The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-05-12
AMENDMENTS To THE CHARTER
OF Incorporation of the Building aud
Loan Asst citation of Jackson, Mis-
sissippi.

Article one, Sections two four, ave. ten, tEelve.
thirtyone, thirty six aud forty Of the charter Of
the Building aud Loan Association OF jackson,
Mississippi hereby repealed and in lieu there
Of the following with corresponding numbers are
adopted and substituted part OF and amendm ents
to- the said charter, and 10 be incorporated therein
that Is TO say:
SIC. > The stock of this Association shall be
lisHited to thousand shares, OF two hundred
dollars each, in any one series or class.
SIC 1. No person nm, a irm, shall
hold more than ten shares in any series; pro-
vde that parents OF guardians may hold stock for
minors.
Sc. 5. On each share there shah be paid month
IL instalment OF one dollar in advance. Persons
wishing TO take stock in any series shall nay mp ali
. instruments which may have become due &C
COUNT Of such series, together with such premium
tie Board Of Directors may hx on the same
SEC. TO- The Board Of Directors shall, as
may be practicable after the first election ana
thereafter annually, he first regular meeting
the Board succeeding each election. choose out Of
their number one person TO act - President, and
one as iee-Fresident. They shali also appoint q
Secretary, Treasurer, and Attorney or Attorneys,
and such other officers and assistants as 10 them
may seem Necessary. prescribe their duties,
ia their compensation, and tase IRON them
such security as they may deem necessary
Tor the faithful performance OF such duties
they shall have fall control OF all contracts,
deeds. monies, papers, books, accounts NOR cages
aud property every description belonging 10 The
Association and shall, each annual meeting o
the Association submit to the stockholders fui
and complete report 81 the Association condition
anu OF lis various transactions during the year
SEC II. It shall be the duty OF the Secretary to
HlteBA al meetings. tie STOCK holders 4 OF. the
Directors and to keep iuli and accurate minutes o.
the proceedings OF such meetings. lie shall keep
an accurate account with each stakeholder, and
attest al orders drawn ca the treasurer Tor the pay
ent oj Nancy. He shall attend 10 the collection
Of and receive, AL dues fines other monies paid
to the Associa ioH, turn The same over so tie
Treasurer within ten days after It's receipt tssjna
his receipt therefor, provided, however, that al
monies on hHutt shall he tuned over on the inst
day oi each month lie shall lie charged with the
keeping OF aii books. accounts and ords OF the
AssociatoB and shall be held responsible Tor tht.
correctness OF the same. he shall also have charge
ol an papers OF property OF the Association noi
otherwise prov .ded, the Directors may Instruct
II shall be SdGty 20 see and know that all
oTtggcs. deeds agreements m2de to or with this
Association slali be duly acknowledged aui re
recorded. tie shall also that all houses mort
gagged to this Association, kept fully Insured in
good and responsible companies ed by the ii
nance committee, and that the policies are deposit-
ed in his Oiee and made able this Association
that all taxes on all real estate m0rigaged are
promptly paId, anu the re elpt deposited with him
Aud upon tue failure Of any stock holder to renew
his insurance to his aforesaid il shall
be the duty OF the Secretary to draw from the
Treasurer the amount necessary to renew such
insurance or pay such taxes and charge the same Ia
the tuck holder 10 be paid with his dues before the
next monthly meeting, collected q provided lei
| IN case OF other dues fines or penalties due the
| Assoc alton. He shall make the ard of Dfrec-
tors At each meeting, or often may be required
iuil report IN writing OF the financial condition
and general affairs Of the ASS citation, and semi
annually shall prepare Tor publication the stock
holders compete stateme mt Of the ntire busiD s.
condition and affairs OF the Association, and shall
perform such other duties may be required by
| the Board Of directors 10 the faithful per
ormance OF his duties, he shall enter into bond
with security, TO be approved by the Board Of
directors in the sum OF not less than two thousand
dollars
okc. 81. Whenever the assets Of the Association
stall reach the par value OF all shares OF stock in
force, then its affairs shall be placed in liquidation
and each aud every member shall receive the tuli
par value OF all shar-S held by him or her either in
/ cash or in their own securities and ali liens oi
reco shall be satisfied and discharged pro, ided
however, that no stakeholder shall be entitled to
have his securities released, coaterals returned OF
liens Of record against him satisfied, until he has
fully paid all dues, fines, interest and ali other
charges that be may owe the Assoc iai ion.
| SIC. SO All vacancies in the Board Of Directors
shall be filled by election as provided in Section
9, special meeting TO he called for that purpose
SIC. 40. These articles may be altered or amended
by twOthirds vote OF all members OF the Assoc a.
ton provided that those members whoare indebted
TO the Association Tor loans shall not be entitled
vote upon propositions to alter amend.
Article Two The following sections are adopted
a amendments Of and additions to. the said Char
/ ter, and TO be numbered conseeutively stated
| to wit:
| SEC. Al. The President shall be the custodian o
| the bonds OF any officers OF whom bonds may be
required.
SIC ~. Amy member wishing to withdraw from
/ the Association, and who shall give thirty day;
| notice IN writing 10 the Board Of Directors, shall
| be entitled 10 receive back in cash on the suTTen
| der OF his stock. its withdrawal value which shat
be determined by the Board OF Directors; provided
that The stock Is not pledged and hat it is not ii
| arrears for dues, fines interest or penalties; ant
| provided further, that at time shal more thar
one third Of each months receipts be ap oed to th
| payment of such withdrawal claims
SEC 43. The Board OF Direc may issue, at am
time new series of stock Tor the formation of new
classes, provided, that they shall not be started
periods of less than six months apart. Said classe
shall be mum bered and shall in al respects conform
to this charter and by laws and he subject to thu
officers and directors of the Association just tn
| same the first series The funds and business o
each class shall be kept separate and shall be oanet
only to members thereof, aud ne stockholders in
one class shall have any rights privileges in an
| other class Of which he is not a member tacl
class shall pay its proportion OF expenses necessar
to carry ON this Association, which shall be deter
| mined by the Board of Directors.
SEC A. Each series class of shares may b
| placed in liquidation and its affairs separated
wound up, provided in section Sc Of this charter
After the liquidation of the Association, of an
series OF lis shares. in the manner prescribed il
section 81, should there be any surplus still remain
ing this shall be divided pro rata TO the respet
shares among the mem bers
II. NJ. TAYLOR, President
| J. w. beatty, Secretary
apt II, 'S6-3w