St. Landry democrat. (Opelousas, La.) 1878-1894, 1888-04-21

/ after ten DAYS notice of the time and place
thereof. The directors shall elect from their
| number a President and NiCe-PrcSdent. ana
| seven directors shall be Il quorum for the trans
action of business. The directors shall elect or
appoint q secretary and treasurer ana Slch oIi
er officers as may be necessary, but no salary
shall be paid except to the secretary, and sad
directors shaft have power to enact bylaws
not repugnant to this charter to select a place
of meeting, to suspend any officer for uegecU
OF duty or misconduct, and to have general aus
| thority to carry out the objects and business OF
! the Association; but they Shall not have power
| to purchase real estate except for cash, nor
contract any Indebtedness whatever i'll 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, and women
and minors over the age OF fifteen years, Ill
| their own right. All applications for memper-
ship shall be subject to the approval oI INC
Board OF Directors.
AIT 18th Each stakeholder, for each share of
stoch he may hold in the Association, shall DE
eligible to receive from the funds of the Asso-
citation a loan of one hundred dollars less the
premium offered Whenever the funds III the
| treasury shall warrant one or more loans tneS
| shall be disposed of to the stakeholder offering
| the highest voluntary premium III such man
ner as the Board of Directors may determine,
provided, 10 loan shall be made for less pre-
| MUM than ten per centum. No Stocklolucf
shall be elegble to a loan on more than twenty
shares. No stakeholder shall be eleSlble 10 Il
| loan who Is i'll arrears to the Association.
Stockholders taking loans shall pay inae interest,"
! thereon ION nominal loan by weekly payments
at the rate of six per cent per anllull. III case
eff failure to give satisfactory security Tor such
| LOANS within one month OF the date or puf-
chase, the interest shall be charged TO saia
| purchaser together with all costs ana charges
| or expenses attending examination OF Titles,
and searches, and the money revert TO me ASse
| ciation Security shall not be deemed sl1tl-
| cient unless approved by at least Il majority OF
| the Board of Directors present.
Art s. III case any stockhodef shtll heSiec'
or refuse for one month to pay his weekly in
| stallments such stocdholder so negectlng or
refusing to pay, shall forfeit and pay for each
| share of said stock held by nm or her an atldl-
| tiopal sum of five cents for each month ana any
| stakeholder who for the term or SIX monInS
shall fail to pay the installments due on ms
| stock shall by reason of such failure: and With
| out notice, or putting i'll mora, 1ortelt 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 stakeholder having
| effected a loan from or being otherwise 1ndebt-
ed to the Association who shall for one month
| neglect or refuse to pay the weekly poftlon 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 10 pay N
stalments or interest shall be charged to the
| accounts of the stakeholder who Is III default;
| but these fines may be avoided by paying III
| advance for a certain time, during winch pc
! Rod it being covered Dya prepay lnent, no Hncs
| can be levied.
Art. 9th, If any stakeholder who is indebted
| to the Association, the valhe OF his stock being
| less than his indebtedness, shall desire 10
| settle and liquidate such Indebtedness he shall
! have the right to surrender to the Association
| his stock. with interests and acculnulati"ns
| 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 a
| 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 samel for
| which stock is pledged; such stock and in
| debtedness shall cancel each other, the stock
| and the indebtedness being alike eXtinguishcd,
| and it shalt be the duty of the stakeholder to
! surrender his stock for cancellations; and upon
! such surrender it shall be the duty OF the Pres
| dent or Vice-President to cancel said stock
| and to give and render to such stakeholder a
| proper receipt and acQuttance. All fees of
| attorneys, nOtarieS. recorder, register and all
| expenses incurred in making or cancelinS
loans, shall be paid by the respective borrow
| erS.
Art. 10th. Should any stakeholder 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 ac-
count of said Indebtedness, 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 Ass0cia-
ton may withdraw by giving one months no.
tlce 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 ofincidenta
expenses and losses provided that said order
on the Treasurer shall be liquidated out of the
first unappr0pliated money in the Treasury.
Art. 18th. At the death of a 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.
Art 18th. No stock shall be transferred mn
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 18th 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,
Oscar H. Terwilliger, DR.. Robt M. Littell,
Estorge, Rev. F. W. Lewis. They shall hold office
until their successors shall have been duly
elected and qualified, and any vacancy occur
ring i'll the number, may be filled by them until
the nextregniar election as herein provided for |
Art. 10th No stakeholder shall ever be held
liable for the contracts or faults of this Asso-
citation in 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 inforlnaity in organization, have the
effect OF rendering this charter null or of ex.
posing any stakeholder to any liability be- |
You'd the amount of his or her stock.
Art. 18th. This charter may be altered, mod
itied 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 my Office in the
the town of OpelOusas, La, in the presence of |
Joseph A. Gil and VIM. L. Andrus 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.
Signed, Charles N. Ealer
and for Effe B. Ealer. j. e. Gardiner. Mrs. E. J.
Trask per c. N. Ealer, Opelousas Hope Hook &
Ladder CO.. per Gus i. FonteLot, President
ley, E. Latreyte, F. W. Lewis, II. L. Estorge
and for Mrs. Cecile Bailey, Alphonse Levy, J. |
Bloch e. T. Lewis, r. NJ. Littell, Theordore
Chachere, o. Fl. Terwilliger, r. Mornhinves, T.
W. Lacefield, W. 7. Henderson, George O. |
Elms.
Witnesses Jos. A. Gil. W. T.. Andrus.
w. c. PERRAULT
Notary Public.
STATE OF LOUISIANA. PARIsH1 |
OF ST. LANDRY. ! |