Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1886-01-13

description OF SAID properly oUeTtu as |
security with the estimated value and |
income aud such other information as
may be required and shall secure the re-
payment thereof to the association with
seven per cent. interest per annum, by a |
satisfactory mortgage and bond, SO.
cured on real estate, together with |
a policy of fire insurance, if upon |
improved property and assignment OF
rents if rented, and for every loan of
500 made to stock holder he or she |
shall IN addition thereto transfer to the |
association one share of stock as col !
Lateral security, aud the dues and inter-
est at seven per cent per annum.
Sec. IL. The real estate offered as
security must be situated within the
territory of Dakota. When the property
Is situated within the limits of the town
OF Yankton, such loan may be allowed
by five OF the directors. III elsewhere III
least seven members OF the board to
allow SAID loan, borrower TO pay all ex-
peuses OF eXamlnation; at least one mem
Der OF the inspection commlitee must
certify in writing that he has personally
examined the property, describing the
location, income, amount of insurance.
date OF policy, etc, and that IN then
judgment it Is good security for the
amount loaned upon 1t. The bend
mortgage shall stlpulate that, should,
the monthly dues and interest remain
| unpaid Tor space of three moths atte,
| they had become due, or should the taxes
| assessments or insurance be due and
unpaid Tor tae space OF three months, OF
should the stock upon which the loan
Is made be sold for the non payment OF
| dues, then the bond shall become due
aud collectloie immediately.
Sec IS. In case of failure to offer
sufficient security for loan within one
mouth IRON date of his receiving saiu
loan the borrower shall pay into the
| treasury of the association one month s
interest Oh the sum loaned, unless the
board of directors shall give him further
time to perfect his title. He shall also
pay for the abstract of title and exam
inauon of same aud all expenses of ex-
aiming security and al charges for
making out papers, including the cost
ut recorulDg the same whether the loan
is accepted or elected.
Sec. 10. The uoaid of directors shall
have power to make additional loans
upon SAID property if 30 desired. All
lees for recording papers to be paid by
borrower.
Sec. 20. If member wishes to build
or offers as u security an uncompleted
building and wishes to receive his loan
to build or finish the same, it may bt
paid to hlm IN lnstallments If the board
of directors 30 determine, upon the writ.
ten certificate of the contractor or bull
der as to the amount needed, but in DC
case shall more than seventy-tive pei
cent of loan be paid before the building
: is entirely completed.
Sec. 2l. Any member who has made
3 q loan by giving taxable property al
/ security shall be bound to pay al
t territorial, county and municipal O
other taxes when the same shall becom
: dne, and If not paid the secretary shai
/ pay the same and charge them to th
3 delinquent building party.
9 Sec. %. The funds OF the corpora
: ton may be loaned to any stocK holde
. to an amount not exceeding l0O pc
3 cent of their withdrawal value on eacl
0 and every share of unpledged stock. Th
= loan shall be secured by transfer o
0 stock to the society as collateral secur
d ity and the interest which shall not b
K less than seven per cent shall be deduct
b ed from the loan in advance. The tim
u
It months.
Sec. 20. At each monthly meeting @
: the society, if their be sufficient funds i
= the treasury to warrant so doing til
r president shall announce the money t
n be loaned. lhe person bidding an
paying the highest cash premium fo
Il the loan shall present i
r writing a full statement {
l. the security offered together with al
If stract OF title and if the security is sat
e isfactory to tbs board of director
d and the persons title goo
If the board of directors shall at the
h next meeting announce the loan, the al
,r plication for loan to be approved an
% signed by the members voting in fave
al OF it.
is Sec. "a. Loan may be prepaid at an
time by the stock holders being eredite
r with the amount of dues paid in upC
A. the stock upon which such loan W,
De granted and upon settling the balan'
N including interest dues and charges
q shall be entitled to deed of release.
Sec. 25. Securities may be change
by the consent of the board of director
is the borrower paying oil expenses
"a same.
7o FINES AND PENALTIES.
Sec. 26. For each months dues u
w. paid before o'clock p. M, of the iii
he Monday of each month, fine of t.
on cents per share for each and every NEE
!! ing neglected shall be charged the sto
'u- delinquent, until paid, which fine sh
.i- be added to and become q part of t
la next months due, and the same sh
not be rem:tted except by a two-thir
&c vote of the board of directors.
, US Sec. 27. The treasurer for pon.atter
lef auce at meeting without furnishi
e.' a proper substitute for whose action
ia- ~ shall be personally responsible shall p
oe fac of three dollars.
ue' Sec. %. The secretary for non
''Lie tendance at regular or special meetl
,he or for neglect or refusal of any duty
ne cumbent upon him shall pay q fine
five dollars, except in cases otherw
1ce provided for in these bylaws, ant
prevented in any way from attendIn
meeting must provide q deputy
I, ai whose acts he shall be responsible.
sue Sec 29. Absence from annual MT
la,, l ing shall subject male voting mem
Ian to fine of one dollar except IN cast
lats absence from the city or sickness
Nv death in his family.
,. 10, Sec. 30. Any member violating
sss ca rule OF order shall pay fine OF
ec'- cents for each and every offense.
A.. Sec 81. All fines shall be charge
'ho dues and collected as such.
.;on DUTIES OF OFFICERS.
d of Sec. 49, 1t shall be the duty of e.
hest director to be present at the reg
de- monthly meeting and at all direc
The meetings.