St. Landry democrat. (Opelousas, La.) 1878-1894, 1891-08-08
AMENDMENTS TO CHARTER.
ROOMS ST. LANDRY HOMESTEAD
AND LOAN ASSOCIATION.

At meeting of the share holders of the St.
Landry Homestead and Loan Association held
at Opelousas' La, on 20 June, 1891, the following
articles of the Chal ter of said Association were
amended and adopted, so as to read as follows,
tO-wit:
ARTICLE VII.
Each stakeholder, for each share of stock he
may hold in the Association, shall be eligible
to receive from the funds of the Association a
loan of Two Hundred Dollars less the premium
offered. Whenever the funds in the treasury
shall warrant one or more loans, they shall be
disposed of to the stakeholder Offering the
highest voluntary premium IN such manner as
the Board OF Directors may determine pro.
vided, no loan shall be made for less premium
be eligible to loan on more than twenty
shares. No stakeholder shall be eligible to a
loan who Is In arrears to the Association.
Stockholders taking, loans shall pay interest
thereon Ton nominal loan) by weekly payments
at the rate OF six per cent. per annum. In case
OF failure to give satisfactory security for such
loans, within one month of the date of pur-
chase the interest shall be charged to said Dur.
chaser together with all costs and charges or
expenses attending examination of titles, and
searches, and the money revert to the Assocla-
ton. Security shall not be deemed sufficient
unless approved by at least a majority of the
Board of Directors present.
ARTICLE VIII
In case any stakeholder shall neglect or ro-
fuse for one month to pay his weekly install
ments, such stakeholder so neglectiIe or re- |
fusing to pay, shall forfeit and pay for each
share OF sald STOCK held by him Or her an addi-
any stakeholder who for the term of six months |
shall fail to pay the installnents due on his |
stock, shall, by reason of such failure, after 60
days notice III writing of such failure shall |
have been given to said delinquent or his legal |
by the Secretary, forfeit all nav
ments previously made by him, together with
on, which shall revert to and become the prom
erty of the Association; provided, however
that the delinquent or his legal representative
shall have the right to be reinstated and to
tary, before the expiration of the 60 DAYS no
tice, all arrears, including fines In case a
stakeholder who has effected a loan shall neg
cot or refuse for one month to pay his weekly
nstalments and the interest Oh his loan. such
stock holder so neglecting or refusing to pay,
shall forfeit and pay, for each share of said |
IN additional sum of ten cents for each month:
md any such stock holder who for the term of |
six months shall fail to pay the instalIments
lue on his stock pledged as aforesaid and the
interest on his loan and penalties, by reason of |
such failure his Indebtedness for his loan, after
being credited by the amount of installments
Die after sixty days notice in writing given by
jhe Secretary to the delinquent; and the attor-
1ey OF the Association, at the expiration Of
ne sixty days notice, shall at once proceed to
The collection of the balance of the loan re-.
naming unpaid. Provided that with the ap-
prevail of the members of the Board of Direc-
;ors, the delinquent will have the right to
transfer his loan and the stock pledged for it,
f the transferree shall first pay all arrears of
nstallments and interest and penalties due BY
he delinquent up to the day of the transfer
avs; and provided further that thls right be
exercised before any legal process shall have
,een instituted against the delinquent to en-
orce the payment of his indebtedness.
ARTICLE TX.
If any stakeholder, who is indebted to the
association for loan, the val ue of his stock
pledged for the loan being less than his in
lebtedness, shall desire to settle and liouidate
uch Indebtedness, he shall have the right to
urrender to the association his pledged stock
With interest and accommodations thereon in
,art payment of such Indebtedness, provided
he pays the balance of said Indebtedness in
ash. Whenever stock has been pledged to the
Association as collateral by stOckh0Ider who
$ indebted to the Association, aid the value of
uch stock, with interest and accumulation
hereon, shall become equal to the amount of
nay be due on same), for which stock is pledg.
d. such stock and Indebtedness shall cancel
ach other, the stock and the Indebtedness being
like extlnguisled, and it shall be the duty Of
he stockhoider to surrender bis stock
or cancellation; and upon such surren-
er it shall be the duty of the President
+ vlce Pre-, to cancel said stock,
nd to give and render to such stock
older receipt and acqnittance. All fees of
ttorneys, notaries, recorder, register, and all
expenses incurred in making or cancelling
'aus sHsall pe pdiu Ny tHe respective borrowers.
ARTICLE XII.
Members not indebted to the Association
lay withdraw by giving one months notice in
'riting when an order shall be drawn on the
treasurer in favor of the withdrawing member
1r the dues paid in, first deducting therefrom
II fines and proportion of incidental expenses
nd losses; provided, that said order on tie
reasurer shall be liquidated out of the unan-
ropriated money in the Treasury. Members ,
h9 have belonged to the Association for
yelve months or more, not indebted to the
ssociation, shall receive in addition to the AZ.
lal amount paid in On such stock TWENTY-FIVE
er cent. OF the profits that have been declared
pom their stock.
E. d. ESTILETTE,
Pres. st. Landry H. g. L. Assn.
Attest:-C. BAILEY, Secretary.