The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1886-10-30

/ security l0r sucll loans WITHIN one month
Of the date Of purchase, the inter-
est shall be charged TO said purchaser,
together with al costs and charges or
expenses attending examination of t.
Ties and searches, and the money revert
10 the Association.
Security shall NOT be deemed suffi-
cient unless approved by at least ma
| jority Of the Board of Directors present,
ARTICLE VIII.
In case any stakeholder shall neglect
or refuse for one month 10 pay his
weekly lnstallments, such stakeholder
SO negiecting or refusing shall forfeit
and pay Tor each month, an additional
sum of five 90 cents for each share of
stock held by him or her; and any
stocklolder who for the term of six
months shall fail to pay theinstallments
due on his stock shall, by reason of
such failure and without notice, or put-
ting in mora, forfeit all payments pre-
vionsly made by him, together with the
profits, interests and aocumulations
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 such
indebtedness, shall pay an additional
sum of five 10 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 ae-
count of the stakeholder who is in de-
fault, but these fines may be avoided
by paying in advance for a certain
time, during which period it being COW
cred by prepayment, no fines can be
levied.
ARTICLE TX.
II any stakeholder, who is indebted
TO this Association--the value of his
stock being less than his Indebtedness,
shall desire to settle and liquidate such
Indebtedness, he shall have the right
to surrender to the Association his
stock, with interest and accumulations
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 to the
Association, and the value of such
stock with interest and Recumulations
thereon shall become equal to the
amount of indebtedness with all in
terest and cost that may be due on the
same) for which such stock is pledged,
such stock and Indebtedness shall can
eel each other-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, it
shall be the duty of the President or
the Vice President to cancel said stock
and to give and render to such stock
holder g proper receipt and aCquit-
lance.
All fees of attorneys, notaries, re-
corders, registers, and all expenses in-
Cured in making or caneelling loans
shall be paid by the respective Dor
rowers.
ARTICLE X.
Should any stakeholder who has
borrowed money of the Association
desire at any time to reduce his in
debtedness, he shall have the right of
SO doing by paying on account of said
Indebtedness sum not less than FIFTY
dollars. Such payments shall BE- cred
tied on the face of his outstanding
note, and said stakeholder shall subse-
quently pay interest weekly at the rate
of eight per cent. per annum on the
remainder of said note only; and if he
desire it, the mortgage bearing on his
property shall be reduced proportion
atcly.
ARTICLE XI.
Members not being indebted to the
Association may Withdraw by giving
one months notice in writing, when an
order shall be drawn on the Treasurer
in favor Of the Withdrawing member
for tho dues paid in, first deducting
therefrom all fines and q proportion of
all incidental expenses and losses, pro-
vided, that said order on the Treasurer
shall be liquidated out of the first I'M
appropriated money in the treasury /;
and provided, also, that stakeholder
Withdrawing after his series has been
in operation one year, shall receive in
addition to the above, ten per cent. of
the profits on his stock for each year
that he shall have been stakeholder.
4 ARTICLE MI.
AT the death of a member n OF in
debted to the Association, the legal
representatives shall be entitled to an
order for the full value of the stock at
the time Of the last payment made by
such deceased member; or to transfer
the said shares of stock; or to con-
tinue the right of membership by con-
tinuing the weekly payments.
ARTICLE XII.
No stock shall be transferred unless
the person to whom it is transferred
has been approved by the Board of
Directors, and then only on the books
of the Association and 10 the presence
Of the Secretary, upon the surrender
of the certificate of stock and the
person to whom the stock is transferred
sl.aIl sign the Charter in like manner
as an original member. For each share
of stock so transferred there shall be
paid Ten cents to the Secretary for the
Association.
ARTICLE XIV.
Special meetings Of the stockholders
shall be convened at the request in
writing Of len stockholders, stating
the time and object of sneh meeting.
ARTICLE XIV.
The following named persons shall
the first Board of Directors,
viz: 4. L. Williams. y. w. Bryan,