New Iberia enterprise. (New Iberia, La.) 1885-1902, 1901-05-18
shares upon paying the amount due there.


ge Z. Members may withdraw all or an,
k part of the cash value (money paid in ant
d, profits credited) of their unpledged curren
le shares, by giving notice in writing, ant
I'd the liability to pay dues and the right t,
I'd dividends shall cease with the notice. L
0, the withdrawal be total the member shall
ee receive all payments made on the share:
to be withdrawn and dividends credited tt
III the shares withdrawn, less any unpaid
=, charges and pro rata share of losses il
is any, in excess of the amount in the con.
le tingent loss fund. Members making partial
If Withdrawals shall forfeit all shares in the
is earnings on the amount withdrawn since
a the last dividend was declared Notices
IL OF withdrawal shall be registered and
} numbered in the order of their receipt,
y and Withdrawals liquidated in sequence,
y as registered, upon the return and proper
y cancellation of the certificate of stock if
g the withdrawal is total, or proper receipt
If withdrawal is partial, out of the first nn-
3 appropriated money in the treasury pro-
i vided, not more than one-half of the
J, monthly receipts shall ever be used for the
e liquidation of withdrawn or matured
q shares, unless there shall be an over ac-
cumulation of funds which cannot be
loaned. Full paid or matured shares can
be withdrawn in the same manner as cur
rent shares, provided not less than one
share can be withdrawn at one time
3. 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
/ of bo 1ock
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 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 OF putting in default, cease to be a |
member, and shall forfeit all rights and |
privileges as 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 credit to loan ac-
count whenever under the loan contract,
the borrower debt becomes due and exigi-
BILE. l.
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 1st 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 a manner
as the Board of Directors may determine
provided said dividend shall not exceed I
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.
IL. In case of the death or any non
borrowing member, his death to operate
as notice of withdrawal and his succes-
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
provided it be done within six n
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 a
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 D
found consistent with the best interests of
The stockholders of the Association.
13. In case Of dissolution or termination
of the charter from any cause, the Associa-
ion shall be liquidated by three commits
sioners( at least one of whom shall be bor-
rower) selected by the Board of Directors
rom the stockholders said commissioners
20 have power to fill vacancies in their
lumber by selecting from the stockholders
my one eligible under the charter as a
director.
ARTICLE VI.-BoARD OF DIRECTORS.
l. All the powers of this corporation
hall be exercised by Board of Directors
composed of nine stockholders, owning
zach at least ten (10) shares Of stock OF
he Association, said directors to be elected
It general meeting convened for that
purpose on the fourth Monday of January
n every year.
2. Notice of such meeting shall be
'ublished in one of the newspapers of the
ity for the space of ten days Immediately
said election.
3. Said election shall be by ballot, at the
lomicile OF this corporation, under the
supervision of three commissioners stock
0lders appointed by the Board of Direc-
ors at the last proceeding NEE eting.
4. Each share of stock which has been
q force for sixty days is entitled to one
ote, and the stockholders receiving the
majority Of the votes cast shall be elected.
allure to hold the election on the day
pecifed shall not dissolve this corporation,
ut the Directors in Office shall hold power -
ntil an election is held, after ten days :,
Office of the time and place thereof The
irectors shall elect from their number a v
resident and Vice. President. Five mem
ers shall constitute 4 quorum for the
'ansaction of business all vacancies
hall be hlled by the remaining members
said Board Of Directors. =
5. The directors shall select and appoint s.
d Attorney, q Secretary, Treasurer, a
otary and such other officers IS shall be
The directors shall have power
} make bylaws, to select q place Of meet
g, to suspend any and all oflcers, and ]
ave general authority to carry out the
1jects and business Of the Association. =.
ARTICLE VII.
TRANSFERS AND DUPLICATES.
l. All transfers Of stock shall be- made
, the books Of the Association. All men, =
u to sign the charter as IN original men, y
3r.
2. Duplicate certificates may be issued
{ lost certificates in such manner as may SCI
J provided in the bylaws.
ARTICLE vIII.-I1ABrIIrY.