The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1889-12-11

interests and accommodations thereon,
which shall revert to and become the
property of the Association. Any stock
holder having effected 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 leach month
on each share against which such indebt-
edness has been effected. The fines for
each and every monthly neglect or refu-
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 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 liquidate 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 lie pays the balance of such in
! debtedness in cash. Whenever stock has
been pledged to the Association as collat-
eral, by stakeholder who is indebted to
| the Association, and the value of such
stock with interest and accnmulations
thereon shall become equal to the amount
of Indebtedness, with all interest and cost
that may be due on the same, for which
such stock is pledged, such stock and in
debtedness 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 President or the President to
cancel said stock and to give and render
to such stakeholder Il proper receipt and
acquitancc. All fees of attorneys, nota-
ries, recorders, registers, and all expenses
incurred in making or cancelling loans
shall be paid by the respective borrowers.
ARTICLE 10. Should any stakeholder
who has borrowed money of the Associa-
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 annum on the remainder of said
note only; and if he desire it, the mort
gage bearing on his property shall be re-
duced proportiOnately.
ARTICLE IL. Members not being indebt-
ed to the Association may withdraw by
giving nemontlls notice in writing, when
: an order shall be drawn on the treasurer
in favor of the withdrawing member for
the due paid in, first deducting therefrom
: all fiues and q proportion of all incidental
: expenses and losses provided that said
4 order on the treasurer shall he liquidated
Q ont of the first unappropriated money i'll
: the treasury; and provided also, that a
. stakeholder withdrawing, after his series
= has been in operation one year, shall re-
+ ceive in addition to the above ten pei
u cent of the profits Oh his stock for eacl
Q year that he shall have been stock
i holder.
+ ARTICLE ~. At the death of mcmbe1
n not indebted to the Association the lcga
Il representatives shall be entitled to al OF
} der for the full value of the stock at til,
time of the last payment made 10y sucl
s. deceased member; OF to transfer the salt
J., shares of stock, or to continue the RICH
'e of membership by continuing the month
n n ~ payments.
y ARTICLE 13. No stock shall be trans
fcrred unless the person to whom it i
y transferred has been approved by tn
q Board of Directors, and then only OH tn
e. books of tho Association and in the pres
o1 ence of the Secretary, upon the surrende
a. of the certificate of stock; and the perso
OF to whom the stock is transferred sha
e. sign the Charter in like manner as Il
is original member. For each share of stoc
D. so transferred there shall be paid te
e, cents to the Secretary for the Association
vi ARTICLE IA. Special meetings of tn
4 l. al ~,
IL. guest in writing of ten stockholders, st;
ea ting the time and object of said meeting
lS ARTICLE Is. The following named pc
sons shall constitute the first Board
ne Directors, viz: B. Turner, A. Albert, Jr
ia William Hill, J. C. Rogers, S. Cullen,
k J, Cammack, G.. w. bolton, l.. 3. Ba
N, nard and G. W. Carruth. They sha
srs hold office until the third Monday in n
lu- ve,nber, 1890, or until their successo
III shall have been duly elected and Dual
OK fed; and any vacancies occurring in .he
III number may he filled by them until tt
70 next regular election.
at ARTICLE is. No stakeholder shall ev
or be held liable or responsible for the co
OF tracts or faults of this Association in al
al. further sum than the unpaid balance d1
OF on the share or shares of stock owned
OF him or her to the Associations; nor shs
lfo mere infOrmallty in organization ha
lar the effect of rendering the Charter n,
OF of exposing amy stakeholder to any Ii
ity bility beyond the amount Of his or b
ed' stock,
the ARTICLE II. This Charter may DO alte
pc, ed, modified or amended by a vote
all three-tonrths of the capital stock rep
Ter sented at any general meeting of t
ace Stockholders called for that purpo.
ON Thus done and incorporated i'll my
ce- fee in the City of Alexandria, La, in t
9 a presence of A P Williams and NJ DISH,
= witnesses of lawful age and domiciliat
a in this city, who sign these presents vi
her snid annearers and mo n notary. on 4
airy day and date above written and aft
thu reading.
act VIM Hill, S Cullen,
to Chas w Carruth, i B Baynard,
md B Turner, John C Rogers,
on A Albert, Jr, w Bolton,
to N Laney, J d Warren,
the A Cammack, Jas w Dammon,
ave B Dyer. John NJ Barrett,
for G L Ransdell,, J A Williams,
at w Calyit, T Miles,
one w T Sanford, Willie O'Shee.
Witnesses:
$50 A P Williams, Martin O'Shee,
- A f Simonin, re Rogers.
tu- ANDREW j. CAMMAcK,
All Notary Public
ub- STATE or Louisiana.
Dl- PARISH OF RAPIDEs.
Alexandria, La, Nov. 30th, 1889
ach Having examined the above chart
pei and fudIno nothing contained ther,
the contrary to the Constitution and laws