The Meridional. (Abbeville, La.) 1856-1906, 1890-08-09

nndll D6 IQuluttlSu Dy IHF06 COInLnlS
I sioners selected by the Board of Direc
tors from among the share holders
The shares shall be issued in series no
to contain more than two hundred ant
| fifty shares.
Sec. 6. No share holder shall owl
more than twenty-five shares in an,
one series at any one time.
ART. V.
Sec. /. The corporate powers OF the
association shall be exercised by sever
directors, each of whom shall own moi
less than two shares, and who shall
be elected by the share Eolders on the
second Tuesday in January annually
Each stock holder represented at said
election and not in default, being en-
1 titled vote as follows:
For one share up to five inclusive, he
| may cast one vote. For five shares up
to ten inclusive, he may cast two votes.
From ten shares up to twenty inclusive,
he may cast three votes. For twenty
shares or more, he may cast four votes.
Sec. 9 Notice of said election shall
be given for the space of ten days by
the secretary through the mails. Said
election shall be by ballot and shall be
held at the domicil of this corporation
under the supervision Of three share
holders, appointed by the Board of
Directors at the last preceding regular
election thereof. The share holders
receiving a majority of the votes cast
shall be declared elected.
Sec. g. The failure to hold an cleo
ton on the day specified shall not
disolye the corporation, but the diree-
tors in office shall hold power until an
an election be held aftor ten days
notice OF the time and place thereof.
Sec. 4. The directors shall elect
from their number a president and vice
president, and five directors shall be a
quorum for business.
Sec. 5. The directors shall elect
or appoint secretary and such en-
ployee as may be necessary and may
fx their compensation, but no salary
shall be paid to any member OF the
board of directors or officer except to
the secretary, and they shall have
power to enact bylaws not repugnaRt
to this charter; to elect place of meet
ing; to suspend any officer or director
for neglect of duty or miscundHct, and
to name and appoint their successors as
provided by law general authority to
carry out the objects and business OF
the association; but they shall not have
power to purchase real estateeXcept in
case of necessity to protect tho ass0cia
tioIa, nor contract any Indebtedness
whatever in excess OF the amount of
two months installments.
Sec. 6. Any director about to absent
himself from the parish must nominate
in writing a substitute in his place,
provided such substitute shall be a
share holder of the association
owning not less than two shares,
and such substitute shall lee entitled to
a seat on the board of directors on fl
ing his proxy With the Secretary.
Soc. Z. The following named per-
sons shall constitute the board of dir
ectors to serve until the regular meet
ing on the second Tuesday in January
1891, or. until their successors are
elected, namely. Lastie Broussard,
Walter A. White, Ophelias Bourque,
Gustave GodchauX, Drurg w. Wall,
Clarence j. Edwards and Elijah Wise
AIT. FT.
Sec. l. Share holders out Of the
funds of the association shall be entl-
tied to a loan or advance upon their
shares, provided the association is
secured therefor by a pledge of the
stock or shares on which said loan or
advance is made together with the
payment and accumulati0ns present
and future thereon, and further, that
when the loan or advance IL made Tor
the purpose of purchasing real estate
for or improving real estate belonging
to or building a homestead for the
borrower, all said property SO offered
security shall be purchased by the
association, and the title thereof shall
remain vested therein until the full
amount of the loan or advance shall
have been repaid in accordance with
the terms and conditions OF the char
ter and by laws, and that every such
aot of sale shall reserve to the SAID
borrower the legal right of redemption
and be SO specified in the deed of con-
yeyance and in case it should become
necessary or advisable to loan or ad-
vance funds to be secured by mortgage
upon real estate, then the borrower
shall in writing pledge his shares as
above provided, and further, execute
his note therefor at the rate OF two
hundred ($20O) for each share upon
which the advance is made, said uote
to bear interest at the rate of six per
cent. per annum, payable in weekly
installments, and said note shall not
mature or be demanded so long as the
weekly installments or the Pledged
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