The clarion. [volume] (Jackson, Miss.) 1883-1888, 1886-11-03
OF INCORPORATION
Kinds County Home Building and Loan Asso.
citation.

SECTION l. John Lewis L. A. Jackson A W
Wright, F, ;. johnson, A. II. Davis, L. X Atwood
II. D. lord, W. j. Henry, Alex. Goodson, Weldon
Hicks, and all other persons no may become asso-
eiated with them, and their successors be and they
are here hereby created 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
fund funds, by periodical contributions or nav
meDts by the stockholders lines upon the stockhold-
eTs for non payment of moneys due, and upon
officers for non-attendanee ana neglect OF duty;
premiums upon advances or loans quarterly inter-
ests and payments on loans and advances, and bv
other receipts, and the advancing and loaning OF
such fund or funds 70 the stockholders, to enable
them TO buy or build their homes or to acquire
other real estate or Tor other uses, or when such
funds shall not be called Tor by anv stoekholder
and be therefore liableAto remain unproductive 10
loan the same 10 other persons or otherwise invest
the same Tor the benefit and interest OF said Asso-
citation.
SEC. 5. Said corporation shall be known by said
corporate name, and shall be domicilcd in the
couBty OF binds and State Of Mississppi; and said
corporation shall not cease or expire from neglect
the part of the Association to elect officers al the
time mentioned in its Bylaws, and officers elected
by said Association shall hold their ofSces untiI.
their successors are duly elected.
SEC. T. said corporation shall have power to 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
other conditions upon which such advances or loans
may be made, by note or bond, deed-in-trust mort
gage, or other security to purchase real estate or
personal property, and erect houses and buildings
Tor the benefit OF said corDoration On any ~ i4s
stockholders; to purchase any trustees sherrTs
or other Judicial sale, any other sale public or
private, any real estate personal property upon
which said Association may have or hold any deed
ln-trust, mortgage, Judgment, lien other ineum-
orance, or IN which said Association NAV have aDy
interest and the real estate or personal proertV 80
purchased, or any other that said Association may
mold or De entitled 10 SELL convey, lease mortgage
at pleasure 10 any person or persons whom.
soeVer; and IN general shall have, possess and
enjoy all the powers uSlal and incident TO corpora
the laws OF this state, and all the rights, powers
privileges and immunites granted, bestowed and
provided in Chapter IS Of the Code OF 1880 and
chapter 26 Of the Laws of Mississippi OF fSs2
SIC. .. Inc Charter members shall meet and or
game SAID corporation within thirty days from
date OF charter.
SEC. 8. The capital stock of said corporation shall
at no time consist OF more than thirty seven hun
bred shares OF tSl2J zone hundred and twentv-fiye
dollars each, which may be issued in one or in
successive series, in such amount and at stch
Vals as the Board OF Directors may determine. The
instruments on said stock are be paid at such
periods, and at such time and place as the bylaws
shall appoint, and every share OF stock shall he
SUBJECT 10 lien Tor the payment OF unpaid INSTALL
nehts, and other changes incurred thereon under
the provisions OF this Charter and the Laws and
the by-laws may prescribe the form and manner OF
enforcing such lien, either by forfeiture of staee or
otherwise. New shares Of stock may be issued in
lieu of the shares withdrawn or forfeited Anv
stoekholder whose stock is not held in sledge for
security, and who may wish to Withdraw from the
sad corporation, shall have power 10 do 20 hv
giving SIXTY days notice of his or her intention 10
Withdraw, when he or she shall be entitled TO re-
eeive the amount paid in by MIN or her and Sueb
proportion OF the profits the bylaws NAV deter
mine, less all fines and other charges Propided
That at no time shall more than one-half af the
funds IN the treasury OF the corporation be appli-
cable 10 the demands OF Withdrawing stock holasrs
without the consent Of the Board of Directors
Upon the death OF a stockholder his or her legal
representatives shall be entitled to receive the mi
amount paid IN by him her. and legal interest
thereon hrst deduetng all charges that may be due
/ on the stock No lines shall De charged TO a de
ceased members account from and after his or her
decease, unless the legal OF such de-
eedent assume the future payment on the staek
No person shah hold in his her own right more
than twelve shares of stock.
/ SIC J. The Board OF Directors shall hold stated
meetings, at which the money in the treasury-if
thirty five doars-shalf be offered for Iosn in
open meeting, and the stockhelder who shall bid
the highest premium Tor the preference or priority
OF loan, snail be entitled 10 receive loan Of one
hundred and twenty-five dollars or more for each
share OF stock held by such stakeholder: provided
| that stakeholder Anay borrow SUCH fractional
part OF one hundred and twenty-five dollars as the
| py-aws may PROVIDE and good and ample security
snail be given by the borrower cure the repay
ment OF the loan In case the borrower shall neg
lect 70 oher security that is not approved BY the
Board of directors, by such time as the by-Iaws
may prescribe, 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 non-payment OF in
staiiments or interest by borrowing stockholders
for the space OF six months, payment OF principal
and interest, without deducting the premium paid
or interest thsreof may be enforced by proceeding
aud the law applicable thereto.
SIC 8 borro wer may repay loan al any time,
and In case OF the repay thereof before the
pIati0n OF the eighth year after the issue Of the
particular series stock which the loan is has
ed, there shall be refunded 10 such borrower one
eighth OF the premium paid Tor every yearof the eight
years then unexpifed: and Ia case OF recovery OF
loans by process OF law, when the amount collected
by distributed to the said corporation shall exceed
the amount OF the loan taken by the borrower
/ with interest and charges, the money shall be re-
loaned at the next stated meeting, and the excess
loan, with interest and charges snail be returned
70 the borrower from whom the money was collect.
ed, OF his or her legal representatives provided
that in case the corporation shall have Issued its
stock in series, such reioan shall he made only TO
the stockholders OF the same series; and proxifed
greater than that originally given by the defauItng
borrower the cunt OF the original rreu1if,ra On "
shall he paid over by the said e0rporarion and FRO
vidsd further, that such defauliing borrower raay
al any time after the said reioaning, demand from
said corporation the amount required 10 be paid L
stakeholder Withdrawing his stock, saving and
excepting however TO said corporation the right 4
retain much the whole thereof as may be I'd.
auisite it from loss, in case the amount re.
covered shall not suffice to pay the Ieloan
l. h ATWOOD.
F. 5. JOHNSON,
ALEX. GOODSEN,
H. d. FORD.
A. W. WRIGHT
WELDON HICKS,
l. A. JACKSON,
w. J. HENRY.
a IL. DAVIS,
JOHN LEWIS.
There is nothing in the foregoing charter Of in
corporation inconsistent with the Constitution c
laws Of this state i. NJ MILLER,