The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1900-03-31
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 18th 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 cf witnesses
herein after named and undersigned, per-
sonally came and appeared the parties
whose names are subscribed, who declared
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
The name and title of said corporation
shall be THE LAFAYETTE BUILDINGAssoCI-
ATOM" and under its said corporate name,
it shall have power to contract; sue and be
sued; to make and use a 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 10 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 period of ninety-nine 800 years.
ARTICLE II. The domicile 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 I'll. The object of this Asso-
citation shall be the accumulation of fund
from the weekly instalments on account of
subscriptions to the capital, rentals. pre-
miums 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 7oheu necessary or ndS'isabLe,
the loaning of money on mortgage security,
in the parish of Lafayette.
ARTICLE ". The capital of said cor
poration shall be one million dollars
Isl ,ooo,ooo,) and shall be issued in shares,
each representing two hundred dollars
($2oo,) to be paid in weekly installments of
twenty-five cents per share.
Minors and married women may hold,
subscribe for. transfer and withdraw shares
Atthe close of each fiscal year, the net
profits shall be apportioned and dividend
credited to the value of each share in force,
in such manner as the Board of Directors
may determine.
Whenever the shares of any 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 $4,000 each, the shares re-
he erie n
be liquidated and paid over to the holders
thereof, on the surrender of their certificates;
and wheneve, the shares of the series last
issued shall be worth the par value of two
hundred dollars $4,000 each. the Association
shall be liqudated by three commissioners,
selected by the Board of Directors from
among the shareholders. The shares shall
be issued in series 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,
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 on said paid up stock SO called in shall
cease at the date Of redemption given in said
notice.
The holder of said stock is otherwise en-
titled to all rights in the Association as pro-
vided by the charter and bylaws, except as
to participation in the profits of the Associa-
ton. can persons holding such stock
vote on such stock, nor ca they in any case
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 its
first meeting shall fix the rate of interest to
be paid on all such stock issued during the
ensuing year.
Any one of age and acting in their own
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 day
of each year
ARTICLE v. The corporate powers OF
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 II
January annually. each stakeholder repre-
scented at said election and not in default