The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1898-05-28

loans must be secured 0y q wrltten
pledge of the stock or shares on which
said loan or advance is made together
with all the payments and accumula-
tions. present and future thereon. and
in addition. either by mortgage, vendors
lien, sale aud 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 ($20O,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 dis
count therefor as just above provided, it
shall have the right at the maturity Of
said stock to compensate and set off the
amount due said shareholder Oh 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. failing to tender satisfactory Sc
curity therefor. within thirty days from
date Of the adjudication, shall forfeit
same, provided that the Board of Direc-
tors may. for good and satisfactory rea-
con, 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 60
vern loans or advances Oh stock. as they
may sec proper; provided they do not
conflict with This Article.
That Article VII Of said act of incor-
pOratiOn is amended 80 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 OH shares Oh
which no advance has been made, and
the sum of ten cents per shares OH which
an advance has been made, and the same
for each similar subsequent default, and
said fines must be paid before any fur
Their installments and interest can be
received.
Any shareholder who for the term of
six months shall be in arrears in the
payment Of the installments or interest
due Oh his shares shall by reason of such
failures. and without notice, forfeit all
payments previously made by him, to-
gether with the profits, interest and az
cumulatiOns thereon. which shall revert
to and become the property of the Asso-
citation.
Interest will be allowed on monthly
payments (made in advance of those
due within the current month"; at rate
to be fixed from time to time by the
Board of Directors, not to exceed six Der
cent. per annum for the time said pay
ments run; provided no interest shall be-
allowed III payments in advance for a
shorter period than three months.
That Article VIII of said Act of incor-
p0ratiOn is amended 50 as to read as fol-
lows:
Article VIII
Any shareholder who has received a
loan or advance upon his shares, desir
Ing to settle aud liquidate such indeb-
tedness prior to the maturity of the
loan may do so either in part or in
whole, by paying the net amount cash
received on each shares, plus One-eight
Of the discount bid for same each wear
or fraction Of year that said shares have
been in existance. and if desired the