shares. against the shares so held the same lien as against other shares, and by the same proceedings as against femes sole. § 9. Infants may become share-holders in the association, Infants may hold and the shares bona fide held and paid for by them out of their money or property, or out of their earnings, shall be their own property, and shall be held by them free from the debts or control of their parents or guardians, except that the parent or guardian may, in writing, require the association to hold and not pay over to the infant any part of his share or shares until after the marriage or majority of the infant. The association shall preserve all such writings as part of its records, and shall have them at all reasonable times open to the inspection of all persons whomsoever. vested. § 10. The money of the association shall be invested in loans Money-how insecured by mortgage upon real estate situated in Campbell or Kenton counties, Kentucky, or in Hamilton county, Ohio. The real estate must be worth at least one and one half times the amount loaned clear of all other incumbrances. The money shall not be loaned outside of the association, except when no share-holder is an applicant therefor. 11. The money shall be loaned in sums of five hundred dollars or in multiples of that sum. Whenever there shall be in the treasury unappropriated enough money to make a loan, the association shall offer in open meeting, during the business hours thereof, the loan of the same to the share-holders at public auction, and the privilege of having said loan shall be sold to the highest bidder. The officer making said sale shall at once report said sale to the board of directors, and said report shall lay over for one week; after the expiration of one week, the board of directors shall vote by ballot upon the confirmation of said sale, and no sale shall be confirmed unless at least two thirds of the entire board vote in favor thereof. 12. When a sale has been confirmed and the real estate security approved, the loan shall then be made upon the execution of a promissory note by the bidder for the amount loaned, payable to the order of the association in accordance with the provisions of this charter, and bearing interest at the rate legal when the loan is made, the interest to be made payable in weekly installments. The bidder shall also execute a note to the association for the amount of the premium bid by him, and shall pay thereon weekly one dollar for every five LOC. L, VOL. 1-13 enforce collec tion hundred dollars borrowed by him, without interest, until said note is fully paid. He shall also execute, or canse to be executed to the association a mortgage upon the approved real estate by such persons as the association may require, to secure the payment of both said notes. § 13. The association may compel the payment of stock Association may and loan, and premium notes and interest, and the due observance of the constitution and by-laws of the association, by the levy of such fines and penalties as may by by-law be prescribed, and no premium, fine, or interest which may accrue to this association under and by virtue of this act, shall be deemed usurious; but the same may be collected as debts of like amount are now collectable by law of this Commonwealth, when not otherwise provided herein. § 14. Whenever the unpaid fines assessed against the stock notes of defaulting members shall equal the amount paid in and the earned profits upon the shares for which they are given, then the association may apply the amounts so paid in satisfaction of said fines, and may cancel said shares, and require the return of the stock certificates therefor to the association, and may erase the member's name from the con. stitution. § 15. The shares of the stock of the association may be Shores-when is issued at any regular weekly meeting as of the date of issue, without payment of back dues. sued. posed of, 16. The profits of the association shall be ascertained at Profits-how dis- the end of each half year, and shall at that time be entered to the credit of the stockholders, each to receive credit for the profit earned by the money paid in by him on stock notes, the credit to be given in the pass-books of the share-holders, as well as upon the books of the company. Association may purchase the stock. 17. The association will purchase any of its shares of stock; but no share shall be purchased until it has been fully paid off for at least one half year. For shares which have not been fully paid up for one year, not more than the amount paid upon stock notes shall be paid. For shares fully paid up for not over three years, the amount paid in upon stock notes and ninety per cent. of earned profits shall be paid. For all shares fully paid up for more than three years, the amount paid in upon stock notes and all earned premiums shall be paid. But the association shall not purchase any share of stock which has in any way been mortgaged or pledged to the association, or otherwise, except in ratification of such mortgage or pledge. The association shall not, at any time, apply more than fifty per cent. of the unappropri ated funds in the treasury to the purchase of shares. § 18. The association shall have the right to purchase and hold all real estate and personal property necessary to enable it to fully carry out the objects of its creation, and shall have the right to purchase any property, personal or real, at any judicial or decretal sale upon which it has a mortgage or lien, or in which it has any interest; and it may at any time sell and dispose of any of its property, real or personal, as a natural person might do. May hold rea fate. and personal es association. § 19. The officers of the association shall be a president, a Officers of the vice president, a first and second secretary, and a third secretary if necessary, nine directors, and an attorney. The officers shall be chosen at such time and in such manner, and