The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-03-31

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
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
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
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
days notice of the time and place thereof.
The directors shall .elect 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 Il 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 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 director for neglect
of duty 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
cash, nor contract any indebtedness what
ever 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
seat in the Board of Directors on filing his
proxy with the secretary.
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; or to shareholders on the
simple pledge of their stock together with
the payments and Accommodations thereon,
provided that loans on such stock security
shall never exceed in amount the of
the payment IF 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 town
Whenever the funds shall warrant, one
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
which said loan advance is made, to-
gether with all the payments and accumula-
tons 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 accumulations 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
bidding discount therefor just above
provided, it shall have the right at the ma
turity of said stock to compensate and set
off the amount due said shareholder 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 or expenses
attending the examination of titles and
searches, together with the interest for not
less than four weeks, such further time
as may have elapsed, shall he 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 cancelling loans, shall be paid by the
respective borrowers.
The Boare, of Directors may make such
rules and regulations, bylaws to govern
loans or advances on stock, as they may see
proper: provided they do not conflict with
this article.
ARTICLE VII. Payments on shares,
installments and interest shall be due and
payable weekly on each Saturday, at the
Office of the Association, and any share
holder in arrears five weeks in the payments
either of installment or interest on shares
shall forfeit and pay as penalty the sum
of five cents per share on shares which
no advance has been made, and the sum
of ten cents per share OF shares which
an 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.
Any stakeholder who shall become six
months in arrears in the payment of the in
stallments interest due his shares,
shall, by reason of such failure, and with
out notice, forfeit all payments previously