The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-08-02
THE BYLAWS AMENDED.
The Chatham Real Estate and /
proVement Co. Is MeetinR Last NIGH

The Chatham Real Estate and I'm
provement Co.'s Meeting Last Night.
The stockholders of the Chatham real
estate and Improvement company met last
night at the company's Office, No. 11S Bryan
street, to consider certain amendments to
the bylaws suggested by the board of
directors
The meeting was organized by calling the
president of the company, Col J. II. Estil
TO the chair and appointing NJ. j. Solomons,
Esq, the secretary and treasurer, secretary
The amendments recommended wero all
unanimously adopted. As there are 600
citizens interested in this mammoth loan
association, the bylaws as amended will
doubtless be interesting to many of the
readers OF the MORNING NEWS. They are
as follows:
Article /, section page L. printed by-laws).
strike out all of the last paragraph.
Article II. section Q page s. printed by-laws),
change paragraph relating to quorum OF direc,
JoEB TO read: "A quorum for the transaction of
business shall consist Of a majority of the board
In the city, but In no event shall less than three
80 members constitute quorum"
Article 2, section page 8, printed bylaws
strike out Board of Directors" and insert
Treasurer"
amended TO read as follows: AT each annual
meeting an auditing committee OF three stock
holders exclusive of the directors shall be elected
who shall examine the books of the COMPANY
monthly and shall report to the stockholders at
| each annual meeting and for such services such
| compensation shall be paid as the board OF
directors may deem proper"
| This amendment is in accordance with a
| resolution of the directors requiring month
| ly auditing, adopted soon after the organiza-
ton of the company. The bylaws cnly
required yearly examination. The most
| important amendment was that to article
3, section 2, page 8, printed bylaws. The
section as amended removes the 1870 mon this
clause and the p shares limit, and reads as
| follows:
| The board of directors may buy improve and
! sell real estate to stockholders. to be paid for,
| principal and interest, In such consecutive
| monthly payments as may be agreed upon,
not 10 exceed 10 months Each stock
| holder shall be permitted to purchase prop
| erty to amount of four times the sum Of
! the par value OF each share held by him. Before
| taking possession of property sold under this
section. the purchaser shall assign to the com
| pany his stock, or so much thereof or such ad
tional security as shall be required by the board
as collatural security for the fulnllment OF the
agreement between him and the com.
| pany, and no title shall be given him until the
agreement shall be fulfilled. The purchaser
snail also enter into n written agreement with
The company, STIMULATING for the due payment
of monthly installments in the nature Of a rent
| equal to such part of the purchase money
| agreed on as the price of the property and in.
terest thereon, the same TO be paid in each and
| every month. Whenever the total sum OF rent
! paid by said purchaser, exclusive of all taxes
! insurance aud expenses, shall be equal TO the
principal of the purchase money, the property
| shall then be legally conveyed TO the said pur.
! chasing stakeholder.