The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-10-05
Charter Of Mutual Building &
Loan Association.
STATE OF LOUISIANA, PAR
ISL or WEST FEMClANA.

BE it known, That on the 18th day of
Sept, in the year of our Lord, one thOus-
and, nine hundred and one. and of the
Independence of the United States the
one hundred and twenty-ifth, before me,
the undersigned authority. duly COM
miSsioned and qualified, and inthc pres
encc of the witnesses hereinafter named
and undersigned, personally came and
appeared the parties whose names are
subscribed, who declare that a5ailing
themselves of the provisions of the State
of Louisiana, relative to the organization
of corporations, they covenant, agree
aud bind themselves, and those who may
hereafter become members Of this organ-
zltion for the objects and purposes and
under the stFulatinnS follow ing, to-wit {:
Article 1.-The name and title Of said
corporation shall be "l'he Mutual Build
ing and Loan Association" and nnder it's
said corporate name, it shall have power
to contract, Sua and he sued, to make
and Use Il corporate seal and the same
to break or alter ut pleasure, to hold, re-
ccive, lease, purchase, convey and pledge
under its corporate name, property, both
real and personal, to lend money on Sc
curity. and on shares of the Association,
not to exceed ninety per centum of their
paid in value, to name and appoint such
officers and agents as the interests and
convenience of said corporation may re-
quirr, to make and establish such bylaws,
rules and regulations for the proper man
agement and regulation of the affairs of
said corporation as may he necessary and
proper, and the same to change and alter
at pleasure, and TO do all such acts and
things as are or may be necessary and
proper to carry ont the objects and pur-
poses Of said corporation, and said cor
poratlon, unless sooner dissolved under
the provisions of this charter, shall exist
for Il period Of lincty-ninr years,
Article 1.-THE dumiciic of said cor
poration shall be in the town of st. Fran
cisville, Parish of West Feiciaua, State
OF Louisiana. and I'LL citations and other
legal process shall be served upon the
President of said corporation, or, in his
absence, upon the vicr-presidrnt, or, in
the absence of both of these officers, upon
the secretary.
Article lIl-The objects of this .Associa-
ton shall be- the accumulation of fund
frSm the mOHthly inSta linrnts on account
of subscriptions to the capital, rental,
premiums and loans. the funds so accum-
nlated to Le used for the purchase and
sale Of real estate, the building, rental
and sale of hOnesteads and the lending
of money on mortgage or other approved
security in the parishes of East and West
Feifciana, Pointe Coupec and East Baton
Rouge. ....
Article IV--Thc capital of said corpor-
alton shall he two million dollars ($2,-
900, 000) and shall be issued in shares,
each representing two hundred dollars
($200) to be paid mp in monthly INSTALL
ments of one dollar ($l) per share. 1t
shall commence business as soon as five
hundred shares of its capital stock
shall be suhSC: ibrd for
Minors may hold shares through their
parents or tutors, and married women
in their own right.
At the close of each isral year, the
net profits shall be apportioncd and
dividend credited to the value of zach
share in force, in such manner us the
Board of Directors may drte mime. The
Bonrd Shall retain part of tn profits of
the Association in order to create Il sur
plus fund for contingent losses.
The hOard shall set aside fifteen I5)
per cent, or 80 much thereof as may be
necessary, of the monthly instalImcnts
on stock to create a Reserve Fund, the
principal and accumulation of which
shall be used i'll payment Of withdrawals
aud maturiticS OF mpledgrd stock. The
fund So accumulated shall be invested
or aned in such manner us the Board of
Directors may determine, provided no
loan from this fund shall be made for a
longer period than two years, nor for
less than seven per cent per annum i'll.
ter st. Investments may be made in
bonds, stocks or Sacll other securities as
the Beard Of Directors may determine.
Wlencver the shares of,auy one series
by reason OF the payments on account of /
subscriptions theroto, together with the
of the profit and accommodations
thereto, shall be worth the par value of |
two hundred dollars (s200) each, the
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