The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-10-19


worth the par value of two hundred
dollars (S2000.00) each, the shares
the series so arrived at
par shall be liquidated 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 ($200,00) 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
accured interest. Notice mailed TO the
address given when the stock was
issued or transferred shall be sufici-
ent, and all interest on said paid tip
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 participa-
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 it's first meeting shall fix
the rate of interest," to be paid on all
such stock issued during the ensuing
year.
j Any one ofage 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 its filing.
The fiscal year shall end on the las
r day of each year.
ARTICLE
The corporate powers Of the Associ
, alton shall be exercised by seven Di
rectors, each OF whom shall own no
less than five serial shares, who shall
! be elected by the shareholders on tn
Third Tuesday in January, annually
, each stakeholder represented at SAT-
election and not in default being en-
TITLED to vote as follows:-For one sc
E rial share up to five exclusive he ma
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
! twenty shares and over he may cas-
9 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 often days by tn
. Secretary through the mail. Said elet
ton shall be by ballot and shall b
= held at the domicile OF this Corpor,
: ton, under the supervision of thre
: shareholders appointed by the Boar
:, of Directors at the last preceedin
= regular meeting thereof. The shar
= holders receiving a majority of tx
= votes castsha1l be declared elected.
= The failure to hold an electio
= on the day specified shall not
= solve the corporation but the D
y rectors in Office shall hold over uni
" an election be held, after ten da.
notice of the time and place thereof.
= The Directors shall elect from the
2 number a President and Vice Pres
:. dent; and four Directors shall be quo
= um for the transaction of business.
:, The Directors shall elect or appoi
: Secretary and such employees as
necessary, and may fix their compe
p sat1on, 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 Chartt
= to select a place of meetings. to st
- pend any officer or Director for ne
- lect of duty or misconduct, and
80 name and appoi 1T their successors.
y provided for in the Bylaws, and sh
: have general authority to carry 9
= the objects and business of the Assoc
- alton. But they shall not have pow
purchase real estate, except for cas-
!, nor contract any Indebtedness VIII;
- ever in excess Of the amount of o
mouths installments.
:, - Any Director about to absent hi
: self from the Parish must nominate
" writing a substitute in his stead, pl
~ vided said substitute shall be a sha
Ue holder of the Association. owning /