The southern sentinel., 1903-09-04

Directors NAV. in their discretion, lend the |
surplus fund on hands upon the stock OF TINS
association provided said loan shall not e1.
pledged; or the Board of Directors shall have |
authority to use surplus funds in retiring the
outstanding stock of the association.
ARTICLE TX.
Upon the death of stockholder, his legal |
rights and privileges that belong to the de- |
deased, or they may receive back the dues
actually paid by the deceased, and the, the por-
have have been realized, less any interests, fines,
penalties, etc, that may be due from said
deceased stock-older; provided. if the stock, !
is pledged to the association, the same shall
be first redeemed by said representative.
ARTICLE X.
The Board of Directors shall, semi-annually
at the first meeting in July and January OF
each and every year, declare the withdrawal
value of stock, which value shall never De less
than eighty per cent. of the dues paid, and the
value so fixed shall remain the price at which
a member may withdray shares until the next
semi-annual valuation.
ARTICLE XII.
ANY member not indebted to this association
may withdraw one or more shares OF stock
held by him upon giving one months written
notice to the President, and shall be paid for
every share of stock SO Withdrawn a sum
equal to the withdrawal valuation for the
time being.
ARTICLE XII,
Each and every stockholder or trustee who
shall neglect or refuse to pay his monthly
dues or interest as often as the same shall
become due and payable, shall forfeit and pay
The additional sum of ten cents monthly on
each and every dollar due by him; dues of each
month taken separately.
All claims for dues, interest, fines and pen
alties shall be held a lien against the STOCK
of delinquent members or their assignees, and
when such claim shall amoUn. to the sum
equal TO the amount of dues actually paid by
has Chcf1
hichest bidder, after five days written notice
10 the delinquent, and the proceeds of such
sale applied TO the delinquency.
ARTICLE XIII.
The Board OF Directors shall have power TO
settle with borrowing stockholders, either par
tally or full, at any time before the stock has
reached par value, and upon the application
of such stockholder in manner equitable TO
the association and such stockholder.
ARTICLE XIV.
All transfers of stock shall be made on the
books of the association. No shares shall be
transferred until after the payment of twenty
i've cents by the transferee for each certificate
transferred and the transfer approved BY the
6oard of Directors.
ARTICLE XIV.
No stockholder shall ever be held liable for
more than his unpaid balance on his stock,
nor shall any mere informality in the organi
zation have the effect of rendering this charter
null, or OF exposing stakeholder to any lia-
bi:itT beyond the amount OF his stock.
|, ARTICLE XVI.
This charter can be altered, amended or
modified, or this corporation dissolved by
vote OF three-fourths Of the capital stock rep
that purpose after ten days notice, published
IN one of the newspapers of the city.
ARTICLE XVII.
Special meetings of the stockholders shall
be convened at the request, in writing of ten
stockholders, stating the time and object of
such meeting; but no other business than
hat for which such special meeting was called
shall be transacted thereat.
ARTICLE XVIII.
All certificates of stock must be signed By
with the seal of the association attached, and
must be duly numbered and recorded.
ARTICLE XIX.
The following shall constitute the Beard Of
Directors. and they shall hold office until the
third Monday in July. nineteen hundred and
four, or until their successors shall have been
chosen and qualified: N. NJ. Hyde, J. ID. Pace,
J. 4. Wallace, 81 7. Pye. p. K. Abel, lie. Siess,
E. G. Drew; with L. c. Drew, President; j. D.
Pace, Vice President; and H. 7. Pye, Treasurer.
ARTICLE Xxx.
The Board of Directors shall have the power
at any time they deem it to the interest OF the
association to sell full-paid dividend stock in
addition to the series stock provided in Article
-Four, of this charter.
This dividend stock shall be issued in shares
of Two Hundred Dollars each, and shall not
|
hundred Dollars in cash per share, in such
amounts, and at such times as the Board OF
directors may direct. dividend of one dol
ar (l ,9ol shall be paid monthly on each share
Of Two Hundred Dollars of this stock. to the
iolder OF same, and said stock shall not par
icipate in any other way in the earnings or
profits Of this association, except the monthly
dividend of one dollar per share above men
Toned, but the holder OF said stock shall erioy
he same right to vote in any. stockholders
aeetlng that is accorded to any holder Of
nf rioAs ION, l,cl., axxr
rwo Hundred Dollars being entitled to one
vote.
In order to accommodate small investors
fhe Board of Directors may issue this stock
n fractional parts of one-half share, or one
quarter share, and said fractional part shall
enloy IN like proportion the benefits enjoyed
oy full shares, two half shares, or four quarter
hares, being equal to one full share. This
dividend stock can be transferred on the books
ef the association under the same conditions
and requirements covering the transfer of
series stock.
The holder of said dividend stock shall have
he right to withdraw same at any time By
giving the association sixty days notice il,
writing, ANIL shall be paid in cash. at the with
travail value OF same the full face va lue of
said stock, together with any accrued and
unpaid divide nds, provided the Board of Di-
rectors shall not be required to use more than
.ne-nan OF the receipts Of the association to-
wards as p paying Sg off this class Of stock The
sall and retire this dividend stock at anv time
they deem it to the interest Of the association
paylng 70 the holder OF same the full face
saiue "i saio ssock' aea any accrued unpaid
iividends.
The number Of shares Of dividend stock out
standing ct any time shall not exceed the
sotal member of shares Of series stock out
standing in all the series.
Nothing in his shall be sconstrued as effect
ing or changing in any way the series stock OF
his association.
Thus done and passed on this the eth Of
aangust, 4; d. lS3 in the presence OF Clay
aiser and ]. w. Teddlie, legal and competent
witnesses, who hereunto subscribe their names
with the said appearers. and me, Notary.
e. G. Drew
J. d. Pace.....-........-.-- &
n. n. Hyde per E. G. Drew....----......5
p. Il. Abel -. = &
]. 7. Wallace
Attest:
Clay Riser
Nv. Tsddliei
Notary Puhlic