St. Landry democrat., 1888-04-07

| number President and Vice-President, 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 exceptto the secretary, and said
| directors shalt have power to enact bylaws
| not rcpugnant to this charter to select place
| of meeting, to suspend any officer for neglect
| OF duty or misconduct, and to have general aIl-
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 installmelts.
| 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.
AIT. 7th. Each stakeholder 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 stOckhoder offering
the highest voluntary premium in such man
ner the Board of Directors may determine,
provided, no loan shall be made for less pre-
mum than ten per centum. No stockhOlder
shall be eligible to a loan on more than twenty
shares. No stockholder shall be elegible to a
loan who Is i'll arrears to the Association
Stockholders taking loans shall pay interest
| thereon ton nominal loanl by weekly payments
at the rate of six per cent per annum. In case
ef 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 suffi-
cient nnless approved by at least a majority of
the Board of Directors present.
Art. 8. In case any stoakhoder shall neglect
or refuse for one month to pay his weekly in
stallmenfs, such stocdholder so negecting or
refusing to pay, shall forfeit and pay for each
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 on his
stock, shall by reason of such failure, and with
out notice. or putting in mora, forfeit all pay
lnents 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, on
each share against which such Indebtedness
has been affected. The fines for each and
every monthly neglect or refusal to pay in
stallments or interest shall he charged to the
accounts of the stockholder who is in default;
but these fines may be avoided by paying in
advance for a certain time, during which Pc
rod it being covered by a prepayment no fines
can be levied.
Art 9th, If any stockholder who is indebted
to the Association. the valhe of his stock being
less than his Indebtedness, shall desire to
settle and iauiaate 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 H.
debtedness, in cash. Whenever stock has been
pledged to the Association as collateral by a
stockholder 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 eXtinguished,
and it shall be the duty of the stockholder to
surrender his stock for cancellation; and upon
such surrender it shall be the duty of the Pres
ident or Vice-President to cancel said stock
and to give and render to such stGgkhoIder q
proper receipt, aud aequittanGe All fees OF
attorneys, notarleS. recorder, register and all
egpenses incurred in making Or eancelng
loans, shall be pad by the respective borrow
efs.
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 80 doing, by paying on ae-
count of said Indebtedness, a sum not less than
twenty-five dollars. Such payment shall be
credited Oh the fa9e OF his outstanding notes,
and saiil stockhnlder shall subsequently pay in
terest weekly at the rate of ak per cent per
annum On the remainder Of said note only, and
If he desire 1t. the mortgage bearing on his
property shall be reduced proportionately
Art. 18th, Members indebted to the Associa-
tien 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
therefore all fines and nrenortio1 CT inoidensa
expenses and Losses provided tnat said order
on the Treasurer shall be itqnidated out of the
first unappropriated money in the Treasury
Art. 12th. At the death of a member not in
debted to the Association the legal representa-
tiyes shall he entitled to an order for the full
value OF the stock at the time OF the if.sb 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
Iias.baan approved by the Board OF Directors,
and fiie.t only on Ihe paofs OF tiis AasoeiatiQn,
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
mefner. For each share OF stock so transferred
there shall ne paid zen cents 70 fha saefesary
for The Ass0Lia iaIlQl.
Art. 1ItH. speciaI meetings. OF the stoekhofd-
crs 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. Alphanse
Levy, Theodore Chachere. Isttifnle Lateegt te,
ss,sP Gsas 81 .sreWaft Re,ai Mdraiiingeg, Henry E.
kstOGge, Rev. T. II. Lewis They shall hold office
untit their sucaessars shall have been duly
elected and qualified and any vacancy occur
ring in the number, may be filled By them until
the nextregular election as herein provided for.
Art IGth No stockholder shall ever he held
liable for the contracts or faults of this Assoc
citation in any further sum Than tho unpaid
baiafine ititt, oii tile share oI safss Sf stock
asne4 BIZ linn o. laf fA lla Association nor
Shall nero infDEIaality in 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
ifed or amended by vote O. three-fourths of
the eapital stock represented at any gene
ral meeting OF the STOCKHOLDERS called for That
p,llroes. #i$s
THUS qonf tlpl Incorporated IN my Office in the
the town of 0pelousas, La, in the presence of
Joseph A. Gil and Vim. /. ndrus competent and
attendant witnesses who have signed these
presents with the afpearcfs and me, notary af
ter due reading, on the day aud date herein
before written.
(Signed} Charles N. Ealer
and for Effie B. Ealer, j. E. Gardner. Mrs. E. j.
Trask per G. N. Eaer, Opelousas Hope Hook &
ladder Co. per Gus. E. FonteLot, President,
J.ucius G.. DRpre. L.. P. Lnna,iep. q. L. Mesip-
ley, e. I1afreyte, 8. W. Lewis, IA. h. EstpEge
aud TOR Mrs Eieclle Bailey. Alphonse Levy, J.
Il loeA Il. 7. Lewis, r. NJ Iittsil. Theordore
Chaehere, O. H. TerwilligeF, Il. Mornhinyeg, r
w. Laeefeld, w. Z. Henderson, George o.
Elms.
Witnesses: Jos A. Gil. ". L. Anarrs.
". C. PERRAULT.
Notary Public.
STATE OF LOUISIANA. PARISH
OF ST LANDRY (