The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-06-29
The fiscal year shall end on the
last day Of each year.
ARTICLE V.

ARTICLE V.
The corporate powers Oh the
shall be exercised by
seven Directors, each OF whom
shall own not less than five serial
who shall be elected by
the shareholders on the Third
Tuesday in January, annually,
each stakeholder represented at
said election and not in default be-
ing entitled to vote as follows
For one serial share up to five ex.
elusive he may cast one vote. From
five shares up to ten exclusive he
may cast two votes. From ten
shares up to twenty exclusive he
may cast three votes. For twenty
shares and over he may cast tour
votes. No member shall have
more than Fifty (5O) shares in his
or her name, in any one series.
Notice of said election shall be
given for the space of ten days by
the Secretary through the mail.
i Said election shall be by ballot and
shall be held at the domicile OF
this Corporation, under the super
vision of three shareholders ap-
pointed by the Board of Dlrec-
tors at the last preceding regular
meeting thereof. The sharelolders
receiving a majority of the votes
castshall be declared elected.
The failure to hold an election
on the day specified shall not dis
solve the corporation, but thu
Directors in Office shall hold oyel
until an election be held, after tel
days notice of the time and place
thereof.
The Directors shall elect from
their number a President ant
Vice President; and four Director
shall be a quorum for the transae
ton of business.
The Directors shall elect or az
point Secretary and such EN-
ployees as be necessary, and ma
f fix their compensation, but no sa
airy shall be paid to any membe
of the Board of Directors or office
b except to the Secretary; and the
d shall have power to enact Bylaw
not repugnant to this Charter,
' select a place of meetings, to su
d pend any officer or Director Il
; neglect of duty or miscondue
and to name and oppoint their su
!. cessors, as provide for III the B
d Laws, and shall have gener
lie authority to carry out the objec
h land business of the Associatio
rs But they shall not have power
purchase real estate, except t
le cash, nor contract any indebte
Is ness whatever in excess of t
D. amount Of one months insta
1e ments.
IN Any Director about to, abse
70 himself from the Parish mt
b. nominate in writing a substltu
80 n his stead, provided said 81
I'd stitute shall be shareholder
Of the Association, owning not Il
e: than five serial shares; and 81
,e- substitute shall be entitled to
he seat in the Board Of Directors
RS filing his proxy with Che Secreta
On ARTICLE vi.
IS The Association at the descreti
ii of the Board of Directors m
Ia make use of It's funds in any a
in all the ways prescribed below,
he Wit
of It may lend money at interest
en- mortgage security; or to sha
up holders on the simple pledge
of their stock together with the p
up ments and accumilations there
ION provided that loans on such ST
ay, security shall never exceed
,ci. amount the actual withdrawal
be said stock at the time the LOAF
me made 1t also may lend money
NO it's shareholders in the follow
J manner, to wit
ne, Whenever the funds 81
Ill warrants, one or more loans or
the vances on shares shall be 0ffe
all and made to the shareholders
aid ding the highest voluntary
lall count therefore; provided no
ion shall be received for less t
twenty per cent discount; and