The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-02

who owes anything upon his shares;
nor shall any stakeholder be loaned |
an amount exceeding the maturity |
value of the stock borrowed on, nor be |
permitted to borrow on more than i
fifty (5O) shares All such loans must !
be secured by written pledge of the
stock or shares on which said loan or
advance is made, together with all
the payments and accumulat1ons pre-
sent and future hereon; and in adj
dition, either by mortgage, vendors
lien, sale and resale Or some adequate
pignorative contract affecting and
bearing on real estate; or by said Asso-
citation itself investing the money in
real estate to be held and considered
as its own property until the said
pledged stock by reason Of the pay
ments and accumulat1ons thereon
shall have reached the value of two
hundred dollars (s200,00) per share;
when the said property shall be trans
ferred to the owner of said stock. In
all cases where the Ass ociation lends
money to shareholders bidding a
discount therefor as just above pro-
vided, it shall have the right at the
| maturity of said stock to compensate
and set off the amount due said share
holder on his pledged said stock
against the sum loaned him and to re-
tain said amount in payment of his
loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matured aud COM
pensate and set off the amount due
said shareholder on his pledged said
stock against the sum loaned him and
to retain said amount IN payment of
his loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matured and COM
pensation has been effected. No prop
erty shall be purchased by the Asso-
| ciatiod except for cash.
Shareholders obtaining advances on
shares, failing to tender satisfactory
security therefor. within thirty days
from date of the adjudication, shall
forfeit same provided that the Board
of Directors may for good and salts
factory reason, extend the time, and
all costs and charges or expenses at
tending the examination of titles and
searches, together with the interest
for not less than four weeks. or such
further time as may have elasped,
shall be charged to the borrower, and
be a lien against his or her shares TN
til paid.
All fees of Attorneys, Notaries, Re-
Icorders, Registers and all expenses
incurred in making or cancelling loans
shall be paid by the respective bor-
rowers.
The Board of Directors may make
such rules and regulations, or By
Laws to govern loans or advances on
stock as they may see fit provided they
do not conflict with this Article.
!. ARTICLE VII
| Payments on shares, instal1ment:
and interest shall be due and payable
weekly on each Saturday, at the Office
of the Association. Any sharehold
er in arrears five weeks in the pay
ments either of insta1lments or inter
ests on shares shall forfeit and pay al
, a penalty the sum of five cents pc
share on which no advance has made
. and the sum of ten cents per share OF
, shares on which an advance has beer
: made, and the same for each similar
) subsequent default, and said fines mus
be paid before any futher installment
: and interest can be received.
IL ANY shareholder who shall becom
, six months in arrears in the paymen
of the installments or interest due OF
e his shares, shall. by reason of sucl
failure, and without notice, forfeit al
n payments previously made by him
s together with the profits. interest an
: accumulat1ons thereon, which sha
Il revert to and become the property {
s the Association Interest may, at tn
discretion Of the Board of Directors
r be allowed on monthly payment
/ (made in advance of those due with
!. the current monthly at rate to b
fixed from time to time by the Boar
t of Directors. not to exceed six per Ger
e per annnm for the time said payment
: run; provided no interest shall be a
O lowed on payments in advance for
8 shorter period than three months.
d ARTICLE VIII.
Il Any shareholder who has received
+, loan or advance npon his shares. des
J. ring to settle and liquidate such indeb
8 edness prior to the muturity of the 1oa
o may do SO either in part or in Who'll
IS by paying the net amount cash recei
II ed on each share, plus one eight of IL
It the discount bid for same for eac
i year or fraction of year that sal
r shares have been in existence. and
l, desired the pledged shares may I
+ surrendered to the Association ar
le cancelled under the conditions and
the proportion provided for Withdraw
!. Ing unpledged shares, and their walt