The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-02-17
Act Of Incorporation
OF THE
LAFAYETTE BUILDING ASSOCIATION.
STATE OF LOUISIANA,
PARISH OF LAFAYETTE.

STATE OF LOUISIANA, I
PARISH OF LAFAYETTE. !
BE it known, That the I2th day of
February in the year OF our Lord nineteen
landred. and of the independence Of the
United States one hundred and twenty
fourth, before me, Orther &. Mouton,
notary public, duly commissioned and sworn
in and for the parish of Lafayette, State OF
herein after named and undersigned, per-
sonally came and appeared the parties
whose names are subscribed, who declared
that availing themselves of the provisions OF
ganization of corporations. they covenant,
agree and bind themselves, and those VINO
may hereafter become members of this As
ISOLATION for the objects and purposes and
under the stipuations following, to wit:
ARTICLE I.
The name and title of said corporation
shall be THE LAFAYETTE BUILDINGAssOcI-
ATOM and under its said corporate name,
il shall have power to contract; sue and be
sued; to make and use q corporate seal and
the same to break or 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 oh-
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 ana
regulation of the affairs of said corporation
~ may be necessary and proper, and the
same to change and alter at pleasure, and
to do all such acts and things as are or may
be necessary and proper TO carry out the oh.
iects and purpose of said corporations; and
said corporation, unless sooner desolved
under the provisions of this charter, shall
exist for a period of ninety nine 1897 years.
ARTICy.E II. The domicile of said cor
poration shall be in the town of Lafayette,
parish of Lafayette, State of louisiana, and
all citations or other legal process shall be
served upon the president of said corpora
.icn, or, in his absence, upon the vice Presl-
dent, or, in the absence OF both OF these OF
6cers, upon the secretary.
ARTICLE III. The object of this Asso-
citation shall he the accumulation of II fund
from the weekly installments on account OF
subscriptions TO the capital, rentals, pre-.
xniums and loans, the funds SO accumulated
to be used for the purchase and sale OF real
estate, the building. rental and sale OF
homesteads. and zOAe~ necessary or 060ssobIe'
the loaning of money on mortgage security
in the parish of Lafayette.
ARTICLE w. The capital of said cor
poration shall be one million dollars
(4I,ooo.ooo,) and shall be issued in shares,
each representing two hundred dollars
(17oo,) to be paid in weekly instailments 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 ne,
profits shall be apportioned and dividend
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 on account OF
subscriptions thereto, together with the adj
dition of the profits and accumulations
thereon shall be worth the par value OF two
hundred dollars $1,000 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 wheneve, the shores of the series las
issued shall be worth the par value or two
hundred dollars $1,000 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 oy
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
and only on the books of the Association.
This paid up stock may be called in ane
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 ad
dress given when the stock was issued o
transferred shall be sufficient, and all inter
est on said paid up stock called in shall
cease at the date of redemption given in SAT-
notice.
The holder of said stock is otherwise en-
titled to all rights in the Association as pro
vlOe0 Oy the Cnafter anu Oys la"Ss eHCCPe d
to participation in the profits of the Associa
ton. nor persons holding such stoc
vote on such stock, nor can they in any cas-
be members of the Board of Directors
The said paid up stock shall draw inter
est at not more than six per cent per an
mum, and each Board of Directors at il
first meeting shall fix the rate of interest t
be paid on all such stock issued during tn
ensuing year.
Any one of age and acting in their ow
right and behalf shall have the right to I'll
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
a each year
!. ARTICLE v. The corporate powers {
thesGS66ct9StossNtall be exercised by seve
directors, each u Ssheu shall own not le
than FIVE serial shares, W4f\al be electe
by the shareholders on the Tuesday
January annually. each ste holder repr'
sented at sale election anlADhot in defau
being entitled to vote as 3pllows: For or
serial share up to FIVE exclusive he may ca
one VOTE. From FIVE sha1es up to ten e.
elusive he may cast two votes. From tie
shares up to twenty exclusive he may ca
three votes. For twenty shares and over
may cast four votes. No member sha
have more than ten shares in his, or HI
name, in any one series.
Notice of said election shall be given #
the space of ten days by the secreta
through the mail. Said election shall be
ballot and shall be held at the domicile
this corporation, under the supervision
three shareholders appointed by the Boa