New Iberia enterprise. (New Iberia, La.) 1885-1902, 1901-06-01
shares upon paying the amount due there
on as may be provided in the bylaws.

on as may be provided in the bylaws.
Z. Members may withdraw all or any
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/ to be withdrawn and dividends credited to
the shares withdrawn, less any unpaid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earnings on the amount withdrawn since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 liquidated 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 onehalf 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liquidation of withdrawn or matured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be withdrawn in the same manner as cur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share can be withdrawn at one time.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
at the rate per cent. per aunum of the last
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
the last dividend thereon for the time in
tervening since the date of their last
dividend.
9. Any member being in arrears for
twenty-six (26) weekly instalments 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
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 a credit to loan ac-
count whenever under the loan contract,
the borrowers debt becomes due and exigi-
BILE.
The re- payment 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 1st, 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 manner
as the Board of 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.
IL. In case of the death or any nom
borrowing member, his death to operate
as notice Of withdrawal and his success
sion to be entitled to 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 (4lO0.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( at least one Of whom shall be bor
rower) selected by the Board Of Directors
from the stockholders said commissioners
to have power to Ill vacancies in their
number by selecting from the stockholders
any one eligible under the charter as q
director.
ARTICLE vI.-BoARD OF DIRECTORS.
l. All the powers Of this corporation