Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-05-16
THE CHARTER OF INCORPORA-
u TON OF THE N0xUBEE LOAN
AND TRUST COMPANY

ARTICLE |. Be II remembered that b. J
Allen. A, Klaus. Mat Mahorner, D. G. III
Jones, II. w. t'oote, II. w. Jones. jr.
and all others associate with them and theii
successors, are hereby created q body poll
tic and corporate under the name and styls
of 1.-The Noxubee Loan and Trust Compa
ny" of Macon, Mississippi, and by tha
name may sue and be sued, plead and BIZ
implicated, in all courts Of Law and equity
ana have common seal, may contract anl
be contracted with, and shall possess all til,
rights and privileges prescribed by chapter
% OF the annotated Code OF Mississippi O.
1892, with all amendments thereto.
The domicile OF said company shall b.
Macon, Noxubee county. Miss. 1t sha!
have succession for period of fifty years
| ARTICLE 2. The capital stock OF sale
company shall be one hundred thousant
dollars, divided into shares Of fifty dollar,
each aud may be issued in three ciasses
First, common stock, which shall be full,
paid and permanent stock, the owners O.
which shall assume the entire control amc
management OF the business. All pratt'
/ also arising from the said business, III addi
ton TO the liked rate of Interest, paid on
preferred and accumulation stock, shall Nc
crlie to the said common stock Second
/ preferred stock, which shall bear, intercS,
ut fixe. rate, and which sh H.. with tn(
accumulation stock and debenturc bombs
be first lien upon The assets Of the com
Pany. This stock shall be issued for def
ute period of time and may be withdraw
at the expiration of that time With the in
terest or at any time Thereafter with inter-
est to maturity. Third, Accumuatiye
Stock, to be paid for in equal monthly in
stullnients. the pa, ments to bear interest
ut Il fixed rate. Holders of this stock may
Withdraw same when paid up, that is, wher
iifty dollars per share has been paid in
wltE interest contracted for or exchange
same for preferred stock.
In the event Of default in any monthly
payments. interest ut ten per cent per an
mum, shall be charged thcrcoDa The COM
pany Is authorized to begin business when.
ever the sum Of $2j,O0O.U1 (twenty live
thousand dollars).in common stock has been
subscribed for and paid up.
ARTICLE .. This corporation is hereby
authorized TO carry on II genera, land, loan
and trust business. 1t is authorized to in.
vest in lands, to receive same in tru.t or us
security or TO lend upon same. 1t is n.so
authorized to lend upon all classes OF per.
sonal 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 rs agent fol
others in the purchase or sale of all classoa
OF real or personal property, or IN the col
lection Ofrehls or management of property.
IT is also authorized to construct vaults for
the storage OF all kinds Of yaluables and
become responsible Tor same, or to rent
boxes or apartments for the storage oil
same at the owners risk. and to makefsuch
charge therefor as may be agreed upon; to
act as agent for the Investment of money
for any person or corporations: 10 act ~
loan broker aud as agent for the negotia-
ton of loaus 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 exercise
Of the foregoing powers, including the bor-
rowing of money upon its property, upon
its notes, or by The issuance OF debenturs
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 fye
shares OF said stock uRenesmbered, shall
be eligible. The business shall be coIi-
Quoted under such rules and regulations rs
the holders of common stock may adopt,
provided same be not in conflict with the
charter of the company or the law,
ARTICLE 3. The stockholders in any
class shall not be liable for any amount eX-
ceedng the unpaid portion OF the par
value of the stock subscribed for by them
respectively.
ARTICLE 9. The officers OF this company
shall be Il President, Il Vice President and
Secretary and Treasurer, and the Trustees
shall, rs soon us convenient, after their
first election and annually thcrealtcr,
choose from among their number n presi.
dent and II vice-presidcnt and from
among the stockholders n secretary
and treasurer, and an attorney, TO-
gether with such assistants rs they deem
necessary. and shall fix the compensation
o. each. They shall also fix such bonds MS
may he deemed advisable for each Office.
ARTICLE 7. That the bylaws, rules aud
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 the
shares held by them.
ART. 8 The ipcorporators, or majority
Of them, may meet nj such time and place
as they wish and organize under this char
ter.