The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1886-11-06
ARTICLE ].


under the atipulations and regulations
following, to-wit
ARTICLE ].
TIE name ana title of this corpora
tion shall be the LAKE CHARLES
HOMESTEAD AND LOAN ASSOuI-
ALTON, and under its said corporate
name it shall have power and authority
to have and enjoy succession for the
term Of ninety-nine years from the date
hereof 10 contract, sue and be sued
10 make, have and use a corporate seal
and the same 20 break, alter or amend
at pleasure; to hold, receive, lease,
purchase and convey under its corpor-
ate name property, both real and per
sonali to lend money on security to
name and appoint such officers, mana
gers, directors and agents as the inter
ests and convenience of said corpora
tion may require to make and estab-
lish sneh Bylaws, rules and regulations
for the proper management and regu-
lalion of the affairs Of said corporation
as may be necessary and proper, and
the same to change and alter at pleas
ure and to 10 all other acts and things
MS are Or may be necessary and proper
TO carry out the objects and purposes
Of said corporation.
ARTICLE II.
Thedomieile of said corporation shall
be in the city Of Lake Charles, in the
State Of Louisiana, and all citations or
other legal process shall be served upon
the President Of said corporation, or,
in his absence upon the Vice Presi-
dent, or, in the absence of both of these
officers, upon the Secretary.
ARTICLE III.
The objects Of said corporation shall
be the accumulation of fund from the
weekly installments on account of sub
scriptions to the capital stock, rentals,
premiums and interest on loans-the
fund 80 accumulated to be used for the
purchase and sale of real estate, the
building, renting and sale of home
steads, and the lending of funds upon |
mortgage, or realty, or either security, |
in the city of Lake Charles but no |
loan upon other than real estate seen
rity shall be made without the consent |
of at least two-thirds of the whole |
Board Of Directors.
ARTICLE ~.
The capital stock OF said corporation
shall be limited to FIVE HUNDRED |
THOUSAND DOLLARS $500, 000), |
divided into 2500 shares, each repre-
senting Two Hundred Dollars, payable
in weekly installments of twenty five !
cents per share per week, and said cor
poration shall begin business when one
hundred shares OF the capital stock
have been subscribed. Said stock shall |
be issued in series, designated respect
lively as series a, b, O, ETC., of which |
the stock now existing shall be known |
as series A I; but no one series shall con-
tain more than five hundred shares.
The Board OF Directors shall have
power TO close each series before open
ing a following one. Whenever the |
shares representing any series shall, by |
reason Of payment of installments and |
accommodations of profits. be worth the |
par yalne Of two hundred dollars each, |
such series shall be liquidated as speed
lily as is consistent with the interest of |
the subscribers, and whenever the
shares representing the last remaining
series shall be worth the sum of two
hundred dollars each, the Association
shall be liqnidated by three commits
sioners selected by the Board of Direc-
tors from among the stockholders.
ARTICLE Y.
The corporate powers of the Associa-
tion shall be exercised by Board Of
Directors, to consist Of eleven stock
holders, owning ut least four shares
each, who shall be elected by the stock.
holders on the second Monday in March
annually, commencing with the second
Monday in March, 1887, each share Of
stock represented ut said election and
not IN default being entitled 10 one
vote.
Notice of said election shall be given
for at least one week by publication in |
one on more newspapers published in |
the city Of Lake Charles. Said election |
shall be BY ballot, and shall be held at
the aomicil of this corporation, under
The supervision of three stockholders
appointed by The Board of Directors at
fhelaet preceding regular meeting there
Of The stockholders receiving q ma
lority of The votes cast shall be declared
elected. The failure to hold an cleo
ton on the day specified shall mt dis
solve the corporation, but the Directors
IN Office shall hold over until an cleo I
hon be held, after ten days notice of Z
he time and place thereof. y
The Directors shall select from their
number a President and q Vice-Presi-
lent and five Directors shall be 4
lRorum for the transaction OF business. q
The Directors shall elect or appoint o
fze...,.nSnp-.v 49,. =
ther officers rs may be necessary, but A
Q salary shall be paid except 10 the
eeretaEys and said Directors shall have
awAw 40 enact BY Laws not repngnant
} This charter. TO select 0 place for 81
10 suspend any officer for "
agAect Of duty or misconduct, and to i,
I'VE general authority 10 carry out the =
aseN.z ans busineaS Of the Association.
laf they shall not have power 70 pur
'AHsf reA Assal1 except for cash nor -
nz.F1eak nn8 fn1altadness Whatever IN =. y.
's''''s q slae alsanaHs IL one months \ II
ARTICLE NJ II
Ahe kaeauhsTa III kslis Assoclaf;op j !
inf4t re ze4ifieHts az Ianniairsan Nfst,,ge &
sIasF hold Alpak Through kheiF stns ss,s.'' q
tAzsa wpsAen III klaeir avn rss.lsf Nli VI
appsicRfshns tnr meniie1af,in Nissl, w | I
s1hleei % thp approval 81 The as1asa II i
MlraAtnfs
ARTICLE VII.
!. Eaeh Atockhnlaar, for each sEara az
ntuek he may hold iii Tie Association.
Ehnll be eligible 10 xoeeiva from The
tnnAls ut The Association lean ~ fmp
5itpNfed AOllAEs leaA flt0 premium Of
farsiI 4Ah4uszar fha fsts.9k. =. az
Atehalifs ahAll Warrant, nna Or more
lnaan sssAll llB disposed 81 Il The a8ocls-
heilegs utIeEing The highest voluntary
lnln ID anuh naAnpar is khe Beard
~ aAretefs MAY aet4Fniine. provided
ne lpAn shall 81 inade for less pre-
rAlnm tlan aissan PEI canlan !
Np AtAtilsier slsal W. eligifla Is 4 / !
'cah ~ nnfe than ton sla1ras. No
sA 'elass esall M ellRilsA Ia q lonn
NFia y ~ Afigs VI SisE ~
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