The Meridional. (Abbeville, La.) 1856-1906, 1890-08-23

shall be liquidated by three commi,
sloners selected by the Board of Direr
tors from among the share holder
Ihe shares shall be issued in series nc
TO contain more than two hundred an
fifty shares.
Sec. q. No share holder shall ow
more than twenty-five shares in an
one series at any one time.
ART. V.
Sec. /. The corporate powers OF tn,
association shall be exercised by sever
directors, each ofWhom shall own no
less than two shares, and who shall
be elected by the share holders on tht
second Tuesday in January annually
Each stock holder represented at saie
election and not in default, being en-.
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. z 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
See. 3. The failure to hold an cleo
tion on the day specified shall not
dissolve the corporation, but the direc-
tors in office shall bold 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 a secretary and such en-
ployee as may be necessary and may
fix 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 repugnant |
to this charter;.to elect a place of meet |
ing; to suspend any officer or director
Tor neglect of duty or misconduct, and |
to name and appoint their successors as
provided by law general authority to |
carry out the objects and business of
.he association; but they shall not have
power to purchase real estate except in
;ase of necessity to protect the assoeia-
ion, nor contract any Indebtedness
whatever in excess of the amount of
Wo months installments.
Sec. 6. Amy director about to absent
himself from the parish must nominate
n writing a substitute in his place,
such substitute shall be a
hare holder of the association
wning not less than two shares,
nd such substitute shall be entitled to
seat on the board of directors on fl /
lg his'proXy with the Secretary. +
Soc. z. The following named per-
ons shall constitute the board of dir
ctofs to serve until the regular meet
lg on the second Tuesday in January
89l, or until their successors are
lecred, namely: Lastie Broussard,
Walter A. White, Ophelias Bourque,
Iustaye Godchaux, Drury w. Wall,
larence ]. Edwards and Elijah Wise.
ART. VI
Sec. J. Share holders out of the
lads of the association shall be enti- /
ed to loan or advance upon their !
lares, provided the association is !
,cured therefor By a pledge of the 4
ock or shares on which said loan or i
1Vance is made together with the :
ayment and accumulations present +
ld future thereon, and further, that .
hen the loan or advance is made for
Ie purpose of purchasing real estate
r or improving real estate belonging
or building a homestead for the p
all said property so offered u
curity shall be purchased by the n
sociation, and the title thereof shall b
main vested therein until the full ii
aount of the loan or advance shall O
I'VE been repaid in accordance with ri
g terms and conditions Of the char ol
r and bylaws, and that every such b
t of sale shall reserve to the said q
rroWer the legal right of redemption Y
d be SO specified in the deed of con- Il
vance and in case it should become Il
cessary or advisable to loan or ad- HI
nee funds to be secured by mortgage .o1
on real estate, then the borrower al
all in writing pledge his shares as sa
owe provided, and further, execute Ii;
note therefor at the rate of two M
ndred ($200) for each share upon al
llch the advance is made, said uote or
bear interest at the rate of six per ST
1T. per annum, payable in weekly as
tallments, and said note shall not pr
.mre or be demanded so long as the
ekly installments or the Pledged | he
lres and the weekly portion of the th