The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-06-03
ARTICLE ".

Section 1. The capital Of the said Asso-
citation shall be Fifty Thousand Dollars,
divided into two hundred and nifty shares
or Two Hundred Dollars each. which has
been paid in fun. All certificates Of stock
shall be signed by the President or Acting
fresldent, and countersigned by the Su-
psrintendent, and shall be transfera-
corporation; provided that the said Elk
change shall hold lien on the share or
shares OF any stakeholder, who may be
indebted to It, and such shares shall not
pc assigned or transferred by the holders
thereof, until such Indebtedness shall be
qischargedi and, provided further, that the
Board OF Directors shall have power to
enforce said lien in the following manner.
Ihey shall cause a default to be entered
on the minutes of the Exchange against
the delinquent member. and shall cause
SAID stock 10 be sold at public cutlery on
the nrst tuesday OF the month, between
the legal hours of sale, before the Court
House door, notice thereof being advertis-
ca IN the official paper of the City of Sa-
Yannah once week for four weeks prior
TO such sale. and shall apply the proceeds
arising from such sale, first, TO the costs
ana expenses of such sale; second. to the
discharge OF the Indebtedness Of the de-
hnquent member; and third, paying the
surplus, II any, to the owner of said stock
ana, provided further. that the Exchange
SHAH nave the right to bid at such sale
and to buy in such stock.
Sec. 2. Ia No application for member
ship shall be entertained until such ap-
phcant shall have proven himself the
owner or one share of the Capital Stock
No initiation fee shall be charged.
Cb( Every member of the Association
shall be required to be the holder of at
least one snare Of the capital stock in
his own name.
Sec. 3. The ownership of one or more
shares or the capital stock shall not con-
FER upon the holder thereof any OF the
rights or privileges of membership, nor
any voice or vote in the deliberations
or management of the corporation; the
latter being entirely in the hands of the
Board of Directors and of the members
as shall be provided for in the Bylaws,
and no member shall have more than one
vote, no matter what may be the num-
Der of shares he holds, nor shall any vote
by proxy be permitted.
Sec. 4. The real and personal property
now owned by the Association, shall be
considered as permanent fund, and
no part of II shall be used to defray any
OF the current annual expenses of the
Exchange and said permanent fund shall
be reinvested only In such securities as
the State Of Georgia designates for trust
funds. or in such other investments as
may be recommended by the Finance Com
mittee and approved by n three-fourths
vote of the full Board of Directors; and in
no case shall such permanent fund be
responsible for any debt obligation or
liability OF such corporation 10 any OF
its members.
Sec. s. The interest or rent which NAV
from time to time be derived from such
investments shall not be added to the
said permanent fund, but shall be paid
into the working fund of the Exchange
out of which its running expenses are de-
frayed and which shall be raised and
provided for In such manner as the By
Laws shall point out.
Sec. 6. Stockholders shall not be liable
for the debts of the corporation beyond
the amount Of their unpaid stock.
ARTICLE Y.
Section !. (a) 1t shall be lawful for the
members at a meeting convened for that
purpose, after thirty 800 DAYS pre-
vious notice published in the Off
cial paper Of the City of Savan-
nah, and held between the 1st Of
November and the LIST Of April, to dissolve
the corporation by an affirmative vote OF
not less than seven-eighths of all the ac-
tive members.
3D. Any application for a change in this
Charter shall require an Affirmative vote
of not less than two-thirds OF all the ac-
tive members.
- ARTICLE VI.
Section l. The said corporation shall
have all the common powers incident 10
corporations in this state.
T. Wherefore your petitioner prays that
the Charter as above set forth be granted
and confirmed unto your petitioner. THE
same be duly renewed for a period of TWEEN
ty years, with the privilege of further re-
newal at the expiration OF that time.
VIM. w. GORDON, JR,,
Attorney for Petitioner
Petition for Amendment Of Charter, and
renewal thereof in amended form, filed in
Office this 30th day of April, 1895.
EMILE A. GRADOT.
Deputy Clerk 8. G. G, c., Geo.