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

warrant one or more. loans or advance.
on share holders bidding the highest
voluntary discount therefor, provided
that no bid shall be received for less
than fifteen per cent. discount, and nc
share holder shall be entitled to bid
who owes anything upon his shares.
Sec. 3. Shareholders obtaining ad-
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 seach8s, 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 q lien against his or her shares
until paid.
Sec.4 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. 5. The Board of Directors NAV
make such rules and regulations or
bylaws to govern loans or advances
on stock as they may see proper, pro-
vidod they do not conflict with this
Charter.
ART. VII.
Sec. l. Payments on shares, in
stallments and interest shall be due
and payable weekly on each Saturday
atthe Office of the association, and any
share holder failing to make any paw
nrent until 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
tie sum of ten cents per share on
shares on which an advance has been
made, and the same for each similar sub |
sequent default, and said fines must be
paid before any future installment or
interest can be received.
Sec. =. 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
accumulations thereon, which shall
revert to and become the property Of |
the association.
Sec. 4. Interest will be allowed up-
Oh monthly payment lmade in advance
of those due within the caITent month"; /
at rate to be fixed from time to time |
by the beard of directors, not to ex-
ceed six per cent. per annum for the
timo said payments run, provided no |
interest shall be allowed in payments
in advance for a shorter period than
three months.
ART. VIII.
Sec. 1st. Any shareholder who has
received a loan or advance upon his |
shares desiring to settle and liquidate
such Indebtedness prior 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 surrendered to the association and |
cancelled under the conditions and iii
the proportion provided for with draw
ing unpledged shares and their value
credited in part payment Of said in
debtedness.
Sec, 2. Any part payment under
this article shall be credited upon the
borrowers note in 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. l. Share holders not having
pledged their shares to the association,
who owe nothing upon their shares,
may withdraw flom the association
by giving thirty days notice in writing
to the president, when said shareholder
on surrender of his certificate shall be
refunded all the payments on account |
of weekly installments on shares made /
by him; less any unpaid fines or char
gee, and a pro rata of the current !
years expenses and losses, if any 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 1.ncistnrca out Of the fret ma r..arn.