The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1898-10-15
Chartp' OF Incorporation of the Val.
ley Building aud Lo' an Assocla-
Ia. "a

Chartg OF Incorporation of the Val
ley building aud Lo' an Assocla-
ton OF Greeny' lie, Miss,
ARTICLE Section ]. ms D. smith, W
A Eyermnn' ~ Gold ,teln. ! II. gobb J S
Brown s. r. Nicer .tehen, VIM, Iseuborg, Lynn
Startling W W stone, D.. b, Bass, y. y
ino'i's' van 3. Boddie, Henry 7. lreys, Jr.
anu th''' ociatos and successors are by lhi
oHht1er' Incorporated under the name OF tn
Nall'y mudIng ana loan Absociauon, O
Ht" nyilie, Misa., ana by That name may SUI
w d be sued, plead aud bo implcndcd IA al
aourts Of law aud equity may adopt d corgo
rate seal, aud alter the same M nt1surei ana II
| general may poAsois all the rights, powers anl
/ privileges conferred hy The laws u tins STATE
! on corporations created IN the mode ana mha
! ner provided I'M Chapter 20 or Lee ode Of l7l2
/ which are not inconsistent vth the purposr
] and provisions of this charter
fRTlCLE II section ! he purpose fol
/ when Tins corporation Is Tor ed L. the uctu
mutation ofu fund which M D. be loaned, ~
good real estate security. 10 n members there
/ Of, enabling thenrto purcha homes; and tt
make such other Investment Is may be pro-
l Yiued Tor In The Chartcr
/ ARTICLE III section The stock OF thi'
/ IS ssochtinn shall he limited % one thousand
shares, OF two hunderd doll each, IN any
one Glars or scries
section No one person hrm, as a fmi
stall hold more Than 80 shnrC OF stock In any
0nr series of this Association prov ided, how
ever that parents or guurdin may hold stock
for minors IN manner prov ed by law
Section 3. All certificates If stock must be
signed by the president AM attested by the
secretary, with the seal of the Association at
tached, and must be numbered and recorded.
Secton A. on each share there shall be paid
II monthly lnsthment of one dollar, in all
vance. Persons wishing TO take stock In any
one series shall pay up all insallments which
may have become due on such series, together
with such premiums on the same as the board
may fN,
Association shall be managed by board Of Z
directors, who shall he stockholders Of the A IS
sOciatiOn, ana four OF whom shall always be
non-boTrowlng Stockholders, said directors
shall be elected annually at such time and place
as the bylaws shall provides but IL at any
time four OF said directors shall become hOr-
rowers from said Association. then the office
of the last director borrowing shall become inn
medlately vacant, and his successor shall be
elected at once as hereinafter provided for
| The election Of directors shall be by ballot,
allowing one vote TO eIch share Stockholders
not personally present may vote by proxy,
made In writing to the persons representing
them at the said election.
Section ?. The board Of directors shall at
the first regular meeting of the board succeed.
| ing each election choose one Of their number
as president, and one as e-president They
shall also appoint secretary, treasurer, and
m attorney, or attorneys. and such other OH
GERS and assistants as may seem to them nee
essBry, prescribe their duties and fiN their COM
pensati n; and they shall require the secretary
aud treasurer 10 make bond each IN a guarab-
tee company 10 be approved by the president;
the secretlrr's bond shall be in sum of moi
less than three thousand dollars, and the treas
ureris bond shall be IN sum not less than
i've thousand dollars; the condition Of each Of
said bonds shall be for the faithful discharge
Of the duties of each of their offices respective
~; but the board may 1t any time increase the
penalties Of either or both Of said bonds. The
board shall have full control Of all books, pa
pers and property of every DESCRIPTION belong
Ing to the Association, and the bonrd.shal sub
NIT 10 the stockholders at each annual meeting
a complete report of the Associations condi-
ton and Of the transactions during the year
Section 3. The board Of directors shall have
power TO make and adopt such rules and by
laws for the government Of the Association as
THY may deem eNpedient, not repugnant to
this charter
Section A. Vacancies in the Board shan be
filled by election as provided in Article " =,
Section !, at special meeting to be ca led by
the president for that purpose.
