The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-05-26
CHARTER or INCORPORATION
or INT
ltfL0Rt BUILDING AND LOAN
ASSOCIATION.
GREENWOOD, MISS.

wood, Mississippi, and 10 enable it
members 10 acquire ownership OF resi
donccs, lots, and other property therein
by paying for the same in monthly In
stallments, to create a fund TO b
loaned 10 its members by the is
suaucG Of certificates Of stock, and tn
collection Of interest, premiums ant
rent; TO encourage proyident saving
on the part Of its members, and for thu
transaction Of such other business as II
usually engaged in by corporation
known as building and loan associations
not Inconsistent with the constitution
and laws Of Mississippi.
Sec. .. This corporation shall DO com
posed Of the following named persons
to-wit T. X. Henderson, q. A. Wilson
Robert Wilson, Y. X. Austin, W. T. Foun
tain, r. 4, Gleason, W. II. Humphrey, W
G. George, A. Weller, A. i. Gardner, W
A. B]urkhaltcr, Mrs. II. Beiman, J. Kan.
t%royltz, a. Davidson, ]. u. Mann, S. g
Wilson. T, &. Garrett, Ike Stein, G. J.
Ray, All George, ]. p. Royenhorst, c. l..
LOmaX, and such other persons as may
become associated with them for the
purposes named in tho first section Of
this charter to be Incorporated under
the name Of the Leilore Building and
Loan Association, located in Greenwood,
Mississlppi, and shall have succession
for lifty years.
Sec. 3, This Association shall have
and exercise such powers as may be
necessary TO enable it 10 carry out the
purposes for which IL Is created, 10 far
as the exercise thereof may be author
lied by Chapter u OF the Annotated
Code of 1892, and amendments thereto.
Sec. T.. The stock Of this Association
shall be limited TO ten thousand shares
of the par value Of fifty dollars
each, for each series, to be is
sued as applied for, and there shall
be paid on each share hfty (J0) cents per
month, In advance, at such times as the
Association may fix Bylaw. The Asso-
c~iation may provide that where Nom
beers desire TO pay their stock install
ments twelve or nor months in adj
vance, they shall receive such deduction
as Is provided for In the Bylaws OF this
Association. The Association shall also
have the right 10 issue special certih-
Gates Of stock in shares Of the same
denomination as the installment stock
provided for In this section az such rate
as shall be fixed by tho Bylaws, and
which when 80 issued shall be regarded
M fully paid up, and shall then be non
assessable by this Association, provided
that the number Of shares Of all kinds Of
stock shall not exceed tho limitation in
the foregoing part Of this section.
Sec. b. Every stakeholder who shall
fail to pay tho installments on his stock,
or interest and premium due by him on
any loan, when tho same shall become
due, shall be liable for the addition for
the additional sum of FIVE cents per
month on every dellar duo by him, and
when such unpaid installments, interest
and premium, together with said penalty
of Ave ceDts per months on tho dollar,
shall equal the amount previously paid
IN by him, the stock Of such delinquent
s~tockholder shall be declared forfeited
and the same shall DO cancelled on the
books of the Association.
Sec. 0. Tho business of the Associa-
tion shall be managed by a Board of
seven Directors to be elected by ballot
by a majority vote Of the stock repre-
at the election, who shall hold
Office for one year or until their success
sors are elected. In all elections of di-
r%cctors, after the first election, the
present shall be entitled
to vote upon tho following basis, towit:
Each share Of installment stock shall
bo counted M one vote for each year or
fractional part Of a year that IL has boon
paid for, and zach share OF fully paid
shall be counted rs seven votes,
No proxy shall be recognized al any
stockholders meeting, unless the same
g In writing. A majority of the Board
If Directors shall constitute a quorum.
Sec. Z. The Board Of Directors shall,
" soon as practicable, after the first
and annually thereafter, within
days after their election choose a
PRESIDENT, yice-president, a secretary, a
treasurer, and an attorney, the first two
II whom must be members of the Board,
They shall have power to appoint such
,thor officers and assistants and such
and special committees IA they
nay deem necessary from timo to time.
vi officers Of tho Association must be
tockholders In II. Tho Board Of Diroc-
ors shall by Bylaws prescribe the
luties of all officers and committees,
md approve the bond and security of
II bonded officers. ,
Sec. \, Tho secretary and treasurer
hall give bond for the faithful perform
nee of their duties, payable to tho
resident of the Association in such
as the Board Of Directors NAV (
not less than two thousand dol
IFS for the secretary and four thousand
ollars for the treasurer.
See, =. The annual meeting of stock
shall be held on the first Tues |
ny after the first Monday Of MAY Of
'ch year, beginning at 1880 p. m. If ,
any cause a meeting should not be .
nd at that time il may be hold at n l
her time appointed by the President, l
ter publishing a notice of the time
nd place of said meeting in a newspa- +,
published In Greenwood, Missis- !,
ppi, for two consecutive weeks. i
Sec. 10, The funds OF this Associa- .
on shall be loaned to members on such I
as is provided by the Bylaws, ',
that q record shall be kept Of :
] applications for loans, and all such d
.'plications shall be considered by the
lard OF Directors in the order Of thoir
ing and the member having the first
proved application shall be entitled u
receive the amount for which he ap- d
les, upon his executing the proper c
ties and securities, provided he owns |,
his own name, one share of stock for :,
cry fifty (5W dollars borrowed. h