St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1901-03-30
Article I.

Article /.
The name and title of said Corpora
ton shall be THE PEOPLES BUILD
ING AND LOAN ASSOCIATION; and
under Its said corporate name 1t shall
have power to contract, sue and be sued,
to make and use . corporate seal, and
the same to break or alter at pleasure,
to hold, receive, lease, purchase, convey
and pledge under its corporate name,
property both real and personal, to lend
money on securities, to name and ap-
point s3cb officers and agents ~ the
interest and convenience Of said c0fp0-
ration may require, to make and estab-
lish such bylaws, rules snd regulations
for the proper management and re2ula.
ton of the Affairs of said corporation
q may be deemed necessary and proper,
and the same to change aud alter at
pleasure, aud to do all such acts and
things rs are or may be necessary and
proper to carry out the objects and pur-
poses of said corporation; and said cor
poration, unless sooner dissolved, under
the provisions of this charter, shall ex-
ist for period of nenety mine years
Article III.
The domicile Of said corporation shall
be in Coyington, Parish Of st. Tam
many, State of Louisiana, and all cita-
lions or other legal process shall be
served upon the President Of said cor
p0ration, or in lieu Of his absence. upon
the Vice President.
Article Ill.
The object Of the association shall be
the accum ulation of fund from the
monthly installments on account of sub
scriptiop to the capital stock, rentals,
premiums and Interest on loans, and
other sources; the funds so accumulat-
ed, to be used for the purchase and sale Of
real estate, the building, rental aud sale
homesteads and the lending OF finds
upon mortgage or other security In the
Parishes Of st. Tammany and Washing
ton; no loan shall be made except to q
shareholder, and no loan for . sum
greater than the face of the shares
owned by the borrower.
Article Nv.
The capital stock Of this ass0ciatio n
shall be One Million Dollars, divided
into ten thousand shares of the pal
value Of One Hundred Dollars each
said stock shall be divided Into install.
ment stocks and full paid stock to be
issued as may be determined by the d.
rectors; instailment on stock, and in
terest on loans shall be due and payable
monthly on the hrst day Of each month,
at the Office of the association; install.
ments on stock shall be one dollar pei
month per share, aud any share holder
falling to make his payment on st0ch
or interest on loans until i've weeks are
past shall forfeit and pay Is . penalty
the sum Of ten cents per share on shares
on which no advance has been made
and the sum of TWENTY-FIVE cents pei
share ON shares on which an advance
has been made; and the same for each
subsequent similar default; and said
fines must be paid before any further
installments or interest can be received
aud any shareholder who for the term
of six months shall fail to pay the in
stallments or interest due on his shares
shall by reason OF such failure and with
out notice, forfeit all payments pre-
viously made by him, together with the
profits, interest and accumulations
thereon, which shall revert to and be
come the property of the association
Should any borrower from the associa.
ton be in default after thirty days writ
ten notice from the Secretary the right
of foreclosure under his mortgage shall
inure forthwith to the association
members not indebted to the association
may withdraw all or any part OF the
cash value of their uupledged install.
meut shares by giving notice Ia writing,
and the liability to pay dues and the
right to participation In profits shall
cease with notice; II the withdrawal b<
total the members shall receive all In
stallments paid, and II twelve monthly
installments have been paid upon the
stock, ten per cent Of the profits on said
shares for each year they have been In
force, less any unpaid charges, and
pro rata share of the losses, II any, IN
excess of the amount In the contingent
loss fund. Members making partial
Withdrawals shall forfeit all share il
the earnings since the last dividend on
the amount so withdrawn. Notice Of
withdrawal shall be registered and
numbered IN the order Of their filing
and shall be liquidated in rotation Is
registered upon the returns OF the GER
tiacate and pass-book. II the with
drawal be total, or on the giving oil
proper receipts; IL the withdrawal b
par tial, out of the first unappr0priated
money In the treasury; provided thai
not more than 0ne-half of the monthly
receipts shall ever be used for the
liquidation of Withdrawn or matured
stock, unless there should be an accu-
mutation of funds that cannot be loaned
In the ordinary course Of business. Full
paid and matured shares may be with
drawn IN the same manner - install
ment shares, except, they shall receive
all dividends credited thereto; but, nc
fractional part of shares can be with
drawn, and such shares shall be entitled
to interest at the rate Of four per ceht
per annum from the last dividend. II
case Of the death Of any nOn-borrowins
member, his death TO operate IS . nottca
OF withdrawal, and has succession To b.
entitled to . settlement ~ above pro
vided for Withdrawals; or the shares
may be continued BY his legal repre-
seutasives, or may be transferred. pro
vSded, the notice Of intention to con
slnuc or 70 transfer, be given wtthis