The Pascagoula democrat-star. (Pascagoula, Miss.) 1878-1920, 1889-11-15
THE CHARTER OF uCORP0PIrI
Or THE V"alll
PaSCagOlla Building 6 Loan Aud,t

plenlI1lls SAID fund to be- nnes
terest 70 enable the stoet h,nJtailed at
ASSOCIATION to purchase rcai p'uels Of
prove the same, and to r estate,
ORANGES %theretrom, or IN ,ahloye incD
lor dwellings, or for bnsin o.ect bnldi1
turing purposes. 0SS or mannf
SEC =. This Corporation shan,
pJsoo ~ u following named "all DC col
VT +; X, Mayors, W. NJ persons
boclt' w: a. Cox. NJ. C. %AIr1nnny, 7.
GVefitt, }. W. Altman, G = 'inlan H..
Ford, Jno. Foster, Ed. Mitai Irving, J..
Ell, Frank Casper, Jr., P, RSlnaeell A, Po|
ald such other persons no os'"uchaul, J1
associated with them lor may becOl
named in the first [seetion II me pRrpoJ
to be Incorporated upder II, w. thls Chart]
Fascagoula Building and Ln ma'aG of d
aIon, TO ee dom!ciled at Scrant"nn aaSoc
county, Mississippi. ""'oh, Jacksd
SEC. 3, This Associate,
ana exercise such powers Az SnalI haI
essary to enable it to cary niay be ned
poses Tor which it is created OuV the pad
exercise thereof nav be 81 lar as I'd
chapter 50 of the Revised TTn'ilofzed b
ana the amendments tberntoS oue Of lSs|
OF this State. ""o eohSttatiO
nhe =. The Board of Directon
naNe power whenever they Jeon sla
the interest OF the Associatfo, "eell 1t d
money TO carry ont the NJ ~ oOrOU
business Of the Association poses anI
Proeided, They shall nof hama
one time more than Thirfy. ivo at any
Dollars, and at no ti,sa I've Hundred
paid up stock amounts 70 "Oie 'nal th1
lrortded t4rther, That they shall
asree TO pay or money borrowed never
Ell rate than eight per cent, iste, y great
oEc: o. The capital stock of ~,
soclatlon shall be 500, 000 liz ,uIS As
%,oo0 shares, valued at $40 earh '"ol INTO
shal be paid on each share Of st hud '.ele|
cents per month in advance fth ''oCh nlty
slch payment to be fixed hy ~ ,'ue lOr|
o .,on'3 out persons taking stock after 'p't II.
olEall'zatlnn shall pay all instaIImo 'ao
Wllcil snail have become due. WIN h~ oaI1
premiums as the Board of Dir.etona", Sucl
iTqnife, which shall not he mos ma
shail De required to make tba 'lll
pa,a Tor such new stock eqnal 70 t% 6"'"u9'
value o | the stock previously taken ta' ''Su
SEC. ., No one person or firm,
hold more than fifty or $50 thn. Saa'I
shares of the stock Of this tsYooH iuau I'VE
any II series "'ol 10
SEC. z. Every stakeholder who h,n
!" pay the monthly in%stallmsuto, la au
MS STOCK ana interest due by him wL,n t% S'
snail become due, shall nav tbo oJ
lltlohal sum of FEN cents per noun ~.
very dollar due by him, and wh"n ~, Gl
unpaid lnstallments and Interest," to, a''
T WITH the said penalty of ten cenfs !.
ne dollar, shall equal the amonnt A. u
i99Sly plld by such delinquent Stock TE
.oider, the stock of said delinquent saIl
declared forfeited and the same shall
c cancelled upon the books Of fhe i.""-
'Ho ASO-
SEC: 5. The business of fins Assooa, {,
ION shall be managed by Il Board of Tan
'lrectots, TO be elected by ballot hy
laJofity of the stockholders. who I,il
old office for one year, or until thpir snr'
ssors are electrd. In all electiops fr
llectors the stockholders shall be emf.
cd To one vote tpr each share of slOck
vhed by them, and shall vote in perxon
by proxy in writing.
SEC. y. The Board I Directors shall
soon as practicable after the first rrc.
IN, and annually thereafter within oe
eek after their election. choose frun
en- nlllber q President, Vice Presidppt
g Secretary aud one Treasurer. and one
torn'y from the Stockholders Of the
socIatIon, and such other officers and
'lStants and such special and standing
llhllttees as they may deem necessary,
III Time to time, aud may, by by-laws.
scribe the duties and fix the salauesor
npen alton of all officers and approye
bond and security of all bonded oil.
$.
10. The Secretary and Treasurer
III give bond for the faithful pertorm.
OF their duties, payable to the Prsi.
" OF h Association in such penalty
me board of Directors may reuuHe,
yIded that the bond of the Secretary
IL De III Il penalty of not less than Two
'usilhd Dollars, and that of the Treas
+ not less than Three Thousand Dol.
&c. II. The Board of Directors Of this
DcIatlon shall bold u regular meeting
each month, at such time and place
Jay Do appointed by them or fixed in
bylaws, at which meeting the funds
iand Tor Investment, shall be L. vested
T.. 1t shall be loaned to stockholders
lch rate of interest and for such fixed
mum as shall be established by tho
avs, for which said borrowing stock.
er shall give his or her note aud such
eS ATE security as shall be required by
Board of Directors.
d. If no stakeholder shall amply to
Iw such funds aud give satisfactory
Tlty therefor and the tuuds on hand
applied for shall amount to Two
lred Dollars, such fund may be in-
ii IN real estate or loaned on a short
NOT exceeding ga year, on good real
. security. by ta2 Board of Direction,
-tourths of the EoArd ~concurring il
investment or loan.
:. ~. The Board of Directors shall
power to make ard adopt such By.
as they may deem necessary. and not
'nant to this charter or tho laws Of
State.
: Is. Wher the assets of this Asse
n shall have reached the par value
the shares OF stock outstanding or
&c, It's affairs shall be placed 10 liqui-
} and each member shall receive The
Ir value of all shares of stock held
N or her, either ia cash or their Sc
TO that amount, aud all liens Of
snail be satisfied provided, how
That no member shah be entitled 70
his securities released or liens Of
satisfied until he or he shall baye
PAID all installments, penalties, in
and all other charges against him
~ favor of the Association.
Ia. Alter the liquidation provided
section 10, should there be a surplus
ing the same should be divided
the stockholders according to the
Z OF shares held by each.
foregoing charter Is agreed upon
29th day of October, 15s9, by
MA1ERS, G. 7. IRVING,
|. DENNY, j. /. FORD.
BECHT, JOHN FOSTER,
. COX, ED. MITCHELL,
ALTMAN, A. POWELL,
ENEkITT. PRANK CASPFR.JR,