The Meridional. (Abbeville, La.) 1856-1906, 1890-07-26

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 mo
share holder shall be entitled to bid
who owes anything upon his shares.
Sec. 3. Shareholders obtaining ad-
vanees upon shares failing 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 seachos, 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. 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
peetiye borrowers.
Sec. 5...s The Board of Directors may
make such. rules and regulations or
by laws to govern loans or advances
on stock as they may see proper pro-
yidod they do not conflict with this
Charter.
. ART. VII.
d. Sec. l. Payments on shares. in
stallments and interest shall be due
and payable weekly on each Saturday
at the Office of the association, and ally
share holder falling to make any Dav-
ment until, five weeks are past, shall |
forfeit and pay, as a penalty the sum
otdlVe cents per share on shares ON
which no advance has been made, and |
the SUM Of ten cents per share, on |
shares on which an advance has been |
made and the samefor each similarsub- |
sequent default, and said fines must be |
paid before any future installment or /
interestcan be received. IA
Sec. 2. ! ANY share holder who for
the term, OF six months shall fail to nav /
the installnents or interest due on his I
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 /
accnmulations thereon, which shall
revert to and become the property of I
the association. . I
Sec. 4. Interest will be allowed up
on monthly payment (rnade in advance
of those duo within the .carrent monthly
at a rate to be fixed from time to time
by the board of directors, not to ex-
ceed six per cent. per annum for the
tlnlo 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, q 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
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 ii existence
and if desired, the pledged shares NAV
be surrendered to the association and
cancelled under the conditions, and in
the proportion provided for with draw
ing unpledged shares anG their value
credited in part payment of said in
debtedness.
i Sec. 2. Amy part payment under
this article, shall, be credited upon the
borrowers note in the sum of two hun
dred $4,000 dollars for each share re-
deemed from pledge and thereafter
interest shall be paid only upon the
remainder Of said note, and If desired Y
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 fionl, 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
1f weekly instsllments, shares made
By him; less any unpaid fines or char
zee, and q pro rata OF the. current
years expenses and losses, if any. up to
5he date of the notice, provided
that u share holder Withdrawing, after
his shares have been in existence over
}ne year, shall receive addition to the
above ten per cent. of the profits on
said shares for each year that they
laye been in, existence. Each written
notice of withdrawal shall he reristered
md numbered by the secretary in the
1rder of their receipt and withdrawing
shall be paid in rotation
IS registered out of the first unappro-
)riated money in the treasury.