The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-11-10
CHARTER OF INCORPORATION
Kinds County Home Building and Loan Asso
citation.

SECTION l. John Lewis, l.. A. Jackson, A. w
Wright, +. :. johnson, A. *. Davis L. X Atwood
II. d. Ford, w. J. Henry, Alex. Goodson, Weldon
Hicks, and all other persons who may become asso-
cated with them, and their successors be and they
are here hereby created a body polite, under the
name and style OF 1.-The Kinds County Home Build
ing and Loan Association"
SEC : The objects and purposes for which said
corporation is created are the accumulation of a
fund or funds, by periodical contributions pay
ments by the stockholders fines upon the stoekhold-
ers Tor non parry ment OF moneys due, and upon
officers for non-attendanee and neglect of duty.
premiums upon advances or loans quarterly inter-
ests and payments on loans and advances, and by
other receipts, and the advancing and loaning of
such fund or funds 10 the stockholders to enable
them 10 buy build their own homes or to acquire
other real estate or for other uses, or when such
funds shall not be called Tor by any stakeholder
and be therefore liable TO remain unproductiye, to
loan the same TO other persons, otherwise invest
the same for tAe benefit and interest of said Asso-
ciaIion.
SIC. 3. said corporation shall be known by said
corporate name, and shall be domioilcd in the
county oil Kinds and State of Mississippi; and said
corporation shall not cease expire from neglect
on the part OF the Association eject officers at the
time mentioned in lis bylaws, and officers elected
by said Association shah hold their offices until
their successors are duly elected.
SIG. 4. said corporation shall have power to aeeu-
muiate funds, and to advance or loan the same as
herelnbeiOre mentioned, and To secure the repay-
neht OF SUCH moneys, and the performance OF the
other conditions upon which such advances or loans
mag be made, by bond, deed -in-trust mort
gage or other security; to purchase real estate or
personal property, and erect houses and buildings
Tor the oeneht OF said corporation any OF its
stockholders TO purchase any trustees sherin7s
or other Judicial sale, or any other sale public or
private, any real estate personal property upon
which said Association may have or hold any deed
in-trust, mortgage judgment, lien other ineum-
INTEREST," and the real estate or personal property ~
purchased, or any other that said Association NAV
hoid or De entitled TO SELL convey, lease mortgage
At pressure 70 any person persons whom.
soever; and IN general shall have, possess and
ENJOY all the powers usual and incident CORPORA
tons OF similar character, and inconsistent with
privileges aud iminunities gran led, bestowed and
provided IN Chapter IS Of the Code OF 1880 and
chapter 70 OF the Laws OF Mississippi, of 1857
SLc. .. The Charter members shall meet and or
game said corporation within thirty days from
date OF charter.
SEC. 6. The capital stock Of said corporation shall
at no time consist OF more than thirty seven nun
dTed shares Of tsI25 )one hundred and twenty-five
dollars each, which may be issued in one or in
successive series, in such amount and al such inter-
walls as the Board OF Directors may determine The
instruments said stock are to be paid at such
periods, and at such time and place the bylaws
shall appoint, and every share OF stock shall he
subject 10 lien Tor the payment unpaid INSTALL
iaents, and other charges incurred thereon under
the PROVISIONS OF this Charter aud the Bylaws and
the Bylaws may prescribe the form and manner ar
enforcing such lien, either by forfeiture Of stock or
Otherwise. new shares Of stock may be issued in
lieu OF the shares Withdrawn or forfeited ANY
stockholder whose stock is not held in sledge Tor
security, ana VINO may wish withdraw from the
SAD corporation, shall have power do So by
giving SIXTY days notice Of his her intention To
withdraw, when he or she shall be entitled 10 re-
proportion OF the prOhts the Bylaws NAV deter
mine, less all lines and other charges; Proci,ief
Anat al no time snail more than one-half Of the |
lues IN the treasury OF the corporation be appl-
cable to the demands of Withdrawing stock holders
without the consent Of the Board Of Directors |
Upon the death OF stakeholder his OF her LEGAL |
representatives shall be entitled TO receive The I'M
amount paid in by him or her. and legal Interest |
thereon, nst deductng all 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
deeese, unless the legal represen tatiges Of sI, de-
eedent assume the future payment the stock |
No person shall bold IN his her own right more
than twelve shares OF stock.
SIC. Z The Board OF Directors shall hold stated /
meetings. al which the money in the treasury-if /
over thIrtyhye dollars-shail be offered Tor loan in
open meeting and the stakeholder " no shall ma
the highest premium for the preference or urior,t
Of ioaI snail be entitled 70 receive loan OF one
hundred and twenty-five dollars or more for each /
share Of stock held by such stakeholder; provided
part OF one hundred and twenty-five dollars a. tie
bylaws may provide; and good and mple security
shall be given by the borrower to secure the repay
fnent OF the ioan In case the borrower shall neg
lect 10 otter security that is not approved bv ne
Board Of Directors, by such time as the hy-lsvrs
may prescribe, he she shall be charged with |
three months interest, together with any expenses
incurred, and the money shall be resod at the next
stated meeting In case OF non-payment OF in
staIiments or interest by borrowing stockhold
Tor the space OF six months, payment OF prineinaI
and interest," without deducting the premium paid
or interest 1hsreof, may be enforced by proceeding
On their securities according To the terms Thereof
and the Law applicable thereto.
SEC s. A borrower may repay loan at any time
and In case OF the repayment thereof before the
pFatlon OF the eighth year after the issue Of the
particular series stock which the loan Is bas-
ed, there shall be refunded TO such borrower one
eighth OF the premium paid for every yearof the eight
Y ears then unexpiled. and in OF recovery of
loans BY process OF law, when the amount collected
BY or distributed 10 the said compensation shall exceed
tue amount Of the loan taken by the borrower |
With interest and charges the money shall be RAJ |
loaned Al the next stated meeting and the excess
recovered beyond the amount REQUIRED TO nav the
oans with interest and charges, shall be returned
70 the borrower from whom the mOuev was eoIIect.
ID, or his or her legal representatives; provided
mat IN case the corporation shall have issued it,
toek IN Series such reoan shall be lnade only 10
hat If the premium offered for the reIoan shall ~
Sreaer than that originally given by the defauItinz
BORROWER, the amount of the original premium only
mail be paid over By the said corporation: and nrn
Iidsd further, that such defaaiting borrower nav
Il any time after the said relosning demand from
ala corporation the amount required to be paid to
stakeholder Withdrawing his stock. saving and
accepting however, TO said corporation the ri9hf RI
efsln 80 much or the whole thereof a. NAV h. re-
iuisife 70 save II from loss the amount re-
covered shah not snfhee TO pay the reioaD.
l. K ATWOOD,
f. 5. JOHNSON
ALEX. GOODSES,
f. ID. 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-
. - % .lis state T. NJ. MILLER,
oetzt-c5 Attorney General |