The Meridional. (Abbeville, La.) 1856-1906, 1890-08-09
CHARTER.
STATE OF LOUISIANA; PARISH OF
VERMTLION,

OllO 4AUGStlu EISlG luAufGd ant
Ninety, before me, William Pierrepor
Edwards, duly commissioned anC
qualified Notary Public in and for the
parish of Vermilion, State of Louisiana
and in presence of the witnesses herein
after named and undersigned, person
ally came and appeared the persons
whose names ale hereunto subscribed
who declared that availiRg themselves
of the provisions of the statutes Of
Louisiana, relative to the organiza-
= tion of corporations, they do by these
present, covenant agree and bind
themselves and those who may here
after become members of this organiza-
ton, to form and constitute corpora
tion for the objects and purposes and
under the stipulations and regulations,
to-Wit:
CHARTER.
ART. /.
Section 1. The name and title of
this corporation shall be the
'ABBEvILLE BUILDING AND LOAN
ASSOCIATION, LIMITED.
and under its said corporate name, it
shall have the power to contract, sue
and be sued, to make and use a cor
porate seal, and the same to break and
alter at pleasure, to hold, receive, lease,
purchase, convey and pledge under its
corporate name, property both real
and personal; to lend money on secur-
ity, to name and appoint such officers
and agents as the interests and con-
venience Of said corporations may re-
quire. to make and establish such by
laws, rules and regulations for the
proper management and and regula-
lation of the affairs of said corporation,
as may be necessary and proper, and
the same to chahge and alter at pleas
ure, and to do all such acts and things
at are or may be necessary and proper
to carry out the objects and purposes
of said corporation and said corpora
tion unless sooner dissolved under the
provisions of this charter shall exist
for a period Of ninety mine years.
ART. IL
Sec. l. The domicile of said corpor-
alton shall be in the town of AbbeVille,
in the State of Louisiana, and all cita-
tions or other legal process shall be
served upon the President Of said cor
poration or in his absence upon the
Vice President, or in the absence OF
both of these officers upon the Secre-
tary.
ART. Ill
Sec /. The object Of the association
shall be the accumulation OF fund
from the weekly installments on ac-
count of subscriptions to the capital
rentals, premiums or discounts and
interests on loans and from other
sources. The fund SO accumulated to
be used for the purchase and sale of
real estate, the building, renting and
sale of homesteads, and the lending
Of funds upon mortgage security in the
parish of Eermilion, and upon shares
Of this corporation as provided in the
bylaws.
Section 2. No loans shall be made
except to share holders, and no loans
for sum greater than the face of the
shares owned by the borrower.
Sec. 3. All loans shall be under the
control and direction of the Board of
Directors, who shall have the power to
make such rules, regulations or by
laws regulating the same as they may
deem necessary OF expedient.
ART. ".
Sec. /. The capital of said corpora
ti0n shall be One Hundred and Fifty
Thousand Dollars ($150,000.00) with
the right of increasing the amount to
Three Hundred Thousand Dollars
$500, ,000.00) provided the consent Of
the stock holders is first obtained, and
shall be issued in shares each repres-
enting Two Hundred Dollars l$200.O0)
to be paid up in weekly installments
of twenty y-five cents per share, and
said corporation shall begin business
when One Hundred and Fifty shares
are subscribed.
Sec. 2. Minors may hold shares
through their parents or tutors, and
married women in their own right.
Sec. 8. At the close of each fiscal
year the net profit shall be apportioned
and a diyident credited to the value OF
each share in force, in such manner
as the board of directors may deDer-
mine.
See. 4, The fiscal year shall end on
the first Saturday OF January OF each
year.
Sec. 5. Whenever the shares of any
one series by reason of the payment on
account Of subscription thereto, to-
gether with the addition Of the profits
and accumulations thereto shall be
worth the par value Of two hundred
dollars ($2O0.00) each, the shares re-
presenting the series 50 arrived at par,
shall An linmidntnd and mid over to