The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1889-12-18

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 indebt-
edness has been effected. The fines for
each and every monthly neglect or rcfu-
sal to pay installments or interest shall
be charged to the account of the stock
holder who is in default, but these fines
may be avoided by paying in advance for
Il certain time, during which period it be-
ing covered by Il prepayment, no fines
can he 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 lqndate such
Indebtedness, he shall have the right to
surrender to the Association his stock
with interest and accumulations thereon,
in part payment Of such Indebtedness
provided he pays the balance of snch in
lebtedness in cash. Whenever stock has
been pledged to the Association as collat-
eral, by Il stakeholder who is indebted to
the Association, and the value of such
stock with interest and accumulations
thereon shall become equal to the amount
of Indebtedness, with all interest and cost
that may he due on the same, for which
such stock is pledged, such stock and in
debtedness being alike extinguisbed, and
it shall be the duty of the stakeholder to
surrender his stock for cancellation and
upon such surrender it shall be the duty
cancel said stock and to give and render
to such stakeholder proper receipt and
acquitance. All fees of attorneys, nota-
ries, recorders, registers, and all expenses
incurred in making or cancellns loans
shall be paid by the respective borrowers.
ARTICLE 10. Should any stakeholder
who has borrowed money Of the Associa-
ton desire at any time to reduce his in
debtedness, he shall have the right of so
doing by paying on account of said in
debtedness sum not less than fifty dol
lars. Such payments shall be credited
on the face of his outstanding note, and
said stakeholder shall subsequently, pay
interest monthly at the rate of SIX per
cent per anuum on the remainder Of said
note only; and if he desire it, the mort
gage bearing OH his property shall be re-
duced prOportlonately.
ARTICLE II. Members not being indebt-
ed to the Association may withdraw by
giving onemonths notice in writing, when
an order shall be drawn on the treasurer
i'll favor Of the withdrawing member for
the due paid in, first deducting therefrom
all fines and a proportion of all incidental
expenses and losses provided that said
order Oh the treasurer shall be liquidated
out of the first nnappropriated money in
the treasury; and provided also, that Il
stakeholder Withdrawing, after his series
has been in operation Que year, shall re-
ce!ve in addition to the above ten per
cent of the profits on lis stock for each
year that he shall have been stock
| holder.
ARTICLE II. At the death of member
not indebted to the Association the legal
representatives shall he entitled to an or
der for the full value of the stock at the
| time of the last payment made by such
deceased member Or to transfer the said
shares of stock, OF to continue the right
OF membership by continuing the month
| iy payments.
ARTICLE 10. No stock shall he trans
ferred unless the person to whom it is
transferred has been approved by the
Board of Directors, and then only ON the
books of the Association and in the pres
ence 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 al,
original member. For each share of stock
50 transferred there shall be paid tel
cents to the Secretary for the Association
| ARTICLE Ia. Special meetings Of the
stockholders shall be convened at the re
quest in writing Of ten stockholders, sta
ting the time and object of said meeting
/ ARTICLE'l5. The following named per
sons Shall constitute the first Board o
Directors, viz: b. Turner, A. Albert, Jr.
William Hill, j. c. Rogers, S. Cullen, A
j. Cammack, G. W. Bolton, L. B. Bay
nard aud G. W. Carruth. They shall
hold Office until the third Monday in No
, vcmber, 1890, or until their successor
shall have been duly elected and quail
fed: and any vacancies occurring in thei
number may be filled by them until thu
next regular election.
ARTICLE 16. No stakeholder shall eve
be held liable or responsible for the con
tracts or faults of this Association in an,
further sum than the unpaid balance dn
OH the share or shares of stock owned b,
him or her to the Association; nor shall
mere informallty in organization hav
the effect of rendering the Charter nul
or of exposing amy stakeholder to any lia
bility beyond the amount of his OF he
stock.
ARTICLE II. This Charter may be alter
, ell, modified or amended by vote o
thrce-fo,rths of the capital stock repre-
scented at any general meeting of tn
stockholders called for that purpose
Thus done and incorporated in my OF
: fee i'll the City of Alexandria, La, in tn
presence Of Williams and NJ O'Shec
: witnesses of lawful aye and domiciliate
in this city, who sign these presents wit
said appearers, and me Il notary, on til
!, day and date above written and afte
reading.
VIM Hill, S Cullen,
!, Chas w Carruth, l. Baynard,
B Turner, John G Rogers,
A Albert, Jr, G W Bolton,
j N Laney, J d Warren,
A Cammack, Jas w Dammon,
J Dyer, John NJ Barrett,
l. Ransdell,, j A Williams,
: w J Calvit, I N Miles,
> w Sanford, Willie O'Shee.
Witnesses:
a P Williams, Martin O'shee,
: A + Simonin, &C Rogers.
ANDREW j CAMM.cX