The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1889-12-25

~ i''i, toSetHef Win Ile profits
interests ana accumulations thereon
i, "hich sh'it revert to and become tn
;; properly or tile Association. Any stock
!ioiaer having effected loan from or be
ing otherwise indebted to the Association
VINO sii''ii Tor three months neglect or re
ihse TO pay the monthly portion of the in
! .efe ,:. on s'ich Indebtedness, shall pay al
aaaltioi'ai sum OF five cents each montl
OF, each share against sHa,ich such indebt
ean'ss HIS been etfes a. The fines fo
eacli ana every monthly neglect or refl
!, sal 70 pay lhstallments Or interest shat
be charged to the account of the stock
holder who is in default, but these fine.
may heayoI''ed by paying in advance fol
certain time, during which period it be-
ing covered by prepayment, no fine:
can be levied.
ARTICLE 8. If any stockholdcr who is
indebted to this Association, the value OF
his stock being less than his Indebtedness
snail desire to settle and lqndate such
Indebtedness, he shall have the right to
surrender to the Association his stock
! WIN interest and Accommodations thereon,
III part payment of such Indebtedness
| provided he pays the balance Of such in.
Gebtettness IN cash. Whenever stock has
pee:i plraSed to the Association as collat-
eral, by a stakeholder who is indebted to
the ASSOCIATION, and the value of such
STOCK with interest and Accommodations
thereon shall become equal to the amount
OF Indebtedness, with all interest and cost
thaI may be due on the same, for which,
shch stock is pledged, such stock aud in.
aeGtedness being alike cxtingushed, and
II shall DC the duty of the stakeholder to
surrender his stock for cancellation and
upon such surrender it shall be the dnty
OF the PRESIDENT or the Vice-p President to
cancer said stock and to give and render
20 s'tch s'ocklolder proper receipt and
acquitance. All fees of attorneys, nota-
res, recorders, registers, and all expenses
incurred In making or cancelliny loans
snail be paid by the respective borrowers.
ARTICLE 10. Should any stakeholder
| VINO has borrowed money Of the Assoria-
| tion desire at any time to reduce his in
debtedness, he shall have the right of so
doing ny paying on account of said in
correctness a 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 tnnum on the remainder of said
note only; and if he desire it, the mort
gage bearing OH his property shall lie re-
duced proportionately.
ARTICLE IL. Members not being indebt-
Ell to the Association may withdraw by
Slvlrg one months notice in writing. when
an order shall be drawn on tho treasurer
in favor of the withdrawing member for
the due paid in, first deducting therefrom
Hil hnes and proportion of all incidental
expenses and losses provided that said
order on the treasurer shall be liquidated
out OF the first unappropriated money in
the treasury; and provided also, that a
stakeholder withdrawing, after his series
has been III operation one year. shall re-
ceive in addition to the above ten ner
cent of the profits on lis stock for each
year that he shall have been n stock
holder.
ARTICLE II. At the death of a member
not indebted to the Association the lcral
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
OF membership by continuing the month
Iy payments
ARTICLE ID. No stock shall be trans
terred 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
Dt the certificate of stock;an the person
to whom the stock is transferred shall
sign the Charter in like manner as IAN !
original meniDeI. Fer a.lcll share of stock
80 transferred there shall be paid ten
cents to the Secretary for the Association.
ARTICLE ID. Special meetings of tile
stockholders shall be convened at the re-
luest in writing of ten stockholders. sta
ing the time and object of said meeting,
ARTICLE 10. The following named per-
ons Shall constitute the first Board of
directors. VIZ: B. Turner, A. Albert, Jr.,
William Hill, J. G. Rogers, S. Cullen. A.
!. Cammack, CIV. Bolton, i. b. Bay-
lard and Z. w. Carrntll They shall
loltt Office until the third Monday in No
ember, 1890, or until their successors
hall have been duly elected and quail
ed; ana any vacancies occurring in .heir
lumber may be filled by them until the
ext Regular election.
ARTICLE 10. No stakeholder shall ever
e held liable or responsible for the con-
racts or faults of this Association in any
nrthcr sam than the unpaid balance due
n Enc snare or shares of stock owned by
I'm or her to the Association; nor shall &
lere !ntoFnaIity i'll organization have
ne effect OF rendering the Charter null
OF exposing any stakeholder to any liza
llity beyond the amount of his or her
tocl1 :
ARTICLE II. This Charter may be alter
1, modified or amended by a vote of,
lree- fourtls of the capital stock repre- .
'nted at any general meeting of the
,ockholders called for that purpose.
Tins done and Incorporated in my Of
&c lnthe City of Alexandria, La. in the
resence of A p Williams and NJ O'Shee.
illnesses Of lawful age and domieiijateI
this city, who sign these presents with
lld appearers, and me q notary. on the
ly and date above written and after
aiding.
IN Hill, s CulIen
has w Carruth, l. B Barnard.
inrner, John G Rogers,
Albert, Jr, G w Bolton.
n Lancy, I'D Warren,
> Cammack, JAS w Dammon, I
Is Dyer, John NJ Barrett, l
u Ransdell,, J A Williams,
Calvit, TN Miles.
L Sanford, Willie O'Shee.
Witnesses:
Williams, Martin O'shee,
+ slmonin, re Rogers. {
ANDREW j. CAMMAcK,
Notary Public. T
ATE OF LOUISIANA, /
.RIsH or RAPIDEs. {
: Alexandria, La, Nov. 30th, 1889.
Having examined the above charter,
I'd finding nothing contained therein +
ntrary to the Constitution and laws Of
g State, hereby approve the same.
JAS. ANDREWS,
strict Attorney 10Th Judicial District.