Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1886-01-13
THE BUILDING ASSOCIATION.
bylaws Submitted to the Xanaton
Organization, which will be Voted
upon at the Next Meeting of the
Association.

for the government of the Yankton
building and loan association, which
will be voted upon at the meeting OF
Monday, January l9th
MEMBERS AND SHARES.
Section l.. The memours OF this asso
cation shall be residents Oh the United
States, OF the age OF twenty one years
aud upwaros. Minors may hold stcck
oy guardian or trustee.
Section 2 Any person may become
member u1 this association by taxing |
nob less than one nor more than twen y |
shares of stock aud shall pay 70 the asso-
cIatlon au auuanl tee OF twenty y-nve
ceuts tor each share taken aud shall pay |
Tue monthly instailmeut OF dues OF hity |
ceutS per share on the inst Monday OF
eacu month before the hour ot eight p. |
M, until sucu STOCK natures or Is call
ceIleu or reGlred; but nothing less than
the whole amount OF dues, together WIN
GDe fines, premium and Interest, Shall
be taken, and such memoer shall not be
allowed TO vote at the annual election
unloss he has been such member Tor ut
least sky Gays immediately preceding
sucu elecal0u.
SCI. g. Each share holder shall re-
celpe from the board OF directors certlh-
cat, ul STOCK Signed by he president and
allesIeu uy tho secreVaIy, which certlh-
Gates shall entltle the share holder
guardian or trustee, 10 all the privileges
Uf the association.
oeu. 4. No sIockhOlder, guardian or
l trustee shall be allowed to vote at any
meeting until ali arrears are pad.
| Sec. b. Any stochhoieer may pay his
dues, premium aud interest III al ahce
| ana tne member maklns payment oI SIX
mouths or more III advance Will De eu'
ulleu to receive sucn luIorest on the ao-
Vance payment us the board ol directors
may uetermlne and snail be exempt
| from fines during the period OF such au-
vance paym ut, except hues tor nou-at-
| re nuance at annual meetings.
| Sec. q. Any member may sell or
| transter his or her shares OF STOCK or any
| number OF them, as per section Il 10 any
eligible person, the SAID purchaser TO
nave ali the rights and obligations OF
| the person from whom no purchases.
| Sand purchase shall make the puI-
chaser u member OF the association ana
entitled to snare all the privileges and
snail assume all obligations thereof
and shall pay to the assuclailon twenty
| lve cents Tor each share 80 tfansleffed.
shares are transferable only ON the
books of the association and IN the
presence OF the president or secretary.
WITHDRAWAL OF SHARES.
Sec. Z. Any member wishing to with
draw one or more shares FROM the asso-
clation, shall be entitled to, and shall re-
ceive from the treasurer the amount he
or she has paid In as dues and such
| IS. hno rH NJ
directors stait determine, first deduct.
ing therefrom his monthly dues, inter
, est, premium and fines, If any, and all
other claims the association may have
against HIM or her proportion of the
, losses and expenses the association may
have sustained, properly, chargeable tc
, the same: Provided the person gives
at least one months notice IN writing tc
the board of directors at their regular
monthly meeting of his intention tt
Withdraw, but no interest will be allowed
> on any stock Withdrawn within BIZ
t months Of the commencement of suct
. series. Said withdrawal shall take ettec
! on receipt OF such notice and lnteres
cease on same date.
0 Sec. s. On the death or legal dis
I ability of member, his repre-
c sentatives may withdraw the stock nnde
a the by laws or keep up the payments Il
y the interest of lis estate.
a Sec. 9. The board OF directors shal
c have power and are hereby FULLY author
# lied, IN their discretion, to retire the un
pledged shares of any serles OF stock o
this association at any time after tn
third year from the date of issue of sail
}, stock, anG to enforce the withdrawal q
~ the same in such manner and under sue
=, regulations as they may deem. best 10
% the interests of the association and t
!. determine by lot or any other lmpartls
~ manner which shares shall be thu
, retired.
!. Sec. 10. Any shares that may be su
rendered or turned over to the assoclt
ton by any member thereof may b
cancelled or reissued by the associatio
=, as the board of directors may determin
20 DISPOSITION OF FUNDS.
o. Sec. IL. The principal object of th
Ia association shall be to provide funds Il
it's members to be loaned as specific
ls herein.
We Sec IL. In case the funds of the ass
citation are not loaned in sixty days tt
board of directors, shall by resolutic
authorize the purchase of such secui
re ties as they see fit or make such inves
u ment of the funds as they may dete
mine best for the interests of the assocl
tion.
s Sec. 49, AEy stock in default thr
Is months shall be declared forfeited by tt
AZ board of directors, and they shall ord
,s the same sold at the next regular met
w. ing of the association to the highest bl
der tor cash, provided that no stock
sold for less than its withdrawal Walt
~ When less than the withdrawal value
ID bid the association shall bid IN
he shares at their withdrawal value. L
Oh person buying the shares will become
dy member of the association in accordar
on- with section 6, of these bylaws.
oat LOANS.
w. Sec. IA. Each stockholder (not IN
rears) for each share of stock he or
may hold in this association Sd
be entitled to receive lt
of one hundred doll
($l00j from its funds at seven per ce
:. e per cent? interest per annum and p
5a, MUM secured by first mortgage on !
ION estate, approved by the board of dire
iHs ors.
III Sec. Is. Whenever the funds in
treasury shall warrant notice will
ome given ut meeting of the associat
ONE that one or more loans will be dispose
ONT to the person offering to pay the higl
.nds. cash premium, said premium to be
rant Quoted in advance from the loan.
olace loal ,o pe oneieu sepa.A.S' 20. .hs .paorat pt
at time of sale, one months interest
amount of premium.
Peo- Sec. l6. The successful bidder
l. Entr lna,, rs oh al