St. Landry democrat., 1891-08-01

AZ ii lIctllllS vi tIle snare holders or the St.
Landry Homestead and Loan Association held
at OpelOusaS, La, on % June 1891, the following
articles OF the Char 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 Ill 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 III such manner as
| the Board OF Directors may determine pro.
Vldcd, no loan Shall be made for a less premium
| than twenty per centum. No stakeholder shall
be eligible to a loan on more than twenty
shares. No stakeholder shall be eligible to n
loan VINO is III arrears to the Association
| Stockholders taking loans shall pay interest
thereon (on nominal loan) by weekly payments
| DIT 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 pur
| 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 q 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 neglectii1r or ra |
fusing to pay, shall forfeit and pay for eacb
share of said stock held by him or her an add
tional sum of five cents for each month and
any stakeholder who for the term of six months
shall fail to pay the installlnents due on his
stock, shall, by reason of such failure, after 20
days notice i'll writing of such failure shall
have been given to said delinquent or his Local
representative by the Secretary, forfeit all n5V-
ments previously made by him, together with
the profits, int ercSts and Accommodations thnra
on, which shall revert to and become the mon
erty of the Association; provided, however
That the delinquent or his legal representative
c mol how fhn ,irlf 4.> l>n
AVOID the forfeiture, on paying to the Secre-
tary, before the expiration OF the co days' no
tee, All arrears, including fines In case a
stakeholder who has effected a loan shall mnT
lect Or refuse for one month to nav his weekly
instalments and the interest on his loan. such
stock holder so neslecting or refusing to nav,
stock pledged for said loan held by him or he
an additional sum of ten cents for each month:
and any such stock holder who for the term of
S 1LH months snail 1all to pay the lnstalments
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
and interest paid by him, shall become exlgi-
BILE after sixty days notice in writing given Nv
the Secretary to the delinquent; and the attof-
n tIy 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 the: members Of the Board of Direc-
transfer his loan and the stock pledged for if.
if the transferree shall first nav ali arrears IF
lnstallments aud interest and penalties due by
the delinquent up to the day of the transfer
and shall accept and sign the charter and by-
laws; and provided further that TINS right lie
exercised before any legal process shall have
been instituted against the delinquent To en-
force the payment of his Indebtedness.
ARTICLE TX.
If any stakeholder. who is indebted to tho
Association for loan, the value of his stock
pledged for the loan being less than his IN
1ebtedneSs, shall desire to settle and liquidate
such Indebtedness, he shall have the rIght 70
to the association his pledged stool,
With interest and Accommodations thereon in
part payment of such Indebtedness, provided
ne pays , the balance of said Indebtedness in
cash. Whenever stock has been pledged to the 7
Association as collateral by a stakeholder who
) indebted to the Association, aid the yalue or c
nch stock. with interest and accumulation
here0n, shall become equal to the amount of
Indebtedness with all interest and 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 being
like eXtlnSuished, and it shall be the duty Of
he stakeholder to surrender bis stock ,
or cancellation . and upon such surren- i
r Vice-President to cancel said stock,
nd to give and render to such stock |
older receipt and acq"ittance. All fees or
ttOrneys, notaries recorder register and ali
expenses incurred in making or cancelIiur
BANS shall be paid by the respective borrowers. 6
ARTICLE XII. ~
Members not indebted to the Association T
Jay withdraw by giving one months notice in L
'rltlnS when an order shall be drawn OH the VI
treasurer in favor of the withdrawing member
Or the dues paid in, first deducting therefrom Il
IL hnes and proportion of Incidental expenses n
nd losses; provided, that said order on the "
treasurer shall be liQudated out of the unap- 10
ropriated money in the Treasury. Members =,
mo nave belonged to the Association for ~
we've months or more, not indebted to the
ssociation, shall receive in addition to the aco
lal amount paid in on such stock TWENTY-FIVE
ef cent OF the profits that have been dee AIRED
pom their stock.
E. d. ESTILETTE,
Pres. st. Landry II. e. L. ASSN.
Attest:-C. BAILEY, Secretary 49,
TATE OF LOUISIANA,