The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-03-24
Act of Incorporation
OF THE
LAFAYETTE BUILDING ASSOCIATION.
STATE OF LOUISIANA,
PARISH OF LAFAYETTE.

STATE OF LOUISIANA, !
PARISH OF LAFAYETTE. !
Be it known, That on the I2th day of
February in the year of our Lord nineteen
hundred, and of the independence Of the
United States one hundred and twenty
fourth, before me, Orther c. Mouton, a
notary public, duly commissioned and sworn
in and for the parish of Lafayette, State of
Louisiana, and in the presence CT witnesses
herein after named and undersigned, per-
sonally came and appeared the parties
whose names are subscribed, who declared
that availng themselves of the provisions of
the statutes of Louisiana, relative to the or
ganization of corporations. they covenant,
agree and bind themselves, and those who
may hereafter become members of this As
ISOLATION for the objects and purposes and
under the stipulations following, to wit:
ARTICLE 1.
The name and title of said corporation
shall be THE LAFAYETTE BUILDINCASsOCI-
ATOM" and under its said corporate name,
it shall have power to contract; and be
sued; to make and corporate seal and
the same TO break OF alter at pleasure;
to hold, receive, lease, purchase. convey
and pledge under its corporate name, prop
erty both real and personal; to lend money
on security; to name and appoint such Off
GERS and agents as the interests and cOnve-
nience of said corporation may require; to
make and establish such bylaws, rules and
regulations for the proper management and
regulation of the affairs of said corporation
as may be necessary and proper, and the
same to change and alter at pleasure, and
to do all such acts and things may
he necessary and proper to carry out the OBJ
jects and purpose of said corporations; and
said corporation, unless sooner dissolved
under the provisions of this charter, shall
exist for a period of ninety-nine (oo) years.
ARTICLE II. The domcle of said cor
poration shall be in the town of Lafayette,
parish of Lafayette, State of Louisiana, and
all citations other legal process shall be
served upon the president Of said corpora
:icn, or, in his absence, upon the vice-presi-
dent, or, in the absence OF both of these Of
fcers, upon the secretary.
ARTICLE III. The object of this Asso-
citation shall be the accumulation of fund
from the weekly installments on account of
subscriptions to the capital, rentals, pre-
miums and loans, the funds accumulated
to be used for the purchase and sale of real
estate, the building. rental and sale of
homesteads. and soh<u necessary or advisadLe,
the loaning of money on mortgage security,
in the parish of Lafayette.
ARTICLE Nv. The capital of said cor
poration shall be million dollars
81 700, ooo,) and shall be issued in shares,
each representing two hundred dollars
($zoo,) to be paid in weekly installments of
twenty five cents per share.
Minors and married women may hold,
subscribe for, transfer and withdraw shares
in the manner prescribed by law.
AT the close of each fiscal year, the net
credited to the value of each share in force,
in such manner the Board of Directors
may determine.
Whenever the shares of any one series,
by reason of the payments OH account of
subscriptions thereto, together with the adj
di ton of the profits and Accommodations
thereon shall be worth the par value of two
hundred dollars $4,000 each, the shares re-
presenting the series so arrived at par shall
he liquidated and paid over to the holders
thereof, on the surrender of their certificates;
and whenever the shares of the series last
issued shall be worth the par value of two
hundred dollars $4,000 each, the Association
shall be liquidated by three commissioners,
selected by the Board of Directors from
among the shareholders The shares shall
be issued in series as determined upon by
the Board of Directors. The Board of Di-
rectors shall have the right when deemed
advisable to issue paid up stock on the pay
ment at one time of one hundred dollars.
Said paid up stock shall be transferable
in person or by written power of attorney E,
and only on the books of the Association.
This paid up stock may be called in and
cancelled at any time by said Association,
| after giving thirty days notice to the owner,
upon payment of the face value, plus ac-
crued interest. Notice mailed to the adj
| transferred shall be sufficient, and all inter
! est said paid up stock called in shall
cease at the date of redemption given in said
notice.
titled to all rights in the Association pro.
| vided by the charter and by-laws, except as
| to participation in the profits of the Associa'
| ton. nor can persons holding such stock
vote on such stock, nor can they in any case
| be members of the Board of Directors.
The said paid up stock shall draw inter
est at not more than per cent per an
! mum, and each Board of Directors at it.
| first meeting shall fix the rate of interest tc
be paid on all such stock issued during the
ensuing year.
Any one of age and acting in their owr
| right and behalf shall have the right to file
| applications for such stock with the secre
| 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 da,
of each year
ARTICLE v. The corporate powers o
the Association shall be exercised by sever
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 stockholder repre-
scented at saio election and not in defaul