The Meridional. (Abbeville, La.) 1856-1906, 1899-11-25

after paying all back charges, monthly
dues and ines shall be paid to the delIn-
auent owner. In case the mount bid for
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 prohts.
ARTICLE VI.
Series shareholders may withdraw their
stock under such terms and conditions as
the by-lawsprescribe. The by laws shall
also provide for the withdrawal. contln-
uance or transfer of series stock held Dy
any shareholder in case of his death, and
for the conversion of series stock INTO
paid M stock on equitable terms. No
stock shall be 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 sinai nave
first been fully paid, and the association
shall have a first lien and privilege on al
stock for any Indebtedness of the holder
thereof to the association.
ARTICLE VII.
The receipts of said association shall be
divided into four classes deSlgnated as:
Z SloSh L IAtio cA"-
belong to the holders of series stock A n
b and shall consist of series installmentS
of sixty cents per month per share, PAID
by series A stockholders and of the quar-
terly, semi-annual or annual instruments
paid in lieu Of monthly Instruments OF
sixty cents, and of the interest, premiums
and profits accruing to the credit OF SAID
| st nck.
2nd-Paid Up Stock Fund: This fund
shall consist of the stock payments offlfty
dollars per share, and OF the interest,
premiums and profits accrnlng 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 n
withdrawal fees, together with ten cents
per montb per share on series A and b
stock, to be paid out of the instalments of
seventy cents per share or out of the
equivalent thereof of the quarterly, senll-
annual or annual instruments. 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 fund.
Out of this amount belonging to the guar
antee stock and expense fund the Board
of Directors shall pay and llguidate all
the operating expenses of the corporation
for services of whatever kind /; shall pay
| a., - rnr,cn inniAapf fn thu ppipfInr oh
vertising, stationery, rent and all other
expenses 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
right or claim to or participate in the
guarantee stock and expense fund az any
time.
ARTICLE VIII.
The corporate powers of this corpora
ton shall be exercised by & 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 i've 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-
fanlt shall be entitled to cast one vote.
Notice of elections shall be given for
a space of thirty DAYS by publication in
some newspaper Published in Abbeville.
be held at the ofiieH of the corporation in
Abbeville qnderffe 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 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
give notice thereof as aforesaid. The fail
ure to elect q 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 assumetheir
duties Immediately on their election and
shall elect from among their number o
president and q e-president. Three
the transaction of all business by the
board. The directors shall appoint a
secretary-treasurer; general attorney and
manager, and such other officers and em-
plOyees. as may be required (who shall
hold office during the pleasure of the
board and fix and regulate their salaries
or compensation. Theysshall have power
to make aud establish bylaws, rnles and
regulations for the conduct of the bust
ness of the corporation, and not repng-
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 therefron. The fol-
lowing persons shall constitute the first
board OF directors. they being each duly
qualified stockholders and subscribers for
the proper amount of stock, nam aly
WV. Edwards, Francois Rageur, Theo.
Laporte, in. Greene and J. G. Leblanc.
They shall hold office till their successors
alncted In 1909 have nnAn elected anA IN