Series III:Subseries F: Minute books, 1885-1903

Extent:

1 volume

Scope and content:

Records the meetings of the company's board of directors and meetings of the stockholders. Early entries in February of 1885 document the formation of the building and loan association and the creation of a constitution and by-laws for the government of the company. These early meetings also established stock prices and membership fees and elected officers and committee members. Business statements for the company were presented to the board of directors on a semi-annual basis. These statements documented the profits and loses of the company and documented such items as stock subscriptions, loans on real estate, stock dues, bills receivable, bills payable, loss and gain records, and company resources and liabilities. Applications to redeem stock and applications for loans on real estate were presented for approval at meetings. Because the company's constitution stipulated that "stockholders must be a white person," several meetings discussed the "legal right of the association to make loans to colored people through the intervention of a white applicant." It was ultimately decided that to protect the company both the white applicant and the colored borrower should execute the bond for loans. In December of 1898, a resolution was recommended to stockholders that the company suspend operations as a building and loan company and that it was in the best interest of the company to go into voluntary liquidation, collect the company's assets, and return money to stockholders. Meetings held from 1899 to 1903 concern the liquidation of the business.

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