The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-10-26

7alue of the stock borrowed on, nor be
permitted to borrow on more than
ifty (5O) shares All such loans must
be secured by written pledge of the
stock or shares on which said loan or
advance is made, together with all
the payments and accumulat1ons pre-
sent and future hereon; and in adj
dition, either by mortgage, vendors
lien, sale and resale or some adequate |
contract affecting and |
bearing on real estate or by said Asso- |
ciation itself investing the money in |
real estate to be held and considered |
as It's own property until the said
pledged stock by reason of the pay
ments and accumulat1Ons thereon
shall have reached the value of two
hundred dollars ($200,OO) per share;
when the said property shall be trans
ferred to the owner Of said stock. In
all cases where the AS oclation lends
money to shareholders bidding a
discount therefor as just above pro-
vided, it shall have the right at the
maturity of said stock to compensate
and set off the amount due said share
holder on his pledged said stock
against the sum loaned him and to re-
tain said amount in payment of his
loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matLred and COM
pensate and set off the amount due
said shareholder on his pledged said
stock against the sum loaned him and
to retain said amount in payment of
his loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matured and COM
pensation has been effected. No prop
erty shall be purchased by the Asso-
ciatiod except for cash.
Shareholders obtaining advances on
shares, failing to tender satisfactory
security therefor. within thirty DAYS
from date of the adjudication, shall
forfeit same provided that the Board
of Directors may for good and salts
factory reason, extend the time, and
all costs and charges or expenses at
tending the examination of titles and
searches, together with the interest
| for not less tina four weeks, or such
further time as may have elasped,
shall be charged to the borrower. and
be lien against his or her shares un-
til paid.
All fees of Attorneys, Notaries, Re-
corders, Registers and all expenses
Incurred in making or cancelling loans
shall be paid by the respective bor-
| rowers.
The Board of Directors may make
such rules and regulations, or By
Laws to govern loans or advances on
stock as they may see fit provided they
do not conflict with this Article
ARTICLE VII
! Payments on shares, installment:
and interest shall be due and payable
weekly on each Saturday, at the Office
of the Association. Any sharehold
err in arrears FIVE weeks in the pay
ments either of installments or inter
ests on shares shall forfeit and pay a
a penalty the sum of five cents pc
share on which no advance has made
and the sum of ten cents per share OF
, shares on which an advance has beef
made, and the same for each simila
, subsequent default, and said fines mus
be paid before any futher installment
E and interest can be received.
II ANY shareholder who shall becom
: six months in arrears in the paymen
Of the instal1ments or interest due o
E his shares, shall, by reason of sue
failure, and without notice. forfeit a
a payments previously made by him
s together with the profits, interest an
: accumulat1ons thereon, which sha
il revert to and become the property {
s the Association. Interest may, at tn
discretion of the Board of Directors
r be allowed on monthly payment
i (made in advance of those due With
: the current month) at rate to b
fixed from time to time by the Boar
It of Directors. not to exceed six per Gel
e per annnm for the time said paymen
l. run; provided no interest shall be a
o lowed on payments in advance for
IS shorter period than three months.
d ARTICLE VIII.
= Any shareholder who has received
r, loan or advance upon his shares. des
s. ring to settle and 1iquidate such indet
3 edness prior to the muturity of the los
% may do SO either in part or in who
IS by paying the net amount cash recei
II ed on each share, plus one eight of Il
1T the discount bid for same for ca,
/ year or fraction of year that sa
er shares have been in existence. and
h, desired the pledged shares may
t. surrendered to the Association al
le cancelled under the conditions and
the proportion provided for withdra
n. ing unpledged shares, and their val
!. credited in part payment of said
III debtedness.
: ARTICLE TX.
!. Shareholders not having pledg
jap =