The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1898-05-14

UP stock so called in shall cease at the
date Of redemption given i'm said notice.
The holder Of said stock is otherwise
entitled to all rights in the Association
as provided by the Charter and Bylaws,
except as to participation in the profits
OF the Association. nor can persons hold.
ing such stock vote on such stock, nor
can they in any case be members of the
Board of Directors.
The said paid up stock shall draw In.
terest at not more than six per cent. per
annum, and each Board of Directors at
its first meeting shall fix the rate of in.
terest to be paid on all shch stock issued
during the ensuing year.
Any one Of age and acting In their
own right and behalf shall have the
right to file application for such stock
with the Secretary at any time, and
each application will DO acted upon In
the order of its fling.
The fiscal year shall end on the first of
October of each year.
That Article v Of said act Of incorpo-
ration is amended 30 as 70 read rs FOL
lows, to-wit:
Article v.
The corporate powers Of the Asso cia-
ton shall he exercised by nine direc.
tors. each Of whom shall own not less
than five serial shares, who shall be cleo
ted by the share holders on the second
Tuesday in January annually, each
stOch-holder represented at said cleo ton
and not in default being entitled to vote
as follows: For one serial share up to
Eve exclusive he may cast one vote.
From five shares up to ten exclusive he
may cast two votes. From ten shares
up to twenty exclusive he may cast
three votes. From twenty shares and
over he may cast four votes. No men,
Der shall have more than twenty shares
in his, or her name in any one series.
Notice of said election shall be given
for the space If ten days by the Secreta-
ry through the mail. Said election shall
be by ballot and shall be held at the do
micile of this corporation, under the
supervision Of three shareholders ap-
pointed bp the Board of Directors at the
last preceding regular meeting thereof.
The share holders receiving a majority
OF the votes cast shall be declared cleo
ted.
The failure to hold an election on the |
day specified shall not dissolve the cor.
poration. but the Directors in Office shall
hold over until an election be held, after !
ten days notice of the time and place
thereof.
The Directors shall elect from their |
number President and Vice President;
and five Directors shall be quorum for
the transaction of business.
The Directors shall elect or appoint
Secretary and such employees as may be |
necessary, and may fix their compensa.
ton. but no salary shall be paid to any |
member of the Board Of Directors or off, |
Ger. except to the Secretary; and they |
shall have power to enact bylaws not |
Repayment to this Charter, to select a !
place of meetings. to suspend any Off
Ger or Director for neglect of duty or
misconduct, and to name and appoint |
their successors, as provided for in the |
bylaws. and shall have general autho- |
rity to carry out the objects and bust |
ness of the Association. But they shall |
not have power to purchase real estate.
except for cash. nor contract any in
debtedness whatever in excess of the |
amount Of one months installments.
Any Director about to absent himself |
from the Parish must nominate in wri-
ting substitute in his stead, provided |
said substitute shall be share holder of |
the Association, owning not less than |
five serial shares, and such substitute |
shall be entitled to seat in the Board |
of Directors on fling his proxy with the
Secretary.
That Article vi OF said act of incorpo. |
ration is amended SO as 10 read as fol. |
lows:
Article vi.
The Association at the discretion of |
the Board of Directors may make use Of |
its funds in any and all the ways pre-. |
scribed below. to-wit:
1t may lend money at interest on |
mortgage security; or to share holders
on the simple pledge Of their stock to. |