St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1901-04-13
CHARTER.
THE PEOPLES BUILDING AND
LOAN ASSOCIATION.

one, before me, the undersigned
authority, duly commissioned and quail
fed, and in the presence of the witness5
es hereinafter named and undersigned,
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
organizations, they have contracted and
agreed, and bind and obligale them
selves, as well a. such persons Is may
become associated with them, to form
and constitute corporation and body
polite in law, for the objects and pur-
poses, and under the stipulatious OF the
articles following, tO-wit:
Article I.
The name and title Of said Corpora
tion shall be THE PEOPLES BUILD
ING AND LOAN ASSOCIATION; and
under its said corporate name 1t shall
have power to contract, sue and be sued,
to make and use corporate seal, and
the same to break or alter at pleasure,
to hold, receive, lease, purchase, convey
and pledge under its corporate name,
property both real and personal, TO lend
money on securities, to name and ap-
point s1cb officers and agents Is the
interest and convenience of said cOrpo-
ration may require, to make and cstab-
lish such bylaws, rules and regulations
for the proper management and regula-
ton Of the Affairs Of said corporation
as may be deemed necessary and proper,
and the same to change and alter at
pleasure, and to do all such acts and
things Is are or may be necessary and
proper to carry out the objects and pur-
poses Of said corporations; and said cor
pOratioD, unless sooner dissolved, under
the provisions of this charter, shall ex-
ist for period Of nenety mine years
Article II.
The domicile of said corporation shall
BE- In C0vington, Parish Of st. Tam
many, State Of Louisiana, and all Cita-
tons or other legal process shall be
served upon the President Of said cor
poration, or in lieu Of his absence. upon
the Vice President.
Article Ill.
The object Of the association shall be
the accum ulation of q fund from the
monthly installments on account Of sub
scriptiop to the capital stock, rentals,
premiums and Interest on loans, and
other sources; the funds so accumulat-
ed, to be used for the purchase aud sale OF
real estate, the building, rental aud sale
hOmesteads and the lending of finds
upon mortgage or other security In the
Parishes Of st. Tammany and Washing
ton: no loan shall be made except to q
share holder, and no loan for . sum
greater than the face Of the shares
owned by the borrower.
Article w.
The capital stock Of this association
shall be One Million Dollars, divided
into ten thousand shares 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 IS may be determined by the di-
rectors; iustallment ON stock, and In
terest on loans shall be due anil payable
monthly on the nrst day Of each month,
1t the Office of the association; INSTALL
ments 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 i've weeks are
past shall forfeit and pay as . penalty
the sum of ten cents per share on shares
on which no advance has been made ;
and the sum OF TWENTY-FIVE cents per
share on shares OH which an advance
has been made; and the same for each
subsequent similar default; and said
nues must be paid before any further
iustallments or interest can be received
add any share holder who for the term
OF six months shall fail to paw the In.
stallments or interest due on his shares
shall by reason of such failure and with
out notice, forfeit all payments pre-
viously made by him, together with the
profits, interest and accumulations
thereon, which shall revert to and be.
come the property of the association.
Should any borrower from the ass0cia-
ton be In default after thirty days writ
ten notice from the Secretary the right
of foreclosure under his mortgage shall
inure forthwith to the association;
members not indebted to the association
may withdraw all or any part Of the
cash value Of their unpledged INSTALL
ment shares by giving notice In writing,
aud the liability to pay dues and the
right to participation in profits shall
cease with notice; IL the withdrawal be
total the members shall receive all In
sediments paid, and II twelve monthly
installmcnts have been paid upon the
stock, ten per cent of the profits on said
shares for each year they have been In
force, less any unpaid charges, aud q
prO rata share of the losses, II any, In
excess of the amount In the contingent
loss fund. Members making partial
Withdrawals shall forfeit al share In
the earnings since the last dividend on
the amount so withdrawn. Notice Of
withdrawal shall be registered and
numbered 10 the order Of their filing,
and shall be liquidated In rotation IS
registered upon the returns Of the GER
tiicste and pass-book. II the with
drawal be total, or ON the giving oil
proper receipts; IL the withdrawal be
partial, out Of the first unappropriated
money ia the treasury; provided that
not more than oue-half of the monthly
receipts shall ever be used for the
licaidati0n Of withdrawn or matured
stock, unless There SuOuiu Oo al sCSu
mutation Of funds that cannot be loaned,
in the ordinary course of business. Full
Maid and matured shares may be with
drawn In the same manner rs install
meut shares, except, they shall receive
m dividends credited thereto; but, nc
fractional part Of shares can be with.
drawn, and such shares shall be entitled
to Interest at the rate of four per cent
per anuum from the last dividend. In
case of the death of any non borrowing
member, his death to operate IS . notes
Of withdrawal, and his succession TO b
entitled to . settlement rs above pro
sfded for Withdrawals; or the share.
nay be continued by his legal repre-
sensntives, or may be transferred, pro
yided, the notice Of intention to con
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