The Greenville times., 1898-10-08
I Charter of Incorporation OF the VAL
ley Building and Loan Associ"-
tlon of GreenVille, Miss.

I Charter of Incorporation OF the va
lev Building and Loan Associa-
tlon of Greenville, Miss
ARTICLEI Section !, Jas d, smilh' w
A. Eyerman, n, Goldsten, y II Robh' d D.
Brown, S. p McCutchen, VIM lscnber5' Lyme
Startling, W. W Stone, E, E. Bass, E' ~
Thomas, Van b BoddIe, Henry T, lreys, Jr
and their as ocaes and successors are, by this
charter, incorporated under the name OF tho
valley Bulldlng and Loan Association OF
Greenvlllc, Mise To-, and by that name may sue
and be sued, plead and bo impleaded In oil
courts OF law and equity may adopt corp9-
rate seal, and alter the same NJ pleasures anu IN
general may possess all the rights, powers ana
privileges conferred by the laws OF lhls Sthle
on corporations created in the mode and man
ner provided In Chapter % of iho Code OF le'2,
which are not inconsistent with the purposes
and provisions of This charter
| ARTICLE II. Section l. 20 purpose for
which this corporation Is form I Is the ncou-
mutation Of fund which may he loaned, ON
| good real estate security, 10 the 1embers here
Of, enabling them TO purchase honest ana 10
make such other investments o. may be pro-
yided for In The charter.
ARTICLE III Section 2 stock Of this
| Association shall be limited 90 one thousand
shares, oftwo hunderd dollar each, in any
! one class or series.
Section . No one person or 'rm, as q Arm,
! shall hold more Than 30 shares nf stock In any
| one series Of this Association provided, how
! ever, that parents or guardian. may hold sock
| for minors In manner provided by law
Section 3, All certificates of stock must be
| signed by the president aud uttested by the
secretary, with the seal OF the Association at
| tnChed, and must be numbered and recorded,
SectOn L. ON each share there shall be paid
monthly installment of one dollar, In ad-
vance, Persons wishing to take stock in any
one series shall pay up all installments which
/ mn haV hnNn IN IN ugh hRN
with such premiums on the same as the board
may HX.
ARTICLE ", Section l. The atlalrs ofthis
association smll be managed bY q board of
directors, who shall be stockholders Of The AS
sOciation, amt four Of whom shall always be
nom borrowing stockholders, Said directors
shall be elected annually at such time and place
as the bylaws shall provide; but Ii nj any
time four Of said directors shall become hOr-
rOwers from said Association, then the otice
of the last director borrowing shall become i'm
medlately vacant aud his successor shall be
elected AZ onpe as hereinafter provided for
The election OF directors shall be By ballot,
allowing one vote 10 each share. Stockholders
not personally present may vote by proxy,
made In writing to the persons representing
them at the said election.
Section 2. The board Of directors shall at
the first regular meeting Of the board succeed
ing each election choose one OF their number
ms president, and one as yice-presidGnt They
shall also appoint secretary, treasurer, and
y
GERS and assistants as may seem 10 them nee
essary, prescribe their duties and hN theircOm-
pensatir n; and they shall requil G The secretary
and treasurer to make bond each In a guArDI,.
tee company TO be approved by the presidents
the secrettr.'s bond shall be in sum of not
less than three thousand dollars, and the treas
urer's bond shall be IN Il sum not less than
five thousand dollars; the condition of encb of
sqd bonds shall be for the faithful discharge
Gf the duties OF each of their Offices respective.
W Dut lhe bGard may r. any time increase the
penalties of either or both of said bonds The
board ehall have full control of all books pa
pers and property of every description belong
Ing 10 the association and the bOurd'shall sub
init to the stockholders at each annual meeting
a complete report OF the Associutonis cOndi-
ton and OF the transactions during the year
Section 3, The board of directors shall have
power to make and adopt such rules Dnd by- |
laws for the government of the Association as
THY may deem expcdient, not repugnant to
this charter.
