The Jennings daily record. [volume] (Jennings, La.) 1900-1903, 1902-08-09

4a3l r, nSvs3kea VcoE5y- t&y3IsDo 0QlIy45.
afnxslr. Snshy1oasurIs u such allure
nnl without motto. cntitle the AssssCi-J
ntiOu 10 can ell such s tex, snds from
such time, he ,.l,,,u-f;s i,l,d stLt,ct,n,
together with I'll ...ea III. q profits,
shall cease " draw ~lividentlS, Dut De
held subject TO h order of such par
|ty, and he shall be so notified py 9
notice mailed to him; and In case he
shall not within one year, call To re-
ceive same ard surrender the certlh-
4 lie, the said mount shall to
ana become the property OF the Asso.|
10. shareh olders shall have the
RIGHT to withdraw from the AssOcia-
ton the amuun paid in together with
the accumulated profits due thereon at
the preceding dividend time, less any
charges and proportion OF losses, II
any, upon fling written notice OF
withdrawal, which shall be regis
tered by the Secretary in the order OF
their receipt; and Withdraw ing share
holders shall be paid in rotation, as
registered, out Of the first unappro-
priated money in the treasury.
Provided, that not more than one
half the monthly receipts shallever be
used for the purpose OF liQuidatlng
withdrawn, matured or paid up shares,
unless there should be IN over accu-
mutation of funds which can not be
loane in the usual manner upon real
estate.
IL. Should there be an over accu-
mutation of funds beyond the use OF
the Association, the board shall have
the right to call in unpledged SHARES
for redemption, provided that pald up
shares shall be called in first in the
-,Jo,, of fhaAip iScIn aud QhAIi
he redeemed for face value, plus inter-
est for the time intervening since the
last dividend, at the same rate as the
last dividend declared; n should all
maid up shares be redeemed. then run
ming shares may be called in, n Old
est shares to be redeemed hrst ana AT
their withdrawal value plus interest
FOR the time intervening since thed date
of the last dividend, at the same rate
as the last dividend declared.
II. On the death Of ally stockhold-
err whose shares are not pledged TO the
Association, his or her legal repres-
entatives shall he entitled TO receive
in cash the withdrawal value OF the
shares at the time of the last payment
made by the said deceased sharehold-
err. less any unpaid fines or charges,o or
! said REPRESENTATIVES shall be entitled
!, tn either transfer said sharestO others,
when legally authorized so to do, or
to continue the same by h payment
, of the weekly install ments: provided.
, hat said shares shall be- Withdrawn
!. or transferred, or notice given otcon-
] thinning within six months next follow
j, ing such death, and in default OF &C,
, t on within that time, saiu snail
/. be treated as provided for IN para
: graph o OF this article:
. Ii. Shares shall he transferable,
and duplicate certificates ISSUED 1or
LOST certificates in such manner as
ma V be provided in the bylaws.
] Ii. On Jan. LIST and July lst OF each
wear the Board of directors Shall as
l certain the earnings the Assoclatlon
: for The proceeding six mont MS, land out
i of such earnings they shall ~ dcduct
: all of the expenses of the association
for such time: (2) set asideeto the fund
: for contipgen losses, such an amount
g as they may deem best, until such con-
: tiuoent fund equals i've per centot the
e entire outstanding mortgage loans,
S which fund shall Ec invested as direct
e ed by the Board: (3) the balance OF
said earnings shall be declared as a
o a dividend TO the shareholders in the
nroportion to the value OF stock Of
S each member at the time the preceding
dividend was declared, and all pay,
ments made between such dividend
: periods shall begin to earn dividends
o. from the beginning OF the next semi
annual term.
Is. The dividends aesiafea OF run
ming stock shall be credited on the
Dass hooks of the members se1nl-an'
n nually, and the dividends on paid W
sock Shall be paid in cash ON the
fourth Monday of January and Jul!
IS of each year.
:, ARTICLE V.
y The corporate powers OF the Assc.
s citation shall he exercised by 4 Boart
of Directors Oconsist OF fifteen stock
n .holders. each of them owning at leas
five shares in his w name, Whoshal
he elected b. the stockholders on thu
u fnurth Monday>iu July 1908, and an
nua]iy thereafter, Any stockholdel
r. ceasjnr to own five shares shall fps.
i, faeto Vtnate Ais scat
II tiee Il said election snaU ha6i,el
Re fer the space 81 ten tiU days, by pWb
d LEGATION in one of the daily news
n papers published in the city al Ien
nines. Said election shall be by pal
n the time and pl ice thereof.
,e The directors shall elect from theil
number a president, first vice presi
il dent, second vice president. secretary
q, II ca surer. an attoruey and a notary
1t They shall appoint sdch other Officers
" and employees as Iaay be nece sary
b who shall bold office subject to hi
lie pleasure OF the Bopra. They shall fl,
lie compensation Of all officers and EN-
IS %ployees, but no salary shall be pait
" 10 ang' director, except to the secre
IS tary.H Ana they shall have power tx
,e enact bylaw. not "~repAenaAt to thi!
Of Charter, to select a place Of meetihg