The Meridional. (Abbeville, La.) 1856-1906, 1899-12-30

the corporation and the shares cancelleu.
The amount credited to such stock IN Ihe
s.Series Stock Fund" shall be DIVIDED
among the series shares as pronts.
ARTICLE vi.
Series Shareholders may withdraw their
stock under such terms and conditions as
the bylaws prescribe. The bylaws snail
also nroyide for the withdrawal, coutIn-
nance or transfer of series stock held Dg
any shareholder in case of his death, anu
for the conversion of series STOCK NO
maid no 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 shall! nave
first been fully paid, and the association
shall have a first lien and privilege on an
stock for any Indebtedness of the helder
thereof to the association.
ARTICLE VII.
The receipts of said association shall be
divided into four classes designated as:
~1st-Series Stock Fund: This fund shall
belong to the holders of series stock A and
r and shall consist of series lnstallments
of sixty cents per month per share, paid
by series A stockholders and of the quar-
terlv. semi-apnual OF annual lnstailments
maid in lieu of monthly installaents 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 fifty
dollars per share, and of the interest,
premiums and profits accruing 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
- s-%,,,.F Ia nrnara ~ fhn Ynfn nf 81 "
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.
18th. 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 3
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 instruments. 1t beng
the intention that ali 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 BoaFd
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
yertiSing, stationery. rent and all other
expenses of the corporation, except taxes
and such expenses us are to be borne by
the borrower, and neither the series stock
fund nor any other fund shall have any
p;cvh4 nr claim fo ~ no rtinInat n in the
guarantee stock and expense fund at any
TIME.
ARTICLE VIII.
The cooperate 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
the association. and these five director,
shall be elected by the shareholders Oh
the first Monday of January of every 5tl
year. The first election shall be held ii
the year 1925, and 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 fol
a space of thirty DAYS by publication il
La. Elections shall be by ballot and shall
be held at the Office of the corporation il
Abbeyille under the supervision of two
shareholders appointed by the board OF
directors at the last regular preceding
meeting. The first five shareholders wht
receive a majority of the votes, shall, il
eligible, be declared elected. In case M
election should be held ut the specified
time, the president shall call an election
to be held within 30 DAYS thereafter. am
give notice thereof as aforesaid. The fail
nre to elect a board of directors shall not
forfeit this charter. but the incumbesl1
directors and officers shall continue to ex
ercIse the duties of their offices until thu
successors have been elected and takeI
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 ane
shall elect from among their number
president n a vlce-presldent. Three
directors shall constitute a quorum TO,
the transaction of all business by tn
board. The directors shall appoint
OBSERVATION-DISCLOSURES: general attorney ant
manager, and such other officers and EN-
ployees, as may be required (whO shall
hold Office during the pleasure of TIT
board and fix and regulate their salaries
or compensation. They shall have powe,
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 Us deemed proper AM
necessary. They shall the power to sus
pend my officer for neglect of duty O.
misconduct, also to select a bank of de
j pesit 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 dal,
qualified stockholders and subscribers TO
| the proper amount of stock, namely
w. w. Edwards, Francois Rageur, Theo
Laporte, in. Greene aud j. q. Leblanc
They shall hold office till their successor,
elected in 1905 have been eleeted and in
stalled.
ARTICLE X.
No shareholder shall ever be held liabl
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 informality in Organization
have the effentl of rendering this charte