The herald., 1922-02-23
CHARTER

Die mummy .! me tenth Of each Pan
month, at the Once Of the .O',s
all payments shall be imputed .ety; ~
settlement Of interest due. T9i .tlltO "a
ments on shares, (3J reimhn,o lnsh1
moneys paid for account ~ sehent
ers; provided, that this ord, snareAes
tation may be changed NJ tbd OF I'M
of the Board OF Directors. uiscrsiS
q Any borrowing sharabo,,.
TO make the payments reunires nii,,
the current month. shall paw 81 cara,
atty therefor One Cent on each
Oy MN or her' or for each such e b.
which shall be charged against S, iallas
holder; provided, any sharehss Ieh sAss
in default may have the pena,,er la
RENTED by paying twice ~! tnefet
| which he or she owes at the fin. anOee
Element. u'ne Of Y
8. Shareholders Of running .,
dren's shares shall have tba aug ehA
withdraw from the socistv tight
amount paid in. with the scou ne ri
profits thereon, as shown ar ,hNumuhs
ing dividend time, less any pnecea
proportion OF losses, if any. upon a.
written notice, which shall no r , hHl,
by the Secretary in the order esisters
receipt; and Withdrawing SAL ns
shall be paid in rotation. "a saenoide
out of the first unapprOpriated mese's
the treasury. Hioaey
Q. Provided: Whenever ,ba
ton OF receipts ordinarily mada pOpe
cable to the demands of wi,h.- appt
members by resolution of tho parEli,
Directors is not sufficient to nav " ond 4
demands within sixty days from a.. n
notice. one-half of the recein,a ae
thereafter be applied To the lioniSs,, sAa
the claims of Withdrawing memba,sO
all deferred claims are paid. Anr ~, una
holder may be permitted 10 w,,s sS1A
part OF the accumulation TO his uis
credit by reducing the number a,
held by him or her prOportionateiv' As's
10. Should there be an over. accn,-,
ton OF funds beyond the use ~ !.
society, the Board shall have tha
to call in unpledged shares for e nH
ton: provided, that the ullnaid . ssl
shall be called in first. in the , s.sN
order OF their issue, and shall Ses
| deemed for face value. plus intero., =
the time intervening since last divIs.M
| at the same rate as last diyiSanS y
clared; and should all fuIl-paid -.
De redeemed. the alphabetical. juysoTs.
running and children's shares msv I
called in, the oldest shares to be raSs..ss
first, and at their withdrawal yalna ~,
interest intervening since date a, Nv w
dividend, at the same rate as the ~
dividend. H
II. On the death of a membe, -.
Oelng In arrears. his or her legal -,
resentative shall be entitled to receive
cash the withdrawal value Of the sss
at the time of the past pavment 80
by such deceased, or said represents,,.'
shall be entitled to transfer said 49,
! to others, or to continue the memhs,ss.
by payment of the monthly instaIlms,,.'
provided. nevertheless. that the nosi,'..
of the deceased member and such ran,.
sentative be determined. as regards IN.
society. in ninety days next fOlIovis,
such death.
Il. All transfers Of stock shah 4.
made on the books of the society !,
surrender of the certificate of stock a.,
in the presence of the Secretary. -,
such person to whom the stock is "a i
transferred must abide by the cbsr,
of this society.
-. The Board of Directors shall can.
to be ascertained on January LIST AR
list, July LIST and October LIST of ~
year the earnings of all shares for "A,
preceding three months, and out Of mr.,
earnings there shall "a be deducted N
expenses of the society for such time N
tributable to such shares; (2) set asa
to the fund for contingent losses mr.
per cent of the net earnings at any an
dend period, until such contingent nm
equals two and one-half per cent Of n
outstanding loans, and the Board 4
three per cent of net earnings at an,
dividend period for a reserve fund unti
such fund reaches two and One-hak d.
cent of outstanding loans, which funI
shall be invested as directed by IN
Board; 90 the balance of said earning
shall be declared as a dividend upon Il
shares, as provided by law, based on n
value Of the stock of each member at N
time preceding dividend was declared.
IA. Dividends declared shall be enters
on the pass books of the members semi
annually. and dividends on full-psl
shares shall be in cash on the LIST Of Jsn
uary. April, July and October Of cad
year, or as provided in bylaws.
ARTICLE v.
All the corporate powers Of this %
ciety shall be exercised by a Board 4
Directors composed of at least ten ssl
not more than fifteen shareholders, sacl
Of whom must own or be a subscribe
to at least fifty shares of stock, for
period Of not less than twelve month
prior to his election. Said directors
be elected at general meeting con
vened for that purpose on the first Tues
day in January, 1887, and on the hrs
Tuesday in January of each succeedn
year. Each share Of stock represents
at such meeting and not in default shs
be entitled to one vote. Notice Of sue
meeting to be published in one Of th
daily papers of this city for a space .
ten days Immediately preceding said ele
ton. The election shall be held at u
domicile Of said corporation under II
supervision of three stockholders u
pointed for that purpose by the Boar
Ing thereof; the stockholders receivn
the majority of the votes shall be d
clared elected. Failure to hold an ee
ton on the day specified shall not di'
solve the corporation, but the director
In office shall hold over until an electie
be held, after ten days notice Of ID
time and place thereof. The director
shall elect from their number a presiden
vice president, second vice-president. %
treasurer. Seven directors shall consu
tute a quorum for the transaction Of bu'
mess. The directors shall also elect
secretary, who shall not be a mempe
Of the Board; appoint an attorney,
notary, and such other officers and en-
ployes as shall be necessary, and tx %
determine the compensation to the on
GERS and employees Of the society, Cd
fees to be allowed the directors and nes
bers Of committees, They shall have y
power to make bylaws, to select plae
for meetings, to suspend or disehafs
any and all officers, and have genei'
authority to carry out the objects On
business Of the society.
Iney snail nave the power 10 nushy..i
the president or other officers, In nel
discretion, to purchase real estate ~ !.
to contract for loans. and pledge
assets In the furtherance Of the usual ~ ~
proper business of the society. Al
November meeting the directors ~.
name committee Of three members
the society to nominate the directors y
the ensuing year. Any five members
good standing may put in nominaus
any other ticket they may unite ep''
providing such nominees are eligips.
In faith whereof. the said appeaiel
have signed these presents In the p...
ence of Messrs. Albert Z. Moulin ~
Lawrence g. Bofet. competent WINES N
who hereunto sign their names VIII a.
said appearers and me. Notary, aitef ~
reading OF the whole.
Original Signed)
President
ROBT. J. PALrREY,
Secretary.