The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-10-26

agemcnt and regulation of the affairs {
Said corporation as my he necessary an
proper. and the same to change and alte
at pleasure, and to do all such acts an
things as are or may be necessary an
proper to carry ont the objects and pul
poses OF said corporation, and said cnl
p"lailon, unless sooner dissolved unole
the provisions of this charter, shall exis
Tor period of linety-Iine years,
Article 1.-THE dOmicile of said COZ
poratlon shall be in the town of st. Fran
clsviile, Parish of West Fcliciama, Stat
o: Louisiana. and all citations and othe
legal process shall he served upon ii.
President of said corporation, or, in hi
absence, upon the vicr.president, or, il
The absence of both of these officers, ,lpo
the secretary.
Article lll-The objects of this Associ;,
ton Shall BIZ the accumulation of Il fun,
from the mOnthl insta lments on accom-
OF subscriptions to the capital, rental
premiums and loans, the funds 30 accn,n
1!afed to he used for the purchase ait
sale OF zeal estate, tho building, renta
and sals,e humesteads and the lendin.
OF money on mortgage or other approved
security i'll the parishes of East and Yves
feliriana, Pointe Coupee and East Batol
Rouge.
Article 1V-The capital of said corpor
alton shall be two million dollars ($2,
OW, 0OO) and shall he issued in shares
each representing two hundred dollars
($20O) to be paid up in monthly Install
ments Of "lte dollar ($l} per share. II
| shall commence business as soon az five
hundred shares of its capital stock
shall he subscribed fors
Minors may hold shares through THEN
parents OF tutors, and married women
i'll their own right.
AT tn" close of each is"al year, the
net profits shall lie apo. toned and a
dividend credited TO the value OF each
share in force, i'll such manner as the
Board OF Directors may determine. The
Board shall retain part of tn profits of
the Association ilI order to create Il s,lr-
plus fund for contingent losses.
The Board shall set aside fifteen I5)
per cert, or so much thereof as NAV be
necessary, of the monthly installments
IN stock to create Reserve Fund. the
principal and accumulation of which
shall t:e used in payment of Withdrawals
and HIHturitics OF nnpledged stock. The
t'nl 30 accumulated shall be invested
or lanei in such manner as the Board of
Directors may determine, provided no
loan from this fund shall he male for
longer period than two Years, nor for
less han seven Per cent per annum in.
terSt l1ves tmcnts may be made in
bonds, stocks or such other securities ~
the Board of Directors may determine.
Whenever the shares of any one series
by reason of the payments on account of
subscriptions thereto, together with the
Of the profit and Accommodations
Iliuret", shall be worth the par value of
two hundred dollars ($2OO) each, the
shares representing the series so arrived
It par shall be liquidated and paid over
70 the holders thereof, on the surrender
II their certificate; and wileifevrr the
shares of the series last issued shall he
worth the par value of two hundred dol
arS (f20O each, the Association shall be
threccommissioners selected, !
y The Board of Directors from among
he shareholders. The shares shall be-
SS'lcd III series as may be- determined by
ne Board of Directors, but no share
I"'lcr shall have more than TWENTY-FIVE
harcs in his or her name in any one series,
The fiscal year shall end on the last
lay of each year.
Article F-Tha corporate powers of the
AScociation shall be- exercised By nj, q
directors, each tf whom shall own not
'Ss than two shares, who shall he elect
Il by the shareholders on the second
'nes'tay i'll January of each wear, each
tockholdcr not i'll default, present in
ersoii or by proxy shall be entitled to-
asst one vote for each share of stock
wncd by him Or her.
Notice Of said election shall he given
" space of ten days by the Secretary
trough the mail and by publication
aid election shall be by ballot and shall
held At the domicile of this corpora.
on, under tile supervision of the sha,e.
ol0ers appointed ly the Board of Direc
hS at the last preceding regular meeting
hereof. The shareholders receiving Il
a]orlty OF the votes cast shall be declar- ,
| elected.
The failure to hold an election on the 6
ny specified Shall not dissolve the cor q
ration, but the Directors in office shall
DID over until an election be held. after p
II days notice of tho time and place /;
rm0f.
The Directors shall elect from their Il
lmbeTa President and Vice President i
III five Directors shall be quorum for Il
G transaction of business. Ii
The Directors shall elect or appoiut \ e
crctary and such employees AZ NAV be c
ceSHary, aud may fix thoir compcnsa-
III, hut no salary shall Ec paid to any 8
Anbrr Of the Board of Directors or q
hcers, except to the Secretary, and they II
all lave power 10 enact bylaws not :.
pnShant to this charter, to select a u
ace OF meetings, to suspend any officer Il
Director for neglect of duty or mis- y
ndIict, and to Baple aud appoint their j.
cccSsors, as provided for in tLy bylaws =, +.
~ 'u'N SSOi'iht authority 10 carly =,
t tho objects and business of the Az =
rat'on. But they shall not have power >
purchase real estate except in case of ..
ccsslty to protect the Association nor :,
ntract any Indebtedness whatever in y
GERS of three months receipts. !,
Any Director about to absent himself A
IN the parish must nominate in writ. Il
!; q substitute i'll his stead, provided Ell
ri substitute shall be shareholder of Il
Association, owning not less than b
o shares, and such substitute shall he CT
titled to u seat in The Board of Dirtc. i,
IS on filing his proxy with the Sccy. 81
Article VI-lhe Association at the ii
Mretion of the Board of Directors may a
Ike use of its funds in any aud all the IL
US prescribed below, to-wit: D
1t may leid mcnoy Mt interest on mort =,
re security or to shareholder ON the u
lpto pledge of their stock together with I"