The Meridional. (Abbeville, La.) 1856-1906, 1899-12-23

tbe corporation and the shares cancellSu.
The amount credited to such stock IN Ihe
"Series Stock Fund" shall be divided
among the series shares as prohts.
ARTICLE VI.
Series shareholders may Withdraw tnelr
stock under such terms and conditions as
the bylaws prescribe. The bylaws snall
also provide forthe withdrawal, cont1h-
uance or transfer of series stock held bg
any shareholder IN case or MS dedIn' aIa
for the conversion of series STOCK mo
paid up stock on equitable TERMS. NO
stock shall be transferred unless all as
sessments. dues, fees and mes due there
on shall have first been fully paid, nor
unless all the Indebtedness OF the holder
of said stock to the association shall nave
first beenfully paid, and the ASSOCIATION
shall have IA first lien and privilege on All
stock for any indebtedness of the holder
thereof to the association.
ARTICLE VII.
The receipts of said association shal1ebe
divided into four classes designated as:
lst-Series Stock Fund: This fund shalt
belong to the holders of series stock A n
B and shall consist of series installments
of sixty cents per month pei share, paia
by series A stockholders and of the quar-
terly, semi-annual or annual installments
paid in lieu of monthly lnstallments OF
sixty cents, and of the interest, premiums
and profits accruing to the credit OF said
stock.
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 accrulng to the
credit of said stock.
3rd-Deposit or Irregular Stock Fund:
This fund shall consist OF the various de-
posits made by each stakeholder, together
with interest thereon at the rate of six
per cent per annum during the time the
said sums remain 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 deposits.
4th. The Guarantee Stock and Expense
Fund. This fund shall consist of the
amounts assessed on the guarantee stock
to be paid by the guarantee stock hold
ers, and all of admission, transfer end
withdrawal fees, together with ten cents
per month per share on series A II b
stock, to be paid out of the instruments OF
seventy cents per share or out OF the
equivalent thereof of the quarterly, seml-
annual or annual instruments. 1t being
the intention that ali monthly, quarterly.
s~emi-annual and annual instalment stock
shall pay ten cents per month per share to
the said expense fund and sixty cents per
share per month to the series stock fund.
Out of this amount belonging to the guar
antee stock and expense fund the Board
of Directors shall pay and liquidate all
the operating expenses, of the corporation
4for services of whatever kind shall pay
the expense incident to the printing, adj
yertising, stationery. rent and all other
Xpenses of the corporation, except taxes
and such expenses as are to be borne by
| the.borrower, and neither the series stock
fund nor any other fund shall have any
rinht or claim IN or n1rtlnIn1fa In the
guarantee stock and expense fund at any
time.
ARTICLE VIII.
The corporate powers of this corpora
ton shall be exercised by a board con
sisting of five directors, each of whom
shall own not less than ten shares OF guar
antee and ten shares of paid up stock 81
shall be elected by the shareholders on
the first Monday of January of every 9th
year. The first election shall be held in
the year'1905, and each share represented
at any and all elections and not in de-
fault shall be entitled to cast Il vote.
Notice Of elections shall be given fol
q space Of thirty days by publication in
La. Elections shall he by ballot and shall
be held at the office of the corporation il
Abbeville under the supervision of two
shareholders appointed by the board OF
directors at the last regular preceding
meeting. The first five shareholders who
receive q majority of the votes. shall, if
eligible, be declared elected. In case no
election should be held at the specified
time, the president shall call an election
to he held within 30 days thereafter. and
give notice thereof as aforesaid. The fail
ure to elect a board of directors shall not
forfeit this charter. but the incumbent
directors and officers shall continue to ex.
- x1~ L. &C 41x4I. nc ,--4. IL
successors have been elected Inc taken
their places. The board of directors shall
have power to fill any vacancy occurring
in their number. They shall assume theil
duties Immediately on their election and
shall elect from among their number
president and a yice-president. Three
directors shall constitute a quorum fol-
the transaction of all business by thu
board. The, directors shall appoint {
secretary-tredsurer; general attorney anC
manager, and such other officers and EN-,
ployees, as may be required (who shall
hold Office during the pleasure of thu
board and fix and regulate their salaries
or compensation. They shall have power
to make and establish bylaws, rules ant
regulations for the conduct Of the bust
ness Of the corporation, and not repug
nant to this charter, and to alter ant
amend the same as deemed proper .an(
necessary. They shall the power to sus
pend any officer for neglect of duty o.
misconduct, also to select q bank of de
posit and regulate the manner of the with
drawal of the funds therefroln. The fol
lowing persons shall constitute the frs
board of directors, they being each duly
qualified stockholders and subscribers TO
the proper amount of stock, namsly.:
w. w. Edwards, Francois Rageur, Theo
Laporte, jim. Greene and j. G.. Leblanc
They shall hold office till their successor,
| alaptad in 1QlS have hnan a1act9d and in
stalled.
ARTICLE TX.
No shareholder shall ever be held liable
or responsible beyond.the unpaid balanc.
due on stock owned by him, for the con
tracts or faults of this corporation, no
shall any mere inforimality in Organization
have the effect of rendering this chartel