The Meridional. (Abbeville, La.) 1856-1906, 1899-12-16

dues and fines shall be paid to the delin-
uuent owner. In case the amount bid Tor
such stock is not sufficient to pay the
amount due thereon, 1T 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 shareholdersmay withdraw their
stock under such terms and conditions as
the bylaws prescribe. The bylaws shall
also provide for the withdrawal, contln-
nance 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 he transferred unless all as
Sessments, 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 shallhave
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 shalTDe
divided into four classes designated ass:
1st-Series Stock Fund: This und shall
belong to the holders of series stock A and
b and shall consist OF series lnstallmentS
of sixty cents per month per share, paid
by series A stockholders and OF the quar-
terly, semi-annual or aHnuai lnstallments
paid in lieu of monthly installments OF
sixty cents, and of the interest, premiums
and profits aecruing to the credit OF SAID
st ock.
2nd--Paid Tn Stock Fund: This fund
shall consist of the s~tockspayments OF fifty
dollars per share, II 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-
posts made by each stakeholder. together
with interest thereon at the rate OF six
tper cent per annum during the time the
said nm remain on deposit understhe
regulations prescribed by the bylaws.
Each of said Gepositors shall contribute
one dollar per year to the expense f1nd
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 and
withdrawal fees, together with ten cents
per month per share on series A II b
stock to be paid out of the instalments of
seventy cents per share or ont of the
equivalent thereof of the quarterly, semi
/ annual or annual installnents. 1t being
the intention that ali monthly, quarterly.
senli-annual and annual instalment stock
shall pay ten cents per month per share to
the said eXpensesfund 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
for services Of whatever kind shall pay
the expense incident to the printing. adj
vertising, stationery. rent and all other
u "a - ~ ~ lnf thu carpnapat finn ayaapt tn y-pS
and such expenses as are to be borne by
the borrower, and neither the series stock
fund nor any other fund shall have amy
right or claim to or participate in the
guarantee stock and expense fund at any
time.
The corporate powers of this corpora
ton shall be exercised by q board con
4sisting of Eve directors, each 1f whom
shall own not less than ten shares of guar
santee and ten shares Of paid mp stock 81
I the association. and these five dircctors
shall he elected by the shareholders OF
the first Monday of January. Of every 5tl
year. The first election shall BE held IN
the year 1895. md each share represented
at any and all elections and not in de.
fault shall be entitled to cast one vote.
Notice of elections shall be given TO,
afspace of thirty days by publication il
some newspaper published in Abbeviile
la. Elections shall be by ballot and shall
be held at the office of the corporation in
Abbeyille unde the supervision OF tive
shareholders appointed by the board Of
directors ut 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
ri va nnf lea fhAranE n q q fprasuiI gRhn fail
nre to elect q board of directors shall not
forfeit this charter. but the incumbent
directors and officers shall continue to eX
serclse the duties Of their offices until the
successors nave been elected and taken
their places. Tiie board of directors shall
in their number. They shall assume Their
duties Immediately on their election and
shall elect from among their number4
president and a ce-president. Three
directors shall constitute a quorum foI
the transaction OF all business by the
board. The directors shall appoint a
Secretary-treasllrer; general attorney and
ployees. as may be required fwho shall
hold Office during the pleasure of the
board and fix and regulate their salaries
or compensation. They shall have power
to make aud establish bylaws, rules and
regulations for the conduct Of the bust
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-
towing persons shall constitute the first
board of directors, they being each duly
qualified stockholders and subscribers for
the proper amount Of stock, nam civ
w. W. Edwards, Francois Ragenr, Thee.
Laporte, in. Greene and J.. G. Leblanc.
They shall hold office till their successors
elected in 1905 have been elected and III
stalled.
ARTICLE TX.
No shareholder shall ever be held Liable