Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-05-09
FNfHE CHARTER on ENOOMPORA-
a ZION or THE N0XUEEE LOAN
AND TRUST COMPANK

ARTICLE /. De IL remembered that &. J..
Allens A, Klaus, Mat MahOrner, j. G. III.
Jones, II. w. toote, II. w. Jones, ;r.,
ana all others associate with Them and their
successors, are hereby created body rol-
tic and corporate under the name aud style
OF The NoXubee Loan and Trust Compa-
ny" of Macon, Mississippi, and Ivy that
name may sue and he sued, plead and be
implicated. in all courts Of Law aud equity,
anu have common seal, may contract and
be contracted with, and shall possess all the
rights and privileges prescribed by chapter
- Of the annotated Code OF Mississippi Of
1877, with all amendments thereto.
:. Inc domlclc of said company shall he
Macon, Noxubee county. Miss. 1t ehall
have succession Tor Il period Of fifty years
ARTICLE 2. The capital stock OF said
| company shall be one hundred thousand
dollars, divided into shares of fifty dollars
each aud may be issued in three classes.
First, common stock. which shall be feI~
| phiu ana permanent stock. the owners Of
which shall assume the entire control ana
management of the business. All profits
| also arising from the said business, in addi-
ton to the liked rate of interest, paid on
preferred and accumulation stock, shall me-
crue TO the said common stock. Second,
preferred stock, which shall bear interest
vt IKE, rate, and which shsll. with the
accumulation stock and debcnture bonds
| be nrst lien upon the assets of the >cOm-
Pany. This stock shall be issued for def
mite period of time and may be withdrawn
ut the expiration OF that time with the In
tercst or at any time thereafter with inter-
Stock. to be paid for in equal monthly in
| stallments. the pa! ments TO bear interest
! mt II tiX0l rate. Holders of this stock may
Withdraw same when paid up, that is. when
fifty dollars per share has been paid IN,
with interest contracted Tor or exchange
samr for preferred stock.
| In the event of default in any monthly
payments. intcr1s at ten per cent per AM
mum, shall be charged thereon The com
pany is authorized to begin business when-
ever the sum of Sa50O0.90 twenty-five
thousand doiars).n common stock has been
subscribed for and paid up.
ARTICLE 3. This corporation is hereby
authorized TO carry on general land, loan
AMI trust business. 1t is authorized to in.
vest in lands, to receive same in trust or rs
security or TO lend upon SAME. 1t is also
authorized to lend npon all classes OF per-
sohal property, including notes, bonds.
mortgages, obligations aud all evidences Of
debt or chooses in action Of individuals,
corporations, municipalities, states and the
United states, Also to act as agent for
others in the purchase or sale Of all classes
OF real or personal property, Or III the coll
lection OF rents or management of property.
1t is also authorized TO construct vaults for
the storage OF all kinds of valuabes and
become responsible for same, or to rent
boxes or apartments for the storage of
same at the owners risk, and TO make such
charge therefor as may be agreed upon; to
act as agent for the Investment of money
Tor any person or corporation: TO act rs
loan broker and as agent for the negotia-
ton Of oaus for any individuals or corpo-
ration. and to charge such compensation or
commission rs may be agreed upon.
1t is further authorized TO Transact All |
business incident to the complete exercise |
OF the foregoing powers. including the boy
rowing OF money upon is property, upon |
its notes. OF by the issuance OF dcbenture
bonds.
ARTICLE 4. The business of same com |
pany shall be managed and controlled by
five trustees, to be chosen annually from |
among the holders of the common stock /
and only such stockholders as have iiye
shares of said stock, uneucunbered, shall |
be eligible. The business shall be uon- /
Quoted under such rules and regulations us |
the holders of common stock may adopt, /
provided same be not in conflict with the
charter CT the company or the law.
ARTICLE 3. The stockholders in any /
class shall not be liable for any amouut * /
ceeding the unpaid poriio; Of the par
value OF the stock subscribed for BY them
respectively,
ARTICLE s. The officers of This company
shall be a President, "a Viec-Presllent and
Secretary and Treasurer, and the Trustees
snail, ns soon rs convenient, after their
irst election and annually thereafter,
choose from among their number pr,s.
cent ana sice-presdcnt and from
among The stockholders secretary
and treasurer, and MI attorney, TO-
sether with such assistants as they deem
nee essary, and shall fix the compensation
OF each. They shall also fix such bonds as
may be deemed advisable for each Office.
ARTICLE I. That the bylaws. rules and
regulations Of this Association, which sand
Association may make under THIS Charter,
shall DO made and adopted by majority
vote o! the stockholders according to the
shares held by them.
ART. Tho ipcorporators, or majority
OF them, may meet atsuch time and place
as they wish and organize under this char
ter.