Constitution and By-Laws
. OF THE
HURON VALLEY
Building & Savings Association
OF
ANN ARBOR, MICHIGAN,
Incorporated under Act (No. 50, of the
Laws of 1887), approved March
29,1887, as amended in
1889.
AUTHORIZED CAPITAL $5,000,000.00.
Shares $100. Payments each week. 15 eents per share.
Money loaned on second and last Monday in
each month. Installments Monday in
each week.
Premium bid not deducted from loan,
but payable in installments.
Advance Payments Earn Interest.
OFFICE ROOM: 4 HAMILTON BLOCK.


CHARTER MEMBERS.
John R. Mixer, Manager Egan Imperial Truss Co.
Dr. D. A. MacLachlan, Prof, in University.
F. H. Belser, Cash. Farmers' & Mechanics' Bank.
A. R. Hammond, Contractor and Builder.
Chas. S. Millen, Dry Goods.
William G. Doty, Probate Register.
Jas. R. Bach, City Clerk.
Thomas D. Kearney, City Attorney.
Nelson J. Kyer, Prop, of Ann Arbor City Mills.
Milton M. Steffey, Prop. Ann Arbor Steam Laun-
dry.
Wm. J. Just, Lumber Dealer.
Oscar Talcott.
Wm. K. Childs, Sec. Washtenaw Mutual Fire Ins. Co.
Henry Richard, Wood and Lumber.
A. H. Roys, Wood Turning and Pattern Making.
C. Powell, Telegraph Oper. T., A. A. & N. M. Ry.
Chas. S. Fall, Supt. Electric Ry.
R. Spokes, Engineer at City Mills.
Will F. Stimson, Grocer.
W. D. Adams, Prop. Bazaar.
G. Brehm, County Treasurer.
F. Schmid, Dry Goods.
Mrs. C. W. Mellor.
L. H. Clement. Manager of Allmendinger Piano &
Organ Co.
Eli W. Moore, Supt. Ann Arbor Ag'l Co.
Geo. H. Hazlewood, Agt. T., A. A. & N. M. Ry.
N. D. Gates, Builder.
A. R. Peterson, Prop. Ann Arbor City Mills.
J. B. Steere, Prof, in University.
A. Turn-bull, Foundry and Machine Shop. .
Ambrose Kearney, Capitalist.
Geo. Crocker, Engineer T., A. A. & N. M. Ry. .
A. W. Gasser, Blacksmith with Ferguson Cart Fac'y.
Henry M. Perkins, Carriage Trimmer with Fergu-
son Cart Factory.
Gilbert Rhodes, Bookkeeper with Ferguson Cart
Factory.
Charles Speller, Sporting, Athletics & Tennis
Goods.
Frank Field, Student, Mich. University.
W. F. Breakey, M. L).
Chas. R. Whitman, Regent University, R. R. Com.
Herman Krapf, Sash, Door and Blinds Mfr.
W. H. Krapf,
Geo. A. Douglass, Traveling Salesman.
C. Lane, Agt, of Hammond Beef Co.


HURON VALLEY
BUILDING & SAVINGS ASSOCIATION
-
OF-
ANN ARBOR, MICHIGAN.
The undersigned, being desirous of becoming in-
corporated as a Mutual Building, Savings, and Loan
Association, for the purpose of building and improv-
ing homesteads, and loaning money to the members
thereof only, in accordance with Act No. 50 of the
Session Laws of 1887, and Acts amendatory thereof
and supplemental thereto, hereby declare such to be
our purpose and intention.
The name of the proposed corporation is the “Huron
Valley Building and Savings Association” with the
principal office at Ann Arbor, Washtenaw County,
Michigan, and a capital stock of Five Million
(5,000,000) Dollars. The duration of said corporation
to be thirty years.
In Witness Whereof, We have hereunto set our
hands and seals this 23d day of December, A. D.,
1890.
John R. MINER, [L.
WILLIAM G. Dory,
G. BREHM,
(L. s.
CHAS. S. MILLEN,
B. F. WATTS,
Mc. C. LEBEAU,
NELSON J. KYER,
F. H. BELSER,
Jas. R. Bach,
A. R. HAMMOND,
AMBROSE KEARNEY, [L.
THOMAS D, KEARNEY, [
D. A. MACLACHLAN, (L.
JAS. A. BROWN,
(L.
EUGENE K. FRUEAUFF, [L. S.
W. D. HARRIMAN,
J. B. STEERE,
W. F. BREAKEY, (L. S.]
الانانا
ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்ம்


