The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-03-10

mum, aud each Board of Directors At il
first meeting shall fix the rate of interest Il
be paid on all such stock issued during the
ensuing year.
right and behalf shall have the right to file
applications for such stock with the secre-
tary at any time, and each application will
be acted upon In the order of its filing.
The fiscal year shall end on the last day
ARTICLE v. The corporate powers Of
the Association shall be exercised by seven
directors, each of whom shall own not less
by tn. shareholders on the third Tuesday in
| January annually. each stakeholder repre-
sented at sai6 election and not in default
being entitled to vote as follows: For one
serial share up to five exclusive he may cast
one vote. From five shares up to ten ex-
elusive he may cast two votes. From ten
shares up to twenty exclusive he may cast
three votes; For twenty shares and owe, he
have more than ten shares in his, her
name, in any one series.
Notice of said election shall be given for
| the space of ten days by the secretary
through the mail. Said election shall be BY
ballot and shall be held at the domicile Of
this corporation, under the supervision of
three shareholders appointed by the Board
of Directors at the last preceding regular
meeting thereof. The shareholder re-
ceiving a majority of the votes cast shall be
declared elected.
The failure to hold an election ON the
day specified shall not dissolve the corpora
ton, but the directors in Office shall hold
over until election be held, after ten
days notice of the time and place thereof.
The directors shall Aelect from their num-
Der president and vice. president; and four
directors shall be quorum for the trans
action of business.
The directors shall elect or appoint a secre-
tary,a treasurer and such employees as may be
necessary, and may INK their compensation,
but no salary shall be paid to any member
of the Board of Directors or officer. except
| to the secretary; and they shall have power
to enact bylaws not repugnant to this
charter, to select a place Of meeting, to
| suspend any officer or. director for neglect
| of duty or misconduct. and to name and APP
| point their successors, as provided for in
the bylaws, and shall have general au-
thority to carry out the, objects and business
of the Association. But they shall not have
power to purchase real estate, except for
cash, nor contract any Indebtedness what
| ever in excess of the amount of one months
stallnents.
from the parish must nominate in writing
substitute in his stead, provided said substi-
tute shall be shareholder of the Associa-
ton, owning not less than five serial shares;
and such substitute shall be entitled to
seat in the Board of Directors filing his
proxy with the secretary.
ARTICLE vi. The Association at the
discretion of the Board of Directors may
make use of its funds in any and all the
ways prescribed below, to-wit:
1t may lend money at interest mort
gage security; or to shareholders the
simple pledge of their stock together with
the payments and accumulations thereon,
provided that loans on such stock security
shall never exceed in amount the of
the payment Of installments actually made
on said stock at the time the loan is made.
ofcr> amt 1~Vl
in the following manner to-wIt.
Whenever the funds shall warrant, one or
more loans or advances on shares shall be
offered and made to the shareholders bid
ding the highest voluntary discount there
for: provided no bid shall be received for
less than twenty per cent discount; and no
shareholder shall be entitled to bid who
owes anything upon his shares; nor shall any
Shareholder be loaned an amount exceeding
the maturity value of the stock borrowed on
nor be permitted to borrow On more than twen-
ty shares. All such loans must be secured by
a written pledge of the stock shares on
gether with all the payments and accumula-
tons present and future thereon; and in ad-
dition, either by mortgage, vendors lien,
sale and resale or some adequate pignora-
tive contract affecting and bearing on real
estate; or by said Association itself investing
the money in real estate to be held and con-
sidered as its own property until the said
pledged stock by reason of the payments
"'AN oS~uAAoAashouS uASISOu Shall nave
reached the value of 5000 per share; when
the said property shall be transfer red to the
owner of said stock. In all cases where the
Association lends money to shareholders
bidding discount therefor as just above
provided, it shall have the right at the ma
turity of said stock to compensate and set
off the amount due said stakeholder on his
said pledged stock against the sum loaned
him and to retain said amount in payment
OF his loan; and no part of any such loan
shall be considered as paid until the stock
loaned on has matured and compensation
has been effected. No property shall be
purchased by the Association except for
cash
Shareholders obtaining advances on
shares, failing to tender satisfactory security
therefor, within thirty DAYS from date of
the adjudication, shall forfeit same, (pro-
vided that the Board of Directors may, for
good and satisfactory reasons, extend the
time,) and all costs and charges expenses
attending the examination of titles and
searches, together with the interest for not
less than four weeks, such further time
may have elapsed, shall be charged to
the borrower, and be lien against his or
her shares until paid.
All fees of attorneys, notaries, recorders,
registers and all expenses incurred in max
ing or cancelling loans, shall be paid Nv the
respective borrowers.
The Board of Directors may make such
rules aud regulations, or bylaws to govern
loans or advances on stock, as they may see
proper: provided they do not conflict with
this article.
APTJCT Do,,-.o-..