The La Jara chronicle., 1909-07-02
CONSTITUTION
ARTICLE |.

SECTION !. The name of this corpora
Loan Association.
SEC .. The principal office of said
Association shall be kept at the Town of
La lara. in the County of Coneios, State of
Colorado and the principal business of
said Association shall be carried on in the
County of Conejos, in said state.
SEC. 3. The capital stock of said AssOcia-
ton shall be Two Hundred Thousand
Dollars (s20o,0o0), divided into two thousand
(2.OOG shares of one hundred dollars 500
each. and issued in one or more series as
the Board of Directors may determine;
the stock being paid up by the holders
thereof in advance monthly installrnents
continued regularly until such install
nents and the dividends accruing there
ON bring the stock to the par value.
SEC. 4. The term of existence of said
Association shall be twenty years.
SEC. 3. The members of this Association
shall be such persons. firms corpora
tions as may become stockholders OF
record for some of its stock: provided. that
minors fourteen years of age or more may
hold not to exceed five shares. in their
own right. but shall not bc permitted to
borrow money on said stock until such
minor shall have become of legal age: and
rules and regulations of said Association.
SEC. 8. The objects for which this
Association is formed are to accumulate
funds by The collection of dues or stated
payments from its stockholders or mem
bcrs to levy. assess and collect from its
members such sums of money by rates of
stated dues, fees, fines and interest on
loans advanced. according to the terms to
be provided in its constitution and by
laws. and to loan these funds to its mem
bcrs only, secured by real estate and by a
collateral pledge of stock enough 70 cover
the loan. or secured 10y stock only il the
loan be less than the withdrawal value Of
such stock. Also, to acquire, hold and
convey all such real estate and personal
property as may be lcEitimately pledged
to it upon said loans. or may otherwise be
transferred ts it in the due course of it's
business. Provided, that real estate shall.
except for Office purposes, he acquired only
by foreclosure or other mode of settlement
of existing mortgages or claims; and,
even when so acquired. shall be sold as
promptly as possible.
SEC. :. Loans may be made upon other
securities than land stock but such
loans shall be recommended by the Ap-
praisers and approved by the Directors.
and shall lie covered by collateral pledge
ARTICLE II.
SECTION /. The stockholders of the
Association shall meet annually on the
first Monday in January, for the following
purposes:
officers;
b. To elect by ballot a board of seven
"a Directors and three go Appraisers.
e To amend this constitutions:
d. To transact any other business that
may properly and legally come before said
meeting.
SEC. 2. special meeting of the stock
holders may be held at any time. the call
being issued by the Directors either upon
their own motion upon the written
request of the holders of one-third of the
stock of record provided, thirty or more
days prior thereto. written notice shall be
mailed to every stakeholder. and the pub
LEGATION OF said notice for the period
required by law be made in at least one
local paper of general circulation.
SEC. ). Two-thrds of the outstanding
stock of record shall be quorum for the
transaction of business at any stock
holders meeting.
ARTICLE III.
SECTION l. The Directors shall meet
the year; and shall. at the first of such
meetings after their election: choose the
following officers who shall be officers of
the Association also: a President IA Vice
President. Secretary and Treasurer and
three Auditors.
SEC. .. The board of Directors any four
being IA legal quorum, shall have power to
devise or change the corporate seal; make,
amend, or annul Bylaws; fix the salaries
of the Secretary and Treasurer: furnish
the Secretary with counsel or other needed
assistance; loan or invest funds; borrow
money: buy or sell property and otherwise
manage the business and conserve the
interests of the Association; fix all of
ticial bonds. that of the Secretary being
not less than twenty-five Hundred Dollars
$3.50. and of the Treasurer not less
than Five Thousand Dollars $500; fill
all vacancies in their own number; and
transact any other business of the Associa-
tion not otherwise provided for.
ARTICLE ".
SECTION /. The Auditors shall approve
all official bonds and annually, or oftener,
pass in detail upon the financial accounts
of the Association, making in every case
written report of their findings to the
Board of Directors and also to the stock
holders at the annual meeting.
ARTICLE V.
SECTION l. The Secretary and Treas
urer shall be the only salaried officers of
the Association.
ARTICLE VI.
SECTION 1. This Constitution may be
amended by two-thirds vote of the out
standing stock of record at any annual
meeting of stockholders or meeting
specially called for that purpose. Pro-
vided. such amendments shall be proposed
by the Directors. either on their own