The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-09

gether with the addition of the profits
| and Accommodations thereon shall be
worth the par value of two hundred
dollars (S200000) each, the shares
representing the series so arrived at
par shall be liquidated and paid over
to the holders thereof on the surrend-
er of their certificate; and whenever
the shares OF the series last issued
shall be worth the par value of two
hundred dollars ($20000) each the
Association shall be liquidated by
i three commissioners selected by the
Board of Directors from among the
shareholders. The shares shall be
issued in series as determined upon
by the Board of Directors. The Board
of Directors shall have the right when
deemed advisable to issue paid up
stock on the payment at one time of
one hundred dollars. Said paid up
stock shall be transferable in person
or by written power of attorney, and
only on the Association. This paid UP
stock may be called in and cancelled
at any time by said Association, after
giving thirty days notice to the owner
upon payment OF the face value, plus
accured interest. Notice mailed TO the
address given when the stock was
issued or transferred shall be suffici-
ent, and all interest on said paid up
stock so called in shall cease at the
date of redemption given in said no.
tice.
The holders OF said stock are other
wise entitled to all rights in the Asso-
citation as provided by the Charter
and By Laws. except as to participa-
ton in the profits of the Association,
nor can persons holding such stock,
vote on such stock, nor can they in
any case be members of the Board OF
. Directors.
The said paid up stock shall draw
interest at not more than six per
cen per annpm. and each Board OF
Directors at its first meeting shall fix
the rate of interest," to be paid on all
such stock issued during the ensuing
year.
: Any one of age and acting in their
own right and behalf shall have the
! right to file appli cations for such
stock with the Secretary at any time,
! and each application will be acted up
on in the order of its fling.
, The fiscal year shall end on the last
+ day of each year.
ARTICLE Y.
The corporate powers of the Associ
alton shall be exercised by seven Di
rectors, each OF whom shall own no
less than five serial shares, who shall
be elected by the shareholders on the
Third Tuesday i'll January, annually
, each stakeholder represented at sale
election and not in default being en-
titled to. vote as follows:-For one Sc
E rial share up to five exclusive he may
: cast one vote. From five shares up tt
ten exclusive he may cast two votes
From ten shares up to twenty exclu
sive he may cast three votes. Fo
: twenty shares and over he may cas-
= four votes. No member shall have
more than Fifty(5ol shares In hi
or her name, in any one series.
Notice of said election shall b,
given for the space Of ten days by thu
Secretary through the mail. said cleo
ton shall be by ballot and shall b,
held at the domicile OF this Corpora
ton, under the supervision of tire,
shareholders appointed by the Boart
!, of Directors at the last preceding
regular meeting thereof The share
holders receiving majority OF tn
votes castsha1l be declared elected.
The failure to hold an election
, on the day specified shall not di
, solve the corporation but the Di
!, rectors in Office shall hold over unit
an election be held, after ten day
: notice of the time and place thereof.
The Directors shall elect from their
number President and Vice-Pr
!, dent; and four Directors shall be quor
UNI for the transaction of business.
The Directors shall elect or appoin
Secretary and such employees as b,
necessary, and may fix their compen
satlon, but no salary shall be raid Il
: VI vrrocr, cxcept TO the Secretary; an6
they shall have power to enact By
Laws not repugnant to this Charter
to select place of meetings., to sus
pend any officer or Director for neg.
iect OF duty or misconduct, and te
name and appoint their successors. as
provided for In the Bylaws, aud shall
have general authority to carry oui
the objects and business of the Associ.
atlon. But they shall not have power
purchase real estate. except for cash,
nor contract any Indebtedness what
ever in excess of the amount of one
months instal1ments.
| Any Director about to absent him.
self from the Parish must nominate in
writing substitute in his stead. nro
v1ded said substitute shall be- share
holder ofthe Association. owning mot
less than five serial shares; and such
substitute shall be entitled to 4 seat in