Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1896-05-02
fa'HE CHARTER or gNCORROKA-
n ZION OF TkHE NOxuHEss LOAN
AND TRUNF OOMPANK

ARTICLE |. De 1t remembered that =. J..
| Allen. A, Klaus. Mai Mahorncr, j. G. H.
Jones, ii. w. Fooie, II. w. Jones, ri,
and all others associate with them and their
successors, arc hereby created body poll
TIC and corporate under tie namc and style
OF ;. The Noxubee Loan aud Trust Compa-
ny" of Macon, Mississippi, and by that
name may sue and be sued, plead and be
Implicated. in all courts Of law and equity,
and have Il common seal, may, CONTRACT and
be contracted with, and shall possess all tho
rights and privileges prescribed by chapter
70 Of the annotated Code OF Mississippi of
1892, with all amendments thereto.
The domicile OF said company shall bc
Macon, Noxtibee county MISS Ii shall
have succession Tor a period Of ifty years.
ARTICLE 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 shnll be fully
paid and permanent stock, the owners of
which slial assume the entire control ana
management of the business. All profits
also arising from the said business. ia addi-
ltion{to the fixed rate OF Interest, paid on
preferred aud ACCUMULATION stock, shall ae-
crue 10 the said common stock Second.
preferred stock, which shall bear interest
ut fixe! rate, and which sll II. with the
accumulation stock and dcbenture bonds
be Il first lien upon the assets of the COM
Pany. This stock shall he Issued for def
mite period OF time aud may be withdrawn
at the expiration OF that time With the in
terest or at any time thereafter with Inter-
est to maturity. Third, Arcumulative 4
Stock, to be paid for in equal monthly in
stalments. the payments TO bear interest
ut fixed rate. Holders of this stock may
withdraw same when paidup that Isl When
fifty dollars per shale has been paid in,
with interest contracted for or exchange
same for preferred stock.
In tho event of default IN any monthly
payments. inter sst ut ten per cent per an
nun, shall be charged thereon The com.
pany is authorized to begin business when |
ever the sum of S20.000.00 twenty-five |
Thousand doilars)in common stock has been
subscribed for and paid up.
ARTICLE 3. This corporation is hereby |
authorized to carry on II general land, loan |
ami trust business. 1t is authorized to in
vest in lands, to receive same in trust or as
security or to. lend upon same. 1t S.a.ko |
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 the purchase or sale of all classes
OF real Or personal property, or IN the col
lection OF rents or management of property.
ii IL also authorized to construct vaults for /
the storage OF all kinds of valuables and
become responsible Tor same, or to rent I
same at the owners risk. and to make such
charge therefor as may he agreed upon: to
act rs agent for the investment of money
for any person or corporations: 10 act as
loan broker aud rs agent Tor the negotia-
ton of oaus 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 exerti
Of the foregoing powers, including the hor-
owing of money upon its property, upon
It's notes, or by the issuance Of debentu.e
ponds.
ARTICLE 4. The business of same COM
1any shall be managed and controlled by
i've trustees, to be chosen annually from
lmong the holders of the common stock
md only such stockholders as have FIVE
hares OF said stock, unencumbercd, Shall
,e eligible. The business shall be con-
lucted under such rules and regulations as
he holders OF common stock may adopt,
provided same be not in conflict with the
harter OF the company or the law.
ARTICLE 8. The stockholders in any +
lass shall not be liable for any amount ex-
,eeding the unpaid portion OF the par
'alue OF The stock subscribed for by them
ARTICLE 8. The officers OF this company
hall be President. IL Vice-Presldeut and
and Treasurer, and the Trustees
hall, as soon rs convenient, after their
rst election and annually thereafter,
hoose from among their number pres.
lent ana Il vice-piesldcnt aud from
mong The stockholders secretary
nd treasurer, and M attorney, TO-
ether with such assistants as they deem
rcessary, and shall fix the compensate
!, each. They shall also fix such bonds MS
nay be deemed advisable for each Office
ARTICLE 7. That the bylaws, rules aud
equations Of this Association, which SAID
issociaton may make under this Charter,
hall be made and adopted by majority
ote OF the stockholders according TO the
hares held by them.
ART. The incorporators, or majority
4 them, may meet at such time and place
S they wish and organize under this char-
err.