The La Jara chronicle., 1909-07-02

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ified. Vacancies in the Board of Directors,
or any of the offices of said Association.
caused by death. disqualification, resigna-
tion or other causes, may be filled at anv
regular meeting of the Board by "A majority
of the then duly qualified and acting mem
bers of said Board. No officer or director
of this Association shall receive any salary
or compensation save and except the Sec
rctary and Treasurer. who shall receive IA
salary from month to- month, said conipen-
sation to he fixed by the Board of Directors
for services actually rendered the Associa-
tion and to be increased or decreased ac-
cording to the value of the services SO rem
dered.
ARTICLE H.
DUTIES OF OFFICERS.
SECTION ]. The President shall preside
at meetings of the Board of Directors and
also of the stockholders; issue calls tor
special meetings; sign orders for money
passed by the Board sign all conveyances
and other Instruments for the Association !:
take charge of the bonds of the Secretary
and Treasurer; and perform any other
duties pertaining to his office.
! SEC. . The ice-President shall act as
President in the latter's absence: and in
the absence of both. "a chairman shall be
named at the meeting.
SEC. g. The Secretary shall keep u full
and exact record of the proceedings of all
meetings; receive all moneys payable to
the Association and shall. without delay
/ turn the same over to the Treasurer: re
Ceipt for the monthly payments of the
stockholders in their pass books only; re
port all delinquents at each monthly meet
ing; negotiate stock loans subject to the
approval of the President: draw up all pa
pers to which the Association is party.
conduct the correspondence of the Associu-
tiDu, and sign its notices: file the scmi-an-
nual reports with the state building and
loan inspector as required by law; submit
at the annual meeting of the Board of hi.
Tectors held on the last business day OF
December of each year. "a full statement Of
the years financial transactions: take
charge of the corporate seal and Of all
books. papers, blanks and stationery not
otherwise provided for; keep an accurate
| account of the payments of each stock
holder; report to the Board any failure on
the part of any borrower to renew expired
insurance policies ON property held as Sc
curity ON Association loans to pay the
taxes ON property so pledged: deliver to
his successor, upon demand, all the prop
erty of the Association in his charge; and
perform any other duties prescribed by the
Board. Before entering upon his duties
he shall give such bond as the Board may
direct.
SEC. 4. The Treasurer shall receive all
moneys from the Secretary and give his
receipt therefor, and shall pay all orders of
the Board signed 10y the President Vice
President and attested by the Secretary:
report monthly to the Board the receipts
and disbursements of the preceding month
and at the annual meeting of the Board in
December submit "A full statement of the
financial transactions of the year; give sat
isfactory bond for the faithful performance
of his duties in an amount not less than
five Thousand dollars 5000: and at the
expiration of his term of service shall de
liver to his successor. within ten days after
his qualification, all moneys, books and
papers of the Association in his possession.
SEC. 5. The Appraisers shall personally
examine all real estate offered security
for loans; submit their written estimate of
its value, and also of the amount which
may prudently be loaned upon it: and per
form such other duties relating to realty or
it's improvements as the Board may re-
quirc. Loans not unanimously approved
by the Appraisers shall be submitted to
the Board for final action.
ARTICLE III.
MEETINGS.
SEC. i. The regular meetings of the Di-
reCtors shall be held on the first Monday
evening of each month: special meetings
may be called at any time by the Presi-
dent or any three Directors. all Directors
having first been personally notified.
written notice of the time and place of such
meeting mailed to them at least twenty
four hours before said meeting is held.
SEC. q The annual meeting of the
Board of Directors of the Association shall
be held ON the last business day of Decem-
Der of each year, for the purpose of receiv-
ing the annual reports of the auditing and
apportioning committees. and for the pur-
pose OF attending to any and all matters
lating to the completion of the years bust.
ness.
SEC. D. Absence from three successive
monthly meetings, not due to serious sick
ness or other excusable causes, shall work
forfeiture of membership in the Board.
and the vacancy thus caused shall be filled
at the next monthly meeting.
SEC. 4. The roll shall be called at every
meeting of the Board, presence or absence
thereat being determined by the record
thus made.
SEC. .. Special meetings of the Board
may proceed as the business in hand de-
niands: but the business at the regular
meetings shall. except by twothirds
vote. be executed in the following order:
Roll call.
b. Reading the minutes.
C. Reports of officers and committees
d. Approval of offered securities.
e. Unfinished business.
{. New business.
<. Adjournment.
ARTICLE ".
DUES.
SECTION l. Every subscriber for stock
shall. before receiving his certificate. make
the following payments:
An ipitiutinu fee. of txent Ii NJ. f.eIlts