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


sioners selected by the Board of Direc-
tors from among the share holders
The shares shall be issued in series not
to contain more than two hundred and
fifty shares.
Sec. s. No share holder shall own
more than twenty-five shages in any
one series at any one time.
ART. v.
| Sec. L. The corporate powers OF the
association shall be exercised by seven
directors, each of whom shall own not
less than two shares, and who shall
I be elected by the share holders on the
I second Tuesday in January annually.
Each stock holder represented at said
election and not in default, being en-
titled vote as follows:
For one share up to five inclusiveSh
may cast one vote. For five shares up
to ten inclusive, he may cast two votes.
From tenBhares up tostwenty inclusive,
he may cast three votes. For twenty
shares or more, he may cast four votes.
Sec. 2. 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.
reeeiVing.a majority of the votes cast!
shall be declared elected.
Sec. 3. The failure to hold an elec-
ton on the day specified shall not
dissolve the corporation, but the diree-
tors in Office shall hold power until ans
an election be held aftor ten days,
notice OF the time and. place thereof.
Sec. 4. The directors shall elect
from their numberla president and vice
president, and five directors shall be q
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 net repugnant
to this charter; to elect q place OF meet
hing; to suspend any officer or director
for neglect of duty or miscunduet, 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 estate except in
case of necessity to protect She associa-
tion, NOR contract any indebtedness.
whatever in excess of the amount eli
two r4enths installments.
tSee.s6. Any director about to absent
himseRfrom the parish must nominate
| in writing a substitute III his place,
provided such substitute shall be a
share holder sof the association
owning not less than two shares
and such substitute shall be entitled TO
seat on the board of directors on i'll
| ing his proxy With the Secretary.
Soc. 7. 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, Drury w. Wall,
Clarence j. Edwards and Elijah Wise
ART. VI.
Sec. /. Share holders out of the.
| funds of the association shall be entl-.
tied to d loan or advance upon their,
shares, provided the association ISL
| secured therefor by a pledge OF the
stock or shares on which said loan or.
advance is made together with the
payment and aecumulations present;
and future thereon, and further, that;
when the loan or advance is made for
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 Dy the
association, and the title thereof shall
remain vested therein until the full
4 amount of the loan or advance shall
have been repaid in accordance with
the terms and conditions ofthe char-
ter and by laws, and that every sucn
aat of sale shall reserve to the said
borrower the legal right OF Resumption
and .be SO specified in the deed OF con-
yeEance and in case it should become
necessary or advisable to loan or adj
vance finds to be7secured by mortgage
upon real estate, then the borrower
s6all in writing pledge his shares as
above urOvided, and further, execute
his note therefor at the rate Of two
hundred ($200) for each share upon
which the advance is made, SAID uote
| ID bear interest at the rate OF six per
cent. per annum, payable in weekly
/ installnlents, and said note shall not
I mature or be demanded so long as the
weekly installments or the Pledged
snares and the weekly portion Of the
Linterest are paid regularly until che