ARTICLE V. Section l. The president shall
annually at The first regular meeting OF the
board after the election appoint from their mum
Der Il ilnapce committee Of three, whose duty
i shall be to act IN conjunction with the presi-
dent, TO examine and audit all claims against
the Association. They shall report I'm writing
az The last monthly meeting OF the corporate
year, giving full statement of The financial
condition Of the Association to the board of d.
rectoIs, ana majority Of the committee shall
section g The president shall: also at the
same time and in the same mann appoint a
valuaiIon committee Of three whose duty it
shall he to examine and determine the value of
al! securities offered to the Association aud re-
port & eli conclusions to the president and f.
nance committee for action, A majority of the
committee shall be competent to act.
section B. The above committees may adopt
such rules for their government as they may
see ~ not contrary to this charter and bylaws
ARTICLE VI Section | At the stated
monthly meetings of the Association the funds
on hand, If amounting to one share or more
shall be offered for loan, aud The stockholder
who snail Did the highest premium for the pref
erence or priority of loan shall be entitled to
receive loan of two hundred dollars for each
share OF stock held ny such stakeholder; and
good and ample security shall be given by the
borrower 10 secure the repayment of the loan
In case the borrower shall neglect to offer Sc
curues within ten days, or shall offer such Sc
curities as are not approved by the board Of di-
rectors, he or she shall be char. ed with ono
months interest, together with anv EXPENSES
That may be incurred, and the money shall be
re-sod at the next stated meeting
Section 2 In case of nonpayment OF install
ments OF interest for the period ofthree months
payment of same without deductng the premi-
UNI paid or interest on same may be enforced
by proceeding on their securities according to
The terms OF the contract under which the loan
Is made and the Board shall not have the pow
er 10 extend such payments except by consent
Of two thirds of The stockholders expressed at
q special meeting called by the president for
Section 3 Interest on all loans shall be 1T
The rate OF ten per cent per annum from date Of
nah an the amount actually loaned, nd shall
De paid In monthly lnstallments ut the same
line and place that regular dues are paid
Section 4 All fees for examination of titles |
or loans, and preparing and recording papers
hall be paid by the borrower
Section . When member receiving n loau |
leslres TO Dulld or improve property the money |
nay be advanced in sums necessary for the |
Prosecution OF the work until its complelon, |
Association N anal
lect at Its own eXpenee. In such case the
borrower shall present a certificate from the
uilder engaged in the work, certified to by |
he chairman of the valuation committee of the
oard of directors of the sum necessary for the
urpose
Section 6. The valuation committee shall
ave the right to require any borrower TO in |
rease his security If at any time they find the
alue of the same deprecated below the amount |
rst accepted by them as sufficient; and in 10
avs after notification of same, unless the bor-
over shall reestablish The value by increasing
he property or repaying part of the loan, the
GARD of directors shall have the right 10 prO- |
sed against such borrower and his securities
per terms of contract
ARTICEL VII. Section l Shares on which
ans have been may be transferred, subject to
lie rights of the Association, in the following
amer. FIRST, when the assignee is the pur-
laser of the morgaged premises the shares
ay be transferred TO him upon his assuming
e obligations of the assignOr and becoming a
ember Of the Association. Second, the pur-
u 1 +
pense, other property, satisfactory to the
luation committee, rs security for the loan.
hen the first mortgage shall be cancelled and
stroyed Third the mOrtgager by having tho |
Mount of money loaned, with all interest due
ay receive back his shares so as to transfer
e same. .
section = On the arrival Of any minor to
e age of 81 years the board of directors NAV | =
lnster to him or her the shares of stock held
his or her name, aud they shall be entitled
all the privileges of stockholders
here W .,f a. 1
others must do SO on the transfer books of
e Association, surrendering old certificates
q paying transfer fee of % cents.
ARTlCLE VIII. Section l. When the Assets
this Association, as shall lie Determined Nv |