The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-02-24

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first meeting shall fix the rate of interest
be paid on all such stock issued during III
ensuing year
Any one of age and acting in their ow
right and behalf shall have the right to fl
applications for such stock with the secre
tary at any time, and each application wi
be acted upon In the order of its filing.
The fiscal year shall end ON the last da
| of each year
ARTICLE v. The corporate powers O
the Association shall be exercised by seve,
directors, each of whom shall own not les
than five serial shares, who shall be elected
by the shareholders on the third Tuesday il
| January annually. each stakeholder repre-
| sented at sale 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
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 domcle 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 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 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; aad four
directors shall be quorum for the trans
action of business.
The directors shall elect or appoint i secre-
tary, "a treasurer and such employees as may be
necessary, and may FIX their compensation,
NJ shall he to .her
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 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
power to purchase real estate, except for
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 a
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.
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 Accommodations thereon,
provided that loans on such. stock security
shall never exceed in amount the sum of
he payment Of instaIlments actually made
On said stuck at the time the loan is made. |
1t also may lend money to its shareholders
n the following manner to-wlt.
Whenever the funds shall warrant, one or |
more loans advances on shares shall be
offered and made to the shareholders bid !
ling the highest voluntary discount there |
:or: provided no bid shall be received for I
ess than twenty per cent discount; and no |
shall be entitled to bid who |
yves anything upon his shares; nor shall any
shareholder be loaned an amount exceeding
he maturity value of the stock borrowed on |
Tor be permitted to borrow more than TWEEN
y shares. All such loans must be secured by |
written pledge of the stock shares on |
which said loan or advance is made to:
,ether with all the payments and accumula-
ions present and future thereon; and in adj
lt'on, either by mortgage, vendors lien,
i've contract affecting and bearing on real
state; or by said Association itself investipe>
he money in real estate to be held and CON
ldered as its own property until the said
nd accumulations thereon shall have
cached the value of 5000 per share; when |
he said property shall be transfe, red to the
wner of said stock. In all cases where the
association lends money to shareholders
adding discount therefor as lust above
rovided, it shall have the right at the ma
lrity of said stock to compensate and set
It the amount due said shareholder on his .
lid pledged stock against the sum loaned
inn and to retain said amount in payment
his loan; and no part of any such loan
lall be considered paid until the stock
'aned on has matured and compensation
as been effected. No property shall be
nrchased by the Association except for
,Sh
Shareholders obtaining advances on
erefor, within thirty days from date of
e adjudication, shall forfeit same, (pro-
ded that the Board of Directors may, for
BOD and satisfactory reasons, extend the ,
me- and all costs and charges expenses
tending the examination of titles and !
arches, together with the interest for not
IS than four weeks, such further time ,
may have elapsed, shall be charged to
e borrower, and be lien against his or N
n shares until paid.
All fees of attorneys, notaries, recorders,
gisters and all expenses incurred in max t
g or cancelling loans, shall be paid by the
spective borrowers. r
The Board of Directors may make such
les and regulations, or bylaws to govern
ms or advances on stock, as they may see
oPer: provided they do not conflict with
is article,
ARTICLE VII. Payments On shares.
'tallments and interest shall be due and
yable weekly on each Saturday, at the
ice of the Association, and any share e