The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-04-28

Of incorporation of the Building and
Loan ASS citation Of jackson, Mis-
sissippi.

Article one, Sections two, four five ten twelve
thirty-one, thirty six and forty, OF the charter OF
the Building and Loan Association of jackson,
Mississippi, are hereby repealed and in lieu there
of the following with corresponding numbers are
adopted and substituted as part OF and amendments
to- the said charter, and TO be incorporated therein
that is TO say:
SEC, 2. The stock of this Association shall be
limited to one thousand shares, of two hundred
dollars each, in any one series or class.
SAC l. No one person or firm, as a firm, shall
hold more than ten shares in any one series; pro-
vlded, that parents or guardians may hold stock for
minors.
SEC s. On each share there shall be Maid month";
ly instaiment of one dollar in advance Persons
wishing to take stock in any series shall pay up all
instalments which may have become due
count OF such series, together with such premium
as the Board of Directors may fix on the
SEC. 10. The Board of Directors SHALL
| may be practicable after the first election and
thereafter annually at the first regular meeting OF
the Board succeeding each election, choose out Of
their number one person TO act as President, and
one Nice-l'resident. They shall also appoint
Secretary, Treasurer and Attorney Attorneys,
and such other officers and assistants Ia them
may seem necessary, prescribe their duties,
TX their compensation, and take from them
such security as they may deem necessary,
| for the faithful performance OF such duties.
They shall have iuil control of all contracts,
deeds monies, papers, books, accounts, mortgages
and property OF every description belonging TO the
Association, and shall, at each annual meeting of
| the Association submit to the stockholders full
and complete report OF the Associations condition
and Of its various transactions during the year.
SEC II. 1t shall be the duty of the Secretary to
attend all meetings of the stoekh al OF the
Directors and 10 keep full and accurate minutes OF
| the proceedings of such meetings He shall keen
| an accurate account with each stakeholder, and
attest all orders drawn the treasurer for the pay
| ment OF money. He shall attend to the collection
Of and receive, all dues, hnes other monies paid
10 the Association, turn the same to the
Treasurer within ten days after its receipt taking
monies on hand shall be 50 turned over the first
day each month. He shall be charged with the
| keeping OF all books accounts and records of the
Association, and shall be held responsible for the
correctness OF the same. He shall also have charge
| OF all papers or property Of the Association not
otherwise provided or as the Directors NAV instruct
1t shall be his duty to and know that ali
mortgages, deeds agreements made 10 or with this
| Association shall be duly acknowledged and re-
| recorded. He shall also see that all houses mort
gagged TO this Association, kept fully insured in
good and responsible companies approved by the Fl
nance Committee and that the policies are d. posit-
ed in his office and made payable 10 this Association
| that all taxes ON all real estate mortgaged are
promptly paid, and the receipt deposited with him
| And upon the failure of any stakeholder to renew
his insurance or TO his taxes aforesaid it shall
be the duty of the Secretary TO draw from the
| Treasurer the amount necessary to renew such
insurance pay such taxes and charge the same TO
the stakeholder TO be paid with his dues before the
next monthly meeting, or collected provided for
| in case of other dues, fines penalties due the
Association. He shall make to the Board of Direc-
tors at each meeting, or as often may be required
full report in writing of the financial condition
and general affairs of the Association, and semi
annually shalt prepare for publication the stock
holders, complete statement of the entire business
condition and affairs of the Association, and shall
perform such other duties may be required by
the Board of Directors To secure the faithful per-
formance OF his duties, he shall enter into a bond
| with security, to be approved by the Board of
Directors IN the sum OF not less than two thousand
dollars
shall reach the par value of all shares of stock in
force then its affairs shall be placed in liquidation
and each and every member shall receive the full
par value of all shares held by him or her. either in
cash in their securities: aud all liens OF
record shall be satisfied and discharged; provided
| however, that no stakeholder shall be entitled 10
have his securities released collateral. returned
liens of record against him satisfied, until he has
fully paid all dues, fines, interest and all other
| charges that he may owe the Association
| SEC. Sc All vacancies in the Board Of Directors
shall be filled by election as provided in Section
y at special meeting TO he called for that purpose
| SEC. 40. These articles may be altered amended
by two-thirds vote of all members of the Assoc a.
tion provided, that those members who indebted
10 the Association for loans shall be entitled 10
| vote upon propositions to alter amend
Article Two. The following Sections adopted
a amendments OF, and additions 10, the said Char
| ter, and TO be numbered consecutively as stated,
to-wii:
SEC Al The President shall be the custodian OF
the bonds OF any officers Of whom bonds may be
| required.
SEC. ~. Any member wishing to withdraw from
| the Association, and who shall give thirty DAYS
notice in writing 10 the Board Of Directors shalt
be entitled to receive back in cash, the surren-
der Of his stock, its Withdrawal value, which shall
be determined by the Board of Directors; provided.
that the stock is not pledged and that it is in
arrears Tor dues, fines, interest or penalties; and
provided further, that at no time shall more than
of each months receipts be applied TO the
| payment of such withdrawal claims.
| SIC. 49, The Board OF Direc OTIS may issue, al any
time, series of stock ol the formation of new
classes, provided, that they shall be started at
periods of less than six months apart. Said classes
shall be numbered and shall in all respects conform
to this charter and by laws, and be subject to the
officers and directors of the Association just the
same the FIRST series The funds and business of
each class shall be kept separate and shall be loaned
only to members thereof and stock holders in any
one class shall have any rights privileges in any
other class of which he is not a member Each
class shall pay its proportion of expenses necessary
to carry on this Association. which shall be deter
| mined by the Board of Directors.
| SEC. H. Each series class of shares may be
placed in liquidation and its affairs separately
wound up provided in Section 36 of this charter
After the liquidation of the Association of any
series of its shares. in the prescribed in
Section 81 should there be any surplus still remain
ing this shall be divided pro rata to the respective
shares among the members.
II. NJ. TAYLOR, President.
| ]. W. BEsrY, Secretary.
| apl.2l, 's6-3w.