their duties and obligations shall be such as by by-law shall be prescribed. The attorney need not be a member of the association. The officers shall, for their services, receive such sums, and at such manner and times, as the association may, by by-law, prescribe. § 20. Transfers of stock shall not be valid, except as between the parties thereto, until the same are regularly entered upon the books of the company, so as to show the name of the person by whom and to whom the transfer is made, the numbers or other designations of the shares, and the date of the transfer. A regular transfer book, plainly showing all these things, shall be kept by the association as part of its records. S21. The private property of stockholders shall not be Private property liable for any of the corporate debts. exempt from corporate debts. § 22. The association may, by by-law, require of any of its Officers' bonds. officers the execution of good and sufficient bonds to secure the faithful performance and discharge of their several duties. punishable. 23. The intentional false keeping of any of the books, False book-keepaccounts, or records of the association, whereby any one is injured, shall be a misdemeanor upon the part of those concerned therein; and they shall, upon trial and conviction thereof, be fined in any sum not less than one hundred and not more than one thousand dollars. The trial may be by indictment in the Campbell criminal court, or by action in the name of the Commonwealth in the circuit court of said county. § 24. The association shall have the right to make all bylaws necessary to fully carry out the purposes of this act, not in conflict herewith, and not against the laws of this Commonwealth. 25. This act shall take effect from and after its passage. Approved February 16, 1880. Corporators. Officers. CHAPTER 234. AN ACT to incorporate the Mason County Building and Saving Association. Be it enacted by the General Assembly of the Commonwealth of Kentucky: 1. That the Mason County Building and Saving Association, organized in the eity of Maysville, Kentucky, by the adoption of a constitution and by-laws, and the election of Thomas Wells, James J. Wood, George W. Blatterman, R. Albert, David Hickinger, Andrew T Cox, John R Rudy, John N. Thomas, James F. Barbour, Milton C. Russell, and R. K. Hoeffich as a board of directors, which, from their own number, pursuant to the provisions of their constitution, elected Thomas Wells, president; James J. Wood, vice president; Milton C. Russell, secretary, and R. K. Hoeflich, treasurer, be, and the same is hereby, incorporated and created a body-corporate and politie, and by the name of the Mason County Building and Saving Association shall have perpetual succession, and be capable of suing and being sued, pleading and being impleaded, in all the courts of this Commonwealth; of contracting and being contracted with; of having a common seal, and the same to make, break, or alter at pleasure, and of acquiring and holding real and personal estate by purchase, gift, devise, or otherwise, and the same to sell, mortgage, or dispose of at pleasure. § 2. Said association shall have power to make a constitation and by-laws, and to ordain such rules and regulations as may seem proper and necessary for the management of said association, and to alter or amend them at pleasure, but not to be contrary to the Constitution and laws of Kentucky or to this charter; and the constitution and by-laws which have been adopted by said association shall remain the same, until they shall be altered by the association. The § 3. The fiscal, prudential, and financial affairs of said association shall be conducted by a board of eleven directors, all of whom shall be stockholders in said association. eleven persons named in the first section of this act shall constitute said board of directors, and they, and such persons as may be elected by said directors to fill any vacancy in their number, shall continue in office until the annual meeting, which shall be first held on the last Saturday in December, 1880, at which time a new board of directors shall be elected; and an election shall be held at the annual meeting of the stockholders, which shall take place on the last Saturday in December in every successive year during the existence of this association. Said board of directors shall elect from their own number a president and a vice president, and from their number or the stockholders, a secretary and treasurer, who shall be the executive officers of the association. The board of directors shall have power to fill any vacancies in the board; and they may appoint and employ such other officers and agents as said board may at any time deem best. The vice president shall have no power to act as president except in the absence of the president. Board of direct ors. held. § 4. All elections shall be by ballot; and in all elections of Elections - how the board of directors, and all business transactions of this association, each stockholder shall be entitled to one vote, irrespective of the number of shares which may be owned by the stockholder. § 5. Before entering upon their respective offices, the secretary and treasurer shall each give bond to the association, with personal security, to be approved by the board of directors, conditioned that he shall well and truly discharge the duties of his office, and that he will safely keep and pay over to the association and its members all money and other property which may come to his hands as secretary or treasury, when lawfully required so to do. Officers bonds. sociation. § 6. Said association shall have power to assess and collect, Power of the asat such times and upon such terms as they may deem expedient, any contributions, dues, and fines upon its members as they may deem necessary and proper to carry out the objects of this association. The number of shares of stock shall not exceed five thousand shares of one hundred dollars each. |