The commonwealth. (Greenwood, Miss.) 1896-1923, 1905-05-26
THE CHARTER OF incorporation OF
THE GREENWOOD BUILDING AND
LOAN ASSOCIATION.
ARTICLE |.

: GREENWOOD Building and Oan ASs0cii
ton; it's domicile shall be In Groenwoo,
: Lefore County, Mississippi. II sha
have existence for a period Of fifty year
J Section 2. The purposes for whic
this corporation is created are the az
cumulation Of a fund by the issuance q
! certificates Of stock to DO paid for in in
stailments, interest on loans and fine
as may be provided for by the bylaws
s. said fund 10 be loaned at interest an,
upon real estate to members Of the As
, ISOLATION Except as hereinafter prOyid
ed TO enable them to purchase real es
tate, improve the same and to remoy
encumbrances therefrorn, or TO cree
buildings for dwellings or for business
or manufacturing purposes.
Section 3. This Association shall
have and exercise such powers as may b,
necessary to carry out the purposes foj
which it Is created so far as the exercise
thereof may be authorized by Chapter
% 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.
4 ARTICLE III.
Section /. This Association shall he
composed of g. b. Stewart, W. II. Stew.
ems, +. Il. McShane, q. W. Chambless,
W. NJ. Hammer, I'D. Griffith, A. NJ. Payne,
II. NJ. Calm, p. l.. DeLoach, +. H. Fielder,
]. II. Lucas, W. C. Taylor, W. T. Loggins,
M. Andersen, W. II. Melton, Simon Hy-
man, K. l.. Sims, A. II. Bew, G. W. Tel
fair, NJ. Alexander, G. /. Stein, S. W.
Kemp, l.. N. Chandler, G. Il. Saunders, b.
p. Failing, W. I. Chapman, J. L. Giles
pie, j. W. Quinn, r. Thayer, J. A. Shute,
7, II. Holmes, /. T. McShane, C. NJ. Mel
ton, ". G. Peel, Jr, r.. 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 995 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 one serial.
Section 5. 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 6. All claims for dues, inter-
est, fines and penalties shall be a 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 manner 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
en- 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 success
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
Vino. nraGilpni u Ganpn+n,, "a rro- |
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 be stockholders in the Association.
The Board of Directors shall approve
the bonds and securities Of all bonded
officers and the stockholders shall make
such bylaws as they may deem neces-
sary, not repugnant to this Charter nor
the laws of this State, and they may
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
Association in such penalty as the
Board may require, not less than two
thousand dollars for the Secretary and
Jour thousand dollars for the Treasurer,
ARTICLE w.
Section |. After $50 shares of stock
been subscribed in this Associa-
ion, the subscribers may meet On writ
call of any three incorporators, stat
ng the time and place of meeting, mail
I'd three days before the date Of meet
ng, and proceed to organize and to elect
directors as provided in this Charter.
Section 2. All real estate securities
to this Association for loans must
70 situated in Lefore County in the
of Mississippi, must be free from
and of such value as may
Nc provided by the bylaws.
ARTICLE V.
Section /. IL at any time there
hould be a surplus fund on hand not
lesired by any member, the Board Of
directors may invest the same for the
association in the purchase of real
state and the erection Of buildings in
he name of and as the property Of the
association, but purchases shall not be
lade nor money disposed of under this
.rticle save by a vote of all the Direc-
prs. i;
Section 2. Said board of Directors !
in their discretion loan such sur ;
lus funds on terms not longer than one ;
ear at the best rate of interest avail /;
bic, on security to be approved by a