The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1898-10-01
Charter of Incorporation OF the Val
ley building aud Loan ASso'ia-
tinn NJ GreenNllIe, Miss.


ARTICLE Section / Jas D. smith W
A Everman, \. Goldstein ! II Robh ;.
Brown. p MeCutchcn, VIM lsenherg, Lyme
Startling. w w Stone. =, , Bass, h \,
Thomas, Van u. BoIdle Henry 7 lreys' IT .
and their as ocates aud successors are, by ms
charter, incorporated under the name OF 'he
Valley building and Loan ASSOCIATION OF
Granville, Misc. o., and by that name may sue
and be sued, plead and ba implradeN Nv hl
courts Of law and equityi may auopt toil -
rate seal, and alter the same a. pleasure auu "
general may possess az w idEu'S, ms state
on corporations, created IN the moue anu i ul
ner provided in Chapter - OF the Iode OF 80
which are not inconsistent with tue putpu's
and provisions of this charter -
sRrICLE II section l. me purpose lol
which tins corporation IS formed Is tue aceu-
mutation Of a fund which may ne ioahe1 On
good real estate security, 10 the melhhtle ,ngl'.
Of. enabling them to purcha7e homesi anu 10
make such other tnHes tmehIs HH may ue M
yiued for iu The charter ,.,.,t.
ASSOCIATION shall be limited to one thousahl
shares, OF two hunderd dollars each, m any
section No one person or lrm, as a firm,
shall hold more than 80 shares OF STOCK IN any
one series Of this Association. provided now
that parents ggGra9ndi 9 ~ 4 Sw STOCK
n
Section s. All certificates OF STOCK must pc
signed by the president and attested by the
secretAry, with the seal OF the Association at
tached, and must be numbered ana rtG9Eueu,
section On each share there shall be PAID
A monthly installment OF one dollar, IN au-
vance Persons wishing 70 take stock IN any
one series shall pay up all installmehts when
may have become due on suCh SERIES tuEethei
with such premiums on the same as 'he OoSru
ARTICLE ". Section /. The Affairs of this
Association shall be managed by board OF
directors, who shall be stockholders OF the AS
soci alton, and four OF whom shall always be
non borrowing stockholders, said directors
shall be elected annually at such time and place
as the bylaws shall provide; but If at any
time four of said directors shall become hor-
roWers from said Association, then the ohce
of the last director borrowing shall become i'm
medlately vacant, and his successor shall be
elected at once as hereinafter PROVIDED ior,
The election OF directors shall be by ballot,
allowing one vote to each 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 ut
the first regular meeting of the board succeed
ing each election choose one of their number
AS president and one as ce-president Ihey
shall also appoint a secretary a treasurer, ana
an attorney, or attorneys. and such other oih-
GERS and assistants as may seem 10 mem nee
esssry, prescribe their duties and fix their
pensati0n; and they shall require The secretary
and treasurer to make bond each in a guaran-
tee company 10 be approved by the president
the secretsrv's bond shall be in sum OF moi
less than three thousand dollars, and the treas
urer's bond shall be in sum not less than
five thousand dollars: the condition of each OF
said bonds shall be for the faithful discharge
OF the duties Of each of their offices respective
ly; but the board may ut any time increase the
penalties of either or both of said bonds. The
board ahall have full control of all books pa
pers and property of every description belong
Ing TO the Association, and the bonrd.shall sub
init to the stockholders at each annual meeting
a complete report of the Associations COndi-
ton and of the transactions dnrlng the year.
Section 8. The board Of directors shall have
power to make and adopt such rules ond by
laws for the government Of the Association as
THY may deem expedient, not repugnant to
this charter.
Section 4, Vacancies in the Board shall be
filled by election, IS provided in Article ",
Section / at Q special meeting to be ca led by
the president for that purpose.
ARTICLE v Section | The president shall
annually at the first regular meeting of the
board after the election appoint from their mum
Der finance committee Of three, whose duty
it shall be to act in conjunction with the presi-
dent, to examine and audit all claims against
the Association They shall report in writing
at the last monthly meeting OF the corporate
year. giving full statement of the financial
rectors, and majority OF the committee shall
be competent to act.
Section q The president shall: also at the
same time and in the same mannfr appoint Il
committee of three whose duty it
shall be to examine and determine the value OF
all securities offered to the Association and re-
port their conclusions to the president and fl
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 ut, not contrary to this charter and bylaws
ARTICLE VI Section | Al the stated
Hft,vH urt ko iofn Il.
on hand, if amounting to one share or more,
shall be offered for loan, and The stakeholder
who shall bid 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 by such stakeholder; and
good and ample security shall be given by the
borrower to secure the repayment of the loan
In case the borrower shall neglect to offer Sc
,urities within ten days, or shall offer such Sc
,urities as are not approved by the board Of di-
rectors he or she shall be charged with one
months interest, together with any expenses
hat may be incurred, and the money shall be
re-sOld at the next stated meeting
Section 2 In case of nonpayment OF install
nents of interest for the period otthree months
payment of same without deducting the preml-
nm paid or interest on same may be enforced
by proceeding on their securities according TO
he terms of the contract under which the loan
IS made. and the Board shall not have the pow
ar to extend such payments except by consent
Of lwo-thirds Of the stockholders expressed at
q special meeting called by the president for
hat purpose.
the rate OF ten per cent per annum from date Of
loan an the amount actually loaned, nd shall
be paid in monthly instalments at the same
time and place that regular dues are paid:
Section 4, All fees for examination OF titles
for loans, and preparing and recording papers
shall be paid by the borrower.
: Section g. When a member receiving loau
desires to build or improve property the money
may he advanced in sums necessary for the
prosecution of the work until It's completion,
the Association executing IN agreement to that
,fect ut its own expenee In such case the