The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-09-28
Charter Of Mutual Building &
Loan Association.
STATE OF LOUISIANA, PAR
ISL OF WEST FELIClANA.

ISL OF WEST FELICiANA
BE it known, That on the 18TH day OF
Sept, in the year of orr Lord one thous
and, nine hundred and one. and Of the
Independence of the United States Ill,
one hundred and tWcnty-ffth, before ne
the undersigned authority, duly com.
miSsiOncd and qualified, and in the pres
ence of tile witnesses hereinafter named
and undersigned, personally came and
appeared the parties whose names are
subscribed, who declare that a5ailing
themselves of the provisions Of the State
of Louisiana, relative to the organization
Of corporations, they covenant. agree
and bind themselves, and those who NAV
hereafter become members of this Orgni-
zltion for the objects and purposes and
under the StipulationS following, to-wit :
Article 1.-The name and title of said
corporation shall be "The Mutual Build
ing and Loan Association" and under its
said corporate name, it shall have power
to contract, sn3 and he sued, to make
and use u corporate seal and the same
to break or alter at pleasure, to hold, re-
ceive, lease, purchase, convey and pledge
under its corporate name, property, both
real and personal, to lend money on Sc
cnrity, and on shares Of the Association,
not to exceedingly per cOntum Of their
PAID III value, to name and appoint such
officers and agents as the interests and
convenience of said corporation may re-
qnire, to make and establish such bylaws.
rules and regulations for the proper man
agement and regulation OF the affairs of
said corporation as may be necessary and
proper, and the same to change and alter
ut pleasure, and to DO all such acts and
things as are or may be necessary and
proper to carry out the objects and pur-
poses of said corporation, and said cor
loratlon, unless sooner dissolved under
he provisions of this charter, shall exist
or period Of iinety-mine years,
Article 1.-THE d0mcilc of said cor
'oration shall be in the town of st. Frau
'isville, Parish Of West Fcliciana, State
# Louisiana. and all citations and other
egal process shall be served upon the
resident Of said corporation, or, in his
hsencc, upon the vico-president, or, in
he absence of both of these officers. upon !
he secretary.
Article llI-The objects of this Assoeia.,
ion shall be the accumulation of fund
rom the monthly insta' lmenSs Oh account
subscriptions to the capital, rental.
rcmiums and loans, the funds so accum-
lated to lie used for the purch Sc and
he OF real estate, the building, rental
nd sale of lOmeStcads and the lending
money on mortgage or other approved
.curity in the parishes of East ana West
eIlciana, POinte COupco and East Baton
ouge.
Article IV-Thc capital of said corpor
ion shall be two million dollars ($2.-
10000 and shall be issued in shares,
ch representing two hundred dollars
200) to be paid up in monthly INSTALL
cnts of one dollar ($1) per share. 1t
all commence business as soon us five
inbred shares OF its capital stock
all be subscribed for
Minors may hold shares through their l
rents or Tutors, and married women
their own right. 5
At the close of each isaal year, the Il
t profits shall be 0pportioned and |
vldcnd credited to the value of each [
are III force, in such manner as the
ard Of Directors may determine. The l
ard Shall retain part Of tIl3 profits of
9 Association in order to create sur. I
is fund for contingent losses. '
IL, |
cent, or so much thereof as may be t
cessary, of the monthly instalments I
stock to create Reserve Fund, the Ii
ncipal and accumulation of which a
I'll be used i'll payment of Withdrawals i
i matulitics OF unpledged stock. The
nj so accumulated shall be invested II
loaned i'll such manner as the Board of $
'ectorS may determine, provided no {
II from this fund shall be made for O
ger period than two years. nor for b
5 than seven per cent per annum in. 0
est. Investments may be made in g
Ids, stacks or such other SacuritieS@s u
Board of Directors may determine, II
Whenever the shares of any one series 81
reason Of the payments Oh acc0untof u
thereto, together with the II
lition of the profit and Accommodations II
reto, shall be worth the par value of CT
hundred dollars $4,000 each, tho e.
res representing the series 50 arrived