Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-04-25
T,IHE CHARTER OF rNGORPORA-
Il TON OF THE NOxuBasE LOAN
AND TRUST COMPANY


ARTICLE l.. BE IL remembered that b. J..
Allen. A. Klaus, Mat Muhorncr. j. G. H..
Jones, IL. w. r'oote. X. w. Jones. ;r.,
and all others associate with them and their
successors, arc hereby created body poll
tic and corporate under tho name and styIs
OF The Noxubee Loan and Trust Compa-
ny" OF Macon. Mississippi, and by that
name may sue and be sued, plead and be
Implicated. In all courts OF Ian and equity,
and have rcommon seal, may contract and
BIO contracted with. and shall possess all the
rights and privileges prescribed by chapter
20 OF the annotated Code OF Mississippi OF
1892. with all amendments thereto.
The domicile OF said company shall be
Macon, Noxubee county. Miss. II shall
have succession Tor u period OF fifty years.
ARTICLE 2. The capital stock OF said
company shall bs one hundred thousand
dollars, divided into shares OF fifty dollars
each aud may be issued in three classes.
First. common stock. which shall be fully
paid and permanent stock. the owners OF
which shall assume the entire control and
management OF the business. All profits
also arising from the said business, In addi~
lti0n to the fixed rate of interest, paid ON
preferred and accumulation stock, khEli ac-
crlle to the said common stock. Second,
preferred stock. which shall bear interest
ut fixe! rate, and which sh i'll. with tne
accumulation stock and dcbenture bonds
be u first lien upon the assets OF the CONF
pany. This stock shall be issued for deti-
mite period OF time and may be Withdrawn
ut the expiration OF that time with the in
terest or ut any time thereafter with inter
est to maturity. Third, Accumulatiyc
Stock. to be paid for in equal monthly in
stallments. the pay ments to bear interest
at fixed 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 for or exchange
Same for preferred stock.
In the event Of default inany monthly
payments, interest at ten per cent per an-
mum, shall be charged thereon The CON-
pany is authorized to begin business when
ever the sum Of $25,0O0.00 (twenty five
thousan,! dollsrs).in eemmen stock has been
subscribed fer and paid up.
ARTICLE 3. This corporation is hereby
authorized TO carry on Il general land, loan
and trust business. 1t is authorized to in
vest in lands, to receive same in trust or us
security or to lend upon same. 1t is also
authorized to lend npon all classes of per-
soma! property, including notes, bonds.
mortgages, obligations and 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 tho purchase or sale of all CLASSES
OF real or personal property, or IN the coll
1t is also authorized to construct vaults for
the storage OF all kinds of yaluables 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 us agent for the investment of money
for any person or corporation: to act as
loan broker and as. agent for the negotia-
ton of ioaus for any individuals or corpo-
ration. and to charge such compensation or
commission as may be agreed upon.
1t is further authorized to transact all
business incident to the complete exerci
of the foregoing powers, including tho bor-
rowing of money upon its properly, upon
its notes, or by ;he 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 FIVE
shares OF said stock, unencumbered, sh: II
be eligible, The business shall be con-
Quoted under such rules and regulations as
the holders Of common stock may adopt,
provided same be not in conflict with the
charter Of the company or the law.
ARTICLE 5. The stockholders in any
class shall not be liable for any amount ex-
ceeding the unpaid portion OF the par
value Of the stock subscribed for by them
ARTICLE 6. The officers of this company
shall be President, Vicc-President and
Secretary and Treasurer, and the Trustees
shall, as soon -as convenient, after their
first election and annually thereafter,
choose from among their number pres
dent ami vice-pi 'ident and FRI m
among The stockholders secretary
and treasurer, and an attorney, 70.
gether.with such assistants As they deem
necessary, and shall fix the compensate n
Of each. They shall also fix such bonds us
may be deemed advisable for each Office.
ART;c EFT. That the bylaws, rules and
regulations Of this Association, which SAID
Association may make under this Charter,
shall be made and adopted by majority
vote OF the stockholders according to tho
shares held by them.
ART. s The iDcorporators, or majority
Of them, may meet nj such time and place
as they wish and organize under this char
ter.