The Jennings daily record., 1902-07-26
CHAR TIER
OF THE
Jennings Building & Loan Asso'
citation.
State OF Louisiana,

AlS ~ kuOWQ LnGU ON LHtS S1&L00utU
day Of June, in they ar one Thousand
Lille nai..rcd and TWO, before me, j.
=. ST. Germain, a notary public, duly
commissioned and qualified, in and
,or the said parish or Caicasieu State
the Witnesses hereinafter named and
undersigned, personally came and ap-
peared the parties whose names are
hereunto subscribed, who declare d
That avAiling themselves OF the pro-
visions OF the laws of this State rela-
tive to the organization of corpora
tions, and especially of tn acts of the
Legislature Nos. ll5 and ISL of the
session of 1888, they have covenanted
and agreed, and do, by these presents,
covenant and agree and bind them
selves, and those who may hereafter
t'tco.ne associated with them, to form
themselves into and constitute q COR
poraticn for the objec.s and purposes
uereina tier set fOrta
ARTICLE l.
The name and tisie Of this corpor-
alton shall! be the "Jcnnings Building
& Loan Association and under its
said corporate nane it shall have the
power and authority TO contract, sue
and be sued: to make, have and use IL
corporate seal, and the same to break,
alter or amend at pleasure: to hold,
receive, lease, purchase and convey,
ana pledge, under lis corporate name,
property, both real and personal: to
lend money on security; to name and
appoint such Officers, directors and
L4en' S d. lie interests ANA convenience
u. SAID co:p2i ;,tiO1 may require: to
opS = ;cl,i 1a.
ard regulations for the proper man
agement and regulation of its affairs
as it may deem necessary and proper.
and t3e same to cha r.. : ;l,,l alter at
pleasure, and to 60 all Other acIs and
things rs are or may be necessary and
proper to carry out the objects and
purposes of said corpnration:tnds said
corporation. unless sooner diss lived
in accordance with this Charter, shall
exist and continue for and during
n;nety-ninc Years from date hereof.
ARTICLE II.
The domi:ile of the said corporation
shall be in the city OF Jennings. in
the Sta e Of Lo i,ana, and all cita-
tons or other legal processes shall
he served upon the President OF this
corporation, or. in his absence, upon
olIS htSG v ICo ISSliSuu, vi, LII Ills tt "
sence, upon the second Vice-Presi-
dent. or, in the absence of all these
officers, upon the Secretary.
ARTICLE III.
The object of this Association shall
be the accumulation of fund from
the weekly installments on account of
subscription to the capital stock, rem
tails, bonuses, inter est on loans and
other sources: the funds SO accumu-
lated to be used for the purchase and
sale of real estate, the building, rent
in@ 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
bylaws.
No loan shall be made except to
shareholders, and no loan for a great
er sum thai the face of the shares
owned by the borrower.
AL loan shall be under the control
and direction of tn. Board of Direc-
tors, who shall have the power to
make such rules, regulations and by
laws regulating the same as it may
deem necessary or eXpedient.
ARTICLE iii
/. The capital of said corporation
shall he five million dollars (S5.UUo,-
~" .M), and shall he issued in shares
of one hunureu dollars each, and this
shall beg II business at
once, 2a9 sh;tres having been sub
scribed tor by the original signers
h reto.
=. The shares in this corporation
may lie of tw.' kinds, 'running"
shares and "paid up" shares. "Kun-
nj 60 shares shall be paid for in
weekly Or monthly payments of at
lea st twenty-five cents per share per
week. On shares pledged for addi-
tional security for real estate loans,
weekly interest on such loahs shall be
first deducted from each payment, and
the difference credited as payment ON
the stock; provided, additional pay
ments may be male at any time or in
any amount, at the option of the
sh Ireholder. ''Paid up'' shares shall
be paid up in full at the date If their
issue; provided, payments on account
of ''paid up" shares may be made at
any time, in sums of ten dollars, or
multiple thereof per share, for which
payments the Association shall issue
receipts which shall be convertible
ITO certificates of "paid up" sha: s