St. Landry democrat. (Opelousas, La.) 1878-1894, 1891-08-15
AMENDMENTS TO CHARTER.
AND LOAN ASSOCIATION.

| At meeting of the share holders of the st
Landry Homestead ami 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
| towit:
ARTICLE VII.
Each stakeholder, for each share of stock he
| may hold i'll tue Association, shall be eligible
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 i'll such manner as
the Board of Directors may determine, pro.
vided. no loan shall be made for a less premium
than twenty per centum No stakeholder shall
be eligible to a loan OH 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 or SIX per cent. per annum. In case
OF failure to give satisfactory security for such
loans, within one month of tho date of pIr-
chase, the interest shall be charged to SAID pur
expenses attending examination of titles and
searches, and the money revert to the Assocla-
tion. Security shall not be deemed sufficient
unless approved by at least majority of the
Board OF Directors present,
ARTICLE VIII.
In case any stakeholder shall neglect or re-
fuse for one month to pay his weekly install
ments, such stakeholder so neglecting or re-.
fusing to pay, shall forfeit and pay for each
share OF said stock held by him or her an addi-
tional sum OF five cents for each month, and
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 Ill writing of such failure shall
have been given to said delinquent or his legal
representative by the Secretary, forfeit all paw
ments previously made by him, together with
the pronts, interests and accumulatlons there
on, which shall revert to and become the nron-
Tod
that the delinquent or his legal representative
shall have the right to be renstated and to
avoid the forfeiture. on paying to the secrc-
tlce, al! arrears, including fines. In case a
stakeholder who has effected a loan shall neg
icct or refuse for one month to pay his weekly
1nstalments and the interest on his loan such
stock holder so neglecting or refusing to pay,
shalt forfeit and pay, for each share of said
stock pledged for said loan held by him or he-
an additional sum of ten cents for each month;
ana any such stock holder who for the term of
six months shall fail to pay the installments
due 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 installlnents
and interest paid by him, shall become exlgi-
bic after sixty days notice in writing given by
the Secretary to the delinquent; and the attor.
ney of the Association, at the expiration Of
the sixty days notice, shall at once proceed to
the collection of the balance of the loan re
naming unpaid Provided that with the ap-
proval of the members of the Board of Dircc-
tors, the delinquent will have the right to
transfer his loan and the stock pledged t rlt,
If the transferree shall first pay all arrears Of
the delinquent up to the day of the transfer
and shall accept and sign the charter and BY
laws; and provided further that thls right be |
exercised before any legal process shall have
been instituted against the delinquent to en-.
FORGE the payment Of his Indebtedness. - ="
ARTICLE TX.
Association for loan, the val ne of his stock |
pledged for the loan being less than his in.
1ebtcdness. shall desire to settle and liauidate
such Indebtedness, he shall have the right to
to the association his pledged stock
With interest and accumulations thereon in
part payment of such indebtedness, provided
e pays TIE balance Of saia indebtedness ii
Association as collateral by stakeholder who
indebted to the Association, aad the value Of
u, stock, with interest and accumulation
Indebtedness with all interest aud cost that
nay be due on same), for which stock is pledg-
d.. such stock and Indebtedness shall cancel
ach other the stock and the indebtedness bena
he stoekholder to surrender bis 'BtbcK
or cancellation; and upon such surren-
er i shSl BE- the duty Of the President
I'd to gFe and rende ei ta s sae s stosk
older receipt and acqnittance. All fees OF
ttorneys, notaries. recorder, register, and all
expenses incurred IN making Or Cancelliuv
pans shall be paid by the respective borrowers,
ARTICLE XII
Members not indebted to the Association
Jay withdraw by giving One months notice in
'riting when Ali order shall be drawn on the
reasurer in favor of the withdrawing member
Or the dues paid in, first deducting therefrom
II fines and proportion of incidental expenses ,
nd losses; provided, that said order on the
treasurer shall be liquidated out of the unap-
roprlated money in the Treasury. Members
ho have belonged to the Association for
Velve months or more, not indebted to the
ssOeiation, shall RECEIVE in addition to the ac-
lal amount paid III on such stock twehtvEtfFe
Ell cent. OF the profits that have been dec ared
pom their stock.
Z. ID. ESTfLETTE.
Pres. ST. Landry II. & l.. Assn.
Attest:-C BAILEY, Secretary.