St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1901-05-04

authority, duly commissioned and quail
6ed, and In the presence Of the Witoess3
e. hereinafter named and uDdefsixned,
personally came and appeared the
several persons whose names are here
unto subscribed. who declared, that
availing themselves Of the provisions Of
the laws Of the State relative to the
examinations, they hare contracted and
agreed, and bind and obligaie them
selves, - well q such persons as may
become associated with them, to form
and constitute corporation and body
polite In law, for the objects and pur-
poses, and under the stipalatious Of the
articles following, to-wit:
Article I.
The name and title OF said Cospora-
ton shall be THE PEOPLES BUILD.
ING AND LOAN ASSOCIATION; and
under it said corporate name Il shall
have power to contract, sue and be sued,
70 make and use corporate seal, and
the same to break or alter at pleasure,
70 hold, receive, iease, p1rchaee, convey
and pledge under Its corp0rate name.
property both real and personal, to lend
money On securities, to name and ap-
point s7cb 063cefs and agents - the
Interest and cocvenieoce Of said corpo.
ration may require, 10 make and estab-
lish such bylaws, rules and regulations
Tor the proper management and reZuls-
ton Of the a4airz Of said cofporation
% may be deemed necessary and propef,
and the same to change and alter at
pleasure, and 70 do all such acts snd
things as are or may be necessary and
proper to carry out the objects ard pur-
poses Of said corporation; and said cor
p0rati0D, unless sooner dissolved, under
the provisions OF this charter, shall ex.
list for period Of nenety mine years
Article Ii.
The d0micile Of said corporation shall
be In C0vingt1s, Parish Of st. Tam
many, Stste Of Louisiana, and all cita-
lions or other legal process shall be
served upon the President Of said cor
pontion, or In lieu Of his absence. upon
the Vice President
Article Ill.
The object of the association shall be
the accumu latiOn Of q fund from the
monthly fnstallments on account Of sub
scfipti0u to the capital stock, rentals,
premiums and icterest on l0ona, and
other sources; the funds 90 sccumulat-
ed, to be used for the purchase and sale Of
real estate, the baildlng, rental aud sale
homesteads and the lending OF finds
upon mortgage or other security in the
Parishes Of s.. Tammany and Washing
ton; no loan shall be made except to .
shareholder, and no loan for . sum
greater than the face of the shares
owned by the borrower.
Article Nv.
The capital stock Of this association
shall be One Million Dollars, divided
into ten Thousand ehares OF the par
value of One Hundred Dollars each;
said stock shall be divided into INSTALL
ment stocks and full paid stock TO be
issued as may be detefmined by the d.
rect0rs; iastallment on stock, and in
teFest on loans shall be due AMI payable
monthly on the 6rst day of each month,
at the once of the association; INSTALL
me0ts on stock shall be one dollar per
month per share, and any share holder
failing TO make his payment on stock
or interest on loans until Eve weeks are
psst shall forfeit and pay - = penalty
the sam Of ten cents per share on shares
On which no advance has been made;
ard the sam OF twenty-five cents per
share ON shares on which N advance
has been made; and the same for each
subsequent similar default; and said
fines must be paid before any further
or interest can be received;
and any shareholder who for the term
Of six months shall fail to pay the In. |
etallments or interest due on his shares |
shall BY reason Of such failure aud with |
out notice, forfeit oil payments pre-
viously made BY him, together with the |
profits, interest and occumulatf0ns |
thereon, which shall revert to and be- |
come the property Of the association. |
Should any borrower from the ass0cia- |
lion be In default after thirty days writ |
ten notice from the Secretary the right !
Of foreclosure 10del his mortgage shall |
iuure forthwith to the association; |
members not indebted to the association |
may withdraw al or any part Of the |
cash value of their uupledged INSTALL
ment shares by giving notice In writing, |
md the liability to pay dues and the
right to participation In pr01ts shall
cease with notice; II the withdrawal be
total the members shall receive all in
s&allments paid, and II twelve monthly
have been paid upon the
stock, ten per cent Of the prodte on said
shares for each year they have been in
force, less any unpaid charges, and .
bro rata share Of the losses, II any, in
excess Of the amount In the contisgest
loss fund. Members making partial
he earnings since the last dividend on
The amount % withdrawn. Notice Of
shall be registered and
numbered IN the order Of their filing,
md shall be liquldated In rotation -
registered upon the returns Of the GER
.iacate and pass-book. II the with
travail be total, or on the giving Of
proper receipts; IL the withdrawal be
partial, out Of the 6rst upappropriated
money In the treasury; provided that
rot more than one-half Of the monthly
receipts shall ever be used for the
iquidation Of Withdrawn or matured
,tock, unless there should be IN aecu-
mutation of funds that cannot be loaned,
4 the ordinary course Of business. Full
,aid and matured shares may be With
irswn in the same manner - install
pest shares. except, they shall receive
III dividends credited thereto; but, no
ractional part Of shares can b with
lraws, ard ssch shares shall be entitled
. interest 1t the rate Of four per cest.
Der anaum from the last dividend. In
ne Of tha death Of any Doa-boeroWiaG
his death 10 operste asa Dotics
4 withdrawal, and hts succession 20 Be-
atitled TO . settlement ~ above pro-
ided for withdrawals; or the shares
nay be eoatinsed BY his legal repre-
e9fafives, Or nay Be Transferred, pg0-
lid, ths Dosioe 0f Intention - co.,
Are Of - trans1sr, BE gives wifhl1