The Meridional. (Abbeville, La.) 1856-1906, 1899-11-18

after paying all back charges. monthly
dues and fines shall be paid to me delin-
quent owner. In case the amount bld Tor
such stock is not sufficient to pay the
amount due thereon, it shall be bid in by
the corporation and the shares cancelled.
The amount credited to such stock in the
..Series Stock Fund" shall be divided
among the series shares as profits.
ARTICLE vi.
Series shareholders may withdraw their
stock under such terms and conditions as
the bylaws prescribe. The bylaws shall
also provide for the withdrawal, contln-
uance or transfer of series stock held by
any shareholder in case OF his death, n
for the conversion of series STOCK INTO
paid up stock on equitable terms. No
stock shall be transferred unless all as
sessments, dues, fees n tines due there
on shall have first been fully paid, nor
unless all the indebtedness OF the holder
of said stock to the association h nave
first been fully paid, and the association
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 shallbe
divided into four classes designated as:
lst-SeYies Stock Fund: This fund shall
belong to the holders of series stock A and
ID hUu Sldll CtiOISU VI ~
of sixty cents per month per share, paid
by series A stockholders and of the quar-
terly. semi-aDnual or annual lnStallments
paid in lieu of monthly installments OF
sixty cents, and of the interest, premiums
and profits accruing to the credit OF SAID
st ock.
2nd--Paid Up Stock Fund: This fund
shall consist of the stock payments of hfty
dollars per share, and of the interest,
premiums and profits accrulng to the
credit of said said stock.
3rd-Deposit or Irregular Stock Fund:
This fund shall consist of the various de
nosits made by each stakeholder, together
| with interest thereon at tie 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
oct 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 and
withdrawal fees, together with ten cents
/ per month per share on series A and b
stock, to be paid out of the instruments OF
seventy cents per share or out OF the
equivalent thereof of the quarterly, semi
annual or annual instalments. 1t being
the intention that all monthly, quarterly,
semi-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 n
Out of.this amount belonging to the guar
antee stock and expense fund the Board
of Directors shall pay and llquldate all
the operating expenses of the corporation
for services of whatever kind Sha pay
the expense incident to the printing, ad-
yertising, stationery, rent and all other
expenses of the corporation, except taxes
and such expenses &s are.to be borne by
the borrower, andneither the series stock
fundsnor any other fund shall have any
right or claim to or participate In the
guarantee stock and expense fund at5any
time.
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 of
the association. and these FIVE directors
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 i'll de-
fault shall be entitled to cast n vote.
Notice of elections shall be given for
a space of thirty days by publication i'll
some newspaper published in Abbeville.
La. Elections shall be by ballot and shall
be held at the office of the corporation in
Abbeyille 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 be held within 30 days thereafter. and
rive rnfioo fhnrnnf aS afnraSuJd Tho f1Jt-
ure to elect a board of directors shall not
forfeit this charter. but the incumbent
directors and officers shall continue to ex-
erclse the duties of their offices until the
successors have been elected and taken
their places. The board of directors shall
in their number. They shall assume their
duties Immediately on their election and
shall elect from among their number a
president and a vice-president. Three
directors shall constitute a quorum for
the transaction of all business by the
board. The directors shall appoint a
secretary, treasurer-general, attorney and
manager, and such other officers and en-
ployees. as 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 BUSH
ness of the corporation. and not repug-
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-
posit and regulate the manner of the with
drawal of the funds therefroin. The fol-
lowing persons shall constitute the first
board of directors, they being each duly
aualitied stockholders and subscribers for
the proper amount of stock, namely
w. w. Edwards, Francois Rageur, Theo.
Laporte, in. Greene and j.. G. Leblanc.
They shall hold office bill their successors
elected in 1905 have been elected and in
stalled.
ARTICLE TX.