The Meridional. (Abbeville, La.) 1856-1906, 1890-08-16

warrant one or more loans.or advances
on share holders bidding the highest
voluntary discount therefor, provided
that no bid shall be received for less
than fifteen per cent discount, and no
share holder shall be entitled to bid
who owes ything upon his shares.
Sec. 3. Shareholders obtaining tad-
Vances upon shares falling to tender
satisfactory security therefor within
thirty days from date of adjudication,
shall forfeit same provided that the
board of directors may for good and
satisfactory reason extend the time)
and all costs and charges and expenses
attending the examinations of titles
and seachas, together with the inter
est for not less than four weeks, or
such further time as may have elapsed,
shall be charged to the borrower and
be lien against his or her shares
until paid.
Sec. 4. All fees of attorneys, notar-
les, recorders, registers and all ex-
penses incurred in making or cancel
ling loans shall be paid by the res
pective borrowers.
Sec. s. The Board of Directors may
make such rules and regulations or
bylaws to govern loans or advances
on stock they may see proper, pro-
vidod they do not conflict with tliiB
5harter.
ART. VII.
Sec. |. Payments on shares. in
stallments and interest shall be due
and payable weekly on each Saturday
at the Office of the association, and any
share holder failing to make any pay
ment uA&l five weeks are past, shall
forfeit and pay as a penalty the sum
Of five cents per share on shares on
which no advance has been made, and
the sum of ten celGts per share on
shares on which an advance has been
made, and the same f0r each similar sub
sequent default. and.said fines must be
paid before any future installment or
interest can be received.
Sec. 2. Any share holder who for
the term of six months shall fail to pay
the installments or interest dne on his
shares, shall by reason of such failure,
and without notice, forfeit all pay
ments previously made by him, to-
gether with the profits, interest and
acrumulations thereon, which shall
revert to and become the property Of
the association.
Sec. 4. Interest Will be allowed up-
onmonthly payment frnade in advance
ofthose due within the carrent monthly
alta rate to be fixed from time togtime
by the board .of directors, not tosex-
eped six per cent. per annum for the
.timo said payments run, provided no
interest shall be allowed in payments
in advance for shorter period fhan
three months.
ART. VIII.
Sec. 1st. Any shareholder who has
receivedsa loan or advance upon his
shares desiring to settle and liqnidate
such indebtednesseprior to the matur-
ing Of the loan, may do so either in
part or in whole, by paying the net
amount cash received upon each share
plus one-eighth Of the discount bid for
same. for each year or fraction of year,
that said shares have been in existence
and if desired, the pledged shares may
be surrendeie ed to the association and
cancelled under the conditions and in
the proportion provided for with draw
ing unpledged shares and their value
credited in part paymentlof said in
sdebtedness.
Sec. 2. Any part payment under
this article shall be credited upon the
borrowers noteiin the sum of two hun
dred ($200) dollars for each share re-
deemed from pledge and thereafter
interest shall be paid only upon the
remainder of said note, and if desired
the mortgage bearing upon the prop
.erty shall be reduced proportionately.
ART. TX.
Sec. |. Share holders not having,
pledged their shares to the association,
who owe nothing upon their shares,
may withdraw fi0m the association
by giving thirty days notice in writing
to the president, when said shareholder
on surrender of his certificate shall he
refunded all the payments on account
of weekly iHstallments an shares made
by him; less. any unpaid fines or char
gee, and pro rata Of the current
years expenses and1osses, ifany up to
the date of the notice, provided
that share holder'Withdrawing, after
his shares have been in existence over
one year, shall receive addition to the
above ten per cent. of the profits on
said shares for each year that they
have been in existence. Each written
notice Of withdrawal shall be registered
and numbered by the secretary in the
order of their receipt and Withdrawing
stockholders shall be paid in rotation
as registered out Of the first unappro-
priated money in the treasury.