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

sufficient, and all interest," Oh sal" P"'"
nm stock so called in shall cease at the
date of redemption given in 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 prohts
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 such 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 be acted upon In
the order of its filing.
The fiscal year shall end on the first of
October Of each year.
That Article V of said act OF incorpO-
ration is amended so as TO read as fol-
lows, tO-wit:
Article V.
The corporate powers of the AssOcia-
ton shall be 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
five 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 of ten days by the Secreta-
nv 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 fol
the transaction Of business.
, The Directors shall elect or appoint q
, Secretary and such employees as may b
, necessary, and may fix their cOmpensa
q ton, but no salary shall be paid to an!
, member of the Board of Directors or Off
. Ger, except to the Secretary; and the.
shall have power to enact bylaws no
4 Repayment to this Charter, to select
. place of meetings. to suspend any Off
!. Ger or Director for neglect Of duty o
misconduct, and to name and appOin
their successors, as provided for in Tn
|, bylaws. and shall have general authC
A rity to carry out the objects and bust
q ness of the Association. But they shal
n not have power to purchase real estate
q except for cash, nor contract any in
debtedness whatever in excess of th
amount of one months installments.
wi Any Director about to absent himse
:. from the Parish must nominate in wri
10 ting a substitute in his stead, provide
a said substitute shall be share holder {
h the Association, owning not less tina
10 five serial shares, and such substitul
shall he entitled to seat in the Boar
y Of Directors on filing his proxy with IL
It Secretary.
n That Article vi OF said act of incOrp,
l. ration Is amended so as to read as TO
II lows:
OIL Article vi.
Do The Association at the discretion
ID the Board of Directors may make use
le its funds in any and all the ways pr
l. scribed below. tO-wit:
ID 1t may lend money at interest q