The Meridional. (Abbeville, La.) 1856-1906, 1890-08-23

" outI0 HoIu6IS biuuing LIfe nlgneSl
voluntary discount therefor, provided
that no bid shall be received for less
. | than fifteen per cent. discount, and no
share holder shall be entitled to bid
| who owes anything upon his shares.
Sec. 3. Shareholders obtaining ad-
Vanees 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 time(
and all costs and charges and expenses
attending the examinations of titles
and seach9s, together with the inter-
est for not less than four weeks, or
such further time as may have elapsed.
snaH be charged to the borrower and
be q lien against his OF her shares
| until paid.
i 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
| pective borrowers.
| Sec. 5. The Board of Directors NAV
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
5harter.
ART VII.
Sec. |. Payments on shares. in
stallments and interest shall be due t
and payable weekly on each Saturday |
at the Office of the association, and any
share holder falling to make any pay-
ment until five weeks are past, shall I
forfeit and pay as penalty the sum
OF nVe 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 same for each similar sub
sequent default, and said fines must be
paid before any future installment or
interest can be received.
Sec. 2. Any share holder who for
the term of six months shall fail to nav
the 1nstallments or interest due on his
shares, shall by reason of such failure.
and without notice, forfeit all paw
ments previously made by him. to- |
gether with the profits, interest and
accommodations thereon, which shah
revert to and become the property Of !
the association.
Sec. I. Interest will be allowed up-
on monthly payment (made in advance
Of those due within the earTent montbl s
1t a rate to be fixed from time to time 5
oy the board OF directors, not to ex- {
aeed SIX per cent. per aHnum for the q
limo said payments run, provided no q
interest shall be allowed in payments
n advance for shorter period than t
ihree months.
Art. VIII. J
Sec. 1st. Any shareholder who has e
'ecelYed loan or advance upon his E
hares desiring to settle and liquidate :, :,
ueh Indebtedness prior to the matur I I
ng OF the loan, may do so either in !,
'art or in whole, by paying the net !;
mount cash received upon each share = =
'lus one-eighth Of the discount bid for !, Z
anne, for each year or fraction of year. T
hat said shares have been in existence :
nd if desired, the pledged shares may =
'e surrendered to the association and y
aneelled under the conditions and in :,
be proportion provided for with draw r. r.
lg unpledged shares and their value r
redited In part payment Of said in. = =
ebtedness. = =
Sec. 2 Any part payment under ?
ais article shall be credited upon the
Growers note in the sum of two hun = =
red ($200) dollars for each share re- r. :,
eemed from pledge and thereafter T
lterest shall be paid only upon the T. T.
of said note, and if desired =
le mortgage bearing upon the prop - =.
rty shall be reduced proportionatefy. n
ART. TX.
Sec. /. Share holders not having g
edged their shares to the association, u
no owe nothing upon their shares,
ay Withdraw fiom the association :
7 giving thirty days notice in writing ~
the president, when said shareholder oa
! surrender of his certificate shall be
funded all the payments on account
weekly installments on shares made
I him; less any unpaid fines or char th
e, and q pro rata Of the current ~
ar's expenses and losses, if any up to tet
O date of the notice, provided 70
at share holder withdrawing, after VI
. shares have been in existence over an
Q year, shall receive addition to the
owe ten per cent. of the profits on III
id shares for each year that they
We been in existence. Each written pa
tice Of withdrawal shall be registered III
d numbered by the secretary in the
Ter Of their receipt and withdrawing
shall be paid in rotation Sta
registered out of the first unappro-
ated money in the treasury. for
Sec. 2. On the death of any share tho
lder whose share is not pledged to Al
J association. his nl. her legal ranres. -.