The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-10-05


shares of the series last issued shall be
worth the par value of two hundred dol
lars $4,000 each, the Association shall be
liquidated by threecommissioners selected
by the Board of Directors from among
the shareholders. The shares shall be
issued in series as may be- determined by
the Board of Directors, but 10 share
| holder shall have more than twenty-five
shares in his or her name III any one series,
The fiscal year shall end Oh the last
day of each year.
Article V-Thu corporate powers OF the
Association shall be exercised by nil e
directors, each Of whom shall own not
less than two shares, who shall be elect
cd by the shareholders OH the SECOND
Tuesday in January of each year, each
stakeholder not in default, present in
person or by proxy shall be entitled to
cast one vote for each share of stock
owned by him or her.
Notice of said election shall he given
for space of ten days by the Secretary
through the mail and by publication
Said election shall be by ballot and shall
be held at the domicile of this corpora
ton, under the supervision of tile Sha'e-
holders appointed by the Board of Direc-
tons at the last preceding regular meeting
thereof. The shareholders receiving IL
majority of the votes cast shall he declar-
ed elected.
The failure to hold an election on the
day specified shall not dissolve the cor
pOrati0n, 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
number President and Vice President
and five Directors shall be Il quorum for
the transaction of business.
The Directors shall elect or appoint Il
Secretary and such employees as may he
necessary, and may fix their compensa-
ton, hut no salary shall he paid to any
member of the Board of Directors or
officers, except to the Secretary, and they
shall have power to enact bylaws not
repugnant to this charter, to select a
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
ISOLATION. But 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.
Amy Director about to absent himself
from the parish must nominate in writ
ing substitute in his stead, provided
said substitute shall be IL shareholder of
the Association, owning not less than
two shares, and such substitute shall be
entitled to seat in the Board of Dir.c-
tors OH filing his proxy with the Secy.
Article Willie Association at the
discretion of the Board of Directors may
make use of its funds III any and all the
ways prescribed below, to-wit:
1t may lend money at interest on mort,
gage security or to shareholder on the
simple pledge of their stock together with
the payments and accommodations there
on, provided that loans Oh such
stock security shall never exceed il
amount the sum of ninety (9O) per cent
of the payment of installments actually
made on said stock at the time the loli
is made. 1t may also lend money to its
shareholders in the following manner, to,
wit:
Whenever the funds shall warrant, one
or more loans or advances on stock shall
be offered and made to the shareholders
bidding the highest voluntary discount
therefor, provided no bid shall be receiv,
ed for less than twenty per cent discount
and 10 shareholder shall be entitled to
bid who owes anything upon his shares,
nor shall any shareholder he loaned al
amount exceeding The maturity value 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 shares
Oh which said loan or advance is made.
together with all the payments and &C.
cumHlations present and future thereon,
and in addition, either by mortgage, ven,
doris lien, sale or resale, or some adequate
pignOrative contract affecting and bear.
ing on real estate. In all cases where
characterization lends money to sharehold-
ers bidding a discount therefor as Just
above provided, it shall have the right
at the maturity of said stock to com
pensate aud set off the amount due said
shareholder on his. said pledged stock
against the sum loaned him and to retain
said amount in payment of his loan land
no part of any such loan shall he con-
81 lnrnI nnil ,nfil Ian s4nnl- 4
on has matured and compensation has
been effected.
Shareholders obtaining advances on
shares, failing to tender satisfactory Sc
cnrity therefor, within thirty days from
adjudication, shall forfeit same, (provil-
cd that the Board of Directors may, for
good and satisfactory reason, extend the
time,) and all costs and charges or ex-
penses attending the examination of IT,
ties and searches, together will, the i'll
terest for not less than four weeks, or
such further time as may have elapsed.
shall be charged to the borrower. and he
Il lien against his or her shares until paid,
All fees of attorneys, n0taries, recorders,
registers and all expenses incurred in
making or canceling loans, shall be paid
by the respective borrowers.
The Board of Directors may make such
rules and regulations, or bylaws to
govern loans or advances on stock az
they may see proper; provided they do
not conflict with this article.
Article V1I-Payments on shares, in
stallments and interest shall be due and
payable monthly on the first day of each
month, at the Office of the Association,
aud any shareholder in arrears FIVE weeks
i'll the payment either of installmrnts or
interest on shares shall forfeit and pay
as penalty the sum Of five cents Der
SHIRE Oh shares Oh which no a,lvance las