y lowing manner First-~When the assignee IL III
II purchaser Of the mortgaged premises tbs share
er may be transferred % him assuming the obliga
ne tIons Of the aAsgnOF, when he may become mem
r. her of the Association. Secoud-The purchaser
II the shares may substitute lat his own expens,
H. other property satisfactory 70 the Board Of Director
ar "a security fDr the money loaned, when the frs
ri mortgage shall h. discharged aud cancelled Thir
n, The morigager, ny paying the amount Of none
ne loaned, with All interest que, may receive BACK
he shares 80 al 20 transfer the same.
SIC, xxxIIi. shares on which loans have bee
,te made may he transferred subject 10 the rights
X the corporation, on payment Of the amoui
in loaned and all interest due, the holder may recel
lat back his shares NJ aE 10 transfer the same.
be SEC xxxiy On the arrival 81 any minor OF m
10 nors holding shares " the age o twenty-One yeal