New Iberia enterprise. (New Iberia, La.) 1885-1902, 1901-05-25

e Z. Members may withdraw all or an,
: part of the cash value (money paid in ant
!, profits credited) of their unpledged curren,
g shares, by giving notice in writing, anC
the liability to pay dues and the right te
d dividends shall cease with the notice. II
J, the withdrawal be total, the member shall
e receive all payments made on the shares
to be withdrawn and dividends credited tc
Il the shares withdrawn, less any unpaid
q, charges and a pro rata share of losses il
any, in excess of the amount in the con-
e tingent loss fund. Members making partial
f Withdrawals shall forfeit all shares in the
s earnings on the amount withdrawn since
A the last dividend was declared. Notices
| of withdrawal shall be registered and
: Numbered in the order of their receipt,
7 and Withdrawals liquidated in sequence,
, as registered, upon the return and proper
7 cancellation of the certificate of stock if
, the withdrawal is total, or proper receipt
if withdrawal is partial, out of the first un-
appropriated money in the treasury pro-
vided, not more than one-half of the
monthly receipts shall ever be used for the
, liquidation of withdrawn or matured
shares, unless there shall be an over ac-
emulation of funds which cannot be
loaned. Full paid or matured shares can
/
rent shares, provided not less than one
share can be withdrawn at one time.
8. Should there ever be an accumulation
of funds beyond the use of the Association
the board shall have the right to call in
unpledged shares for redemption, provided
that full paid shares shall be called in first
in the reverse order of their issue, and
shall be redeemed face value plus interest
at the rate per cent. per aunum of the last
dividend for the time intervening since
their last dividend and should all full
paid shares be redeemed, then current
shares may be called in by allotment, out
of the Oldest series I; said shares to be re-
deemed at their withdrawal value plus
interest at the rate per cent per annum of
the last dividend thereon for the time in
tervening since the date of their last
dividend.
9. Any member being in arrears for
twenty-six (26) weekly installments on his
running shares shall thereby, without
notice or putting in default, cease to be q
member, and shall forfeit all rights and
privileges rs a stockholder, and his said
| stock shall be cancelled and the cash value
thereof at time of forfeiture shall be placed
to his individual credit, and shall cease to
entitled to, or participate in profits or to
| draw interest, and said member shall be
| notified that said amount is held subject
| to his order, on surrender of the certificate
of stock forfeited. Provided, shares while
pledged to the Association as security in
the matter of loans shall not be liable to
forfeiture, but the Association shall have
the right to cancel the mand apply their
withdrawable value as a credit to loan ac-
count whenever under the loan contract,
the borrower debt becomes due and exigi-
BILE.
The repayment of loans before maturity
is left optional with the directors who will |
fix such terms and conditions upon which
re-payments may be granted.
10. At the close of each dividend period |
January lst and July 1st, the profits since
the last dividend shall be apportioned, and !
after setting aside such sums for account |
OF reserve or other funds as may be provided |
the remainder shall be divided as dividend |
on each share in force in such q manner
as the Board of Directors may determine !; |
provided said dividend shall not exceed |
the earned portion of the profits belonging |
to and withdrawable by said share. Divi-
dends on current shares shall be credited |
thereto and entered in the installment
books; dividends on full paid shares shall
be payable in cash.
II. In case of the death or any nom
borrowing member, his death to operate
as notice of withdrawal and his success
sion to be entitled to settlement as above
provided for Withdrawals, or the shares
may be continued by his legal representa-
tives, or by them may be transferred pro-
vided notice of the intention to continue
or to transfer be given within six months
after the death Of such deceased member.
In case of the death Of any borrowing
member his heirs or representatives will be
entitled to succeed to all his rights and
obligations, provided it be done within six
months after the death Of such member.
IL. Whenever the shares on any book,
by reason Of the payment Of installments
ON the stock and the accumulation of
dividends thereon, shall be worth the par
value ($100.00) One Hundred Dollars
each, such stock is thereby matured and
shall be payable as speedily as may be
found consistent with The best interests of
the stockholders Of the Association.
Is. In case Of dissolution or termination
of the charter from any cause. the Associa-
tion shall be liquidated by three commits
sioners( at least one Of whom shall be a bor-
rower) selected by the Board Of Directors
from the stockholders said commissioners
to have power to FIJI vacancies in their
number by selecting from the stockholders
any one eligible under the charter as
director.
ARTICLE vI.-BoARD OF DIRECTORS.
l. All the powers of this corporation
shall be exercised by Board Of Directors
composed of nine stockholders, owning
each ct least ten (10) shares Of stock OF
the Association, said directors to be elected