The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1889-11-08
.IiciC entertainments.
THE CHARTER OF INCORPORATION
PaSCag0ula Building / Loan Association

: Association to purchase real estate. inn.
prove the same, and to remove incum-
e bIances theretrom, or to erect buildings
Tor dwellings or for business or manuftc-
turing purposes.
SEC, :. This Corporation shall be com
posed OF the following named persons TO-
wit p. X. Mayors, w. NJ. Denny, p, d
Becht, w. A. Cox, NJ. C.. Altman u. b,
a Eyerltt, j.. W. Altman, G. 7. Irving. j. T..
2 Ford, Jno. Foster, Ed. Mitchell, A. Pow.
ell, Frank Casper, Jr., p. Blanchard. .Jr..
: ana such other persons as NAV become
associated with them Tor the nurnoses
named in the first section of this charter
70 be Incorporated under the name of the
Paseagonla Building and Loan Associa-
tloh' 10 be domlciled ut Scranton, Jackson
county, Mississippi.
SEC. 3. This Association shall h,vo
ana exercise such powers as NAV be nee
essary to enable it to carry ont the mr.
poses Tor which it Is created, so far as A,e
exercise thereof may be authorized Inv
chapter IS of the Revised Code of 1850
and the amendments thereto. anil NOT in
consistent with the laws ard constitution
of this State.
SEC. The Board of Directors shall
nave power, whenever they deem If IN
the interest OF the Association, to borrow
money to carry out the p@uTnoses an
~ @ASDptiitlOls
Prortded, They shall not borrow ot INV
one time more than Thirty-Five Hundred
Oollafs, and at no time more than thn
pad up stock amounts to.
1F0eldea JHrtheI, That they shall never
agree TO pay for money borrowed a great
er rate than eight per cent. i%nterests
DEC. o. The capital stock of this AS
soclatloh snail be $1,000 NJ, divided into
Siw Snaie9, valued at $40 each, and there
SHdil DC pald on each share of stock fifty
cents per month in advance 1.-THE tina IN,
such payment TO be fixed by The Associa,
tlon,) but persons taking stock after fine
organization shall pay all miscellaneous
when shall have become due, with sucL
premiums as the Board of Directors may
require, which shall not be more than
siail be required to make the amount
paid Tor such new stock equal to the cash
Faine OF the stock previously taken.
SEC' o. NO one person or firm shall
nold more than fifty or less than five
shares OF the stock OF this Association in
any one series r
SEC. 7. Every stakeholder who shou L
nan To pay the monthly miscellaneous on
MS STOCK ana interest due by him when the :,
5Gme snail become due, shall pay the adj /
dlCional sum OF ZEN cents per month nm
very dollar due by him, and when said
unpaid lnstallments and interest. topetb- n
II with the said penalty of ten cents nm '
ne dollar, shall equal the amount pre-
1lo9slS PAID by such delinquent stock
ioluef, tle stock of said %delinuuent shall 6
70 declared forfeited and the same shall p
cancelled upon the books of the Assn-
iation. ~
SEC. 3. The business of tins Assoc,o ?,
ION shall be managed by Il Board of Ten II
directors, to be elected by ballot by
laJofity OF the stockholders, who shall
Vi" once Tor one year, or until their snc- VI
ssSoiS are elected. In all elections fpr
the stockholders shall be emit ~
cd to one vote for each share of stock u
"ued by them, and shall vote in person
7 by proxy in writing.
SEC. y. The Board + Directors shall
soon as practicable after the iirst alec :
on and annually thereafter within one Re
eek after their election, choose f,nu1 we
lelr number II President, Vice President pa
le secretary and one Treasurer. and one no.
Itorley from the Stockholders of tb, p,t
and such other officers and nal
ana such special and staudinU ers
as they may deem pecrssyrv ma,
ON tllne TO time, and may, by bylaws, lin
escrIOe the duties and fix the salaries or 275
ippeh alton OF all officers aud anprOye
. OOhu ana security of all bonded Off \
SEC. 10. The Secretary and Trc,srro, =
all give bond for the faitbful nerfntmt
&c OF their duties, payable to the Presi- p
OF the Association in such neu,lt,
the Board of Directors may ienuire EF
DNlded that the bono of the Secrrtorv VIZ
al be in a penalty of not less than Two w
ousand Dollars, and that of the Treas
II not less than Three Thousand Dol SrC
II. The Board of Directors OF this '
snrIntipTt g1ul1 Ia11 - car
each month, at such time and pIace
may be appointed by them or fixed in
bylaws, at which meeting the funds N
hand Tor Investment, shall be Invested = n
st. 1t shall be loaned to stockholders
rate of interest and for sueb fixed SIS
MUM as shall be established bv iho
laws, for which said borrowing stock.
der shall give his or her note and such ~,
l es ale security as shall be required by ~
Board of Directors. aeco
nd. If no stakeholder shall apply TO VIM
row such funds I'd give satisfactory aoIe
lrlty therefor and the fluids on hand
applied for shall amount to Two Nc
ldIed Dollars, such fund may be in or
ted IN real estate or loaned on n short Il
q not exceeding one year., on good real ~
te security, by the Board of Directors.
se-tourths of the Board cOucurrinr il,
= Investment or loan. n
&c. IL. The Board of Directors shall Oel
e power to make ard adopt such by- eli
as they may deem necessary. and not
ignaht to this charter or the laws Of
State. III
&C. IL. Whe2 the assets of this Assn Term
ION snail have reached the par value
Il the shares OF stock OUTSTANDING or No,
'iee' IT'S affairs shall he placed M lioui- -
on and each member shall receive iLa
par value of all shares of stock held
Inn or her, either in cash or their Sc
'les TO that amount, and all liens of
I'd snail be satisfied provided. how
that no member shall be entitled 70 ~
ms securities released or liens of ins !,
ID satisfied until he or she shall have ~ ~ Iin
pald all installments, penalties, in ,aado
and all other charges against him W. NJ
+ IN favor of the Association.
c. Ia. Alter the liquidation provided % ~:
section 10, should there be q surplus ~ 10
ming the same should be divided ~ ~ :.
g the stockholders according to the IL
Der of shares held by each. ~
2 foregoing charter Is agreed upon aa,yt;y,
he 18th day of October, 1859, by Dickir
hAYERS, c. T. IRVING, Davis
NJ. DENNY, j. l. FORD, p. o.,
BECHT, JOHN FOSTER.
A. cox ED. MITCHELL, Nov,
ALTMAN, A. POWELL. -
;. EYERITT, FRANK CASPER R.
ALTMAN, p. BLANCHARD. JR