The Jennings daily record. [volume] (Jennings, La.) 1900-1903, 1902-08-09
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Jennings Building 1 Loan ASST
citation.
State OF Louisiana.

Vi u uI1OS ~ ySSA OAA -J
nine hundred and two, before me, y.
G.. st. Germain, q notary public, duly
commissioned and qualified, in n
for the said parish OF Calcasieu, State
of Louisiana, and in the presence OF
the witnesses hereinafter named and
undersigned, personally came and ap-
Deared the parties whose names are
hereunto subscribed, who declared:
That availing themselves OF the pro-
visions of the laws OF this state fela-
tive to the organization OF corpora
tions. and especially of the acts OF the
Legislature Nos. lis and l5l OF the
session of 1888, they have covenanted
and agreed, and do, by these presents,
and agree n BIND them-
selves, and those who may
becouue associated with them, to 1orm
themselves into and constitute q 0 r
poration for the objects and purposes
hereinafter set forth.
ARTICLE I.
The name and title OF this corpor-
alton shall be the Jennings Building
e. Loan Association" and under its
said corporate name it shall nave the
mower and authority to contract, sue
and be sued: to make, have and use "a
corporate seal, and the same to break,
alter or amend at pleasure; to hoId,
receive. lease, purchase and convey,
and pledge, under it's corporate name,
nroperty. both real and personal; to
lend money on security; to name AND
anpoint such officers, directors and
accents as the interests and convenience
OF said corporation may. fequlfe' 10
make and establish. such bylaws, rules
! and regulations for the proper man
agement and regulation OF It's aHalrs
| as it may deem necessary ana proper,
| and the same to change and alter al
| pleasure, and to- do all other acts n
| things as are OF may be necessary n
| proper to carry out the oD1ec's any
purposes Of said corPoratlon;ano salo
CORPORATION, unless sooner dlss ived
in accordance with this Charter, shall
ex;st and continue for and during
| ninety.nine wears from date hereof.
ARTICLE H..
TIE domicile of the said corporation
| shall be in the city OF Jennings. in
! the State of Louisiana, n all eta,
lions or other legal processes snail
| be served upon the President OF this
corporation, or, in|his absence, upon
| the first Vice President, or, IN ms ao'
| sence, upon the secon
Fdent, or, in the absence OF all these
officers, upon the Secretary.
ARTICLE III.
The object of this Association shall
be the accumulation of a FUND from
the weekly installments on account OF
subscriptibnto the, capital stock, rem
tals,i bonuses, interest on loans and
other sources: the funds so accumu-
lated TO be used for the purchase and
sale of real estate, the building, rent
inc and sale OF homesteads, and the
lending OF funds upou mortgage Sc
curity in the city OF Jennings IN the
State OF Louisiana, and upon shares
| of this corporation as provided by the
No loan shall be made except TIC
shareholders, and no loan fora great
err sum than the face OF the shares
owned by the borrower.
Al loans shall pe under the .ontro
and direction of the Board CT D4rec'
tors, who shall have the power to
make such rules, regulations and by
laws regulating the sane as 1t ma!
deem necessary or e&pedlent.
s "a ARTICLE I'LL
]. .yfhe capital of said corporation
shall be five million dollars (SSo.oo',
OOO. OO), and shall be issued in share!
of one hundred dollars each. and thi:
corporation shall begin business a
once. $50 shares having been sui
scribed for 5S the original slgners
,. The shares in this eu%+Eoratiol!
may he of tw, kinds, running
shares and ''paid up" shares. .lsun
al % shares shall be paid for II
weekly or monthly payments or a
ieast twenty-five cents per share pc
week. ON shares pledged for aadl
tional security for real estate q
weekly in'e, est on such loans shaIl h'
frs. deducted from each payment, ant
the difference credited as payment ol
the stock; provided. addltlonal pay
ments may be made at any time or il
any amount, AZ Inc cP1.oh Oh VIZ
shareholder. "Iald up shafes s,lai
be paid up n full at the Gate OF tsIel
issue: provided, payments on aeco"n
of paid up shares may be made a
any time, in sums of teu dollars. o
multiple thereof per share, Tor Whic'
payments the AsauGiation shall lssu
receipts which snaii pe g~nnyertlbl
into certificates of ''paid up" STARE
upon the surrender Of such receipts,o
they NAV be cashed by their holder
in the same manner and under tn
rules governing withdrawing o
shares, Such payments shall! draw
interest at the rate OF not more tina
four per cent per annum, payable a
the Board of Directors may determine
3. Cumming" shares mny he con
y,lted into paid up shares 10y IN
no der pas:ng the a,i1e, renee " nf sue1
shares, or when s,Gh stHres reac
their face value; provided that srr-tt
Gates of paid up stock shall he issue
only when authorized by and sublee
t, such terms and conditions an
terms as the Board of Directors ma,
prescribe.
A.. Running" shares may be Is
sued in such manner as may DC pro
vided by the BYLAWS
5. Minors may hold shares throug
thai. 1,aa,.ents or tutors, and Marie