The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1886-11-27

neglect Of duty OF misconduct, and TO
have general authority 10 carry out the
objects and business Of the Association.
But they shall not have power TO pur
chase real estate except for cash, nor
contract any indebtedness whatever in
excess Of the am0unt.of one months
installments.
ARTICLE VI.
The members Of this Association
must be residents of Louisiana. Minors
may hold stock through their tutors,
and women In their own right. All
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
Tered Whenever the fund.- 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 centum.
No stakeholder shall be eligible to
loan on more than ten shares. Nc
stakeholder shall be eligible to q loan
who is in arrears to the Association.
Stockholders taking loans shall pay in
terest thereon ION nominal loan) by
weekly payments, ut 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 ii.
ties and searches, and the money revert
TO the Association.
Security shall not be deemed sufi-
cient unless approved by at least a ma
jority of the Board of Directors present.
ARTICLE VIII !
In case any stakeholder shall neglect |
or refuse 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 five l5) cents for each share of
stock held by him or her; and any
stockholder who for the term of 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-
viously made by him, together with the
profits, interests and accommodations
thereon, which shall revert to and be-
come the property of the Association.
Any stakeholder having affected
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 ~ 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
count 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 Gov
cred by prepayment, no fines can be
LEVIED.
ARTICLE TX.
If 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
he shall have the right
to surrender to the Association his
stock, with interest and accumulatiOns
thereon, in part payment of snch in
debtedness provided he pays the bal
ance of said Indebtedness in cash.
Whenever stock has been pledged
to the Association as collateral, by a
stockholder who is indebted to the
Association, and the vaIue of such
stock with interest and accommodations
thereon shall become equal to the
amount of Indebtedness with all in, ,
terest and cost that may be- due on the
samc) for which such stock is pledged, ,
such stock and Indebtedness shall can
Ca each other-the stock aud the in
debtedncss being alike extinguishcd,
and it shall be the duty of the stock
holder to surrender his stock for eau
and, upon such surrender, it
shall be the duty of the President or ,
the Sice-Presidcnt to cancel said stock
and to give aud render to such stock
holder proper receipt and acquit-
lance.
All fees of attorneys, notaries, re-
corders, registers, and all expenses in
Cured in making or cancelling loans
shall be paid by the respective Dor
rowers.
ARTICLE X.
Should any stockholder who has
borrowed money of the Association
iesire at any time to rednce his in .
iebtedness, he shall have the right of ,
70 doing by paying on account of said
Indebtedness sum not less than fifty
dollars. Such payments shall b. cred
ted on the face of his outstanding
tote, and said stakeholder shall snbse-
Iuently pay interest weekly at the rate ]
# eight per cent. per annnm on the
emainder of said note only; and if he !.
eslre it, the mortgage bearing on his
roperty shall be reduced proportion ]
tely. {
ARTICLE XI.
Members not being indebted to the Z
.ssociation may withdraw by giving j
ne months notice 10 writing, when an
der shall be drawn on the Treasurer !
favor Of the Withdrawing member
n 4bo dnae Maid IN frst dadno.;noI 50