The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1898-06-04

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loans must be secured by written
pledpe of the stock or shares Oh which
said loan or advance is made together
with all the payments aud accumula'
tions. present and future thereon, ana
in addition. either by mortgage, vendors
lien, sale and resale or some adequate
pignoratiye contract affecting and bear
ing real estate; or by said Association
itself investing the money In real estate
to be held and considered as its own pro- |
perty until the said pledged stock by
reason of the payments and accumula-
tions thereon shall have reached the va
lue of two hundred dollars ($2OO,OO) per
share; when the said property shall be
transferred to the owner of said stock
In all cases where the Association lends
money to shareholders bidding a dis
count therefor as just above provided. 1t
shall have the right at the maturity OF
said stock to compensate and set OH the
amount due said shareholder on his
said pledged stock against the sum
loaned him and to retain said amount
in payment of his loan; and no part OF
any such loan shall be considered as
paid until the stock loaned as has ma
tured and compensation has been effec-
/ ted no property shall be purchased by the
Association except for cash.
Shareholders obtaining advances on
shares, falling to tender satisfactory Sc
curity therefor, within thirty days from
date of the adjudication, shall forfeit
same, provided that the Board OF Dirsc-
tors may, for good and satisfactory rea-
son, extend the time) and all costs and
charges or expenses attending the exa-
mination of titles and searches, together
with the interest for not less than four
weeks, or such further time as may have
elapsed, shall be charged to the borrow
er, and be a lien against his or her
shares until paid.
All fees of attorney, nOtaries, recorders
registers and all expenses incurred in
making or cancellng loans. shall be
paid by the respective borrowers.
The Board of Directors may make such
rules and regulations. or bylaws to go
vern loans or advances OH stock. as they
may sea proper; provided they do not
conflict with this Article.
That Article VII of said act of incOr-
pOratiOn is amended so as to read as fol-
lows.
Article VII.
Payments OH shares, installments and
interest shall be due and payable week.
ly OH each Saturday, at the Office of the
Association, and any shareholder in
arrears five weeks in the payments eth
or of installments or interest on shares
shall forfeit and pay as a penalty the
sum Of five cents per share on shares on
which no advance has been made. and
! the sum of ten cents per shares on which
. an advance has been made, and the SAME
for each similar subsequent default, and
' said fines must he paid before any fur
: Their installments and interest can b,
y received.
Any shareholder who for the term O
D six months shall be in arrears in tn,
: payment of the installments or interes
r due on his shares shall by reason of sucl
t failures. and without notice, forfeit al
o payments previously made by him. to
, gether with the profits, interest and &C
l. foundations thereon. which shall rever
Il to and become the property of the AssO
3, citation.
Interest will be allowed ON month";
10 payments (made in advance of thOs
due within the current mOnth) at rat
II to be fixed from time to time by tn
l. Board of Directors, not to exceed six Pc
d cent. per annum for the time said pay
If ments run; provided no interest shall b
n allowed in payments in advance for
to shorter period than three months.
ID That Article VIII of said Act of incOr
le pOratiOn is amended 50 as to read as 70
lows:
n. Article VIII
\ Any shareholder who has received
loan or advance upon his shares, desi
ing to settle and liquidate such indel
tedness prior to the maturity of I'll
=, loan may do SO either in part or
VI whole, by paying the net amount cas-
o received Oh each shares, plus Oue-eigf
of the discount bid for same each yea
:" or fraction of wear that said sharaa ha,