The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-23

series, by reason of the payments on
account of subscriptions thereto, to-
gether With the addition of the profits
and accuu lulations thereon shall be
worth the par value of two hundred
dollars {s2000.00) each, the shares
represen ting 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 ($20000) 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 Oh
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-
ent, 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 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 E K
the rate of interest," to be paid on all
such stock issued during the ensuing
year.
Any one ofage and acting in their
own right and behalf shall have the
right to file appli locations tor such
stock with the Secretary at any time,
and each application will be acted up
on in the order Of it's filing.
The fiscal year shall end on the last
day of each year.
ARTICLE
The corporate powers of the Associ-
alton shall be exercised by seven Di-
rectors, each OF whom shall own not
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 to
ten exclusive he may cast two votes
From ten shares up to twenty exclu-
sive 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 cleo
ton shall be by ballot and shall be
held at the domicile of this Corpora
ton, under the supervision Of three
shareholders appointed by the Board
of Directors at the last preceding
regular meeting thereof The share
holders receiving majority OF the
votes castsha1l be declared elected.
The failure to hold an election
on the day specified shall not dis
solve the corporation but the Di
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 their
number a President and Vice Presi
dent; and four Directors shall be quor
um for the transaction of business.
The Directors shall elect or. appoint
a Secretary and such employees as be
necessary, and may fix their compen
satlon, but no salary shall be rald te
any member Of the Board of Director,
or officer, except to the Secretary; ant
they shall have power to enact BY
Laws not repugnant to this Charter
to select place of meetings.. to sus
pend any officer or Director for neg
lect of duty or misconduct, and tt
name and appoi 1t their successors, al
provided for in the Bylaws, and shal
have general authority to carry GU
the objects and business Of the Associ
alton. But they shall not have powe
purchase real estate. except for cash
nor contract any Indebtedness what
ever in exc IS of the amount of on,
months instal1ments.
| Any Director about to absent him
self from the Parish mus nominate /,