New Iberia enterprise. (New Iberia, La.) 1885-1902, 1901-06-08
shares upon paying the amount due there
| on as NAV be provided in the bylaws.

on as may be provided in the bylaws.
i Z. Members may withdraw all or any
part of the cash value (money paid in anG
profits credited) of their unpledged current
shares, by giving notice in writing, and
the liability to pay dues and the right tc
dividends shall cease with the notice. II
the withdrawal be total, the member shall
receive all payments made on the shares
to be withdrawn and dividends credited tC
the shares withdrawn, less any unpaid
charges and pro rata share of losses il
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earnings on the amount withdrawn since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 il
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liquidation of withdrawn or matured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be withdrawn in the same manner as cur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share can be withdrawn at one time.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 installments 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
thereof at time of forfeiture shall be placed
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 a 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-
- h.: :,,kc -
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 ($1OO.OO) One Hundred Dollars
each, such stock is thereby matured and
found consistent with the best interests OF
the stockholders of the Association.
Is. In case of dissolution or termination
ton shall be liquidated by three commits
rowef) selected by the Board Of Directors
| from the stockholders said commissioners
to have power to fill vacancies in their
number by selecting from the stockholders
any one eligible under the charter as .
director.
ARTICLE VI.-BoARD OF DIRECTORS.
I. All the powers of this corporation
shall be exercised by Board OF Directors
composed of nine stockholders, owning
each at least ten (1O) shares of stock Of
the Association, said directors to be elected
ct general meeting convened for that
purpose on the fourth Monday Of January
in every year.
2. Notice. of such meeting shall be
published in one Of the newspapers Of the
city for the space of ten days Immediately
proceeding said election.
3. Said election shall be by ballot, at the
domicile OF this corporation, under the
supervision Of three commissioners stock
holders appointed by the Board Of Direc-
tors 1t the last preceding meeting.
4. Each share Of stock which has been
in force for sixty days is entitled to one
vote, and the stockholders receiving the
majority Of the votes east shall be elected.
Failure to hold the election on the day
specified shall not dissolve this corporation,
but the Directors in Office shall hold power
until an election is held, after ten days
notice OF the time and place thereof. The
directors shall elect from their number .
President and Vice. President. Five MEM
bers shall constitute quorum for the
transaction Of business all vacancies
shall be filed by the remaining members
Of said Board of Directors.
s. The directors shall select and appoint
On Attorney, Secretary, . Treasurer, q
Notary and such other oiicers as shall be
necessary. The directors shall have power
to make bylaws, to select . place OF meet
ing, TO suspend any and al ofdcers, and
have general authority to carry out the
objects and business Of the Association.
ARTICLE VII.
TRANsFERs AND DUPLICATES.
1. All transfers Of stock shall be made
on the books Of the Association. All mem-
Der to sign the charter q an original mem
bor.
2. Duplicate certificates may be issued
Tor lost certificates in such manner Is may
be provided in the bylaws.
ARTICLE vHI.-lIABILITY.
l. No stoekholder shall ever be held
~ n. \ 4