The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-02

and accumulations thereon shall be
worth the par value of two hundred
dollars ($2OOO.OO) each, the shares
the series SO arrived at
par shall be liquidated and paid over
to the holders thereof on the surrend-
er of their certificate; and whenever
the shares OF the series last issued
shall be worth the par value of two
hundred dollars ($200.00) each the
Association shall be l1quidated by
three commissioners selected by the
Board of Directors from among the
shareholders. The shares shall be
issued in series as determined upon
by the Board of Directors. The Board
of Directors shall have the right when
deemed advisable to issue paid up
stock on the payment at one time OF
one hundred dollars. Said paid up
stock shall be transferable in person
or by written power of attorney, and
only on the Association. This paid up
stock may be called in and cancelled
at any time by said Association, after
giving thirty days notice to the owner
upon payment of the face value, plus
ACQUIRED interest. Notice mailed to the
address given when the stock was
issued or transferred shall be suffici-
emit, and all interest on said paid up
stock so called in shall cease at the
date of redemption given in said no.
tice.
The holders..o of said stock are other
wise entitled to all rights in the Asso-
citation as provided by the Charter
and Bylaws, except as to participa-
ton in the profits of the Association,
nor can persons holding such stock,
vote on such stock, nor can they in
any case be members of the Board of
Directors.
The said paid up stock shall draw
interest at not more than six per
cen per annnm, and each Board of
Directors at its first meeting shall fix
the rate of interest," to be paid on all
such stock issued during the ensuing
year.
Any one of age and acting in their
own right and behalf shall have the
right to file applications for such
stock with the Secretary at any time,
and each application will be acted up
on in the order of its filing.
The fiscal year shall end on the las,
day of each year.
ARTICLEV.
The corporate powers of the Associ.
alton shall be exercised by seven Di.
rectors, each of whom shall own moi
less than five serial shares, who shall
be elected by the shareholders on the
Third Tuesday in January, annually
each stakeholder represented at SAID
election and not in default being en-
titled to vote as fo1lows:-For one Sc
rial share up to five exclusive he may
cast one vote. From five shares up te
ten exclusive he may cast two votes
From ten shares up to twenty exclu
lsive he may cast three votes. Fol
twenty shares and over he may cas-
four votes. No member shall have
more than Fifty 5O) shares in hi
or her name, in any one series.
| Notice of said election shall b.
given for the space often days by tn
Secretary through the mail. Said cleo
ton shall be by ballot and shall b
held at the domicile of this Corpora
ton, under the supervision of tire
shareholders appointed by the Boar
Of Directors at the last proceeding
regular meeting thereof. The share
holders receiving majority of tn
votes castsha1l be declared elected.
The failure to hold an e1ectio
on the day specified shall not di
solve the corporation but the ID
rectors in Office shall hold over unit
an election be held, after ten day
notice of the time and place thereof.
The Directors shall elect from thei
number President and Vice-Pres
!. dent; and four Directors shall be quo1
un for the transaction of business.
The Directors shall elect or appoir
a Secretary and such employees as b
necessary, and may fix their comper
sation, but no salary shall be rald I
any member of the Board Of Director
or officer, except to the Secretary; an
they shall have power to enact B,
Laws not repugnant to this Charte
: to select place of meetings, to SUI
> pend any officer or Director for ne,
: lect of duty or misconduct. and |
name and appoint their successors. {
provided for in the By-Laws,a and sha
: have general authority to carry o,
the objects and business of the Assoc
stion. But they shall not have pow,
purchase real estate. except for casl
nor contract any indebtedness wha
= ever in excess Of the amount of OF
= months installments.
= Any Director about to absent hir
self from the Parish must nominate
= writing substitute in his stead, pr
q vided said substitute shall be shar
9 holder of the Association, owning n