The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-02-17


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
provided that loans on such stock security !
shall never exceed in amount the sum of
the payment IF installments actuallv made
on said stuck at the time the loan Is made. |
1t also may lend money to its shareholders
in the following manner tO-wit:
Whenever the funds shall warrant, one or |
more loans advances on shares shall be |
offered and made to the shareholders bid |
ding the highest voluntary discount there
for: provided no hid shall be received for
less than twenty per cent discount; and no
shall be entitled to bid who
owes anything upon his shares; nor shall any !
be loaned an amount exceeding
the maturity value of the stock borrowed on
nor be permitted to borrow on more than TWEEN
ty shares. All such loans must be secured by
a written pledge of the stock or shares on
which said loan or 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 or some adequate Pignora-
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
bidding a 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 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 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 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 or cancelling 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, as they may see
proper: provided they do not conflict with
this article.
ARTICLE VII. Payments on shares,
payable weekly on each Saturday, at the
Office of the Association, and any share
holder in arrears five weeks in the payments
either of instalment interest on shares
shall forfeit and pay as penalty the sum
of five cents per share on shares on which
| no advance has been made, and the sum
of ten cents per share or shares on 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 shareholder who shall become six
months in arrears in the payment of the in
stallments or interest due on his shares,
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 monthly pay
| ments made in advance of those due within
| the current monthly at rate to be fixed from
| time to time by the Board of Directors, not
| to exceed six per cent per annum for the
| time said payments run; provided no inter
| est shall be allowed on payments in advance
for a shorter period than three months.
| ARTICLE VIII. Any shareholder who
has received loan advance on his
shares, desiring to settle and liquidate such
| Indebtedness prior to the maturity OF the
loan, may do SO either in part or in whole
| by paying the net amount cash received On
| each share, plus one-eighth of the discount
bid for same for each-year fraction OF
| year that said shares have been in existence,
| and if desired the pledged shares may b<
surrendered to the Association and can
| celled under the conditions and in the pro
portion provided for withdrawing unPledgeo
shares, and their value credited in part pay
ment of said Indebtedness.
i ARTICLE TX. Shareholders not having
pledged their shares to the Association. whe
owe nothing on their shares. may withdraw
from the Association by giving thirty days
notice in writing to the president, when sale
shareholder on surrender of his certificate
shall be refunded all the payments on &C
count of weekly installments on shares made
by him, less any unpaid fines or charges ane
a pro rata of the current years expenses ano
losses, if any, up to the date of his notice
provided that shareholder withdrawing
after his shares have been in existence owe
one year, shall receive, in addition to tn
above, ten per cent of the profits on sait
shares for each year they have been in ex
istence. Each written notice of Withdrawal
: shall be registered and numbered by tn
. secretary in the order of their receipt, ant
| withdrawing shareholders shall be paid ii
rotation, registered, out of the first unap
propriated moneys in the treasury.
On the death of any shareholder, who's
share is not pledged to the Association, hi
or her legal representative shall be entitled
| to receive in cash the withdrawal value Q
the share at the time of the last paymen
/ made by such deceased shareholder, les
, any unpaid fines charges; or said repre-
' sentative shall be entitled to either transfe
I said shares to others, to continue the sam
by payment of the weekly '"stallments
y provided that said share be redeemed c
,,f fiot,ln