The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-06-15
The fiscal year shall emf on the
last day of each year.
ARTICLE V.

The corporate powers OF the
shall be exercised by
seven Directors, each OF whom
shall own not less than five serial
shares, who shall be elected by
the shareholder on the Ihlrd
Tuesday i'll January, annually,
each stakeholder represented at
said election and not in default be-
ing entitled to vote as follows
For one serial share up to i've eX'
elusive he may cast one vote. FROM
five shares up to ten exclusive lie
may cast two votes. From ten
shares up to twenty exclusive ne
may cast three votes. For twenty
shares and over he may east tour
votes. No member shall have
more than Fifty (50) 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-
pleyees 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 Bylaws
not repugnant to this Charter, to
select place of meetings, to sus-
pend any officer or Director fol
neglect of duty or misconduct,
and to name and oppoint their sue
cessors. as provide for in the By
Laws, and shall have general
authority to carry out the objects
and business of the Association
But they shall not have power to
purchase real estate, except fol-
cash, nor contract any indebted
ness whatever in excess of the
amount of one months install
i ments.
| Any Director about to absent
| himself from the Parish must
nominate in writing a substitute
n his stead, provided said sub
stitute shall be shareholder O
| the Association, owning not les
than five serial shares; and sucl
| substitute shall be entitled to
seat in the Board of Directors OF
| filing his proxy with the Secretary
j ARTICLE VI.
i The Association at the discretion
of the Board of Directors may
make use of its funds in any an.
all the ways prescribed below, t,
|, / Wit
Il It may lend money at interest OF
mortgage security; or to share
i holders on the simple pledge o
! their stock together with the pay
, ments and accumilations thereon
q provided that loans on. such stool
security shall never exceed il
amount the actual withdrawal o
], said stock at the time the loan i
, made. 1t also may lend money t,
it's 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 bid
ding the highest voluntary dis
| count therefore; provided no bl,
/ shall be received for less thai
twenty per cent discount; and n
s. shareholders shall ha ant;flad 4