The Meridional. (Abbeville, La.) 1856-1906, 1900-01-13

uup GtiS ASoAs IN
the corporation and the shares caneellGu.
ghe arnount credited to such stock IN the
..Sar;as Stock Fund.- shall be divided
among the series shares>as profits.
ARTICLE VI.
Series shareholders may withdraw their
stack under such terms and conditions az
the by-laws prescribe. The bylaws shall
also provide for the withdrawal, contln-
nance or transfer of series stock neid Ny
any shareholder i'll case OF ms aeati' anu
for the conversion OF series STOCK mo
paid up stock on equitable terms. NO
! stock shall be transferred unless all as
sessments, dues, fees and fines due there
on shall have first been fully pad. nor
unless all the Indebtedness of the holder
of said stock to the association shall nave
first been fully paid, and the association
shall have a first lien and privilege on al
stock for any indebtedness OF the holder
thereof to the association.
ARTICLE VII.
The receipts Of said association shall be
divided into four classes designated as
1st-Series Stock Fund: This fund shall
belong to the holders of series stock A and
b and shall consist of series lnstallmentS
of sixty cents per month per share, pald
by series A stockholders and OF the quar-
terIv. ~semi-aDnual or annual l~nstallfnents
Maid III lieu of monthly installments of
sixty cents, and Of the interest, premiums
and profits accruing to the credit OF SAID
st took.
2nd--Paid Tn Stock Fund: This fund
shall consist OF the stock payments OF fifty
dollars per share, d OF the interest,
| premiums and profits accrulng to the
credit OF said stock.
3rd-Deposit or Irregular Stock Fund:
This fund shall consist of the various de-
posits made by each stakeholder, together
: - 80 hAuaan ~ fhn YnFa nf civ
per cent per annum during the time the
said sums remain OF deposit under the
regulations prescribed by the bylaws.
Each of said depositors shall contribute
one dollar per year to the expense fuhd
ont of said deposils.
4th. The Guarantee Stock and Expense
Fund. This fund shall consist of the
amounts assessed on the guarantee stock
to be paid by the guarantee stock hold.
ers, and all OF admission, transfer and
withdrawal fees, together with ten cents
per month per share on series A and u
stock, to be paid out of the nstalH1ents OF
seventy cents per share or ont OF the
equivalent thereof of the quarterly, SEMI
annual or annual instruments. 1t being
the intention that ali monthly, quarterly.
semi-annual and annual instalment stock
shall pay ten cents per month per share to
the said expense fund and sixty cents per
share per month to the series stock fund.
OuU Oh BHlS aUtOHHU DeIOuSIHS ~ tuS 9udl-
antee stock and expense fund the Board
of Directors shall pay and liquidate all
the operating expenses OF the corporation
for services of whatever kind shall pay
the expense incident to the printing, adj
vertising, stationery. rent n all other
expenses of the corporation, except taxes
and such expenses as are to be borne by
the borrower, and neither the series stock
fund nor any other fund shall la any
right or claim to or participate in the
guarantee stock and expense fund as any
time.
The corporate powers of this corpora
tion shalt be exercised by a board con
sisting of five directors, each of whom
shall W not less than ten shares OF guar
antee and ten shares of paid mp stock d
the association. and these FIVE director
shall be elected by the shareholders OF
the first Monday of January of every 5tl
year. The first election shall be held il
the year 1905, and each share represented
at any and all elections and not in de
fault shall be entitled to cast one vote
Notice OF elections shall be given fol
q space of thirty days by publication il
some newspaper published in Abbeville
La. Elections shall be by ballot and shall
be held at the office of the corporation il
Abbeyille under the supervision OF tive
shareholders appointed by the board Of
ulEGGiOIS db GllD Hast AGGkIdI PICGCuIl@
meeting. The first five shareholders win
receive a majority of the votes, shall, il
eligible, be declared elected. In case M
election should be held at the specified
time, the presideRt shall call an election
to be held within 80 days thereafter. anG
give notice thereof as aforesaid. The fail
ure to elect a board of directors shall not
forfeit this charter. but the incumben1
directors and officers shall continue to eX
4erc1se the duties of their offices until thu
successors have been elected and takel
their places. The board Of directors shall
have power to fill any vacancy occurring
i'll their number. They shall assume theil
duties Immediately on their election ant
shall elect from among their number {
2 president and a yice-president. Three
directors shall constitute a quorum fol
the transaction OF all business by TIN
board. The directors shall appoint
secretary-treasurer; general attorney ant
manager, aud such other officers and EN-
! ployees, as may be required fwho shall
hold Office during the pleasure of til,
board and fix and regulate their salaries
or compensation. They shall have poWel
to make and establish bylaws, rules ane
regulations for the conduct Of the bust
ness of the corporation, and not repug
nant to this charter, and to alter ant
amend the same as deemed proper ant
necessary. They shall the power to sus
pend any officer for neglect of duty o.
: misconduct, also to select a bank of de
: posit and regulate the manner of the with
!. drawal of the funds therefrola. The fol
lowing persons shall constitute the frs
board Of directors, they being each dul,
qualified stockholders and subscribers TO
the proper amount of stock, namely
WV. Edwards, Francois Rageur. Theo
Laporte, JIM. Greene and ). G. Leblanc
t Ihey shall hold office till their successor
elected in 1905 have been elected and il
} stalled.
4 ARTICLE TX.
No shareholder shall eyer be held 1iabl
irresponsible beyond the unpaid balanc
due On stock owned by him, for the con
tracts or faults of this corporation, no
shall any mere informality in Organization
have the effect Of rendering this charte