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

value of the stock borrowed on, nor be
permitted to borrow on more than !
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 aceumulat1ons pre-. |
sent and future hereon and IN adj
dition, either by mortgage, vendors
lien, sale and resale or some adequate
pignoratiye contract affecting and
bearing on real estate; OF 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 Accommodations thereon
shall have reached the value of two
hundred dollars ($200,00) per share;
when the said property shall be trans
ferred to the owner of said stock. In
ali cases where the Ass ociation lends
money to shareholders bidding
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 matCred and 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, falling 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 tina n four weeks. or such
further time as may have elasped,
shall be charged to the borrower, and
be lien against his or her shares un
til paid.
All fees of Attorneys, Notaries, Re-
corders, Registers and all expenses
incurred in makingor 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, installments
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 installments or inter
ests on shares shall forfeit and paw as
a penalty the sum of five cents per
share on which no advance has made
and the sum of ten cents per share on
shares on which an advance has been
made, and the same for each similar
subsequent default, and said fines must
be paid before any futher instailments
and interest can be received.
AM shareholder who shall become
SIX months IN arrears in the payment
| ofthe 1nstallments or interest due on
his shares, shall. by reason of such
failure, and without notice, forfeit all
payments previously made by him,
together with the profits, interest and
accumulat1ons thereon, which shall
revert to and become the property OF
/ the Association. Interest may, at the
discretion of the Board of Directors.
| be allowed on monthly paym ents
| (made in advance of those due within
the current month at rate to be
liked from time to time by the Board
of Directors, not to exceed six per cent
per annnm for the time said payments
run; provided no interest shall be al
lowed on payments ia advance for a
ARTICLE VIII.
i ANY shareholder who has received a
loan or advance upon his shares, desi.
ring to settle and liquidate such indebt-
edness prior to the muturity of the loan
may do SO either in part or in whole
by paving the net amount cash receiy
ed on each share, plus one eight of the
the discount bid for same for each
year or fraction of year that said
shares have been in existence. and if
desired the pledged shares may be
surrendered to the Association and
cancelled under the conditions and in
tue proportion provided for withdraw
ing unpledged shares, and their value
credited IN part payment of said in
debtedness.
ARTICLE TX.
shareholders not having pledged
their shares to the Association, who
owe TlOthiro 1frn,. +l,o;a