The La Jara chronicle., 1909-06-18
CONSTITUTION
ARTICLE |.

Colorado. and the principal business of
said Association shall be carried on in the
County of Conejos in said state.
SEC. J. The capital stock of said Associn-
ton shall be Two Hundred Thousand
Dollars tSD0,0O0), divided into two thousand
t2,O00) shares of one hundred dollars (Sl0O)
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. 8. The members of this Association
shall be such persons, firms corpora
tions 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 be permitted to
borrow money said stock until such
minor shall have become of legal age: and
all stockholders shall be bound by the
rules and regulations of said Association
SEC. 6. The objects for which this
| Association is formed are to accumulate
| funds by the collection of dues stated
payments from its stockholders mem
bers, to levy. assess and collect from its
/ IltHbtrS Sutn sums Dl money rates Oh
stated dues. fees, fines and interest on
loans advanced according to the terms to
he provided in its constitution and by
laws. and to loan these funds to its mem
bers only. secured by real estate and by "A
collateral pledge of stock enough 10 cover
the loan, or secured by stock only il the
loan he less than the withdrawal value of
such stock. Also, to acquire, hold and
! convey all such real estate and personal
property may be legitmately pledged
! to ii upon said louns, or may otherwise he
transferred to it in the due course of it's
business. Provided that real estate shall
except for Office purposes, be acquired only
by foreclosure or other mode of settlement
of existing mortgages or Clnius; and
even when SO acquired, shall he sold as
! promptly as possible.
SEC. :. Loans may he made upon other
securities than land stock; but such
loans shall be recommended by the Ap-
praisers and approved by the Directors
and shall he covered by II collateral pledge
of stock in the Association.
ARTICLE IL.
| SECTION /. The stockholders of the
Association shall meet annually on the
first Monday in January. for the following
purposes:
"a. To hear the annual reports of its
officers:
b. To elect by ballot "A board of seven
C0 Directors and three (3) Appraisers.
c. To amend this constitutions
d. To transact any other business that
may properly and legally come before said
| meeting.
| SIC. 2 A special meeting of the stock
holders may be held at 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 he
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 a quorum for the
transaction of business at any stock.
holders meeting.
ARTICLE Ill
SECTION 1. The Directors shall meet
regularly at least once every month in
the year; and shall. at the first of such
meetings after their election. choose the
following officers, who shall he officers of
the Association also: y President. a Vice
President. "A Secretary and Treasurer and
three Auditors.
SEC. 2. The board of Directors any four
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
ficial bonds. that of the Secretary being
not less than Twenty FIVE Hundred Dollars
tS2.50Ol. 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 oftencr,
pass in detail upon the financial accounts
of the Association making in every case
a 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 saIaried officers of
the Association.
ARTICLE VI
SECTION l. This Constitution may be
amended by II 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 |
of the stock subscribed. issued or credited |
to the holders thereof, or outstanding as |
shown by the stock books of said Associa- |
ton; and every such amendment shall he