The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-10-26

yether with the addition of the profits
and accumulations thereon shall be
worth the par value of two hundred
dollars ($2000,00) each, the shares
the series SO arrived at
par shall be iquidated and paid over
to the holders thereof on the surrend-
er of their certificate; and whenever
the shares OF the series last issued
shall be worth the par value of two
hundred dollars ($20000) each the
Association shall be 11quidated by
three commissioners selected by the
Board of Directors from among the
shareholders. The shares shall be
ISSUED in series as determined upon
by the Board of Directors. The Board
of Directors shall have the right when
deemed advisable to issue paid up
stock on the payment at one time OF
one hundred dollars. Said paid UP
stock shall be transferable in person
or by written power of attorney, and
ONLY on the Association. This paid up
stock may be called in and cancelled
at any time by said Association, after
giving thirty days notice to the owner
upon payment OF the face value, plus
ACQUIRED interest. Notice mailed TO the
address given when the stock was
issued or transferred shall be sufficl-
ent, and all interest on said paid up
stock SO called in shall cease at the
date of redemption given in said no.
| tice.
| The holders OF said stock are other
wise entitled to all rights in the Asso-
citation as provided by the Charter
and Bylaws, except as to part1cipa-
| ton in the profits of the Association,
nor can persons holding such stock,
vote on such stock, nor can they in
any case be members of the Board OF
| Directors.
The said paid up stock shall draw
| interest at not more than six per
cen per annnm, and each Board OF
Directors at its first meeting shall fix
the rate OF interest," to be paid on all
such stock issued during the ensuing
year.
Any one fage and acting in their
own right and behalf shall have the
right to file appli cations for such
stock with the Secretary at any time,
and each application will be acted up
on in the order Of it's filing.
The fiscal year shall end on the last
day of each year.
ARTICLE V.
The corporate powers of the Associ
alton shall be exercised by seven Di
rectors, each OF whom shall own mo-
less than five serial shares, who shall
be elected by the shareholders on thu
Third Tuesday in January, annually
, each stakeholder represented at sale
election and not in default being en-
ttItled to vote as fo1lows:-For one Sc
E rial share TIP to five exclusive he may
cast one vote. From five shares up t.
/, ten exclusive he may cast two votes
From ten shares up to twenty exclu
sive he may cast three votes. Fo
y twenty shares and over he may cas-
e four votes. No member shall hav,
more than Fifty(50) shares in hi
or her name, in any one series.
Notice of said election shall b
given for the space of ten days by tn
Secretary through the mail. Said cleo
ton shall be by ballot and shall b
held at the domicile of this Corpors
ton, under the supervision of thre
shareholders appointed by the Boar
!, of Directors at the last preceedin
regular meeting thereof. The shar,
= holders receiving majority OF th
votes castshall be declared elected.
The failure to hold an e1ectio
: on the day specified shall not d
:. solve the corporation but the D
) rectors in office shall hold over unit
an election be held, after ten da,
= notice of the time and place thereof.
The Directors shall elect from the
number a President and Vice. Pres
:, dent; and four Directors shall be quo
: UNI for the transaction of business.
The Directors shall elect or appoii
Secretary and such employees as
: necessary, and may fix their compe,
- satlon, but no salary shall be raid
any member Of the Board of Directo
or officer, except TO the Secretary; al
they shall have power to enact B
:, Laws not repugnant to this Charte
to select place of meetings, to ST
pend any officer or Director for ne
lect of duty or misconduct, and
- name and appoint their successors,
provided for in the Bylaws, and ah,
!, have general authority to carry o
!. the objects and business of the Asso,
alton. But they shall not have pow
purchase real estate, except for cas-
:, nor contract any Indebtedness whs
ever in excess of the amount of O
months installments.
- Any Director about to absent hi
self from the Parish must nominate
writing substitute in his stead, pl
:. vided said substitute shall bea sha,
holder ofthe Association, owning +