St. Landry democrat., 1891-08-22

Al meeting of the share holders OF the ST
Landry Homestead aud Loan Association held
at Opclousas, La, on % June, 1891, the following
articles OF the Chan ter of said Association We're
amended and adopted, SO as to read as follows,
| tO-Wlt:
ARTICLE VII.
Each stakeholder, for each share OF stock he
may hold i'll 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 CT to the stakeholder Offering the
highest voluntary premium III such manner as
the Board Of directors may determine, pro.
vidcd, 10 loan shall be made for Il less premium
than twenty per ccntum. No stakeholder shall
be eligible to Il 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 ION nominal loau' 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 sad uur
chaser together with all costs and charges or
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 Tor one month to pay his weekly INSTALL
ments, such stakeholder so ncglecting or re-
share Of said stock held hy him or her an addi-
tional sum of five cents for each month, and
any stockholder who for the term of six months
shall fail to pay the installments due on his
stock shall, by reason Of such failure, after GO
days notice i'll writing OF such failure shall
have been given to said delinquent or his legal
representative by the Secretary forfeit all pav-
ments previously made by him, together With
the profits, interests and Accommodations there |
on, which shall revert to and become the prop- |
erty OF the Association; provided however,
shall nave tie right to be reinstated and to |
AVOID the forfeiture, on paying to the Secrc- |
tary, before the expiration OF the so days no
tlce, all arrears, Including fines. In case a |
stakeholder who has effected loan shall ncr- |
lect or refuse for one month to pay his weekly |
instalments and the interest Oh his loan, such |
stock holder so ncglecting or refusing to nav |
shall forfeit and pay, for each share of said |
stock pledged for said loan held by him or hcr. |
an additional sum Of ten cents for eacu month
and any such stock holder who for the term of |
six months shall fail to pay the lnstalIments
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 installments |
and interest paid by him. shall become exlgi-
bic after sixty days notice III 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 |
manning unpaid. Provided that with the ap-
proval of the members of the Board of Direc
tors, the delinquent will have the right to
transfer his loan and the stock pledged for If,
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 tlls right be
Def9re any legal process shall have
force the payment of his Indebtedness.
ARTICLE TX.
If any stakeholder, who is indebted to the
ASSOCIATION for Il loan, the val lie of his stool,
pledged for the loan being less than his in
iehtedness, shall desire to settle and liquidate
such Indebtedness, he shall have the right to
to the association his pledged stock
With interest and accommodations thereon in
part payment of such Indebtedness, provided
ne pays S,, rue balance OF said Indebtedness in
Association as collateral by stockhOlder who
s indebted to the association, a id the value of
',tch stock, with interest and accumulation
'hcreon, shall become equal to the amount of
Indebtedness with all interest and cost that
nay be due on same), for which stock is pedg-
ID. such stock and Indebtedness shall cancel
ZACH other. the stock and the Indebtedness being
like eXtinguished, and it shall be the duty Of
he stakeholder to surrender his stock
or, or g 1haI; and upon such surren
II Vice-President to cancel said stock.
md to give and render to such stock,
lolder receipt and acqnittance. All fees of
attorneys, n0taries, recorder, register and all
expenses incurred in making or cancellinr
oans shall be paid by the respective borrowers.
ARTICLE XII
Members not indebted to the Association
nay withdraw by giving one months notice in
writing when an order shall be drawn on the
treasurer in favor of the withdrawing member
or the dues paid in. first deducting therefrom
VI tines and proportion of incidental expenses
md losses; provided, that said order on the
'reasnrer shall be liquidated out of the unap-
roprated money in the Treasury. Members
Who have belonged to the Association for
welve months or more, not indebted to the
association, shall receive in addition to the ar
nal amount paid in on such stock TWENTY-FIVE
pom their stock.
E. D. ESTILETTE
49,. Pres. st. Landry II. & L. Assn,
Attest:-C. BAILEY, Secretary. >.' -
TATE OF LOUISIANA,
PARISH OF ST. LANDRY.
Be it known to all whom it may concern, that :