The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-11-17
Kinds County Home Building and Loan Asso-
citation.

SECTION l. John Lewis, L. 4. jackson A. W
Wright, +. :. johnson, A. *. Davis L. k Atwood
Il. ID. Ford W. }. Henry, Alex. Goodson Weldon
Hicks, and all other persons who may become asso-
ciated with them and their successors be and they
are here hereby created Il body polite, under the
name and style Of The Kinds County Home Build
ing and Loan Association"
SEC. p The objects and purposes for which said
corporation Is created are the accumulation Of q
fund OF funds, by periodical contributions or pay
ments by the stockholders fines upon the STOCKHOLM
ers Tor non payment of moneys due, and upon
officers iOr nOn-attendance ana neglect of duty /:
premiums upon advances or loans, quarterly inter-
ests and payments on loans and 9dvances and NV
other receipts, and the advancing and loaning Of
such fund funds TO the stockholders to enable
them 10 buy or build their home or 10 acquire
other real estate or for other uses, or when such
FUNDS shall not be called for by auv stakeholder
and be therefore liable TO remain unproductive TO
loan the same 10 other persons, otherwise invest
the same, Tor the benefit and interest OF said Assoc
citation.
SEC 3. said corporation shall be known by said
corporate name, and shall be domicilcd in the
county OF Kinds and State of Mississippi and said
corporation shall not cease or expire from neglect
on the part OF the Association TO elect officers at the
time mentioned IN It's Bylaws and officers elected
by said Association shall hold their offices until
their successors are duly elected
SEC T. said corporation shall have power 10 accu-
mulate funds, and TO advance or loan the same as
herein before mentioned, and to secure the repay
ment OF such moneys, and the performance OF the
othef CONDITIONS upon which such advances loans
may be made, by note or bond, deed-in-trust mort
gage, or other SecUrty 10 purchase real estate or
personal property, and erect houses and buIdinps
Tor the benefit OF said corporation or any OF It's
stockholders; to purchase at any trustees sherif7
OF other Judicial sale, or any other sale, public or
private, any real estate personal property upon
which said Association may have hold any deed
ln-trl'st mortgage, judgment, lien or other incun-
ORANGE, or IN when said Association may have any
interest; and the real estate personal property 50
purchased, OF any other that said Association NAV
hold on be entitled to sell convey, lease mortgage
u pleasure % any person nor persons whom
soeYeri and IN general shall have, possess and
ENJOY ali the powers usual and incident to corpora
tons Of similar character and not inconsistent wit
All he Ffut4rz
privileges and immunities granted bestowed and
provided in Cbapter Is Of M Cela ~ $50 a-lJ
Chapter p OF the Laws % Mississippi Of 1882
SEC. 5. The Charter members shall meet and or
ganize said corporation within thirty DAYS from
Gate Of charter.
o. The capital stock Of said corporation shall
al no time consist OF more than thirty seven hun
dred shares OF tslZ3 )one hundred and twenty-five
dollars each, which may be issued ia one or In
successive SERIES ia such amount and at such inter
walls as the Board OF Directors may determine The
instruments on said stock are 10 be paid al such
periods, and at such time and place as the BY laws
shall appoint, and every share OF stock shall be
subject to lien Tor the payment OF unpaid INSTALL
inents, ana other charges incurred thereon under
the provisions OF thls Charter and the Bylaws and
the bylaws may prescribe the form and manner or
enforcing sueh lien, either by forfeiture OF stock
olherAlse. Ne" sAares u stock may be Issued in
lieu Of the shares Withdrawn or forfeited ANY
siockholdeT whose stock IS lot held ia pledge for
security, ana VINO may Wish 10 withdraw from the
sad corporation shall have power do So by
giving SIXTY days notice OF his her intention 10
SithaTaw, when he or She shall be entitled 10 rs-
ceige the amount paid in by him or her AMI such
proportion OF the profits the bylaws may deter
mine, less all fines and other charges; F7fogillei
That at no time shall more than One-haf Of the
ianaS IN tne treasury Of the corporation be appli-
cable 10 the demands Of Withdrawing stock no li.rs
without the consent OF the Board OF Directors
Upon tAe aeAtA OF = ssockholder his or her legal
Representatives shall be entitled 70 receive the an
amount paid Ia by him OF her, and legal interest
thereon, nTst deducing ali charges that may be due
On the stock. No fines shall be charged 10 a de-
ceased members account from and after his or her
decese unless the legal representatives OF such de-
asata mt
80 person shall hold IN MS or her own right more
than twelve shares OF stock.
SEC. :. The Board OF Directors shall hold stated
meetings, at which the money in the treasurY-if
over thrty-bve d0llars-shau be offered for loan In
open meeting, and the stockholder who shall bid
the highest premium Tor the preference or priority
OF loan, shall be entitled 70 receive loan OF one
hundred and twenty-five dollarsor more for each
snare stock held by such stoc el.older provided
that a sioekholcer may borrow such fracfiouaI
part OF one hundred and twenty-five dollars as the
bylaws may provide and good and ample security
sh& oe given % The borrower 10 secure the repay
Bent OF the loan In case the borrower shall neg
eet to oher security that is not approved fv ne
Board OF directors by such time as the by-Iasys
may pfsscIiDes he or she shall be charged with
three months interest, together with any expenses
incurred, and the money shall be resold at the next
stated meeting. In case OF nou-pagfnent at in
stallments or interest by borrowing stockhoIders
for the space OF six months, payment OF uripeirsI
and interest without dedueting the premium paid
or interest taereof, may be enforced by prOce4lin1
on their securities according 70 the terms tberao
and the law applicable thereto.
81 o a uDEIC Nef may repay loan at ang time
ana N case OF the repayment thereof before the ex-
pirtien Of the eighth year after the issue of tae
particular series OF stock which the loan Is bsz-
ed there shall be refunded 70 such borrower one
eighth OF the premium paid for every yearof the ef
years then uhexplfed. and il case D. recovery Of
loans BY process Of Law, when the amount collected
by or distributed to the said corporation shall exceed
the amount 81 the loan taken By the borrower
with interest and charges, the money shall be re-
loaned AZ the next stated meeting, and the excess
recovered beyond the amount required to pay the
loA9 with interest and charges shall be returned
10 the borrower from whom the money was collect
ed or has or her legal REPRESENTATIVES provided
mat N case the corporation SHAH have Issued IL
stock n series, such reloan shaIle made only 10
i4e stockholders Of the series: and provided
tnat II the premium offered for the reoa1 shall ~
greater than that originally given by the defauItfng
borrower, the amount Of the original premium only
snail De paid over by the said Corporation and t,rc
vid9d further, that such defzultinx borrower rnav
At any time after the said reloanin demand frora
said corporation the required 10 he Maid Il
stockholdsr Withdrawing his stock saving and
excepting however, 70 said corporation the rihf ~
retain 50 naueh the whole thereof as NAV Il -
qulSlte 70 save II from loss in ess the sVfunt "a
covered shall not suffice 70 pay the reloan.
l. X. ATWOOD,
+. > JOHNSON,
ALE4- GOODSEN,
h D. FORD,
a. w. WRIGHT
WELDON HICKS
L. A. JACKSON
w. J. HENRY.
A. II. DAVIS
JOHN LEWIS.
There is nothing in the foregoing charter OF in
corporation Inconsistent with the Constitution or