The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1889-12-04

1alinre and without notice, or putting in
mora, forftit all payments previously
made by him, together With the profits
interests aud accommodations thereon
which shall revert to and become the
property OF the Association. ANY stock
holder having effected ii loan from or be-
ing otherwise indebted to the Association,
who shall for three months neglect or re-
fuse to pay the monthly portion of the in
terest on such Indebtedness, shall pay an
additional sum of five cents each month
on each share against which such ndebt-
cdness has been effected. The fines for
each and every monthly neglect or retn-
sal to pay installinents or interest shall
be charged to the account of the stock
holder who is i'll default, but these fines
may be avoided by paying III advance for
il certain tine, during which period it be-
ing covered by Il prepayment, no fines
can be levied.
! ARTICLE 8. If any stakeholder who is
indebted to this Association, the value of
his stock being less than his Indebtedness.
(! SHALL desire to settle and liguidate such
Indebtedness, lie shall have the right to
surrender to the Association his stock
with interest aud accommodations thereon,
III part payment of such Indebtedness
| provided lie pays the balance of such in-
debte'ncss i'll cash. Wheuever stock has
been pledged to tie Association as coilat-
eral, by ii stakeholder who is indebted to
the Association, aud the value of such
stock with interest and accommodations
thereon shall become equal to the amount
OF indebtedness, with all interest and cost
mat may be due ON the same, for which
such stock IS pledged, such stock and i'll
debtedness being alike distinguished, and
1t shall be the duty of the stakeholder to
surrender his stock for cancellation and
| upon such surrender it shall be the duty
OF the President or the Vice President to
cancel said stock aud to give and render
to such stakeholder a proper receipt and
acquitance. All fees of attorneys, nota-
RES, recorders, registers, and all expenses
| incurred III making or cancellng loans
shall be paid By the respective borrowers.
ARTICLE 10. Should any stakeholder
who has borrowed money Of the Associa-
ton desire 1T any time to reduce his in
debtcdness, he shall have the right Of SO
dong by paying on account of said in-
deDteuness Il sum not less than fifty dol
lars. Such payments shall lie credited
on the face Of his outstanding note, aud
said stakeholder shall subsequently pay
interest monthly at the rate of six per
cent per aGnum on the remainder Of said
note only; and if he desire it, the mort
gage hearing on his property shall be re-
duced. propOrtionately.
ARTICLE IL. Members not being indei:-
es to the Association may Withdraw by
giving one months notice in writing, when
an order shall be drawn OH the treasurer
i'll favor of the Withdrawing member for
the due paid in, first tledncting therefrom
all fines and a proportion of all incidental
expenses and losses provided that said
order Oh the treasurer shall be liqudated
out of the first unappropriatcd money in
the treasury; and provided also, that Il
stakeholder withdrawing, after his series
has been III operation one year, shall re-
ceive in addition to the above ten per
cent Of the profits on his stock for each
year that lie Shall have been stock
holder.
ARTICLE II. At the death of member
not indebted to the Association the legal
representatives shall be entitled to an or
der for the full valne of the stock at the
time OF the last payment made by such |
deceased member; or to transfer the said |
shares Of stock, or to continue the right J
OF membership by continuing the months
~ payments.
ARTICLE 10. No stock shall be trans
ferred unless the person to whom it is
transferred has been approved by the I
Board of Directors, and then only on the |
books of the Association and in the pres
tnce 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 member. For each share of stock
on fr,,ll l,n1l
cents to the Secretary for the Association.
ARTICLE Ia. Special meetings of the
stockholders shall he convened at the re-
quest in writing Of ten Stockholders, sta
ting the time and object of said meeting.
ARTICLE ID. The following named per
sons Shall constitute the first Board of
Directors, viz: B. Turner, A. Albert, Jr.,
William Hill, j. C. Rogers, S. Cullen, A.
j. Cammack, G. W. Bolton, l.. b. Bay
uard and c. w. Carruth. They shall
hold Office until the third Monday in No
vember, 1890, or until their successors
shall have been duly elected and quail
fed; and any vacancies occurring in .heir
number may be flied by them until the
next regular election.
ARTICLE l6. No stakeholder shall ever
be held liable or responsible for the con-
tracts or faults of this Association 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 lnformallty in organization have
the effect of rendering the Charter null
Or OF exposing amy stakeholder to any La
bility beyond the amount of his or her
stock
ARTICLE II. This Charter may be alter
ell, modified or amended: by n vote Of
three -fourths of the capital stock repre-
scented at any general meeting of the
called for that purpose, I,
Thus done and Incorporated in my of
flee in the City of Alexandria, La, in the
presence Of ? Williams and NJ O'Shee,
witnesses of lawful age aud domciliated
IN this city, who sign these presents with
said appearers, and me notary, on the
day and date above written and after
reading.
VIM Hill, S Cullen,
Chas w Carruth, l. B Baynam I,
3 Turner, John C Rogers,
A Albert, Jr, & w Bolton,
J N Laney, J d Warren, K
A J Cammack, JAS w Dammon, Il
} Dyer. John NJ Barrett, Ii
c l. Rans,lell,, IA Williams,
w J Calvit, I N Miles,
w L Sanford, Willie O'Shee.
Witnesses: {
A Williams, Martin O'shee, ,
4 SimOnin, X G Rogers ,
ANDREW j. CAMMACK,
Notary Public.
STATE OF LOUISIANA,
PARISH OF RAPIDEs.
Alexandria, La, Nov. 30th, 1889.