The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1898-06-11

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 proilts
of the Association. nor can persons mold
ing such stock vote OH such stock, nor
can they i'm any case be members OF the
Board of Directors.
The said paid up stock shall draw III
terest at not more than six per cent. per
annum. and each Board of Directors at
its first meeting shall fix the rate OF i'll
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 50 as TO read as fol-
lows, tO-wit:
Article v.
The corporate powers of the AssOcia-
ton shall he exercised by nine direc-
tors, each of whom shall own not less
than five serial shares, who shall be elec-
ted by the share holders on the second
Tuesday in January annually, each
stoch- holder represented at said cleo tiOn
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 east
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-
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 Misunderstanding 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 i'm 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 fOI
the transaction of business.
The Directors shall elect or appoint a
a Secretary and such employees as may bt
, 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 NO
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
!, by Laws. and shall have general authO
a rity to carry out the objects and bust
. ness of the Association. But they shall
>, not have power to purchase real estate
a except for cash, nor contract any in
amount of one months installments.
" Any Director about to absent himsel
;. from the Parish must nominate in wri
10 ting a substitute in his stead, provide
n said substitute shall be share holder O
h the Association, owning not less tina
% five serial shares, and such substitut
shall be entitled TO seat in the Boar
IS of Directors on filing his proxy with tn
# Secretary.
n That Article vi of said act of iBcOrpt
J. ration is amended SO as to read as fO
.r lows:
oil Article vi.
IS The Association at the discretion {
ID the Board of Directors may make use {
10 its funds in any and all the ways pr,
l. scribed below. tO-wit:
d II may lend money at interest o
l. mortgage security; or to share holder
i on the simple pledge of their stock t