The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-06-02
THE CHARTER OF incorporation or
THE GREENWOOD BUILDING AND
LOAN ASSOCIATION.
ARTICLE /,

w. AS'fsNhhk "tH' Ef8 AtS1DtId
ton; its domiciIe shall be In Greenwood
/, Lenore County, Mississippi. 1t shaI
have existence for a period Of fifty year.
Section 2. The purposes for whic
this corporation Is created are the ae
cumulation Of a fund by the issuance Q
i. certificates Of stock to be paid for in in
7 stallments, interest on loans and fine
az may be provided for by the bylaws
said fund TO be loaned at interest an
upon real estate to members OF the AS
ISOLATION Except az hereinafter provid
ed to enable them TO purchase real cs
tate, improve the same and to remov
eneumbrances therefrom, or to cree
buildings for dwellings or for bushes
or manufacturing purposes.
Section 3. This Association shall
have and exercise such powers as may b.
necessary to carry out the purposes 70
which it Is created SO far az the exercis,
thereof may be authorized by Chapte,
25 of the Annotated Code OF 1892 of Mis-
! sissippi and the amendments thereto
and not inconsistent with the constitu
ton or laws Of this State.
ARTICLE II.
Section /. This Association shall bt
composed OF &. b. Stewart, W. II. Stev,
ems, v. II. McShane, G. W. Chambless
W. NJ. Hammer, J. ID. Griffith, A. NJ. Payne
II. NJ. Calm, p. i. DeLoach, +. II. Fielder
J., II. Lucas, W. G. Taylor, W. T. Loggins,
NJ. Andersen, W. X. Melton, Simon Hy,
man, X. L. Sims, A. II. Bew, G. W. Tel
fair, NJ. Alexander, c. |. Stein, S. W.
Kemp, L. N. Chandler, C. Il. Saunders, b.
p. Failing, W. I. Chapman, J.. L. Giles
pie, j. W. Quinn, r. Thayer, ]. A. Shute,
T. II. Holmes, l.. T. McShane, c. M. Mel
ton, W. G. Peel, Jr, II. L. Barrentine, and
their associates and successors who
shall become associated with them for
the purposes specified in Article /, of
this Charter.
Section 2. The stock Of this Associa-
ton shall not exceed 9O5 shares of one
hundred dollars each in any one serial.
Stock certificates shall in all cases be
signed by the president and secretary,
with the corporate seal attached and
they shall be numbered and recorded
by the secretary in the book to be
known as the Stock Ledger.
Section 3. Every person on becoming
a member of this Association, shall sub
scribe to and agree to abide by its con-
situations and bylaws.
Section 4. No person or firm, as a
firm, shall be allowed to hold more than
fifty shares In any n serial.
Section 8. All payments on stock
shall be at the rate OF one dollar per
month in advance on each share of stock,
payable at such time as may be fixed by
the bylaws Of this Association and such
interest, fines amp forfeitures as may be
provided by said bylaws. All meetings
shall be held as provided by bylaws.
Section g.. All claims for dues, inter-
est, fines and penalties shall be q lien
upon the stock Of delinquent members
or assignees and whenever such claims
shall amount to a sum equal to the
amount OF dues actually paid, the stock
shall be sold in the prescribed
In the bylaws.
ARTICLE III.
Section |, The business Of this Asso-
citation shall be managed by a Board
OF not less than five nor more than sew
on directors, to be elected annually by
a majority vote Of stockholders in the
manner prescribed by law and at the
time and place fixed by the bylaws and
who shall hold Office until their cce
sors are elected. All proxies shall be
in writing. A majority of the Board of
Directors shall constitute a quorum.
Section 2. The Board of Directors
shall annually, Immediately after their
their election, choose a President, a
Vice-president, a Secretary, a Treasurer
and an Attorney, the first two OF whom
must be members Of the Board. They
may appoint such other officers, assist
ants and committees as may be deemed
necessary from time to time; all officers
must BIO stockholders in the Association.
The Board of Directors shall approve
the bonds and securities of all bonded
officers and tho stockholders shall make
such bylaws as they may deem neces-
sary, not repugnapt to this Charter nor
the laws Of this State, and they NAV
amend the same when they deem it nee
essary.
Sec. 3. The Sec'y and Treas. shall give
bond for the faithful performance of
their duties, payable to the President of
the Association in such penalty as the
Board may require, not less than two
thousand dollars for the Secretary and
four thousand dollars for the Treasurer.
ARTICLE w.
Section /. After $50 shares of stock
have been subscribed in this Associa-
ton, the subscribers may meet on writ
ten call of any three incorporators, stat
ing the time and place of meeting, mail
ed three days before the date of meet
ing, and proceed to organize and to elect
directors as provided in this Charter.
Section 2. All real estate securities
offered to this Association for loans must
be situated In Lenore County In the
State Of Mississippi, must be free from
encumbrance and of such value as may
be provided by the bylaws.
ARTICLE V.
Section 1. IL at any time there
should be a surplus fund on hand not
desired by any member, the Board of
Directors may invest the same for the
Association In the purchase of real
estate and the erection of buildings in
the name of and as the property Of tho
Association, but purchases shall not be
made nor money disposed OF under this
save by a ! vote of all the Direc-
tors.
Section ?. Said board of Directors
may in their discretion loan such sur
plus funds on terms not longer than one
year at the best rate Of interest avail
IL l.