St. Landry democrat., 1888-04-28

after ten days notice OF the time and place
thereof. The directors snail elect from their
number President and Vice Presidcnt. and
seven directors shall be aquurum for the trans
action OF business. The directors shall elect or
| appoint secretary and treasurer and such 9th
CT 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 rcpugnant to this charter to select place
of meeting to suspend any officer for neglect
| of duty or misconduct, and to have general all-
thority to carry ont 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 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, Ill
their own right. All applications for member
ship shall he subject to the approval Of the
| Board Of Directors.
AIT 18th Each stakeholder, for each share Of
stoch he may hold in the Association, shall be
| eligible to receive from the funds Of the ASso
| citation a loan CT one hundred dollars less the
| premium offered. Whenever the funds III the
| treasury shall warrant orc or more loans: they
| 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, 10 loan shall be made for less pre-
minm than ten per centum. No stakeholder
shall be eligible to a loan on more than twenty
| shares. No stakeholder shall be eligible to
| loan who Is i'll arrears to the Association
| Stockholders taking loans shall pay interest
| thereon ton nominal loan by weekly payments
| at the rate OF SIX per cent per annum. In case
eff failure to give satisfactory security for such
| loansSWithln one month of the date OF prr-
| 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 Slltfi-
! <ent unless approx ed by at least a majority OF
| :he Board of Directors present.
| Art. g. In case any stakeholder shall neglect
| or refuse for one month to pay his weekly in
| StallmentS such StOcdhOldcr SO ne%tcctlng or
refusing to pay, shall forfeit and pay for each
| share of said stock held by him or her an addl-
| tional sum of five cents for each month and any
| stakeholder who for the term of six months
| shall fail to pay the installnents due on his
stock, shall by reason OF such failure, and with
| ont notice, putting in moro, 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 stakeholder having
! effected Il 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 i'll
! stallments or interest shall be charged to the
| accounts of the stakeholder who is i'll default;
| but these fines MAY be avoided by paying i'll
advance for certain time, during which pc
| riod it being covered bya prepayment, no fines
| can be levied.
Art 9Th, If any stakeholder who is indebted
| to the Association. the valhe of his stock Ming
| less than his Indebtedness, shall deSireht 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 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 tho saplel for
| which stock is pledged; such stock and III
| debtedness shall cancel each other, the stock
| and the Indebtedness being alike eXtinguished,
| and it shall be the duty of the stakeholder to
| surrender his stock for cancellation; and upon
such surrender it shall be the duty of the Pres
ident or Vice-Presdent to cancel said stock
and to give and render to such stakeholder a
proper receipt, and aCquittance. All fees of
attorneys, notares. recorder, register and all
expenses incurred i'll making or cancelling
| loans, shall be paid by the respective borrow
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, 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 i'll
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.
AL. llJu htllfjpES llltlGuteu 10 Inc ASSOcl1-
ton may withdraw by giving one months no.
tlce i'll writing when an order shall be drawn
on the Treasurer i'll favor of the withdrawing
member for the dues paid in first deducting
therefrom all fires and proportion of incidental
expenses and losses !; provided that said order
on the Treasurer shall be lquidated out OF the
first unappropriated money i'll the Treasury.
Art. 18th, At the death CT a member not in
debted to the Association the legal representa-
tiyes shall be entitled to an order for tho full
value OF the stock at the time of the last pay
40 nv .lN .I,,x
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 Oh 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 I. Lewis, JOS Bloch, Alphonse I
Levy, Theodore Chaehere, Etienne Latreyte,
Oscar Fl, Terwilligep, On. Roht. NJ. Littel, /
Chas D. Stewart, R6lni Mornhinveg, Henry E.
Estorge, Rev f. ", Lewis. They shall hold office
elected and qualified, and any vacancy occur
ring i'll the number, may be filed b Y them until
the neXtreguar election as herein provided for
Art. 18TH No stakeholder shall ever he 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 informaty i'll 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 0r her stock.
Art. 18th. This charter may be altered mod.
flied or amended by vote Of threcfourths of
the capital stock represented at any gone
raj meeting OF the stockholders called for that
purpose.
THUS done and Incorporated inmy officein 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. Ea]er
and for Ettin Z, Eaier. ], E. Gardiner Mrs g. J.
Trasif per G. n. Ealer, Opelousas Hone Hook &
Ladder CO.. per Gus. E. FonteLot, resident,
lneius G. Dnpre, L. P. Louallier. B. f. Megin-
ley. b. Latreyte, +. w. Lewis, III. e. Estorge
and for Mrs. Ceciie Bailey, Alphonse Levy, J.
Blach e. L. Lewis, r. M. Littell, Theordore
O. Fl. Terwiger, r. Mornhnveg T.
W. Lacefield, W. L. Henderson, George o.
Elms.
Witnesses: JOS A. Gil. W. L. Andrus.
W. c. PERRAULT.