Norwich bulletin., 1915-03-23
VOTE ON BYLAWS OF
 BUILDING AND LOAN
Those Presented by Committee Were
 Approved.

The adjourned meeting of the Nor wich Building and Loan association, which was tentatively organized at & meeting held in Buckingham Memo rial March 12, was held Monday night in the rooms of the Norwich Chamber of Commerce in the Transportation building on Shetucket street. The at tendance was not as large as had been expected, owing no doubt to the spe- cial city meeting held in the town hall at the same time, but 1t was, however, a very spirited meeting and deep in terest was manifest in the business transacted which consisted in the main of the hearing of the report of the by laws committee and the report of the committee on incorporation.
 President Frank H. Smith called the gathering to order shortly after s o'clock and the first business was the hearing of the minutes of the previous meeting and they were read by the secretary, A. Ernest Cherry.
 Charles W. Pearson reported for the bylaws committee saying that the committee had met and carefully in spected bylaws used by building and loan associations in the state and that they had decided upon a proposed set of bylaws which with a few changes would prove equal to the needs of the newly formed association in this city. Secretary Cherry. who is also a mem Der of the bylaws committee, then read the proposed bylaws which con- sisted of 24 articles. As the articles were read they were freely discussed and several changes were advocated, some of them being carried. The object of the association, which will be known as the Norwich Build ing and Loan Association, Inc, is given in article 1 as follows:
 The objects of this association shall be to encourage home building and saving among it's members; the accu- mutations of savings, the loaning of such accumulations to its members the purchase of real estate the erec- tion of buildings, making improve ments of lands, or paying off encum- brances thereon; and the repayment to each member of his savings when they have accumulated to certain sum, or at any time when he shall desire the same, or the association shall desire to repay the same Regarding membership, article says: Any person of full age and sound mind may become member of the association by subscribing for. and taking one or more shares therein, and shall thereby be understood to give his or her assent to, and shall be bound by the provisions of the Articles of Association and Bylaws. Shares may be held for minor in the name of a parent, guardian or next friend
 
 minor in all the rights and liabilities of membership, except that of holding office. When such minor shall be at | tained the age of 21 years he shall b. the absolute owner of the shares ant become a member. Each member sha1 pay a subscription fee of 50 cents : share.
 Regarding capital and shares ar. 1 ticle 13 provides that the capital o the association shall consist of the ae. I cumulated savings of it's members | which 1t holds, and shall not exceed shall be divided into shares of tho matured value of $20O each The | shares shall be issued in half yearly | series in such amounts in each serie: and at such times as the board o1 management may determine. Shares which have been pledged as collatera security for the repayment of a loar | shall be called pledged shares. Share. | which have not been so pledged shal be called unpledged shares. No per. son shall hold more than 15 unpledget l shares in any one series, nor mor' than 30 pledged shares in any ont | series.
 It was moved, seconded and carriei that the proposed bylaws be declared approved and accepted. subject to tn, approval of those present at the'nex meeting.
 H. R. Branche of the committee o1 incorpora ton reported progress. 1 Among other matters 1t was decided | that a second vice president, an as sistant secretary and an assistan l treasurer be elected and this will b. done when the association is duly in corporated.
 | Adjournment was taken until mex | Monday evening at 8 o'clock in tn
 rooms of the Norwich Chamber O Commerce. in the Transportation n sirous that everyone interested in tn
 association attend the meeting, whicl promises to be an interesting one.