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

alue of the stock borrowed on, nor De
,ermitted to borrow on more than |
ifty (50) shares All such loans must |
,e secured by written pledge OF the
took or shares on which said loan or
ldvance is made, together with all
he payments and accumulat1ons pre-
sent and future hereon; and IN adj
iition, either by mortgage, vendors
lien, sale and resale or some adequate
contract affecting and
bearing on real estate or by said Asso-
citation itself investing the money in
real estate to be held and considered
as its own property until the said
pledged stock by reason OF the pay
mentS and accommodations thereon
shall have reached the value of two
hundred dollars (S2O0,00) per share;
when the said property shall be trans
ferred to the owner of said stock. In
all cases where the Ass ociation lends
money to shareholders bidding a
discount therefor as just above pro-
vided, it shall have the right at the
maturity of said stock to compensate
and set off the amount due said share
holder ON his pledged said stock
against the sum loaned him and to re-
tain said amount in payment OF his
loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matIred and com
pensate and set off the amount due
said shareholder on his pledged said
stock against the sum loaned him and
to retain said amount IN payment OF
his loan; and no part of any such loan
shall be considered as paid until the
stock loaned on has matured and com
pensation has been effected. No prop
erty shall be purchased by the Asso-
ciatiod except for cash.
Shareholders obtaining advances or
shares, failing to tender satisfactory
security therefor. within thirty days
from date of the adjudication, shall
forfeit same Crowded that the Boare
of Directors may for good and salts
factory reason, extend the time, ant
all costs and charges or expenses at
tending the examination of titles ant
searches, together with the interes
for not less than four weeks, or sucl
further time as may have elasped
shall be charged to the borrower, ant
be lien against his or her shares TN
til paid.
All fees of Attorneys, Notaries, Re
corders, Registers and all expense
incurred in making or cancelling loan
shall be paid by the respective boz
rowers.
The Board of Directors may max
such rules and regulations, or By
Laws to govern loans Or advances o
stock as they may see fit provided the
do not conflict with this Article.
| ARTICLE VII
/ Payments on shares, installmen1
and interest shall be due and payabl
weekly on each Saturday, at the offie
of the Association. Any sharehol'
er in arrears five weeks in the pa,
ments either of instal1ments or int
ests on shares shall forfeit and pay
a penalty the sum of five cents p,
share on which no advance has mad
and the sum of ten cents per share {
shares on which an advance has bee
made, and the same for each simil;
subsequent default, and said fines mu
be paid before any futher installmen
aud interest can be received.
II ANY shareholder who shall becon
, six months in arrears in the payne
of the installments or interest due
E his shares, shall. by reason of SUI
failure, and without notice, forfeit ,
, payments previously made by hi
s together with the profits, interest a
Accommodations thereon, which sh
/ revert to and become the property
s the Association. Interest may, at t
discretion of the Board Of Director
r be allowed on monthly paymen
! (made in advance Of those due with
: the current monthly at rate to
fixed from time to time by the Boa
4 of Directors, not to exceed six per &C
e per anrnm for the time said paymel
! run; provided no interest shall be
O lowed on payments in advance for
3 shorter period than three months.
d ARTICLE VIII.
Il Any shareholder who has received
:, loan or advance npon his shares. de
s. ring to settle and 1iquidate such indie
+ edness prior to the muturity Of the 1o
o may do SO either in part or in who
IS by paying the net amount cash rece
II ed on each share, plus one eight of
it the discount bid for same for es
l. year or fraction of year that s.
n shares have been in existence. and
4, desired the pledged shares may
t. surrendered to the Association 3
lie cancelled under the conditions and
the proportion provided for withdrs
ing unpledged shares, and their va
credited in part payment of said
u debtedness.
ARTICLE TX.
!. Shareholders not having pied,