The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-07-06
The fiscal year shall END or the
last day of each year.
ARTICLE V.

The corporate powers OF the
shall be exercised by
seven Directors, each OF whom
shall own not less than five serial
shares, who shall be elected by
the shareholders on the Third
Tuesday in January, annually,
each stakeholder represented att
said election and not i'll 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 east three votes. For twenty
shares and over he may cast four
votes. No member shall have
more than Fifty (50) 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.
Said election shall be by ballot and
shall be held at tthe domicile of
this Corporation, under the super
vision of three shareholders APP
pointed by the Board Of Dlrec
tors at the last preceding regular
meeting thereof. The shareholders
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 the
Directors in office shall hold over
until an election be held, after ten
days notice of the time and place
thereof.
The Directors shall elect from
their number a President and
| Vice President; and four Directors
shall be a quorum for the transac-
ton of business.
The Directors shall elect or APP
point Secretary and such EN-
ployees as be, necessary, and may
fix their compensation, but no sal
airy shall be paid to any member
of the Board Of Directors or officer.
except to the Secretary; and they
shall have power to enact Bylaws
not repugnant to this Charter, to
select a place of meetings, to sus
pend any officer or Director fol-
neglect of duty or misconduct
and to name and oppeint their sue
cessors, as provide for in the By
Laws, and shall have genera
authority to carry out the objects
and business of the Association
But they shall not have power t.
purchase real estate, except fol
, cash, nor contract any indebted
, ness whatever in excess of TIL
amount of one months install
, ments.
Any Director about to absen
, himself from the Parish mus
nominate in writing a substitute.
!, n his stead, provided said sub
stitute shall be shareholder O
f the Association, owning not les
than five serial shares; and sue
substitute shall be entitled to
J seat in the Board of Directors O
] fling his proxy with the Secretary
!, ARTICLE VI.
s The Association at the descretio
of the Board of Directors ma,
: make use of It's funds in any an
4 all the ways prescribed below, t
! witt
f 1t may lend money at interest O
d mortgage security; or to share
B holders on the simple pledge q
f their stock together with the pay
5 ments and accumilations Thereon
n provided that loans on such stoc
!, security shall never exceed i
i amount the actual withdrawal &
e said stock at the time the loan
e made. It also may lend money t
9 its shareholders III the followin
j manner, to wit
q Whenever the funds sha
!. warrants, one or more loans or az
e vances on shares shall be offere
/ and made to the shareholders bic
j ding the highest voluntary di'
L count therefore; provided no bl
n shall be received for less tina
twenty per cent discount; and n
+ shareholder shall he antitIad i