The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1889-11-22
THE CHARTER OF INC0RP1sS
or THE'H
PaScagOula Building { Loan L,,,a.

certificates OF, pck TO be tuo lssaa
~s'Hlllnellts, Interest n, p"'u i0l
premiums said fund Ia ~ o'n', dle
tefest To enable the stooi LOANED
ASSOCIATION to purchase rca lp'ueS
prove the same, aud 10 rsn eSlae
brahees theretrom, or IN ,,ulo'e Id
lor dwellings or for busina,o,.' t Oald
turing purposes. 'oSs or uapr
SEC. 2. This Corporottaa
posed of the following nan" suall Jo
wit p. X. Mayors II 1Sui|G person
Beeht, W; A; Cox, NJ. c. A1Hn,,.uayy \
Everltt, Nv. Altman, CT, 1T'' hal! \
Ford, Jno. Foster, Ed. Mitrblirry Ios,
ell, frank Casper, Jr., p. RIae.i a,
Il such other persons Nc rncnahl
associated with them tor may iced
named in the first section of 'ne pNpd
to be Incorporated under Il. an'S chat
Plscagoula Building and uauedi
ton 10 DC domiciled at Scrantoun 4sgd
county, Mississippi. 'n'oh, Jail
SEC. 3, This Association
and exercise such powers as slall
essary to enable it to carry a ",ay be
poses for which it is created Vn' The
exercise thereof NAV be ~ Tar as
Chapter 30 of the Revised GC%anofzed
Il the amendments thereto a"I u
of this State. "lu %eOnStltuf
SIC a.. The Board of Directo,.
have power, whenever tber oI,Os 81
the interest OF the AssociatiEo, 'Veul
money to carry out the nnrn " Oo1S
business of the Associa. IN F"Po%S
Prorided, They shall not hor,ou
one tlmo more than T~hirty.Fiye p d, a
Dollals, and at no time mora uupu1
paid up stock amounts to. 'u'a
fr0uded turther, That they SHAH
agree to pay for money borrowed 4 ae'
er rate than eight per cent. istcro' Snai
SEC. s. The capital STOCK nf ~
ISOLATION shall be SlOOOO0 dir;i ,uS
2,500 shares, valued ut $40 each o"%
shall be paid on each share of sto"l uM
cents per mouth in advance (tbc Hnl w
such payment to be fixed by thr s,a
tlon,) but persons taking stock aftSr
organization shall pay all ipstaIIa.J
which shall have become due Will
premiums as the Board of Dir,etors %
require, which Shall not be mora t'
shall be required to make the ono %'
PAID Tor such new stock equal 10 tbe a"
value OF the stock previously taken
SEC. +. No II person or firm ,h.
hold more than fifty or l,ss Than 4"
shares OF the stock Of this Assoeiatioo
any m series
SEC 7. Every stakeholder who dsi
tan to pay the monthly installmeDts
his stock aud interest due by him wh,ntII
same shalt become due, shall nav tbc "A
dilional sum of ten cents per month NJ
every dollar due by him, and when ,S
unpaid installments ana interest, tor.Gl
er with the said penalty of ten cents al
the dollar, shall equal the amount ppl
viously paid by such delinquent ,t5@
holder, the stock Of said delinonent ,ha1
be declared forfeited and the same yIJI
be cancelled upon the books of the Ay.
citation.
SEC. 3. The business Of tins Assoca.
ton shall be managed by Il Board of IeD
Directors, TO be elected by ballot by ,
majority of the stockholders, who sbdI
hold office for one year, or until theirs s
cessors are elected. In all elections ID
Directors the stockholders shall be emf.
tIed tn one vote Tor each share Of StOci
owned by them, and stall vote in pesol
or by proxy in writincp
SEC. 8. The Boa z I Directors shall
as soon as practicable after the first ele
tloh, dhd annually thereafter within ON
week after thelr election, choose tO.
their number a President, Vice President
one Secretary aud one Treasurer, and on
Attorney from the stockholders Of I'll
Association, and such other officers 40
assistants and such special and Standn
committees as they may deem necessary
from tllhe 10 time, aud may, by bylaw
prescribe the duties and fix the salaries
cOmpcn alton of all officers and apprO'
the bond and security OF all bonded of
GERS.
SEC. 10. The Secretary and TTeaSnr
shall give bond for the faithful porionl
ance OF their duties, payable to the Pres
dent OF the Association IN such pcnal
as the Board of Directors may requll
provided that the bond of the Secreta
shall be in n penalty of not less than Nv
Thousand Dollars, and that OF the Urea
urer not less than Three Thousand D.
lars.
SEC. IL. The Board of Directors oil III
Association shall bold a regular meet.
ouce each month, at such time and pli
may be appointed by them or fixed
the bylaws. at which meeting the fun
on hand for investment, shall be iayeSt
as follows:
LIST. 1t shall be loaned TO stOckbOld.
at such rate of interest and for such fix
premium as shall be established by I
by laws, for which said borrowing stOt
holder shall give his or her note aud 50
real rs ATE security as shall be required
the Board of Directors.
End. If no stakeholder shall apply
borrow such funds and give satistaet'
security therefor and the muds on la
not applied for shall amount to I
Hundred Dollars, such fund may be
vested in real estate or lOaued on a Sd
time, not exceeding one year, on good
estate security, by the Board of Direct
three-fourths of the Boarl %9oncurrins
sucE investment or loan.
SEC. II. The Board ofpirectors 81
have power to make ard adopt such
Law as they may deem necessary, and
repugnaut to this charter or the laws
State.
SEC. IL. Whec the assets of this A
III. I'LL H..a. ...I.N IL. .- go