The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-06-08

cached the value OF Two hundred
DOLLARS (s2O0.0o) per share; when
he said property shall be trans
erred to the owner of said stock.
n all cases where the Association
ends money to shareholders bld-
ling a discount therefor as just
above provided, it shall have the
right at the maturity of said stock
to compensate and set off the
due said shareholder on his
pledged said stock against the sum
loaned him and TO retain SAID
in payment of his loan;
and no part of any such loan shall
be considered as paid until the
stock loaned on has matured and
compensation has been effected.
No property sha be purchased oy
the Association except for cash.
Shareho' ders obtaining advances
on shares, failing to tender salts
factory security therefor, within
thirty days from date of the adj
Indication, shall forfeit same
(provided that the Board of Dlrec-
tors may for good and satisfactory
reason, extend the time), and all
costs and charges or expenses
attending the examination OF
titles and searches, together with
the interest for not less than four
weeks, or such further time as may
have elapsed, shall be charged to
the borrower, and be a lien against
his or her shares until paid.
All fees of Attorneys, Notaries,
Recorders, Registers and al ex
penses incurred in making or can
ceiling loans, shall be paid by the
respective borrowers.
The Board Of Directors may
make such rules and regulations
or Bylaws to govern loans or adj
vances OH stock as they may see
proper provided they do not con
flict with this Article.
ARTICLE VII
Payments ON shares, installment;
and interest shall be due and pay
able week. on each Saturday, a
the office of the Association, ant
any shareholder in arrears fv'
weeks in the payments either o
installments or interest on share!
shall forfeit and pay as penalt,
the sum of five cents per share
on shares on which no advance ha
made, and the sum of ten cent
per share on shares on which a
advance has been made, and til
same for each similar subsequen
default, and said fines must b
paid before any further install
ments and interest can be receiI
ed.
| Any shareholder who shall bt
come six months in arrears in til
payment of the installments or in
terest due on his shares, shall, b
reason of such failure, and witt
out notice, forfeit all payment
previously made by him, togethe
with the profits, interest and a,
foundations thereon, which sha
revert to and become the propert
of the Association. Interest may
at the discretion of the. Board {
Directors, be allowed on month";
payments made in advance {
those due within the current
month)at rate to be fixed from tim
4
to time by the Board of Directors
not to exceed six per cer
annnm for the time said payment
run; provided no interest shall h
allowed on payments in advanc
for a shorter period than thre
months.
ARTICLE VIII.
Any shareholder who has r.
ceiyed a loan or advance upon Ii.
shares, desiring to settle and
quidate such Indebtedness prit
the muturlty of the loan, may d
so either in part or in whole, b
paying the net amount cash r
ceived on each share, plus OIL
eight Of the discount bid for san
for each year Or fraction Of yea
that said shares have been in e.
1
1istence, and if desired the pledge
shares may be surrendered /