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

pd On nor be permitted to borrow Oh
more than twenty-five shares. All such
loans must be secured by written
nledge 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
i'm addition. either by mortgage, vendors
lien. sale and re sale or some adequate
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 OIL 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, 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-
son, extend the time) and all costs and
charges or expenses attending the exa-
minaliOn 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
err, 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 sec 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 on shares, installments ant
interest shall be due and payable week
ly on each Saturday, at the Office of tn,
Association. and any shareholder in
arrears five weeks in the payments eth.
or of installments or interest on shares
shall forfeit and pay as penalty tn
sum Of five cents per share Oh shares OF
which no advance has been made. an,
! the sum of ten cents per shares OH whicl
, an advance has been made, and the sam
: for each similar subsequent default, an,
7 said fines must be paid before any fur
Their installments and interest can b
7 received.
t Any shareholder who for the term o
4 six months shall be i'm arrears in til
payment of the installments or interes
r due on his shares shall by reason of sue
t failures, and without notice, forfeit al
Q payments previously made by him. Il
= gether with the profits, interest and &C
J. foundations thereon. which shall rever
] to and become the property of the Asst
}, citation.
: Interest will be allowed on MONTH
Q payments (made in advance of thos
due within the current mOnth) at a raj
Il to be fixed from time to time by IL
i Board of Directors, not to exceed six pc
d cent. per annum for the time said pa
Il ments run; provided no interest shall b
n allowed in payments in advance for
% shorter period than three months.
d That Article VIII of said Act of incOr
10 pOratiOn is amended so as to read as 10
lows:
!. Article VIII
Any shareholder who has received
loan or advance upon his shares, desi
ing to settle and liquidate such indie
tedness prior to the maturity of Il
>. loan may do so either in part or
u whole, by paying the net amount ca.
received on each shares, plus One-eig