The La Jara chronicle., 1909-06-11
CONSTITUTION
ARTICLE l.

tion shall be The La lara Building and
Loan Association.
SEC. . The principal office of said
Association shall he kept at the Town OF
La Jara. in the County of Conejos. 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 tS2Oo0uo). divided into two thousand
t2,OOO) shares of one hundred dollars (SlOO)
each and issued in one more series as
/ the Board of Directors may determine:
the stock being paid up by the holders
thereof in advance monthly installments.
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 may become stockholders of
record for some OF it's stock; provided. that
minors fourteen years of age or more may
hold not to exceed five shares, in their
own right but shall not be permitted to
borrow money said stock until such
minor shall have become of legal age; and
al! stockholders shall be bound by the
rules and regulations of said Association
SEC. g. The objects for which this
| Association is formed are to accumulate
| funds by the collection of dues stated
payments from it's stockholders or mem
bers. 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
he provided in it's constitution and by
laws. and to loan these funds to its mem
bers only, secured by real estate and by n
collateral pledge of stock enough to cover
the loan. or secured by 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 may be lcgitimately pledged
to it upon said Ionns, or may otherwise he
transferred to it in the due course of its
| business Provided, TINT 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. l. Loans may he made upon other
securities than land or stock but such
loans shall be recommended by the Ap-
prasers and approved by the Directors.
and shall be covered by collateral pledge
of stock i'll the Association.
ARTICLE II.
SECTION l. The stockholders of the
|
first Monday in january. for the following
purposes:
a. To hear the annual reports of it's
officers:
b. To elect by ballot n board OF seven
"a Directors and three 90 Appraisers.
To amend this constitution;
d.. To transact any other business that
may properly and legally come before said
meeting.
a iflp oft he. ST Il
holders may he held mt any time. the call
being issued by the Directors either upon
their own motion or 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
lication of said notice for the period
required by law be made in at least one
| local paper of general circulation.
SEC. 3. Two-thirds of the outstanding
stock of record shall be quorum for the
transaction of business at any stock
holders meeting.
ARTICLE III.
SECTION 1. The Directors shall meet
regularly at least once every month in
the year. and shall. Mt the first of such
meetings after their election. choose the
| following officers, who shall he officers of
the Association also: a President. Vice
President, Secretary and Treasurer and
three Auditors.
SEC. 2. 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 |
fetal bonds, that of the Secretary being |
not less than Twenty iyc Hundred Dollars |
(S2.5O0). 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 1. 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 saiuried officers of
the Association.
ARTICLE vi.
SECTION I. 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
motion or on the written request of the
holder or holders of one-third in amount
s,f he at it.II