New Iberia enterprise. (New Iberia, La.) 1885-1902, 1901-05-11
lares upon paying the amount due there

part of the cash value (money paid in and
! profits credited) of their unpledged current
| shares, by giving notice in writing, and
| the liability to pay dues and the right to
dividends shall cease with the notice. If
the withdrawal be total, the member shall
receive all payments made on the shares
| to be withdrawn and dividends credited to
| the shares withdrawn, less any unpaid
charges and pro rata share of losses If
any. in excess of the amount in the con-
| tingent loss fund. Members making partial
Withdrawals shall forfeit all shares in the
earnings on the amount withdrawn since
the last dividend was declared. Notices
of withdrawal shall be registered and
numbered in the order of their receipt,
and Withdrawals liguidated in sequence,
as registered, upon the return and proper
cancellation of the certificate of stock If
the withdrawal is total or proper receipt
if withdrawal is partial, out of the first un-
appropriated money in the treasury; pro-
vided, not more than One-half Of the
monthly receipts shall ever be used for the
liquidation of withdrawn or matured
shares, unless there shall be an over ac-
emulation of funds which cannot be
loaned. Full paid or matured shares can
be withdrawn in the same manner as cur
rent shares, provided not less than one
share can be withdrawn at one time.
8. Should there ever be an accumulation
of funds beyond the use of the Association
the board shall have the right to call in
unpledged shares for redemption, provided
that full paid shares shall be called in first
in the reverse order of their issue. and
shall be redeemed face value plus interest
tb6 of nf a In n
dividend for the time intervening since
their last dividend; and should all full
paid shares be redeemed, then current
shares may be called in by allotment, out
of the oldest series said shares to be re-
deemed at their withdrawal value plus
interest at the rate per cent per annum of
tervening since the date of their last
dividend.
9. Any member being in arrears for
twenty-six (26) weekly installments on his
running shares" shall thereby, without
notice OF putting in default, cease to be a
member, and shall forfeit all rights and
privileges as stockholder, and his said
stock shall be cancelled and the cash value
thereof at time of forfeiture shall be placed
to his individual credit, and shall cease to
entitled to, or participate in profits or to
draw interest. and said member shall be
notified that said amount is held subject
to his order, on surrender Of the certificate
of stock forfeited. Provided, shares while
pledged to the Association as security in
the matter of loans shall not be liable to
forfeiture, but the Association shall have
the right to cancel the mand apply their
withdrawable value as credit to loan ac-
count whenever under the loan contract,
the borrower debt becomes due and exigi-
BILE.
The repayment of loans before maturity
is left optional with the directors who will
fix such terms and conditions upon which
re-payments may be granted.
10. At the close of each dividend period
January 1st and July LIST, the profits since
the last dividend shall be apportioned, and
after setting aside such sums for account
OF reserve or other funds as may be provided
the remainder shall be divided as dividend
on each share in force in such a manner
as the Board If Directors may determine !;
provided said dividend shall not exceed
the earned portion Of the profits belonging
to and withdrawable by said share. Divi-
dends on current shares shall be credited
thereto and entered in the installment
books; dividends on full paid shares shall
be payable in cash.
II. In case Of the death or any non
borrowing member, his death to operate
as notice of withdrawal and his success
sion to be entitled to q settlement as above
provided for Withdrawals, or the shares
may be continued by his legal representa-
tives, or by them may be transferred pro-
vided notice of the intention to continue
or to transfer be given within six months
after the death of such deceased member.
In case OF the death of any borrowing
member his heirs or representatives will be
entitled to succeed to all his rights and
obligations, provided It be done within six
months after the death of such member.
IL. Whenever the shares on any book,
by reason of the payment Of installments
on the stock and the accumulation of
dividends thereon, shall be worth the par
value ($1O0.OO) One Hundred Dollars
each, such stock Is thereby matured and
shall be payable as speedily as may be
found consistent with the best interests of
the stockholders Of the Association.
13. In case of dissolution or termination
Of the charter from any cause, the Associa-
tion shall be liquidated by three commits
siOners( ct least one Of whom shall be bor-s
rower) selected by the Board of Directors
from the stockholders said commissioners
to have power to fill vacancies in their
number by selecting from the stockholders
any one eligible under the charter as
director.
ARTICLE vI.--BoARD OF DIRECTORS.
1. All the powers of this corporation
shall be exercised by Board OF Directors
NJ MIN okr {t1fp
each ut least ten 10Y shares Of stock of
at general meeting convened for that
purpose ON the fourth Monday Of January
in every year.
published in one Of the newspapers Of the
city for the space Of ten days Immediately
proceeding said election.
8. Said election shall be by ballot, at the
domicile Of this corporation, under the
supervision Of three commissioners stock
holders appointed BY the Board Of Direc-
tors at the last proceeding meeting.
4. Each share Of stock which has been
In force for sixty days is entitled to one
vote, and the stockholders receiving the
majority Of the votes cast shall be elected.
Failure to hold the election on the day
specified shall not dissolve this corporation,
but the Directors in once shall hold power
until an election is held, after ten days
notice OF the time and place thereof. The
direetors shall elect from their number .
Pre- 0ent and Vice President. Five mem
bers shall constitute quorum for the
transaction Of business all vacancies
shall bo nlled by the remaining members
Of said Board Of Directors.