The weekly Iberian. (New Iberia, La.) 1894-1946, 1901-06-22
The fiscal year shall end oa the
last day of each year.
ARTICLE Y.

The corporate powers OF tne
\ ssociation shall be exercised by
seven Directors, each OF whom
shall own not less than five serial
shares, who shall be elected by
Jhe shareholder on the Third
tuesday in January, annually,
each stakeholder represented at
said election and not in default be-
ing entitled to vote as follows
For one serial share up to five ex
elusive he may cast one vote. From
five shares up to ten exclusive he
may cast two votes. From ten
shares up to twenty exclusive he
may cast three votes. For twenty
shares and over he may cast four
votes. No member shall have
more than Fifty (50) shares in his
or her name, in any one series.
Notice of said election shall be
given for the space of ten days by
the Secretary through the mail.
Said election shall be by ballot and
shall be held at the domicile of
this Corporation, under the super
vision of three shareholders APP
pointed by the Board of Direc-
tors at the last proceeding regular
meeting thereof. The shareholders
receiving a majority of the votes
castshall be declared elected.
The failure to hold an election
ON the day specified shall not dis
solve the corporation, but the
Directors in office shall hold over
until an election be held, after ter
days notice of the time and place
thereof.
The Directors shall elect from
their number President anC
Vice-President; and four Director
shall be quorum for the transac
ton of business.
The Directors shall elect or ap
point Secretary and such EN-
ployees as be necessary, and ma
fix their compensation, but no sal
airy shall be paid to any membe
of the Board of Directors or officer
except to the Secretary; and the
shall have power to enact Bylaw
not repugnant to this Charter, t
select a place of meetings, to SUI
pend any officer or Director fe
neglect of duty or misconduc
and to name and oppoint their SUI
cessors, as provide for in the B.
Laws, and shall have gener;
, authority to carry out the object
and business of the Association
But they shall not have power
purchase real estate, except fl
cash, nor contract any indebte'
J ness whatever in excess of I'll
amount of one months install
, ments.
], Any Director about to absel
, himself from the Parish mu
nominate in writing a substitui
!, n his stead, provided said su
II stitute shall be a shareholder
the Association, owning not lie
!; than five serial shares; and SUI
substitute shall be entitled to
. seat in the Board Of Directors /
5 fling his proxy with the SecIetar
ARTICLE VI.
! The Association at the descreti
/ of the Board of Directors IN;
I make use of It's funds in any al
q all the ways prescribed below,
e Wit
fl It may lend money at interest
d mortgage security; or to shal
D holders on the simple pledge
# their stock together with the pa
b ments and accumilations thereC
n provided that loans on such sto
!, security shall never exceed
i amount the actual withdrawal
e said stock at the time the loan
e made. It also may lend money
Q it's shareholders in the follow
!, manner, to w.t.
J, Whenever the funds sill
/ warrants, one or more loans or {
'e vances on shares shall be offer
Il and made to the shareholders b
d ding the highest voluntary d
II count therefore; provided no
n shall be received for less tn
twenty per cent discount; and
r. shareholder shall be entitled