The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-03-24


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 over he
may cast four votes. No member shall
have more than ten shares in his, or 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 shareholders re-
ceiving 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 an election be held, after ten
days notice of the time and place thereof.
The directors shall ELECT from their num-
Der a president and vice president; and four
director shall be a quorum for the trans
action of business.
The directors shall elect o appoint d 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
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
eve, in excess of the amount of one months
installments.
ANY director. about to absent himself
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 a
seat in the Board of Directors on 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 on mort
gage security; to shareholders on 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 sum of
the payment Of installments actually made
on said stock at the time the loan is made.
1t also may lend money to its shareholders
in the following manner to-wlt'
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
owes anything upon his shares; nor shall any
shareholder be loaned amount exceeding
the maturity value of the stock borrowed on
nor he permitted to borrow on more than twen-
a written pledge of the stock or shares on
which said loan advance is made, to-
gether with all the payments and accumula-
tions present and future thereon; and in ad-
ditIon. either by mortgage, vendors lien,
sale and resale 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
and Accommodations thereon shall have
reached the value of $500 per share; when
the said property shall be transferred to the
owner of said stock. In all cases where the
Association lends money to shareholders
provided, it shall have the right at the ma
turty of said stock to compensate and set
off the amount due said shareholder 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
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 or expenses
attending the examination of titles and
searches, together with the interest for not
less than four weeks, or such further time
as 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 cancellng loans, shall be paid by the
respective borrowers.
The Board of Directors may make such
rules and regulations, or bylaws to govern
loans advances on stock, they may see
proper: provided they do not conflict with
this Article.
ARTICLE VII. Payments On shares,
nstallments and interest shall be due and
payable weekly each Saturday, at the
Office of the Association, and any share
holder in arrears five weeks in the payments
either of installment interest on shares
shall forfeit and pay penalty the sum
no advance has been made, and the sum
of ten cents per share shares which
advance has been made. and the same
for each similar subsequent default, and
said fines must be paid before any further
installments and interest can be received.
Amy shareholder who shall become six
months in arrears in the payment of the in
shall, by reason of such failure, and with
out notice, forfeit all payments previously
made by him, together with the profits, in
terests and accumulations thereon, which
shall revert to and become the property of
the Association.
Interest will be allowed on monthly pay
ments (made in advance of those due within