The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-11-23


an amount exceeding the maturity
value of the stock borrowed on, nor be
permitted to borrow on more than
| fifty (5O) shares All such loans must
be secured by written pledge OF the
stock or shares on which said loan or
advance is made, together with all
the payments and accumalat1ons pre-
sent and future hereon; and in ad-
dition, either by mortgage, vendors
lien, sale and resale or some adequate
pignorative contract affecting and
+, bearing on real estate or by said Asso-
citation itself investing the money in
real estate to be held and considered
as its own property until the said
pledged stock by reason OF the pay
ments and accumulat1ons thereon
shall have reached the value of two
hundred dollars (S200,00) per share;
when the said property shall be trans
ferred to the owner Of said stock. In
all cases where the Ass ociation lends
money to shareholders bidding a
discount therefor as just above pro-
vided, it shall have the right at the
maturity of said stock to compensate
and set off the amount due said share
holder on his pledged said stock
against the sum loaned him and to re-
tain said amount IN payment of his
loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matIred aud com
pensate and set off the amount due
said shareholder on his pledged said
| stock against the sum loaned him and
to retain said amount IN payment OF
his loan; and no part of any such loan
shall be considered as paid until the
stock loaned On has matured and COM
pensation has been effected. No prop
erty shall be purchased by the Asso-
ciatiod except for cash.
Shareholders obtaining advances on
shares, failing to tender satisfactory
security therefor. within thirty days
from date of the adjudication, shall
forfeit same (provided that the Board
of Directors may for good and salts.
factory reason, extend the time and
all costs and charges or expenses at
tending the examination of titles and
searches, together with the interest
for not less tina n four weeks. or such
further time as may have elasped,
shall be charged to the borrower, and
be lien against his or her shares un
til paid.
All fees of Attorneys, Notaries, Re-
corders, Registers and all expenses
incurred in making or cancelling loans
shall be paid by the respective bor-
rowers.
The Board of Directors may make
such rules and regulations, or By
Laws to govern loans or advances on
stock as they may see fit provided they
do not conflict with this Article.
ARTICLE VII
Payments. on shares, installments
and interest shall be due and payable
weekly on each Saturday, at the office
of the Association. Any shareho1d-
err in arrears FIVE weeks in the pay
ments either Of installments or inter
ests on shares shall forfeit and pay as
a penalty the sum of five cents per
share on which no advance has made
and the sum of ten cents per share on
shares on which an advance has been
made, and the same for each similar
subsequent default, and said fines must
be paid before any futher installments
aud interest can be received.
/ ANY shareholder who shall become
SIX months in arrears in the payment
of the instal1ments or interest due on
his shares, shall. by reason of such
failure, and without notice, forfeit all
payments previously made by him
together with the profits, interest and
accumulat1ons thereon, which shall
/ revert to and become the property O
the Association. Interest may, at the
discretion of the Board of Directors,
be allowed on monthly payments
| made in advance of those due within
the current monthly at rate to be
fixed from time to time by the Boart
of Directors. not to exceed six per cen
per anLum for the time said payment
run; provided no interest shall be al
lowed on payments in advance for
shorter period than three months.
/ ARTICLE VIII.
Any shareholder who has received ;
loan or advance upon his shares, desi
ring to settle and 1iquidate such indebt
edness prior to the muturity of the LOAF
may do so either in part or in who lie
| by paying the net amount cash receiv
ed on each share, plus one eight of tn,
the discount bid for same for eacl
year or fraction of year that sail
shares have been in existence. and
| desired the pledged shares may b
surrendered to the Association an,
cancelled under the conditions and il
the proportion provided for withdraw
ing unpledged shares, and their valu
credited IN part PAYMENT of said in