St. Landry democrat., 1888-05-05

after ten DAYS notice of the time and place
thereof. The directors shall elect from 'helr
number d President and Vice-Presdent. and
seven directors shall be aquorum for the trans
action of business. The directors shall elect or
appoint secretary and treasurer and such 9th
er officers as may be necessary, but no salary
shall be paid except to the secretary, and said
directors shalt have power to enact bylaws
not repugnant to this charter; to select place
of meeting, to suspend any officer for neglect
of duty or misconduct, and to have general au-
thOrity to carry out the objects and business OF
the Associations; but they shall not have power
to purchase real estate except for cash, nor
contract any Indebtedness whatever in excess
of the amount of one months instruments.
Art. 9th. The members of this Association
must be residents OF louisiana Minors may
hold stock through their tutors, ana women
and minors over the age of fifteen years, i'll
their own right. All applications for member
ship shall be subject to the approval OF the
Board of Directors.
AIT It'll Each stakeholder, for each share of
stQch he may hold i'll the Association, shall be
eligible to receive from the funds OF the ASS0-
citation a loan of one hundred dollars less the
premium offered. Whenever the funds i'll the
treasury shall warrant one or more loans; tney
shall be disposed OF to the stakeholder offering
the highest voluntary premium i'll such man
ner as the Board of Directors may determine,
provided, no loan shall be made for a less pre-
MUM than ten per centum. No stakeholder
shall be eligible to Il loan on more than twenty
shares. No stakeholder shall be eligible to a
loan who Is in arrears to the Association.
Stockholders taking loans shall pay interest
thereon Ton n0ni.!al loan) by weekly payments
at the rate of six per cent per annum. IN case
eff failure to give satisfactory security for such
loans, within one month of the date of pur-
chase the interest shall be charged to said
purchaser together with all costs and charges
or expenses attending examination Of titles,
and searches, and the money revert to the Asso-
citation. Security shall not be deemed sutti-
cient unless approved by at least a majority of
the Board OF Directors present.
Art. s. In any stakeholder shall neglect
or refuse for one month to pay his weekly i'll
stalments, such stakeholder so neglecting or
-cI,1
share of said stock held by him or her an addi-
tional sum Of five cents for each month and any
| stakeholder who for the term of six months
shall fail to pay the installments due Oh his
stock, shall by reason OF such failure, and with
out notice, or putting i'll mora, forfeit all pay
ments previously made by him, together with
the profits, interest and denominations thereon,
which shall revert to and become the property
of the Association. Any stockholder having
effected a loan from or being otherwise indebt-
ed 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, Oh
each share against which such Indebtedness
has been affected. The fines for each and
every monthly neglect or refusal to pay in
staments or interest shall be charged to the
accounts of the stock holder who Is i'll default;
but these fines may be avoided by paying i'll
advance for a certain time, during which pc
Rod it being covered by a prepay ment, no fines
can be levied.
Art. 9th, If any stakeholder who is indebted
to the Association, the vahe of his stock being
less than his Indebtedness, shall desire to
settle and liquidatc such Indebtedness, he shall
have the right to surrender to the Association
his stock. with interests and Accommodations
thereon, in part payment 'of such indebted
ness, provided he pays the balance of said IN
debtedness, 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
accumulation thereon shall become equal to
the amount Of Indebtedness, with all interest
and cost that may be due on the same> for
which stock is pledged; such stock and in
debtedness shall cancel each other, the stock
and the Indebtedness being alike eXtnguished,
and it shall be the duty of the stakeholder to
surrender his stock for cancellations and upon
such surrender 1t shall be the du ty OF the Pres
lent or Vice-President to cancel said stock
and to give and render to such stakeholder
proper receipt, and acquittance: All fees OF
attorneys, nOtarleS. recorder, register and all
expenses incurred in making or cancelling
loans, shall be paid by the respective borrow
ers.
borrowed money of the Association, desire at
any time to reduce his Indebtedness, he shall
have the right of so doing, by paying on ac-
count of said Indebtedness, a sum not less than
twenty-five dollars. Such payment shall be
credited on the face of his outstanding notes,
and said stakeholder shall subsequently pay in
tereSt weekly at the rate of six 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 proportionately.
Art. 18th, Members indebted to the AssOcia-
ton may withdraw by giving one months no.
tice in writing when an order shall be drawn
on the Treasurer in favor of the withdrawing
member for the dues paid in first deducting
therefrom all fines and proportion ofincidental
expenses and losses provided that said order
on the Treasurer shall be liquidated out of the
first unapprOpriated money in the Treasury.
Art. 18TH At the death of member not in
debted to the Association the legal representa-
tives shall be entitled to an order for the full
| value of the stock at the time of the last pay
| ment made by such deceased member, or to
transfer the said shares of stock, or to continue
the right of membership by continuing the
Art. 18th. No stock shall be transferred nm
| less the person to whom it has been transferred
has been approved by the Board of Directors,
and then only on the books of the Association
and in the presence of the Secretary, upon the
surrender of the certificate of stock, and the
person to whom the stock is transferred shall
! sign the charter in like manner, as an original
| memer. For each share of stock so transferred
| there shall be paid ten cents to the Secretary
| for the Association.
| Art 14th Special meetings of the stockhold-
ers shall be convened at the request in writing
of ten stockholders, stating the time and OBJ
ject of such meeting.
| Art 18th. The following named persons shall
| constitute the first Board OF Directors viz
| Judge Edward T. Lewis, Jos Bloch, Alphonse
Levy, Theodore Chachere, Etienne Latreyte,
Chas d. Stewart, Remi Mornhinveg, Henry 3.
EstOrge, Rev. F. W. Lewis. They shall hold office
| until their successors shall have been duly
| elected and qualified, and any vacancy occur
|
| the nextregular election as herein provided for.
| Art. 10th. No stakeholder shall ever be held
liable for the contracts faults of this Asso-
| citation in any further sum than the unpaid
| balance due on the share shares of stock
| owned by him or her to the Association nor
shall mere informality i'll organization, have the
effect of rendering this charter null or of ex-
| posing any stakeholder to any liability be-
| yond the amount of his or her stock.
Art. 18th. This charter may be altered, mod
flied or amended by vote o. three-fourths of
the capital stock represented at any gene
raj meeting of the stockholders called for that
purpose.
Thus done and incorporated inmy office in the
the town of Opelousas La, in the presence of
Joseph A. Gil and VIM. L. Andrrls competent and |
attendant witnesses who have signed these
presents with the appearers and me, notary af- |
ter due reading, on the day and date herein
before written.
(Signedl Charles N. Ealer |
and for Etfie B. Eaer, j. E. Gardiner. Mrs. E. j. |
Trask per c. N. Eaer, OpelOusas Hope Hook & |
Ladder Co. per Gus. +. FonteLot, President, |
1ucius G. Dnpre, L. p. Louallier, 3. F. Megin- |
ley, e. Latreyte, F. w. Lewis, Ell. E, Estorge |
and for Mrs. Cecie Bailey, Alphonse Levy j. !!
Bloch E. T. Lewis, r. Nj Littoli, Theordore |
Chachera, o. Fl. Terwillger, R. Mornhinveg, T. |
W. Lacetfeld, W. L. Henderson, George O. |
Elms.
Witnesses: JOS A. Gil. W. L. Andrus
w. C. PERRAULT,
Notary Public.
r