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

est at moi more than six per cent per an
mum. and each Board OF Directors at us
first meeting shall fix the rate OF interest to
be paid all such stock issued during the
ensuing year
Any on. of age and acting in their own
| right and behalf shall have the right to file
applications for such stock with the secre-
4 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
| of each year
| ARTICLE v. The corporate powers of
| the Association shall be exercised by seven
directors, each of whom shall own not less
by the shareholders on the third Tuesday in
| January annually. each stakeholder repre-
| scented 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
| shares up to twenty exclusive he may cast
three votes. For twenty shares and over he
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 he held at the domiciie of
this corporation, under the supervision OF
of Directors at the last preceding regular
meeting thereof. The shareholders re-
ceving majority of the votes cast shall be
declared elected.
| The failure to hold an election 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.
Der a president and vice-president; and four
directors shall be a quorum for the trans
! action of business.
The directors shall elect appoint a secre-
!, | - md such a g m
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 aP-
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
eve, in excess of the amount of one month S
installments.
Any director about to absent himself
> substitute in his stead, provided said substi-
tute shall be a 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.
10 ARTICLE vi. The Association at the
discretion of the Board of Directors may
make of its funds in any and all the
| WAYS prescribed below, to- wit:
1t NAV lend money at interest mort
gage security; or to shareholders on the
4 simple pledge of their stock together with
n the payments and accumulations thereon,
c provided that loans such stock security
shall never exceed in amount the sum OF
a the payment Of installments actually made
n on said stock at the time the loan is made
I 1t also may lend money to its shareholder:
S in the following manner tO-wlt'
= Whenever the funds shall warrant. one OF
= more loans or advances on shares shall be
y offered and made to the shareholders bid
u ding the highest voluntary discount there
r for: provided no bid shall be received TO
. less than twenty per cent discount; and M
~ shareholder shall be entitled to bid wh'
:, owes anything upon his shares; nor shall an
~ shareholder be loaned amount exceeding
the maturity value of the stock borrowed O,
nor be permitted to borrow on more than TWEEN
N ty shares. All such loans must be secured b.
l. a written pledge OF the stock or shares o.
=, which said loan or advance is made, to
,e gether with all the payments and accumuia
ID tons present and future thereon; and in ad
E; dit,on, either by mortgage, vendors lien
" sale and resale some adequate Pignora
D. tive contract affecting and bearing on rea
" estate; by said Association itself investin,
f. the money in real estate to be held and con
e sidered as its own property until the san
to pledged stock by reason of the payment
I'd and accumulations thereon shall hav
ID reached the value of $500 per share; whe
IN the said property shall be transferred to tn
he owner of said stock. In all cases where tn
I'd Association lends money to shareholder
~ bidding discount therefor just abov
b. provided, it shall have the right at the ma
I'd turity of said stock to compensate and sc
I'd off the amount due said shareholder on hi
Ill said pledged stock against the sum loane
s. him and to retain said amount in Paymen
r. of his loan; and no part of any such loa
e, shall be considered as paid until the stoc
I'd loaned on has matured and compensate
De has been effected. No property shall
a. purchased by the Association except fo
81 cash
f. Shareholders obtaining advances o
shares, failing to tender satisfactory securit
o. therefor, within thirty days from date {
I'd the adjudication, shall forfeit same, (Pre
of vided that the Board of Directors may, fc
e. good and satisfactory reasons, extend tn
I'd tme,) and all costs and charges or expense
al attending the examination of titles an
of searches, together with the interest for nc
lc, less than four weeks, such further tim
y, as may have elapsed, shall be charged
the borrower, and be a lien against his {
,r- her shares until paid.
RS All fees of attorneys, notaries, recorder
IS, registers and all expenses incurred in NAL
lrs ing cancellng loans, shall be paid by til
of respective borrowers.
The Board of Directors may make sue
d, rules and regulations. or bylaws to COVER
es loans or advances on stock, as they may sc
proper: provided they do not conflict wi,
Jet this article.
M ARTICLE VII. Payments on share