The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-10-26

f curity therefor, within thirty days from
II adJndicat on, shall forfeit same, 'prOvid
I, ed thatthe Board of Directors may, fol
i good and satisfactory reason, extend the
Il time,) and I'LL costs and charges or ex
: penses attending the examination Of IT,
: ties and searches, together witt the in.
r terest for not less than four weeks, OF
t such further time AZ may have elapsed,
sE4ll he charged to the borrower and he
: Il lien against his or her shares until paid,
All fees of attorneys, notaries, record. re-,
registers and all expenses incurred in
making or cancelling loans, shall he paid
b by the respective borrowers.
The Board of directors may make such
rules and regulations, or bylaws to
govern loans or advances Oh stock az
they may see proper; provided they do
IL. conflict with this article.
Article VII-Payments on shares, in
stalments and interest shall I've due and
payable monthly on the first day of each
month, at the office of the Association,
and any shareholder in arrears five weeks
in the payment either of installments or
: interest on shares shall folteit and nav
as penalty the sum of five cents per
share on shares on which no advance has
been made, and the sum of ten cents per
share or shares on which an advance has
been made and the same for each similar
subsequent default, and said fines must
he paid before. any further installmenls
and interest can be received
Any shareholder who shall become six
months in arrears in the payment of the
installments or interest due on his or her
shares, shall, by reason of such failure,
and without notice, forfeit all payments
previously made by him, together with
the profits, interests and accnmula tons,
which shall revert to and become the
property of the Association.
Interest may be allowed on monthly
payments, made in advance of those due
within the current month. at u rate to
be fixed by the Board of Directors, not
| to exceed six per cent per annun for the
time said payments run; provided no
interest shall be allowed on payments in |
advance for shorter period than three
months.
Article VllI-Auy shareholder who has
received loan or advance upon his
shares, desiring to settle and liquidate
such indebtedness prior to tbs maturity
of the loan. may do so in Whole or in part
by paying the net amount cash received
Oh eaeh share, plus oue-righth of the dis
count bid for same for each year or frac-
ton of year that said shares have been
in existence, aud if desired tho pledged
shares may be surrendered to the Associ;,-
md ninl Il,
in the proportion provided for withdraw
ing unpledged shares, anal their value
credited IN part payment Ut said flttlebt-
ednesS.
Article observation-disclosures not having
pledged their shares to the Association,
who owe nothing upon their shares, may
withdraw from the Association by giving
thirty days notice in writing to the Prcsi-
dent, when said shareholder, on surrrn-
der of bis certificate, shall I've refunded all
Tie payments OF account of monthly in
Stalments OF shares made by Linn, less
any unpaid fines or charges and II pro-
rata OF the current years expenses and
losses, ifany, III, to the date of his notice;
provided t)E,t u shareholder withdrawing
after lis shares have lcen in existence
over eve year, shall receive, in addition
to the above, ten per cent of the profits
OH said shares for each year they have
boon i'll existence. Each written notice
Of withdrawal shall be registered and
numbered by he Secretary in the order
Df their receipt, and withdrawing SHARE
holders shall be paid in rotation. rs reg
stcred, out OF the first unappropriatetlt
moneys in the treasury.
On the death of any SHAREHOLDER,
whose share is not pledged to the Asso-
'iati"n, his or her legal representative
'haH be entitled to receive in cash the q
value of the share at the
line .. the last payment made by such
deceased shareholder, less any unpaid
ines or charges, or said preventative
hall be entitled to either transfer said
hare to others, or continue tho same
~ payment of the monthly installments,
provided that said share he redeemed or
or notice given of continuing
t, within the six months next follow iny
uch death, and i'll default of action
WITHIN that time Saiil share aud all ac-
thereon shall become forfeit
q and revert t" and lmcomc the property
t the Association, without further notice.
Article X--No shar shall I've transferred
Except ON the hODks OF the Associatiou,
The presence of the Secretary upon .
he surrender OF the certificate thcrslo!,
r0vited II share in ar ears can he trans
'rreti, and the person 10 whom the shares
III transferred shall sign the by.,aWs in
re manner rs any original memi CT. For
irl share 81 transferred there shall 10 :.
larSct Zee pftwrnty-iivc cents. "a
Ar'lcle Al-Sprcial meetings Of the
iaiehoiders shall be convened at the re-.
HEST III writing often shareholders, stat
" the time and object of such meeting.
ri All-N0 shareholder shall ever he bel n
able or responsible for the contracts or
uls Of this Association III any further
I'M than tie amount of his Indebtedness :
) the Association, nor shall any mere ss
iornlslity in organization have the ri- l.
ct OF rendering this act null, or ofrx- ]
'slng stakeholder to any liability he.
md the amount OF his or her shares.
Article XIII This act of incorporation
Va be altered, amended or mod Iiet! b,
vote Of three fourtls Of the shares
resent or represented at IL general meet
X convened for that purpose, OF the
ssoclatlon dissolved by vote of two
r"s of the capital Subscribed, at gen
al meeting nvrned for that purpose
ter ten nayH Dotice by tho Secretar,
mailing ard publishing same. Tho .
'pltal of the Association shall not lie
creased unless a majority of all the
laces in force shall vote in favor Of such
Crease, nor until such notice he given
I'd such publication tie made and such
i maiisirs complied with. as are or ina,
) required by law.
Thus done and passed in nty office, IN -
'c town of It. Francsvile. Parish, aud :
ate aforesaid, on the day, mon Il and 4