The Meridional. (Abbeville, La.) 1856-1906, 1890-08-02

| warrant one or more loans or advances
L ON share holders bidding the highest
voluntary discount therefor, provided
that no bid shall be received for less
4 than fifteen per cent. discount, and no
II share holder shall be entitled to bid
! who owes anything upon his shares.
i 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 time1
and all costs and charges and expenses
attending the examinations of titles
and seaeh9s, together with the inter-
4 est Tor 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 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
pectiye borrowers.
Sec. 8. The Board of Directors may
make such rules and regulations or
bylaws to govern loans or advances
on stock as they may see proper, pro-
yidod they do not conflict with this
5hartef.
ART. WI.
Sec. l. Payments on shares, in
stallments and interest shall be due I
and payable weekly on each Saturday I
at the Office of the association, aid any |
share holder falling to make any SpaV- /
ment until i've weeks are past, Shall I
forfeit and pay as penalty the sum
OF five cents per share on shares on
which no advance has been made. and I
the sum of ten cents pei share on
shares on which an advance has been
made, and the same for each similar sub
sequent default. and said fines. nust he
paid before any future instaIlment 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 due 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 sham s
revert to and become the property Of Fl
the association. Isi
Sec. 4. Interest will be allowed up-
On monthly payment (fnade in advance
1f those due within the carrent monthl 5
NJ rate to be fixed from time to time S
oy the board of directors, not to ex-
,eed six per cent. per annum for the Z
5lmo said payments run, provided no 3
interest shall be allowed in payments
n advance for a shorter period than 7
5hree months
ART. VIIr
Sec. LIST. Any shareholder who has :
eceiVed a loan or advance upon his 9
hares desiring to settle and liauidate :
ueh Indebtedness prior to the matur- !
ng OF the loan, may do SO either in !,
'art or in whole, by paying the net + +
,m0unt cash received upon each share !
'lus oneeighth Of the discount BID for : :
anne, for each year or fraction of year. r
hat said shares have been in existence :
nd if desired, the pledged shares NAV \
10 surrendered to the association and =
ancelled under the conditions and in :
he proportion provided for with draw E,
1g unnledged shares and their value q
redited in part payment of said in r
ebtedness
Sec. = Any part payment under q,
ais article shall be credited upon the +
orr6Ger's note in the sum of two hun a
red ($200) dollars for each share re- /,
eemed from pledge and thereafter :
lterest shall be paid only upon the +
smainder of said note, and if desired r
le mortgage bearing upon the prop 4
rty shall DO reduced proportionateiy. n
ART TX.
Sec. I. Share holders not having =
lodged their shares to the association, d
no owe nothing upon their shares.
aY Withdraw fiom the association :
7 giving thirty days notice in writing !, =
! the president, when said shareholder %
/ surrender Of his certificate shall be
funded all tse payments on account
weekly installments on shares made Bh
I him; less any unpaid fines or char Bl
3e, and a pro rata of the current te
,ar's expenses and losses, if any up TO II,
e date of the notice, provided s
lat share holder Withdrawing sftor :, :
S shares have been in existc aoa 'o1eor onor a.
le year, shall receive a. auition sf to tho tho r
;pFe u .bela. sen per o. ceDr Of the profits on
~ ~ snares snare =" each year that they l.
sse w. pss" IN existence. Each written E
co Of withdrawal shall be registered :
I'd numbered by tho secretary III the
der of their receipt and Withdrawing 3.
shall be paid in rotation 81