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

which shall revert to and become the
property of tile Association. Any stock
holder having effected a loan from or be-
ing otherwise indebted to the Association,
who shall for three months neglect or re-
fuse to pay tic monthly portion of the in
terest on snch Indebtedness, shall pay an
additional sum of five cents each month
on each share against which such indebt-
etlness has been effected. The fines for
each and every monthly neglect or refu
sal to pay installments or interest shall
he charged to the account of the stock
holder who is in default, but these zines
may be avoided by paying i'll advance for
Il certain time, during which period it be-
ing covered by prepayment, no fines
can be levied.
indebted to this Association. the valne OF
his stock being less than his Indebtedness,
shall desire to settle and liquid;lte such
Indebtedness, he shall have the right to
surrender to the Association his stock ,
with interest and accommodations thereon, ,
in part payment Of snch indebtedness
provided he pays the balance of such in
debtedness in cash. Whenever stock has
| been pledged to tho Association as collat-
eral, by stakeholder who is indebted to
| the Association, and the value Of snch |
stock with interest and accumuiations |
thereon shall become equal to the amount
of Indebtedness, with all interest and cost
that may he due on the same, for which
such stock is pledged, such stock and in
debtedness being alike distinguished, and
it shall be the duty Of the stakeholder to
surrender his stock for cancellation and
upon snch surrender it shall be the duty
of the President or the Vice. President to
| CAL, OR IN ri, iap
to such stakeholder proper receipt and
rics, recorders, registers and all expenses
shall be paid by the respective borrowers.
ARTICLE 10. Should any stakeholder
who has borrowed money Of the Associa-
ticn desire at any time to reduce his in
debtedness, he shall have the right of so
doing by paying on account of said in
debtedness sum 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 on tho remainder of said
note only; and if he desire it, the mort
y gage bearing OH his property shall be re-
, duced propOrtionately
ARTICLE IL. Members not being indebt-
ed to the Association may withdraw by
} giving one months notice in writing, when
an order shall be drawn on the treasurer
in favor of the withdrawing member for
, the due paid in, first deducting therefrom
: all fines and a proportion of all incidental
expenses and losses provided that said
4 order on the treasurer shall be Inundated
. out Of the first unappropriated money in
: the treasury; and provided also, that a
stakeholder withdrawing, after his series
| has been in operation one year, shall re-
: ceive in addition to the above ten per
| cent of the profits on his stock for each
e year that he shall have been a stock
o Ns.rie,r.,s IA At the rnc.,her
n not indebted to tho Association the legal
Il representative shall be emitted to an or
g time of the last payment made by such
s. deceased member; or to transfer the said
:, shares Of stock, or to continue the right
9 OF membership by continuing the month
IL ~ payments.
} ARTICLE Ii. No stock shall be trans
ferred unless tie person to whom it il
: transferred has been approved by tht
a Board of Directors, and then only on til,
2 books of the Association and in the pres
IT ence OF the Secretary, upon the surrender
l. of the certificate of stock; and the person
IF to whom the stock is transferred shall
2 sign the Charter in like manner as az
is original member. For each share of stool
}, so transferred there shall be paid ter
e. cents to the Secretary for the Association
II ARTICLE II. Special meetings of til,
j stockholders shall be convened at the re
i. qnest in writing of ten Stockholders, sta
ID ting the time and object of said meeting
g ARTICLE Is. The following named per
sons Shall constitute the first Board O
le Directors, viz: B. Turner, A. Albert, Jr.
d William Hill, J. G. Rogers, S. Cullen, A
K J. Cammack, &c .sW. Bolton, T.. B. Bay
b, nard and G. W. Carru:h. They shall
rs hold Office until the third Monday in No
Il vember, 1890, or until their successor
in shall have been duly elected and quail
TX fed; and any vacancies occurring in thei
in number may be filed by them until til
o next regular election.
az ARTICLE 16. No stakeholder shall eve
VI be held liable or responsible for the col
oi tracts or faults of this Association in an
W. further sum than the unpaid balance dtl
VI on the share or shares Of stock owned b
., him or her to the Association; nor sha
fa mere informallty in organization ha,
ar the effect of rendering the Charter nu
or of exposing any stakeholder to any liz
ty bility beyond the amount Of his or he
d. stock,
~ ~ ARTICLE II. This Charter may be alter
n ed, modified or amended by a vote Q
-. tlreetourths Of the capital stock repre-
~ ~ scented at any general meeting OF I'll
~ stockholders called for that purpose
III Thus done and incorporated in my OF
e fee in the City of Alexandria, La, in tn
!" presence of a P Williams and NJ O'shee