The Meridional. (Abbeville, La.) 1856-1906, 1899-12-02

ni,ent awner. IN case the amount bid for
such stock is not sufficient 70 pay me
amOunt due thereon, it shall De ND III by
fine corporation and the shares eanG.elied.
The amount credited to such stock IN the
Series stock Fund" shall he divided
among the series shares as psotits.
ARTICLE VI.
Series shareholders may withdraw their
under such terms and conditions rs
the by-lawssprescTibe. The by-laWsshaii
also provide for the withdrawal. eoiitih-
nanee or Transfer nt series STOCK nSht oH
any shareholder, in case OF his death, u
for the conversion of series stock INTO
paid NJ stock on equitable terms. 10
stock shall be transferred unless all as
sessflents. dues. fees and fines due there
on shall have first been fully paid, nor
unless all the Indebtedness of the holder
OF said stock to the association Ssai!{aNe
first lren fully paid. and the associatlefi
shall have a first lien and privilege on all
stock for any indebtedness Of the holder
thereof to the association.
ARTICLE VII.
The receipts Of said association shall be
divided into folr classes designated ass:
1st-Serips Stock Fund This fund shalt
belong to the holders Of series stock A and
Il and shall consist Of series installments
Of sixty cents per month per share, paid
by series A stockholders and of the d2lar-
terIy. seIni-annuai %orannual installnlents
paid in lieu Of monthly insta!iinents OF
sixty cents, and Of the interest, premiums
and profits accruing to the credit of>sald
st ack.
2nd--Paid Up Stock Fund: This fund
shall consist OF the stock payments of fifty
dollars per share, and OF the interest,
premiums and profits accruIlg to the
credit ef said stock.
3rd-Dep9sit or lr4egnlar Stock Fund:
This fund shall consist of the various de-
posits made by each stakeholder. together
with interest thereon ut the rate'of SIX
per cent per annum during the tin4e the
s;ts q sums reTnain on deposit under the
regulations prescribed by the bylaws.
Each of said depositors shall contribute
one dollar per year to the expense fund
out of said deposils.
9Th. The Guarantee Stock and Expense
Fund. This fund shall consist of the
amounts assessed on the guarantee stock
t. be paid by the guarantee stock hold
ers, and all OF admission, transfer and
withdrawal fees, together with ten cents
per month per share on series A anti i
stock. to be paid outOf the instalnicnts Of
seventy cents per share or ont OF the
equivalent thereof OF the quarterly, semi
annual or annual instalments, 1t being
the Intention that allmonthly, quarterly,
selni-annual aud annual installnent stock
shall nav ten cents per month per share to
the said expense fund and sixty cents per
share per month to the series st0dk fund.
Gut of this aiiaunt belonging to the guar
antee stock and expense fund the Board
OF Directors shalt pay and liquidate all
the operating expenses of the corporation
for services OF whatever kinti shall pay
the expense incident to the printing, all
yertising, stationery. rent and all other
expenses Of the corporation. except taxes
and sneh ex penses as are to be borne by
the borrower, and neither the series stock
fund nor any other fund shall nave any
right or claim to or participate II the
guarantee stock AID expense fand a! any
time.
The corporate powers Of this corpora
ton shalt be exercised by 4 board cnn-
Sistiug OF fiYe directors. each OF whom
shall own not less than ten shares uf gnar-
anfee and ten shares Of PAID mp stock of
tile association. ami these iiF- directors
sIlIli be elected By the shareholders on
the first Monday of January ct every 9TH
year. The first election shall he aeitl in
the year 1876, and eaea share represented
at any and all elections aud not i'll de-
tanlt shall be entitled to east one vote.
Notice OF elections Shall be given Tor
II space of thirty DAYS by publication in
some newspaper published IN AbbeNllle,
Ilu. EiStUFo1o oHbil OC Wy Dhi!Ob ftiNt olhlt
be held at the office of the corporation in
Abbeeiile under the supervision Of two
shareholders appointed by the board Of
directors at the last regular preceding
meeting. The first five shareholders who
receive a majority OF tue votes. shall, II
eligible. be declared elected In case no
election should be held at the specified
time. the pfesideKt shall call an election
to be held within 80 days thereafter. and
give notice thereof as aforesaid. The fail
IRE to elect a board of directors shall not
forfeit this charter. but the incumbent
directors and officers SHALL continue to eX-
ercIse the duties of their offices until the
successors have been elected and taken
their places. The board Of directors shall
have power to fill any vacancy occurring
in their number. They shall assume their
duties Immediately on their election and
shall elect from among their number u
president and u vice-preSldent. Three
directors shall constitute q quorum for
the transaction OF all business by the
board. The directors shall appoint a
northumberland; general attorney and
manager, and such other officers and en-
ploYees. ss may be required (who shall
hold Office during the pleasure of the
board and fix and regulate their salaries
or compensation. They shall have power
to make and establish bylaws, rules and
regulations for the conduct Of the busi-
Hess OF the GoEpofatloi, dul hot repaS-
nant to this charter. and to alter and
amend the same as deemed proper and
necessary. They shall the power to sus-
pend any officer for neglect of duty or
misconduct, also TO select a bank of de-
post and regulate the manner of the with
drawal of the funds therefrom. The fol-
lowing persons shall constitute the first
board Of directors, they being each daily
qualified stockholders and subscribers for
the proper amount Of stock, namely
w. w. Edwards, Francois RageRr, Theo.
Laporte. in. Greene and y. q Leblanc.
They shall hold Office till tileif SSnccessors
elected in 1905 have been elected and in
stalled.
ARTICLE IX.
No shareholder shall ever beheld liable
or responsible beyond the unpaid balance