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

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sioners selected by the Board of Direc
tors from among the fshare holders
The shares sbalA be issued in series no
Ito contain moro than two hundred an(
| fifty shares. ,ha s.f
| Sec. g. No share. holder shall owr
more than twenty-five shares in anJ
one series at any one time.
ART. V.
Sec. /. The corporate powers OF the
.association shall be exercised by seven
directors, each of whom shall own moi
less, than two shares. and who, shall
/ be nleeted by the share holders on the
second Tuesday in January annually
Each stock holder represented at said
election and not in default, being en-
titled vote assfollOWs: -
For one share up tO. FIVE inclusive, he
may cast one vote. For five shares up
to en.inclusiye, he may cast two votes.
From ten shares up to.twenty inclusive,
he may cast three votes. For twenty
shares or more, he may eastfour votes.
Sec. 9. Notice of said election shall
be given for the space lnf ten days by
the secretary through the mails. Said
election shall be by ballot and shall be
held at the domicil of this corporation
under the supervision of three share
holdcrs, appointed by. the Board Of
Directors at the last PRECEDING regular
election thereof. The share holders
receiving a majority Of the votes cast
shall he declared, elected.
Sec. 3. The failure to hold an cleo
tion on the day specified shall not
dissolve the corporation, but the direc4.
tors in Office shall hold power until an
an election be held aftor ten days
notice of the time and place thereof.
Sec.,. T. The directors shall. elect
from their number a president and VICE
president, and fiJe, directors shall be d
quorum for business j.
Sec. 5. The directors shall elect
or appoint a secretary and sieh en-
ployee as may be- necessary and may
fix their compensation, .but. mo salary
shall be paid to any member, Of the
board of directors or officer except to
the secretary, and they shall have
power to enact by laws. not repugnant
to this charter; to elect y place, Of meet
ing; to suspend any ofleer or director
for neglect of duty or, Iliscunduct, and
to. name and appoint their successors as
provided by law general authority to
carry out the objects and business of
tie association; but theysshall not have
power to purchase real estate except in
case of necessity to protect, the associa-
.tion, norss. contract any Indebtedness
Whatever,i in exGess of the amount of
two months installments. s,
Sec. 6. Any director about to absent
himself from the parish must nominatdf
in writing a substitute in his places
provided such substitute shall be- sa
share holder. Of the association
owning not less than two shares,
and such, ,substitute shall be entitled to
a seat on the board of directors on fl
ing his proxy with the Secretary, :,
Soc, r. The following named per-
sons shall constitute the board Of dir
ectors to serve until the regular meet
ing on the second Tuesday in January
1891, or until their successors are
elected, namely: Lastie, Broussard,
Walter. A. White, Ophelias Bourque,
Gusta9e Godchaux, Drurg w. Wall,
Clarence j. Edwards and Elijah Wise.
ART. w.. y
Sec. /. Share holders out of the
funds Of The association shall be ehti-
tied. to a loan or advance, upon their
shares, provided the association is
secured therefor by a pledge of the
stock or shares on which said loan or
advance is made together with the
payment and accumnlations present
and future thereon, and further, that
when the loan or advance is made for
the purpose of purchasing real estate.
for or improving real estate belonging
to or building a homestead, for the
borrower, all said property SO offered
SecuTity shall be purchased by the
association, and the, title thereof shall
remain vested therein until the full
amount of the loan or advance shall
have been repaid in accordance with
the terms and conditions of the char
ter and bylaws, and that every such
aat of sale shall reserve to the said
borrower the legal right of redemption
and be SO specified in the deed Of .con-i
veyailce and in case it should. become.
necessary or advisable to loan OF adj
vance funds to be secured by mortgage
upon real. estate, then the borrower
shall inv writing pledge his. shares as
above provided, ard further execute.
his lfote therefor at, the rate OF two.
hundred ($200) for each share upon
Mhfef the advance is, made, said uoteH
to bear interest at the. rate OF six per
cent. per ahnum, payable in weekly
instalIments, and said note shah not
or be demanded so long as the
weekly installments or the Pledged
s lares and the weekly portion OF the
interest ale plid 1e eguls rII until the