St. Landry democrat., 1888-04-14

| solve the Corporation, but the directors i'll
office shall hold over until an election be held
after ten days notice OF the time and place
thereof. The directors shall elect from their
number President and Vice-President, and
seven directors shall be aquoriim 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 OF misconduct, and to have general au-
thority to carry ont the objects and business of
i the Association; 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 installments.
. Art. 9Th. The members of this Association
must be residents of Louisiana Minors may
hold stock through their tutors, and women
and minors over the age of fifteen years, in
their own right. All applications for member
|, ship shall be subject to the approval of the
Board of Directors.
Alt. 7th Each stockholder, for each share of
stoch he may hold in the Association. shall be
elegible to receive from the funds of the Asso-
citation a loan of one hundred dollars less the
premium offered. Whenever the funds in the
treasury shall warrant one or more loans they
shall be disposed of to the stakeholder offern q
the highest voluntary premium in such man
ner as the Board of Directors may determine
provided, no loan shall be made for q less pre-
minm than ten per centum. No stakeholder
shall be elegible to a loan on more than twenty
loan who Is in arrears to the Association.
Stockholders taking loans shall pay interest
thereon ton nominal 1oanl 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
OF expenses attending examination of titles
and searches. and the money revert to the Asso,
citation. Security shall not be deemed suffi
cient nnless approved by at least a majority of
the Board of Directors present.
Art. s. In case any Stoekhoder shall neglect
or refuse for one month to pay his week1v in
stallments, such stocdholder so neglectine or
refusing to pay, shall forfeit and pay for each
tonal sum of five cents for each month and anv
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 with,
out notice, or putting in mora, forfeit ali nav
ments previously made by him, together with
the profits, interest and daccumulations thereon
which shall revert to and become the propertv
of the Association. Any stOckhoder having
effected a loan from or being otherwise indahf
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 ON
each share against which such indebtedness
has been affected. The fines for each and
every monthly neglect or refusal to nav in
stallments or interest shall be Charged to tho
accounts of the stockholder who ls in defanlt .
but these fines may be avoided nv naying in
advance for a certain time, during which ne
Rod it being covered by a prepayment, no fines
can he levied.
Art. 9th, Ii any stockholder who is indebted
to the Association. the valhe Of his stock being
less than his Indebtedness, shall desire te
settle and liquidate such indebtedness he shall
have the right to surrender to the Association
his stock with interests and accumulatisns
thereon, in part paymennt of such indebted
ness, provided he pays the balance of said IN
debtedncss, in cash Whenever stock has heen
pledged to the Association as collateral nv a
stockholder who is indebted to the Association.
and the value Of such stock with interest and
acenmuiation thereoh' shall become equal to
and cost that may be due on the samel for
which stock is pledged; such stock and in
dehtedness shall cancel each other, the stock
and the lndebtedness being alike extinguished,
and it shall be the duty of the stockbolder TO
surrender his stock for cancellation: and unon
such surrender 1t shall be the duty of the Pres
fdent or Vlce-President to cancel said stock
ana TO give ana render to such stockholder a
proper receipt, and acquittanee. All fees of
attorneys, notaries. recorder, register and all
expenses incurred in making or cancelling
loans, shall be paid by the respective borrow
erS.
Art. 10th. Should any stockholder who has
borrowed money of the Association desire at
any time to reduce his indebtedness, he shall
have the right of so doing, by paying on 40
count OF said Indebtedness, a sum not less than
twenty-five dollars. Such payment shall be
credited on the face of his outstanding notes,
dHu sdi'i SOochuD1Q6F SliaII subsequently
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. 1lth. Members indebted to the Associa-
ton may withdraw by giving one months no.
hce 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 of 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
weekly payments. f@
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 orr riginal
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
iect OF such meeting.
Art. 18th. The following named persons shall
constitute the first Board of Directors. viz /:
Judge Edward L. Lewis, Jos. Bloch, Alphonse |
Levy, Theodore Chachefe, Etienne Latreyte |
Oscar III. TerWilliger DIR. Robt NJ LitteII. |
Chas. D. Stewart, Reni Mornhinveg, Henry E. |
Estorge, Rev. F. w. Lewis. They shall hold Office
until their successors shall have been duly |
elected and qualified, and any vacancy occur
ring in the number. may be filed b " them until |
the nextregnlar election as herein provided for /
Art. 10th. No stakeholder shall ever be held /
liable for the contracts or faults of this Asso- |
eiatiDHin any further sum than the unpaid /
balance due on the share or shares of stock
owned by him or her to the Association nor
shall mere informality in organization, have the |
effect Of rendering this charter null or of ex-
posing any stoekholder to any liability be-
y0nd 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 in my office in the
she town of Opelousas, La, in the presence of
Josep1A. Gil and VIM. L. Andrus competent and
attendant witnesses who have signed these
presents with the appearers and me, notary A.
er due reading, on the day and date herein-
before written.
tsignedl Charles N. Ealer
md for Efie B. Ealer, J. T. Gardiaer Mrs. e. 7.
rrask per G. n. Ealer, Opelousas Hope Hook d
adder Co.. per Gus e. FonteLot, President. +
3ucius G. Dnpre, L. P. Louallier, b. F. Megin.
ey, p. Latreyte, T. w. Lewis FL. E. Estorge
md for Mrs. Cecile Bailey, Aiphonse Levy. 4. 4
Bloch q. T. Lewis, r.. NJ. Littell, Theordora
'hachere. o. H. Terwilliger, r. Mornhinyeg. r.
llms.
Witnesses: : Jos. A. Gil. w. r. Antrus.
Il w. G. PERRAULT.
Notary puhIin T.