The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1901-10-05

who owe nothing upon their shares, may
withdraw from the Association by giving
thirty days notice in writing to the Prrsi-
dent, when said shareholder, on surren-
der of his certificate, shall be refunded all
the payments ON account Of monthly in
stallments on shares made by him, less
any unpaid fines or charges and pro-
rata OF the current years expenses and
losses, ifany, mp to the date of his notice;
provided that Il shareholder withdrawing
after his shares have been in existence
over one year, shall receive. in addition
to the above, ten per cent of the profits
on SAID shares for each year they have
been in existence Each written notice
of Withdrawal shall he registered and
numbered by the Secretary in the order
OF their receipt, and withdrawing share
holders shall be paid in rotation. rs reg
lstered, out of the first unappropriatrd
moneys in the treasury.
On the death Of any shareholder.
whose share is not pledged to the Asso-
citation, his on her legal representative
shall be entitled to receive in cash the
withdrawal value of the share at the
time OF the last payment made by such
deceased shareholder, less any unpaid
fines or charges, or said preventative.
shall be entitled to either transfer said
share to others, or continue the same
by payment of the monthly installments
provided that said share be redeemed or
transferred, or notice given of continuing
it, within the six months next following
such death, and in default of action
within HAT time said share aud all ac-
cnnnlatlOnS thereon shall become forfeit
ed and revert to and become the property
Of the Association, without further notice.
| Article No share shall be transferred
except on the books of the Association.
IN the presence of the Secretary. mon
the surrender OF the certificate therefor.
provided ~ share in ar ears can be trans
irlred, and the person to whom the shares
are transferred shall sign the bylaws in
IKE manner rs any original meml er. For
earh share 50 transferred there shall be
charged II fee oftwenty-fve cents.
article A1-Srecial meetings of the
shar oholhers shall be convened at the re-
quest III writing often shareholders, stat.
ing the time and Obi ect of such meeting.
Art Ail-No SharehOlfe r shall ever he held
lab lo or responsible Tor the contracts or
faults OF this Association in any further
sum than TIE amount of his Indebtedness
10 the ASSOCIATION, nor shall any mele
lhf"rmality III organization have the ei-
fect OF rendering this act null. or of4x-
posing shareholder to any liability be.
You'd the amount or his or her shares.
Article XII This act of incorporation
caii be altered, amended or modified by.
II vote OF three fuurlhs OF the shares
present or represented at gel eral meet
ing convened for that purpose. or the
ASSOCIATION dissolved by n vote of two
tn r's OF the capital subscribed, at Il gen
crai meeting nvcned for that purpose
after ten days notice by the Secretary
by mailing and publishing same. Tie
capital of the Association shall not lie
increased unless majority Of all the
sliareS Ill tnrce shall vote in favor Of .ucl
Hc1eaSr. nor until such notice he giver
and such publication be made and such
foInIalltirs complied with as are or may
be required by law.
Tins done and passed in my office, in
the town # st. Frnncisvillc. Parish aud
State aforesaid. on the day, month and
| year above written, in the presence of
MeSsrs. J.. 2. Kllbourne and w. r. Town
witnesses of lawful age residing in SAID
parish. who have signed these presents
with the laid parties and NE, after due
reading of the whole
JOSH Golsan,
Ame'lee : Leonard,
James Klbnurne,
James Il Thomas, A
II Clack,
J II Percy,
A Villeret,
JR Matthews,
W Forester,
Il NJ Leakr,
w " I.eake,
Witness: Az Barrow.
LIP Kilbonrne,
" L Town,
A. VIILERET,
Clerk and Ex-Otficio Not Pub.
This is 10 certify that have examined
the above aud foregoing act of incorpo,u-
tlOn and am OF opinion that the PURPOSES
and objects of said corporation ~ specified
III sad act are legal and that none of the
provisions therein contained arc coi-
trary to law
Done this 18th day ofSept 1901.
Roht G WIrKLIFFE,
Dst-Atty, oath .jud Dist.
the undersigned clerk and TX otficio
recorder, il and for the parish of West
fellclalla. State of Louisiana, do hereby
certify that the above and foregoing act
OF Incorporation of the Mutual Building
and "an Association WAS this day daily
recorded in my office in book ''P" folio
276
81 Francisvllle, LA, Sept IS, 1901.
A VII! ERET,
Clerk and EA-Cilcio Recorder.