The herald., 1920-11-25
CHARTER.

ARTICLE V-Dircctors and Their Pow
7 er>.-Ihe corporate powers of the ASSocia
Il"h Shai be "NeFCIN"d by twenty-five Bi
I''Ipfs' tdoh OF whom shall own at loaS
ny" shares of the stock OF the corpora
tfon. and who shall he elected by tn
'khold"rS on the third Thursday il
N"FEh ahhuaiIy each share OF stock rep
resented AT SAID election and not in dcfaul
being entitled to one vote
Method of Election Noti., 80 ut
election shall be given for az least on,
| Week by publication in one or NOR. news
| papers published in the civ of N.y. or
leans. said election shall be by ballot, an,
! shall be held at the domiril- OF this Cor
| poratluH. under the supervision of thr.,
/ .,o"Eholdrr> appointed by the Board o
! Directors at the last preceding rr-III.i
! meeting thereof The. Stockholders, ra,,iy
| ing majority of the votes cast shan n,
declared elected
The failure 70 hold an .I..tio,, $40, 81.
/ dYy ,p,,iT,f sI,ii w., 81, a Wv lloH On 'H'
/ pnr.ftinp Irr ~. NJ, t"' OF
! hold over until an ,.I.rt;n,, i IN H""l
! ten DAYS notice of tba fi,D. rJ , ~
Election or ugi,..-, IN. r,;-....-
/ elect from rh,ir pur,I,.r ~ - III >t''
/ pr.>id.rr .ua S,,.,,5 " H', NC
/ seven Directors iU'r,Iir., -, ~, .H'
= officers shall H.. ,,,,,,r,I nn' VI ms
/ yrti,u ,f N. f"oi" "I i'' inc 'TdHN
/ absence of mo ,i,t,,,, ,nJ r 70 ~ az
I DEM. from any r...,,iar ~, "'.' ~ !'Tl
/ "A majority of Tho ,,'I'ni I,l 5'' Il'-
! powered To elect 9. I,r,.i,ii. ~, tIi ~, ~
! su,L rr,,.,i,., - ., Lt'>i"lI- O"h'r TOT
/ nf tbr \,.n,-,,,in, ~ '',>'''' ''r 'u>!H'>'
failure iuybiIiry nr r..,,i,.,I - - ~ ''
/ parr of k,,th ~ pr,.fI ~ w. NJ on 'h'
dents. 4 rupiority ~ tb,. nti., i
! elect "a President 80, -, -. -" G.'"''
shall do ana r,.rf,tr,,, All '''I ,;i' oIL''r
brut ON rL,. I,r.sii,,, az "a, uN'I'S iH'uIt'
>rucp f1iIur. ingIiIit,. r,,I Is '"' "n
referred to shall confinrr ''''' '""''
po,...r. 49,, -,
.I ~ ul h"dru' u" directors shah
Il treasurer. and such other officers as ma,
t Ir n'cTn T t ana may nN their comp"n-
L,i,,, ,'.'u t1'! >n1u nave power To adopt
ST. place OF meeting. to suspend amy
ana ~. 1880 OF hutS or misconduct.
VI ~ IN ,t>>n, lItloh.
Nri,,i'r y Il Married women and
T.,rrii I'LL, "'I"h LOT membership
.i,'.i ~ LINEN ana minors may hold
INV. MI apph'dtlOu> for membership shall
>u."J''' /" the approval OF the Board of
y Ahl II ~ Nil.-LoanS and Advances
hiTHl 10 -AdNanc'S.-EHCh shareholder for
each inStallmrnt share he may hold in m.
ASSOCIATION. shall be entitled subject to
.n' discretion OF ia" Board. 10 Receive from
security, an advance Of fifty dollars. ana
besides giving such security. such Sharr-
H"idrf TN on" or more contracts ms de
'IWlIeu ny the Board. shall plpd.s,. his
shares in the Association and ,I-o IL,
special cases, as the Board NAV drfrruIiu.
snail as additional collateral security
II"dG" bonds. stock, or other Sc,.lIriti-, I
archOldcrS desiring loans on r.,I m
tat" security must file application tber,f,r
upon blank forms furnished by the AsSo. /
nation. and when the same are proprrIy /
hIiru up ana signed. they shall be- num- |
p'F"d III the order of their recent and
loah> or advances made in sequence in the
order of the applications, as funds arc
i'aIlabie.
No shareholder shall be- entitled IN an
advance who j. in arrears in the lsso,in
non.
lntereSt.-SharrhoId tokin,, ,d,,r....
shall pay interest on the face thereof by
monthly payments, at the rate of 50 n.r
'rntum per annum. ~
'hanEr of EateS.-On the affirmative.
."'e OF seventeen members. the Board may
rom time to time change the rate of in
crest on any and all advances to be made
D shareholders.
applicant for a loan or .dvop,, iii .nHH
o offer satisfactory security for tha SAM
within one month after the date of ,nrii
alton. the latter shall be considered AZ
Withdrawn and interest shall be charged
o the applicant, together with all costs
hall revert 10 the Association
When Security Deemed Suficient.-Se-
urltN shall not be deemed sufficient nm
TNs approved by at least majority of
ne Board OF Directors present: bUf ma
Dan on agricultural, commercial or man.
ltacturlng property shall exceed three
ouFthS OF the value thereof as fixed hy
ne committee or expert appointed TO an
'r = the same.
Loans on Shares.-LOans or advances
pom shares of this Association may be
iaut Tor not more than ninety per cent. of
ne caSh value of shares borrowed upOn an
~ ~ rd'e OF elght per cent. discount for
niIt!, siAtE or ninety days, and to be
ecured by note of the shareholder 10 |
ether with the pledge and delivery 10 the
'TSSSo'Idtioh or the shares borrowed upOn |
~ approved by the President mr. one 90
he Vice Presidents.
t LIE NiIi.-tlneS and ForfeitureS
any shareholder failing to make any
q! hSht on MS shares until one month is
asSSu, Shail forfeit and pay as a fine and
,tnhn! the sum Of five cents per share on =
- whIch no advance has been
Ihut' anu the sum or hve cents per share
II ShareS on which an advance has been
uent default.
cancellation for on-Payment.-Anv /,
'onthS ubau W Sd Ior the term OF six :
,ohtnS Shali 1all TO pay the instalments I
az on MS shares, shall. by reason of such Il
iuie, anu Wlthout notice, cease to be a | 7
t tI ana me net Withdrawal value of .
idi t""res shali De placed to his individual
III Prohl ueu' the shares pledged for | y
. Ut advances upon real estate, shall /
u be liable to forfeiture but the right 81 Il
reClosnre under all loans and advances II
aa ilure TO the corporation whenever the ;
,,.'- nus, or interest. or both. are in >
rt"rs LOT period of six months and in ;
sc OF foreclosure, the withdrawal value u
sucn ShareS shall he credited upon the >
oI {, 9I the shareholder. n
-al' lohE iN-Manner of Reducing u
w"r o "n i inStaiIn SharcsIWhen Dor
= Isls AZ.