The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1889-08-03
THE SUMMIT DISBANDS.
President Bundy and His
Board of Directors Could
Not Agree.
TO REORGANIzE AT ONCE.
A Strange Split in the New Build
ing and Loan Association.

The Summit Building and Loan Asso-
citation has disbanded. 1t was organized
about six months ago with Henry
Bundy as president, Edward Noonan,
vice-president; Donald Macrae, secretary;
Paul Sury, treasurer, and Samuel d..
Haines, counsellor. George l. Burke, Jr.,
Nelson G. Decker, John G. Dunn, G. w.
Edward, c. S. Haines, r. Fl. Heasman,
Herman Kopf and Henry Lanterbach
were the Board of Directors.
The number of shares taken at the or
ganization was small--five hundred at
5000 share, twenty-five cents per week
on each share, making the income per
week $125. The whole amount of money
paid into the associations treasury is
about 81, 500. There were sixty-four MEM
bers.
..The trouble" said Mr.. r. Fl. Heas-
man, one of the directors, is that the
president and the directors can't get
along together, and there is no provision
in the constitution and bylaws for his re-
moval. Some time ago dispute arose in
reference to paying for q constitution and
bylaws, which had been ordered printed.
The president refused to sign check
for the printers bill because, he said, the
bylaws, as revised, did not belong to the
association. He claimed they were gotten
up for a new series, and could not be paid
fGr until the issue of a new series of stock,
which was to have been done August Is.
The sections were voted upon separately,
and then unanimously adopted as a whole
at a special meeting of the association
called for that purpose"
KICK AGAINST THE PRESIDENT.
''The presidents rulings were arbitrary
in the extreme said a member to me
1.e.. 1lD = AI,n
bylaws giving a member the right to
withdraw his shares after being a men,
ber six months, provided he gave thirty
days. notice. A young man who sorely
needed his money wished to withdraw
and the association unanimously voted
its consent.
'The president, however, ruled that any
one who wished to withdraw his shares
had no right to do so until after he had
been member six months; then thirty
days notice must be given. The young
man had been in five months when he
gave notice of withdrawing at the end of
the next month.
1.-THE president would not even enter
tain the motion. We moved to suspend
the rules for the evening, and carried the
motion, and further moved that the
young man be paid his money inside of
two weeks from that night. That also
was carried.
''The president declared the whole pro-
ceedings out of order. | appealed from
his decision and was sustained by the fif-
teen members present, including all the
officers but the president himself He re-
fused to sign the check. His signature is
necessary in order to draw money from
the bank.
THEY WILL REORGANIZE.
''We held another meeting last Thurs
day evening. Our counsellor was present.
He decided that what we had done was
perfectly legal, and said the debt con-
tracted for printing the bylaws was a
legal one There were forty-three mem
bers present, and so there was no provis-
ion made to declare the chair vacant, and
as the president had been elected to serve
for one year, it was deemed advisable to
disband and reorganize. The vote was
unanimous. The reorganizers will hold
meeting next week. There Is nothing
wrong about the finances There have
been no moneys sold, consequently there
are as yet no profits. 1t is purely mat
ter of disagreement between the president
and directors. The money paid in is safe
in the Second National Bank
''To show you the disposition of the
man" said another member of the associ-
ton present, 'let me tell you little cir
cumstance. The president informed the
association that while it was in its infancy
it.could meet in his office, No. 355 Summit
avenue, without paying rent. We met
there for the first three months. Then
we moved to No. 1855, leaving the safe at
Mr.. Bundy's office.
s'He recently sent q bill to the association
of $3.50. charging us S1.25 a night for
meeting in his office for three months,
and for six months storage of safe at
seventy-fve cents per night
"These new bylaws, (" said Mr.. Bundy,
'swhen called upon for his views of the
matter, were printed for the second
series, and the directors wanted
me to pay the money out of the
first series; this could not be done law
fully, according to my way of thinking,
and am backed by the opinion of some
of the ablest lawyers in jersey City"