The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-30

value of the stock borrowed on, nor be
permitted to borrow on more than ,
fifty (50) shares All such loans must !
be secured by written pledge OF the
stock or shares on which said loan or
advance is made, together with all
the payments and accumulat1ons pre-
sent and future hereon; and in adj
dition, either by mortgage, vendors
lien, sale and resale or some adequate
pignorative contract affecting and
bearing on real estate or by said Asso-
citation itself investing the money in
real estate to be held and considered
as its own property until the said
pledged stock by reason OF the pay
ments and Accommodations thereon
shall have reached the value of two
hundred dollars ($a00,00) per share;
when the said property shall be trans
ferred to the owner of said stock. In
all cases where the Ass ociation lends
money to shareholders bidding a
discount therefor as just above pro-
vided, it shall have the right at the
maturity of said stock to compensate
and set off the amount due said share
holder on his pledged said stock
against the sum loaned him and TO re-
tain said amount in payment OF his
loan; and no part Of any such loan
shall be considered as paid until the
stock loaned on has matIred aud COM
pensate and set off the amount due
said shareholder on his pledged said
stock against the sum loaned him and
to retain said amount 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 COM
pensation has been effected. No prop
erty shall be purchased by the Asso-
ciatiod except for cash.
Shareholders obtaining advances on
shares, failing to tender satisfactory
security therefor. within thirty days
from date Of the adjudication, shall
forfeit same provided that the Board
of Directors may for good and salts
factory reason, extend the time, and
all costs and charges or expenses at
tending the examination of titles and
searches, together with the interest
for not less than four weeks. or such
further time as may have elasped,
shall be charged to the borrower, and
be lien against his or her shares un
til paid.
All fees of Attorneys. Notaries, Re-
corders, Registers and all expenses
incurred in making or cancelling loans
shall be paid by the respective bor-
rowers.
The Board of Directors may make
such rules and regulations, or By
Laws to govern loans or advances on
stock as they may see fit provided they
do not conflict with this Article.
ARTICLE VII
Payments on shares, installments
and interest shall be due and payable
weekly on each Saturday, at the Office
of the Association. Any sharehold-
er in arrears five weeks in the pay
| ments either of installments or inter
ests on shares shall forfeit and pay al
a penalty the sum of five cents pei
share on which no advance has made
and the sum Of ten cents per share OF
shares on which an advance has beer
made, and the same for each similar
subsequent default, and said fines mus
be paid before any futher installment!
and interest can be received.
| ANY shareholder who shall become
SIX months in arrears in the paymen
of the installments or interest due OF
his shares, shall, by reason of sucf
failure, and without notice. forfeit al
payments previously made by him
together with the profits, interest an,
accumulations thereon, which shall
revert to and become the property o
| the Association. Interest may, at tn
discretion of the Board of Directors
| be allowed On monthly payment.
| (made in advance of those due within
the current monthly at a rate to b.
fixed from time to time by the Boar
of Directors. not to exceed six per cen
per annhm for the time said payment
run; provided no interest shall be al
lowed on payments in advance for
shorter period than three months.
4 ARTICLE VIII.
4 Any shareholder who has received
loan or advance upon his shares. desi
ring to settle and 1iquidate such indebt
edness prior to the muturity of the loa
} may do SO either in part or in who Il
, by paying the net amount cash receiy
ed on each share, plus one eight of th
the discount bid for same for eac
. year or fraction of year that sal,
! shares have been in existence. and
, desired the pledged shares may b
surrendered to the Association an
. cancelled under the conditions and i
the proportion provided for withdraw
ing unpledged shares. and their valu
credited IN part payment of said il
debtedness.
ARTICLE TX.
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