The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-09-28

To the holders ti,rrcof, OH tie Surrcnde
CT their ce,.tiiiaatc; and wttneyrr th
: shares of the series last issued Shall
worth the par yaheof two hundred dol
: lars (S2OG) each, the Association shall b
/ liquidatedby threec0mmj Ssioners seiecte
by the Board Of Directors from amon
the shareholders Tho shares shall b
issued in series as may be determined b,
the Board Of Directors, bat 10 share
holder Shall have more than twenty-Iiv
shares il his or her name in any one series
The fiscal year shall end OH the las
day of each year.
Article V-rh4 corporate powers of tn
Association shall be exercised by mir
directors, each If whom shall own no
less than two shares, who shall be elect
Ell by tie shareholders on the seconc
Tuesday in january OF each year, eacI
stakeholder not in default, present il
person or by proxy shall be entitled t.
east one vote for each Share of stool
owned by him or her.
Notice Of said election Shall he givel
for space OF ten dajs by the Secretary
through the mail and by publication
Said election shall be by ballot and sl,al
he held at the domicilo of this corpora
tion, under the supervision Of the share,
holders appointed by the Board Of Drec.
tons at the last preceding regular meeting
thereof The shareholders receiving q
majority Of the votes cast shall be declar,
ed elected.
The failure to hold an election on the
day specified snail not dissolve the cor.
p0rati0n, but the Directors in office shall
hold over until an election he held, after
ten days notice of the time and place
thereof
The Directors shall elect from their
humber u President and Vice President
and five Directors shall be Il quorum for
the transaction Of business.
The Directors shall elect or appoint a
Secretary and such employees as may be
necessary, and may fix their compensa-
ton, but no salary shall be paid to any
member of the Beard Of Directors or
officers except to the Secretary, and they
shall have power TO enact bylaws not
repUgnant to this charter, to select u
! place of meetings, to suspend any officer
Or Director for neglect of duty or mis-
conduct, and to name and appoint their
successors, as provided for in the bylaws
and Shall have general authority to carry
out The objects and business of the As
SoCiation. Bnt they shall not have power
to purchase real estate except in case of
necessity to protect the Association nor
contract any indebtedness whatever in
excess Of three months receipts.
Any Director about to absent himself
from III" parish must nominate in writ
ing Il Substitute in his stead provided
said Substitute shall he Il Shareholder of
the Association, owning not less than
two shares, and such substitute shall be
entitled TO SCAT in the Board of Dirtc-
TOYS on filing his proxy with the Secy.
Article NI-lhe AsSoclticn at the
discretion OF the Board of Directors may
make use Of its funds in any and all the
ways prescribed below, to-wit:
1t may lend IN hey ut interest on mort
gage security or to shareholder on the
simple pledge of theirstocli together with
the payments and accommodations there
on, provided that loans on such
stock security shall never exceed in
amount the sum of Ninety (90) per cent
OF Tie payment Of instalimrMtS actually
made on said stock at the time the loln
is made. 1t may also lend money to it's
shareholders i'll the following. nNnner, to-
! wit:
Whenever the funds shall warrant, one
or more loans OF advances on stock shall
be offered and made to the shareholders
bidding the highest voluntary discount
therefor, provided no bid Shall be rcceiv
cd for less than twenty per cent discount
and no shareholder shall be entitled to
bid who owes anything rpon his shares,
nor shall any shareholder be loaned an
amount exceeding tho maturity va ne of
the stock borrowed on nor be permitted
to borrow Oh more than twenty five
shares. All such loans must be secured
BY written pledge of the stock or share 8
Oh which said loan or advances is made.
together with al the payments and ac-
cnmnIations present and future thereon.
and i'll addition, either by mortgage, Ven
doris lien, sale 0rrcsalc, or some adequate
plSnomt!Ve contact affecting and bear
ing on zeal ESTATE. In all cases where
theAssociatiOn lends money to sharehold
erS bidding IL discount therefor rs lust
above provided, it shall have the right
at the maturity of said stock to com
pensate and SET off the amount due said
shareholder on his said pledged stock
against the SUN loaned him and to retain
SAID amount in payment Of his loan, and |
no part of any such loan shall tie con
Sldcrrd as paid until The stock loaned
on has maturod and compensation has
been effected.
Shareholders obtaining advances on
shares, failing to tender satisfactory Sc
cnrlty therefor, within thirty days from
adjudication, shall forfeit same, (provd-
ed that the Board of Directors NAV, for
good and satisfactory reason, extend the
ttme,) and all costs and charges or ex-
penSeS attending the examination of IL
ties and searches, together Will. the i'll
tGreSt for not less than four weeks. or
such further time as may have ELAPSED.
shall be charged to the borrower. and be
u Hen against his or her shares until paid.
All fees OF attorneys, nOtarics, recorders
H,'<'" 1l'" an tApG'tScS incurred III
making or cancelIing loans, shall be paid
by the respective borrowers.
The Board of Directors may make such
nirs and regulations, or bylaws to
govern loans or advances on stock as
hey may see proper; provided they do
lot conflict with this article.
Article VII Payments Oh shares, in
tallmentS aud interest shall he due and
payable monthly on The first day of each
month, at the Office of the Association,
nd any shareholder in arrears five weeks
II the payment either of insmllments or
interest on shares shall forfeit and nav
$ a penalty the sum of five cents per
hare Oh shares an which no advance has
cen made AID the sum OF ten cents nor