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son ally all real estate offered as security for loans,
and report to the board their appraisement of the
value of the same and also their opinion as to the
sufficiency of the security offered.
AUDITING COMMITTEE.
Sec. 6. At each annual meeting there shall be
elected an auditing committee of three from the stock-
holders, not officers or directors, whose duty it shall
be to audit the hooks and accounts of the Secretary
and Treasurer, at the earliest day practicable succeed-
ing the first day of July anil January following, and
report to the hoard, or stockholders, the condition in
which they find the same, at the first stated or annual
meeting thereafter.
BONDS.
Sec. 7. The Secretary and Treasurer shall execute
to the association good and sufficient bonds to the
amount of not loss than three thousand dollars each,
for the faithful performance of their duties.
The board of directors may, by a majority vote, at
anytime when they deem it necessary or expedient
increase the amount of the bonds to be given by the
Secretary and Treasurer, and may also require bonds
of any other of the officers of the association.
MEMBERS.
Sec. 8. Application for stock must be made on a
blank form furnished by the association.
Any person may become a member of the associa-
tion by subscribing for one or more shares of stock
and paying the association fee thereon. The asso-
ciation lee, which is not a payment on stock, shall be
50 cents per share, payable with the application.
This fee shall be used to secure new business, for
advertising, commissions to agents, or for such other
purposes as the board of directors may determine.
The certificate shall be dated the first of the month
succeeding the application therefor, and each suc-
ceeding Monday thereafter the installments shall be
due and payable.
DEPOSITING MEMBERS.
Sec. !). Each depositing member shall pay into
the treasury of the association weekly not loss than
15 cents on each share of stock owned by him until
such weekly payments, together with such other
sums as he may choose to pay, and such dividends as
may be declared thereon, shall together amount to
the face value of said stock, at which time the mem-
ber shall be entitled to receive the amount thereof in
cash.
LOANS.
Sec 10. All applications for loans must be made


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pense of said purchaser; provided the same shall be
assented to by the board of directors. Said person
purchasing, may also purchase the shares held by
said shareholder, and they will be transferred on the
books of the association to paid purchaser. The in-
stallments, interest and dues thereon being paid up
to time of transfer, and upon the payment of all ex-
penses the association may accept a new mortgage
from said purchaser, to secure the former loan upon
the same or other sufficient property.
PROXIES.
Sec. 16. Each share of stock in good standing
shall entitle the holder thereof to one vote, either in
person or by written proxy; provided that no mem-
ber be allowed to cast more than forty votes, and no
officer be allowed to hold proxies.
AMENDMENTS.
Sec. 17. The by-laws of this association may be
altered or amended at any annual or special meet-
ing of the stockholders; provided, first, that such
alteration or amendment shall have been submitted
in writing at the stated meeting of the board of
directors at least two weeks preceding, and that five
days' notice by mail shall have been given to each_
stockholder of the association, and provided, second*
that two-thirds of the stock represented at the meet-
ing, and a majority of the board of directors concur
therein.


AN ACT to provide for the incorporation and regu-
lation of certain corporations, generally known as
Building and Loan Associations.
Section 1. The People of the State of Michigan enact,
That whenever any number of persons, not less than five,
may desire to become incorporated as a mutual building and
loan association, for the purpose of building and improving
homesteads and loaning money to the members thereof only,
they shall make a statement to that effect under their hands
and seals, duly acknowledged before some officer in the man-
ner provided for the acknowledgment of deeds. Such state-
ment shall set forth the name of the proposed corporation,
its capital stock, its location, and the duration of the corpo-
ration, which shall notexceed thirty years; which statement
shall be riled in the office of the secretary of state. The sec-
retary of state shall thereupon authorize such persons to
open books for subscription to the capital stock of said cor-
poration, at such time aim place as they may determine, but
shall not authorize two corporations having* the same name.
Sec. 2. As soon as one hundred shares or more of the cap-
ital stock shall be subscribed, a meeting of the subscribers
shall be convened for the purpose of electing directors (not
less than Jive in number), adopting by-laws and the transac-
tion of such other business as shaM come before them. No-
tice thereof shall be given by depositing in the postoftice
properly addressed to each subscriber, at least five days be-
fore the time fixed, a written or printed notice, stating the
object, time and place of such meeting. Directors of such
corporations, organized under this act, shall be elected, class-
ified and hold their office for such period of time as is provi-
ded in the by-laws of such corporation or association.
Sec. 3. The persons authorized to receive subscriptions to
the capital stock of said corporation shall make a report of
their proceedings, including therein a copy of the notice pro-
vided for in the foregoing section, a copy of the subscription
list, a copy of the by-laws adopted by the corporation and
the names of directors elected, and their respective term of
oflice; which report shall be sworn to by at least a majority
of them and shall be tiled in the office of secretary of state.
The secretary of state shall thereupon make a copy of all pa-
pers tiled in his oflice in and about the organization of the
corporation, and duly authenticated under his hand and seal
of state, and the same shall be recorded in the office of the reg-
ister of deeds in the county in which the principal office of
such company is located. Upon the recording of said copy
the corporation shall be deemed fully organized, and may
proceed to business. Unless such company shall be organ-
ized and shall proceed to business as provided in the act,
within two years after the date of authorization, it shall be
deemed revoked, and all proceedings thereunder void.
Sec. 4. Corporations formed under this act shall be bodies
corporate and politic for the period for which they are or-
ganized; may sue or be sued; may have a common seal,
which they may alter or renew at pleasure.
Sec. 5. The corporate powers shall be exercised by a Board
of Directors; provided the number of directors shall not be
increased or diminished, nor the term of office changed with-
out the consent of the owners of two-thirds of the shares of
stock. The officers of the corporation must be members of
the Hoard of Directors, and shall consist of a president, vice-
president, secretary and treasurer, and such other officers as
may be provided for in the by-laws of such corporation or
association, to be elected at the annual meeting of the Hoard
of Directors as may be provided for in the by-laws of the cor-
poration; provided, that the expense of carrying on said cor-
poration, including compensation for officer's and directors,
shall be provided for in the by-laws of such corporations;
and provided that the secretary and treasurer shall give
bonds and security to be approved by the Board of Directors.
Sec. G. The shares of stock shall not exceed two hundred



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