The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-06-08
The fiscal year shall emf GA the
last day of each year.
ARTICLE V.

The fiscal year shall emf Ga the
asst day of each year.
ARTICLE V.
The corporate powers OF the
Association shall be exercised by
seven Directors, each OF whom
shall own not less than five serial
shares, who shall be elected by
the shareholders on the Illlrd
Tuesday in January, annually
each stakeholder represented at
said election and not III default be-
ing entitled to vote as follows
For one serial share up to five eX-
elusive he may cast one vote. From
FIVE shares up to ten exclusive he
may cast two votes. From ten
shares up to twenty exclusive he
may cast three votes. For twenty
shares and over he may cast four
votes. No member shall have
more than Fifty (5O) shares in his
or her name. in any one series.
Notice of said election shall be
given for the space of ten days by
the Secretary through the mail.
Said election shall be by ballot and
shall be held at the domicile OF
this Corporation, under the super
vision of three shareholders APP
pointed by the Board Of Direc-
tors at the last preceding regular
meeting thereof. The shareholders
receiving a majority of the votes
castshall be declared elected.
The failure to hold an election
on the day specified shall not dis
solve the corporation, but the
Directors in office shall hold over
until an election be held, after ten
days notice of the time and place
thereof.
The Directors shall elect from
their number a President and
Vice President; and four Directors
shall be a quorum for the transac-
ton of business.
The Directors shall elect or ap
point a Secretary and such EN-
ployees as be necessary, and may
fix their compensation, but no sal
airy shall be paid to any member
of the Board of Directors or officer
except to the Secretary; and they
shall have power to enact BY Laws
not repugnant to this Charter, t,
select place of meetings, to sus
pend any officer or Director TO
neglect of duty or misconduct
and to name and oppoint their sue
cessors, as provide for in the By
Laws, and shall have genera
authority to carry ont the object
and business of the Association
But they shall not have power t,
purchase real estate, except TO
cash, nor contract any indebted
mess whatever in excess of tn
amount of one months install
ments.
Any Director about to absen
himself from the Parish mus
nominate in writing a substitute
n his stead, provided said sui
stitute shall be a shareholder 0
| the Association, owning not les
| than five serial shares; and sue
Substitute shall be entitled to
seat in the Board of Directors o.
filing his proxy with the Secretary
ARTICLE VI
The Association at the discretion
of the Board of Directors ma,
make use of It's funds in any an
all the ways prescribed below, t
Wit
It may lend money at interest o.
mortgage security; or to share
holders on the simple pledge Q
their stock together with the pay
ments and accumilatioTis thereon
provided that loans on such stocl
security shall never exceed i
amount the actual withdrawal 0
said stock at the time the loan i
made. It also may lend money t
its shareholders in the followin,
manner, to wit
Whenever the funds shal
warrants, one or more loans or ad
vances on shares shall be offere,
and made to the shareholders bic
ding the highest voluntary dis