The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1890-01-08

idi1uie ANN "iVuuuU AoVaooi VI putting III
mora, forfeit all payments previously
made by him, together with the profits,
interests and accumulatiOns thereon,
which shall revert to and become the
property Of the Association. Any stock
holder having effected Il loan from or be-
ing otherwise indebted to the Association,
who shall for three months neglect or re-
fuse to pay the monthly portion of the in
terest on such Indebtedness, shall pay an
additional sum of five cents each month
OIL each share against which such indebt-
cdncss has been effected. The fines for
each and every monthly neglect or refn-
sal to pay installments or interest shall
be charged to the account of the stock
holder who is in default, but these fines
may be avoided by paying in advance for
u certain time, during which period it be-
ing covered by a prepayment, no fines
can be levied.
| ARTICLE 8. If any stakeholder who is
indebted to this Association, the value of
his stock being less than his Indebtedness,
shall desire to settle and liqnidate such
Indebtedness, he shall have the right to
surrender to the Association his stock
with interest and Accommodations, thereon,
i'll part payment Of such indebtedness
provided he pays the balance of such in
debtedness in cash. Whenever stock has
been pledged to tho Association as collat-
cral by a stakeholder who is indebted to
the Association, and the value of such
stock with interest and accommodations
thereon shall become equal to the amount
of Indebtedness, with all interest and cost
that may be due on the same, for which
such stock is pledged, such stock and in
lebtedness being alike extinguished, aud
it shall be the duty of the stakeholder to
surrender his stock for cancellation and
upon such surrender it shall be the duty
OF the President or the Yice-P President to
cancel said stock and to give aI,. render
to such stakeholder Il proper receipt ana
acquitance. All fees of attorneys, nota-
ries, recorders, registers and all expenses
incurred in making or cancelling loans
shall be paid by the respective borrowers.
ARTICLE 10. Should any stakeholder
who has borrowed money of the Assoca-
ton desire at any time to reduce his in-
debtedness, he shall have the right of SO
doing by paying on account of said in
debtedncss sun not less than fifty dol
lars. Such payments shall be credited
on the face of his outstanding note, and
said stakeholder shall subsequently pay
interest monthly at the rate of SIX per
cent per annum Oh the remainder of said
note only; and if lie desire it, the mort
gage bearing on his property shall he re-
duced proportionately.
ARTICLE II. Members not being indebt-
ed to the Association may withdraw by
giving onemonths notice in writing, when
an order shall be drawn OH tho treasurer
in favor of the withdrawing member for
the due paid in, first deducting therefr0m
all fines and a proportion of all incidental
expenses and losses provided that said
order on the treasurer shall be liquidated
ont Of the first unappropriated money in
the treasury; and provided also, that IL
stakeholder withdrawing, after his series
has been in operation one year, shall re-
ccive in addition to the above ten per
cent of the profits on his stock for each
year that he shall have been a stock
holder.
| ARTICLE II. At the death of member
not indebted to the Association tho legal
representatives shall be entitled to an Or
der for the full value of the stock at the
time Of the last payment made by such
deceased member; or to transfer the said
shares Of stock, or to CONTINUE the right
Of membership by continuing the month
~ payments.
ARTICLE -. No stock shall be trans
ferred unless the person to whom it is
transferred has been approved by the
Board of Directors, and then only on the
books Of the Association and in the pres
ence of the Secretary, upon the surrender
of the certificate of stock; and the person
to whom the stock is transferred shall
sign tho Charter in like manner as an
J original member. For each share of stock
so transferred there shall be paid ten
cents to the Secretary for the Association.
ARTICLE IL. Special meetings of the
stockholders shall be convened at the re.
: quest i'll writing of ten stockholders, sta
ting the time and object Of said meeting.
, ARTICLE Is. The following named per-
sons shall constitute the first Board OF
} Directors, viz: B. Turner, A. Albert, Jr.,
William Hill, j. C. Rogers, S. Cullen, A.
j. Cammack, ....G.J wv. Bolton, l.. B. Bay.
nard aud G. w. Carruth. They shall
hold Office until the third Monday in No.
vember, 1890, or until their successors
! shall have been duly elected and quail.
fed; and any vacancies occurring in shell
! number may be filled by them until the
next regular election.
ARTICLE is. No stakeholder shall eve1
be held liable or responsible for the con
tracts or faults Of this Association in any
: further sum than the unpaid balance due
/ OH the share or shares of stock owned by
!, him or her to the Association; nor shall
mere informality in organization have
the effect of rendering the Charter nul
or Of exposing any stakeholder to any liza
7 bility beyond the amount of his or hel
stock,
9 ARTICLE II. This Charter may be alter
: ed, modified or amended by a vote O
l three fourths of the capital stock repre-
r sented at any general meeting of the
. stockholders called for that purpose
l Tins done and Incorporated in my Of
: flee in the City of Alexandria, La, in the
\ presence of Williams and NJ O'Shee
: witnesses of lawful age and domiciliatef
l in this city, who sign these presents Will
r said appearers, and me notary, on the
day and date above written and after
| reading.
t VIM Hill, S Cullen,
D Chas w Carruth, l. d Baynard,
| B Turner, john Rogers,
: A Albert, Jr, G W Bolton,
. j N Laney, j d Warren,
g A Cammack, JAS w Dammon,
Q B Dyer, John NJ Barrett,
+ G L Ransdell,, j A Williams,
F. w Calvit, L Miles,
Q w T Sanford, Willie O'Shee.
Witnesses:
: A P Williams, Martin O'shee,
: A I Simonin, re Rogers.
: ANDREW j. CAMMACK,
l Notary Public.
: STATE OF LOUISIANA,
: PARISH OF RAPIDEs.