The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-11-02

( arelnrnt and regulation of the affairs OF
| said corporation ~ may I've necessary ana
proper. and the same to change and after
ut pleasure. and to do all srch actS AM,
things ~ are or may be necessary ami
proprr to carry out the objects and pnr-
noses of said corporation, and said cor
tn6raton, unless sooner dissolved under
The provisions of this charter, shall exist
for a period of ,inety-nine years.
Article 1.-THE domicie OF Sud cor
poration shall he in the town M st. Fran
cisvi!e, Parish Of West Fcliclana, State
o. Louisiana. and all citations ana other
legal process shall be served npon me
President of said corporation, or, III his
absence, upon the vce-piesident, or, III
the absence of both of these officers, upon
the secretary.
Article lII-rhe objects of this Associa-
ton shall he the accumulation OF FUND
from the monthly insta mrnts on account
of subscriptions to the capital, rental,
premiums and loans, the funds so accl'iI'-
nlatei to lie used for the purcll Sc and
sale Of zeal estate, the building rental
and sale of homesteads and the lending
of money on mortgage or other approved
security in the parishes of East and West
Frliciana, Pointe Coupee and East Baton
Rouge.
! Article IV-The capita! of said roTpor-
ALTON shall be two million dollars ($2,-
COO 0OO5 and shall he issued i'll shares,
each representing two hundred dollars
($2OO) to be paid up in monthly Install
menss of one dollar ($l) per share. IL
shall commence business as soon as tive
hundred shares of its capital stock
shall he Snbsci ibed for.
Minors may hold shares through their
parents or tutors, and married women
in their OWN right.
At the close of each- iscal year, the
net profits shall be apportloned and u
dividend credited to the value of each
share. in force, in such manner as the
Board Of Directors may determine. The
Board shall retain a part of til profits OF
the Association in order to create a,sllr'
plus fund for contingent losses.
The Board shall set aside fifteen (l3)
prr cent, OF 50 much thereof Us may he
necessary, of the monthly installments
on stock to create Reserve Fund, the
principal and accumulation of which
shall he used in payment of Withdrawals
and naturities of unpledged stock. The
fund so accumulated shall be invested
or laneI IN such manner rs the Board OF
ID nctors may determine, provided no
loan from this fund shall be made for a
longer period than two years, nor fol
! l ~. Mt N
terst InveS tments may be nnlle III
bonds, stocks or sncli other securities ;lS
the Board of Directors may determine.
Whenever the shares Of any one serie'
Inv reason of the payments OF account o
subscriptions thereto, together with thu
addition of the profit and accumulation
thereto, shall be worth the par value o
two hundred dollars $4,000 each, tin
shares representing the series 80 alrive'
mt par shall be liquidated and paid owe
to the holders thereof, Oh the snrrende
IF their certificate; and whenever tn
- shares of the series last issued shall b
worth the par value of two hundred dol
lars ($20C) each, the Association shall b
:, lumdated by threecOmmisSiOners selecte
"' by the Board of Directors from amon
the shareholders. The shares shall h
issued in series us may be determined b.
the Board of Directors, but no Slialr
Is holder shall have more than twenty-five
m shares in his or her name i'll any one series
p The fiscal year shall end Oh the las
OF day Of each year.
O. Article V-Thc corporate powers of tn
Association shall be exercised hy nil
directors. each If whom shall own 10
less than two shares, who shall he elect
ed by the shareholders on the scc0h
Tuesday in January of each year, cac
:. Stockhuldcr not in default, present i
person or by proxy shall be entitled
lc cast one vote for each share of stoc
81 owned by him or her.
-, Notice of said election shall he give
:" for II space of ten days by the Secrrtar
II through the mail and by pub!icatio;
H. Said election shall he by ballot and sha
X be held at the domcile of this corpora
ton, under the supervision of the sha''
holders appointed by the Board of Dire
- tons at the last preceding regular mreti,
lie. thereof The shareholders receiving
is majority of the votes cast shall be decla
. ed elected.
- The failure to hold an election on II
day specified shall not dissolve the CO
poratiuu, hnt the Directors in office sll;l
hold over until an election he held, aft
ny Ten days notice Of the time and pla'
thereof.
The Directors shall elect from the
number President and Fice-Prcsidel
}. and five Directors shall be u quorum Fl
{. the transaction of business.
- The Directors shall elect or appnint
q Secretary and such employees a may
e necessary, and may fix their compens
ton, hut no salary shall he paid to Ill
member of the Board of Directors
~ officers, except to the Secretary, and tin
shall have power TO enact bylaws II
repugnant to this charter, to select
-. place of meetings, to suspend any ottic
nd or Director for neglect of duty Or m
conduct, and to lame and appoint the
. successors, as provided for in the by-la'
and shall have general authority t." car
or ont the objects and business of the A
I'D s0ciation. But they shall not have pow
to purchase real estate except i'll case
IN necessity to protect the Association II
~ contract any Indebtedness whatever
excess of three months receipts.
Any Director about to absent hims
from the parish must nominate in WI
ing substitute i'll his stead, provid
said substitute shall be shareholder
the Association, owning not less til
two shares, and such substitute shall
Il. entitled to a seat in the Board of Dir
tors on filing his proxy with the Secy
Article VI-lhe Association ut
ID discretion of the Board of Directors III
by make use of its funds in any aud all
lra ways prescribed below, to-wit:
o,lr 1t may lend money at interest on mC
gage security or to shareholder on