The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1886-11-20

neglect Of duty or misconduct, and to
have general authority TO carry out the
objects and business of the Association.
But they shall not have power 10 pur
chase real estate except for onsh, nor
contract any indebtedness whatever in
excess Of the amount OF one months
instaIlments.
ARTICLE vi.
The members of this Association
must Be residents Of Louisiana Minors
may hold stock through their tutorB.
and women In their own right. AL
applications for membership shall be
subject TO the approval Of the Board Of
Directors.
ARTICLE VII.
Each stockholder, for each share Of
stock he may hold in the Association,
shall be eligible to receive from the
funds Of the Association loan of two
hundred dollars less the premium Of
fered. Whenever the funde in the
treasury shall warrant, one or more
loans shall be disposed Of TO the stock
holders offering the highest voluntary
premium, in such manner as the Board
of Directors may determine, provided
no loan shall be made for less pre-
MUM than fifteen per eentum.
No skoclEholder shall be eligible TO a
loan on more than ten shares. No
stakeholder shall be eligible to loan
who is in arrears to the Association
Stockholders taking loans shall pay in
terest thereon ION nominal loan) by
weekly payments, at the rate Of eight
per centum per annum.
In case Of failure TO give satisfactory
security for such loans within one month
Of the date of purchase, the inter
est shall be charged to said purchaser,
together with all costs and charges Or
expenses attending examination of IT,
ties and searches, and the money revert
10 the Association.
Secrrity shall not be deemed suffi-
cient unless approved by at least q ma
inrity Of the Board of Directors present.
ARTICLE VIII.
In case any stakeholder shall neglect
or refase for one month to pay his
weekly lnstallments, such stakeholder
SO neglecting or refusing shall forfeit
aud pay for each month, an additional
sum of Eve (5) cents for each share OF
stock held by him or her; and any
stakeholder who for the term oil SIX
months shall fail to pay the installments
due on his stock shall, by reason of
such failure and without notice, or put
ting in mora, forfeit all payments pre-
yiously made by him, together with the
profits, interests and communications
thereon, which shall revert TO and be-
come the property of the Association.
Any stakeholder having affected a
loan from or being otherwise indebted
to the Association, who shall for one
month neglect or refuse to pay the
weekly portion of the interest on snch
indebtedness, shall pay an additional
sum of five (5) cents each month on
each share against which such indebt-
edness has been effected.
The fines for each and every monthly
neglect or refusal to pay installments
or interest shall be charged to the &C
connt of the stakeholder who is in de-
fault, but these fines may be avoided
by paying in advance for certain
time, during which period it being COW
cred by a prepayment, no fines can be
levied.
ARTICLE TX.
If any stakeholder, who is indebted
to this Association--thc value OF his
stock being less than his Indebtedness,
shall desire to settle and liquidate such
Indebtedness, he shall have the right
to surrender 10 the Association his
stock. with interest and accommodations
thereon, in part payment of such in
debtedness provided he pays the bal
ance of said Indebtedness in cash.
Whenever stock has been pledged
to the Association as collateral, by :
stakeholder who is indebted toslhC
Association, aud the valne of sucl
stock with interest aud accumulation
thereon shall become equal to th'
amount of indebtedness with all in
terest aud cost that may be due on th'
same) for which such stock ia pledged
such stock and Indebtedness shall can
eel each otheF-the stock and the in
debtedness being alike extinguished
and it shall be the duty of the stock
holder to surrender his stock for can
collation. and, upon such surrender, j
shall be the duty of the President o
the Vice President to cancel said stool
and to give and render to such stock
holder proper receipt and acquit
tance.
All fees of attorneys, notaries, re
corders, registers, and all expenses in
Cured in making or caneelling loan
shall be paid by the respective boz
rowers.
ARTICLE x.
Should any stakeholder who ha
borrowed money of the Association
desire at any time to redncc his ia
debtedness, he shall have the right o
so doing by paying on account Of sal
Indebtedness sum not less than fift
dollars. Snch payments shall BE- cred
tied on the face of his outstandin
note, and said stakeholder shall subse