The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-11-02

curity therefor, within tnillN DAYS IRON
Adjudication, shall forfeit same. provid-
ed that the Board of Directors may, tor
good and satisfactory reason, extend the
time and all costs and charges or cX-
penses attending the examination IT IL
tles and searches, together will. the liz
terest for not less than four weeks, or
such further time rs may have elapsed,
sE.ll he charged to the borrower and be
Il lien against his or her shares una pad.
All fees of attorneys, notarirs, record rs,
registers and AL expenses incurred III
making or cancelling loans, shall be pald
by the respective borrowers.
The Board If Directors may make such
rules and regulations, or by-lars to
govern loans or advances on stock us
they may see proper; provided they do
IL, conflict with this article.
Article VII Payments on shares, III
stallments and interest shall We due AMI
PAYABLE monthly on he first day OF each
month, ut the office of the Association,
aud ANY shareholder i'll arrears five weeks
in the payment either of installmelIts or
Interest," on shares shall TO: tcit and pay
as Il penalty the sum of i've cents per
share on shares on which no advance has
been made. and the sum OF ten cents per
share or shares Ola which an advance has
been made ard the same for each similar
subsrurrent default, and said fines must
he paid before amy further lnstallnAents
and interest can be received.
ANY shareholders who shall become SIX
months in arrears in the payment OF the
iustallucnts or interest due on his or ler
shares. shall, by reason of such failure,
and without notice, forfeit all payments
previously II AIDE by him, Together with
the profits, interests and acehmulatlons,
which shall revert TIA and beceslns the
property of he Association.
Inter st may he allowed on monthly
payments. made in advance OF those due
within the current mouth. ut Il rate to
be fixed by the Board of Directors, not
/ to exceed six per INT per annIllh Tor THE
time said payments run; provided II"
interest shall he allowed on payments i'll
: advance fur il shorter period than three
months.
Article YIlI-Any shareholder whofras
received loan or advance upon ms.
shares. desiring to settle and liqnldate
such indcb' edness prior to the II aturitl
of the loan. may do so in whole or in part
bv paving The net amount cash r. rrlvei
ON each share, plus onr-rightls of the dis
co,ut bid for same for each year OF trac-
tion of wear that said shares have been
in existence. and if desired the pledged
shares may he surrendered to the Assorla-
ton and Cancelled under the conditions and
in the proportion provided for withdraw
ing unpledged shares, and their value
credited in part payment OF said lndcb'-
edneSs.
i Article IX-Shareholder not having
pledged thrir shares to the Association,
). who owe nothing upon their shares, may
Withdraw from the Association by giving
thirty days notice in writing to the Prcs-
dent. when said shareholder, on surren-
der Of his ccrtiticate, shall he refunded all
the payments on account of monthly III:
, stallmrnts on shares made by him, less
any unpaid fines or charges and pro
rata OF the current years expenses and
losses. ifany, up to the date OF his notice;
provided that Il shareholder withdrawing
!, after his shares have been in existence
over ,ne year, shall receive, i'll addition
: to the above, ten per cent OF the pfoiltS
, on SAID shares for each year they have
been in existence. Each written notice
i of Withdrawal shall be registered and
numbered by the Secretary in the order
g of their receipt, and Withdrawing share
q holders shall be paid in rotation. as reg
t stere,l, ont OF the first unappioprated
moneys in the treasury.
4 On The death of any shareholder,
h whose share is not pledged to the ASSo'
\ tia ion, his or her legal Representative,
. shall be entitled to receive in cash tho
k withdrawal value of the share at til,
time %, the last payment made by sucl
II deceased shareholder, less any nnp;.i,
y fines or charges, or said l. preventative
shall be entitled to either transfer SAT-
II share To others, 81. continue the sam'
= by payment of the monthly instalments
= provided that said share be rtle med u
:, transferred, or notice given of continuin!
~ it. within the six months next fUllGM in!
a such death, and in default of action
= within hat time said share aud all &c
cumulatimrs thereon shall becom" forfeit
70 Ell and revert to and become the propc!
+ of the Association, without further noti Z
u Altirlu X-Ao shar. shall he transit rl,,
~ except Oh the books OF the Assoclatlon
% in the presence of thu Secretary. upo'
the surrender o. the certificate therefor
-. provided II share ar ears can he trans
= TERED, and the person to whom the share
- are transferred shall sign the by-,aws il
. like manner us any original mrmI er. fo
each share so transferred there shall b
charged II fee oftwcnty-iive cents.
" Article Nl-Sprcial meetings OF tn
t. shareholders shall be convened at the IL
y quest IN writing often shareholders, stat
u ing the t,uue and object of such meeting
" Arl XII No shareholder shall ever be lrl
Ut liable ~ responsible for the contracts "
Il faults of this Association in amy fur'hr
Pr sum than tie amount OF his Indebtedness
s. to the Association, nor shall amy mel
irI iniOrmality in organization have the t.
VS. icct of rcutlrr.ng this act null, tr oirl
" p0sl II shal eholder to any liability b,
s. You'd the amount OF his or her shares.
or Article XIlI This act of incorporate
Of ear, be altered, amended or modified b
ar II vote of three inurlhs % the shar,
in present or represented at II ger eral NEE
" ing convened for that purpose, or II
IL Association dissolved by vote OF tw
H. til r,.s of the capital subscribed, at II GO
~ era meeting G nvrned tor that purpo
", W after ten days notice ny the Secreta
~, by mailing and publishing same. II
~, q capital Of the Association shall not
oe increased nblrss u majority of all Il
.l, q, ,k, in f nj ~
ncl ease, nor nutil such notice be Civ
he and such publication he made and sn
ny folnalities complied with as arc Or Iii
he DO required bylaw.
Thus done and passed in my Office,
It the town of st. Francisville, Parish a
he State aforesaid on the day, month a