Section 4, Vacancies in the Board shall be |
hlled 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 alter the election appoint from their num
Der finance committee of three, whose duty |
u shall be to act in conjunction with the prrsi- |
lent, 10 examine and audit all claims against
5he Association They shall report in writing
At the laet monthly meeting of the corporate
year. giving fall statement of The financial
l.
ectors, ana majority of the committee shall
De competent 10 act.
Section ,. The president shalI.a also at the
anne lime and in the same mannfr appoint a
'nluailon committee of three whose duty ii
nall be to examine and determine the value of
VI securities offered to the Association and re-
'Ort their conclusions to the president and fl
lRnce committee for action A majority of tho |
Ommlttee shall be competent to act
Section B. The above committees may adont
ucii Iules LOT lhelf government as they may
ee ~ not contrary to this charter and bylaws
monthly meetings ofthe Association the funds
N hand, il amounting to one share or more.
hall be offered for loan. and The stakeholder
Yno snall bld the highest premium for the pref
renee or priority of loan shall be entitled to
ecelVe loan of two hundred dollars for each
hare OF stock held by such stockholder: and
ood and ample security shall be given by the
= o[roWer 10 secure the repayment of the loan
D case lhe borrower shall neglect to offer Sc
nrilies within ten days, or shall offer such Sc
nrltles as are not approved by the board of di-
actors he or she shall be charged with one
lohLn ohLns interest, together with any expenses
lat may be incurred, and the money shall lie
e-sold at the next stated meeting.
SecuOn 2. In case of nOnpayment of install
rents Of Interest for the period ofthree months
y ayenI ,aiI Of same without deducting the premi-
VI para or interest on same may be enforced | |
7 proceeding on their securities lCcordD1 no
IL 10 ans uI Tue contract under which the loan :
ihaue, and the Board shall not have the pow |
IS
two.thlrds OF lhe stockholders expressed at |
at purpose. 'O'
Section 3, Interest on all loans shall be at 7
e rate OF Ten per cent per annum from date Of ,
an an the amount actually loaned nd shall q
PAID IN monthly installments at the same
ne : eo,tn ana place that regular dues are paid.
: ooertoh All lees Tor examination of titles L
loans, and preparing and recording pnners
all be paid by the borrower
oectlon D, Mhen member receiving n loan
slres 70 Dnlld or improve property the money
ny be advanced in sums necessary far the
osecutic., % the work until its 'compIetion
association executing an agreement to thai
ect ~ It's own expenee. In such case the a
irrower shall present certificate from the
llder engaged In the work, certified to nv
chairman of the valuation committee of the -
rpose, -'' 'iie
eetlon tH ito s The valuation committee shall
We the right to require any borrower to in.
ase ms security If at any time they find t6e
ue OF me same deprecated below the amount
y y accepted BY them as suf6cient and in 80
e "lsea aSa, notlleailon OF same, unless the bor-
yer shail reestablish the value by increasing
property or rrepaying part of the loan. Tia I
I .5u OF directors shall have the right to pro-
q against such borrower and his securities
per terms of contract M
RTlCEL VII. Section Sbaras on ,vbioh ~
MS nave been may be transferred, subject to
rights OF the Association, in the foilowin0 I
1ner 1n FIRST, when the assignee is the pur7
ser oI the m0rtgaged premises the shares
: De transferred TO him upon his assnming az
opllgatlons OF the assignor and becoming a
hper o. tne Association. Second, the pur-
sel oI me shares may substitute, at his own frs
ense, , oLner property satisfactory to the
lniion committee, as security for the lonn
IN the llrst mortgage shall be cancelled ani
a0yed; 10y Third the mortgager, by paying tie
,uae y, tiohey loaned, with all interest due,
same US ~ 'F"nsieT -
etlon oln de = :, On the arrival Of any minor to