St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1901-04-27
TERMS OF SALE.

FOR cash, III legal tenlor mOuev OF
the United State. and the property
sold shall be red eemable At any
time for the spsce Of one year. by
paying the price given. with 20
per cent interest, cost and penal
ties added.
| +. L. BREJTWER,
sheriff. and ex-O6icio Ta1 Collector.
Covington, La.,. April s, 1901.
| CHARTER.
Or
1.-THE PEOPLES BUILDING AND
| LOAN ASSOCIATION.
United States Of America, State Of
Louisiana, Parish Of 81. Tammany.
BE 1T KNOWN, That on this twenty
fifth day of March, In the year Of Our
Lord one thousand nine hundred and
one, before me, the undersigned
authority, duly commissioned and quail
fed, and in the presence Of the witness1
es hereinafter named and undersigned,
personally came and appeared the
several persons whose names are here
unto subscribed. who declared, that
availing themselves Of the provisions Of
the laws Of the State relative to the
organizations, they have contracted and
agreed, and bind and obligate them
selves, ~ well n such persons rs may
become associated with them, to form
and constitute . corporation and body
polite In law, for the objects and pur-
poses, and under the stipulations Of the
articles following, to-wit:
Article I.
The name and title Of said Corpora
ton shall be THE PEOPLES BUILD
ING AND LOAN ASSOCIATION; and
under its said corporate name 1t shall
have power to contract, sue and be sued,
to make and use . corporate seal, and
the same to break or alter at pleasure,
to hold, receive, lease, purchase, convey
and pledge under its corporate name,
property both real and personal, to lend
money on securities, to name and ap-
point s1cb officers and agents as the
interest and convenience Of said c0rpo-
ration may require, to make and estab-
lfsh such bylaws, rules and regulations
for the proper management and regulA-
ton Of the affairs Of said corporation
as may be deemed necessary and proper,
and the same to change and alter 1t
pleasure, and to do al such acts and
things Is are or may be necessary and
proper to carry out the objects and pur.
poses OF said corporation; and said cor
p0ration, unless sooner dissolved, under
the provisions Of this charter, shall ex-
ist for period Of nenety mine years
Article Ii.
The domicile Of said corporation shall
be In Covington, Parish of st. Tam
many, State Of Louisiana, and all cita-
tons or other legal process shall be
served upon the President Of said cor
poration, or in lieu Of his absence. upon
the Vice President.
Article Ill.
The object of the association shall be
the accum ulati0n Of . fund from the
monthly installments on account OF sub
/
premiums and Interest on loans, and
ed, to be used for the purchase and sale Of
real estate, the building, rental and sale
homesteads and the lending of finds
upon mortgage or other security In the
Parishes Of st. Tammany and Washing
ton; no loan shall be made except to .
shareholder, and no loan for . sum
r. - -
owned by the borrower.
Article Nv.
The capital stock OF this association
shall be One Million Dollars, divided
into ten thousand shares of the par
value of One Hundred Dollars each;
said stock shall be divided into INSTALL
ment stocks and full paid stock to be
issued as may be determined by the di-
rectors; installment on stock, and in
terest on loans shall be due ami payable
monthly on the 6rst dsy Of each month,
1t the Office Of the association; INSTALL
ments on stock shall be one dollar per
month per share, and any share holder
falling to make his payment on stock
or interest on loans until dive weeks are
past shall forfeit and pay IS penalty
the sum of ten cents per share on shares
on which no advance has been made;
and the sum OF TWENTY-FIVE cents per
share on shares on which nm advance
has been made; and the same for each
subsequent similar default; and said
fines must be paid before any further
installments or interest can be received;
and any share holder who for the term
OF six months shall fail to pay the In.
stallments or interest due on bis shares
shall by reason Of such failure and with
out notice, forfeit all payments pre-
viously made by him, together with the
profits, interest and accumulations
thereon, which shall revert to and be-
come the property Of the association.
Should any borrower from the associa-
ton be In default after thirty days writ
ten notice from the Secretary the right
OF foreclosure under his mortgage shall
iuure forthwith to the association;
members not indebted to the association
may withdraw all or any part of the
cash value of their unpledged INSTALL
ment shares by giving notice In writing,
and the liability to pay dues and the
right to participation In profits shall
cease with notice; II the withdrawal be
total the members shall receive all In
stallments paid, and II twelve monthly
installments have been paid upon the
stock, ten per cent OF the profits on said
shares for each year they have been In
force, less any unpaid charges, and .
pro rata share of the losses, II any, In
excess of the amount In the contingent
loss fund. Members making partial
Withdrawals shall forfeit all share In
the earnings since the last dividend on
the amount 50 withdrawn. Notice of
withdrawal shall be registered and
numbered IN the order Of their filing, |
and shall be liquidated In rotation -
registered upon the returns OF the GER
tiacate and pass-book. II the with |
drawal be total, or on the giving Of
proper receipts; Ii the withdrawal be
partial, out Of the first unappropriated
money In the treasury; provided that
not more than one-half Of the monthly
receipts shall ever be used for the |
liquidation Of Withdrawn or matured |
stock, unless there should be IN accu-
mutation Of funds that cannot be loaned,
In the ordinary course Of business. Full
paid and maturcd shares may be with
drawn in the same manner ~ install |
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