The weekly Iberian. (New Iberia, La.) 1894-1946, 1903-05-23

meeting OF Its stockholders was con-
vened and held at the office of said
corporation on the Twentieth day of
January, 1903, for the purpose of al
tering, changing and amending the
Charter or Act of Incorporation of
said Association, of which said meet
ing convened for the said purpose ten
DAYS prior notice thereof was mailed
to each stakeholder and that at said
meeting all of the stockholders pres
ent and represented by proxy did vote
unanimously for the said amendments
proposed to be made to the said Act of
Incorporation.
And the said appearers declared,
further, that by virtue of the powers
in them vested as officers of said AS
ISOLATION and in conformity with the
resolution of the stockholders adopted
at the said meeting and in order to
carry into effect the said amend
ments adopted at said meeting and to
cause same to he recorded, they do
hereby publicly and formally proclaim
and make known the following amend
ments to the Act of Incorporation OF
the Iberia Building Association to the
end that same may hereafter and at
all times be as hereinafter detailed
and set forth and in full force and eff
feet as regards all persons that are in
or who may hereafter become stock
holders of the said Iberia Building
Association, to witt That Article V
of the Charter of said corporation shall
be aud is amended SO as to read as
follows:
ARTICLE V.
The corporate powers of the ASCOT
alton shall be exercised by seven D1-
rectors, each of whom shall own not
less than five serial shares, who shall
be elected by the shareholders on the
Third Tuesday in January, annually,
each stakeholder represented at said
election and not in default being en-
titled 10 vote as follows:- For one Sc
rial share up to five exclusive he may
cast one vote. From five shares up to
ten exclusive he may cast two votes.
From ten shares up to twenty exclu-
sive he may cast three votes. For
twenty shares and over be may cast
! four votes.
Notice of said election shall be
given for the space of ten days by the
Secretary through the mail. Said
election shall be by ballot and shall
be held at the dom1cile of this Cor
poration, under the supervision OF
three shareholders appointed by the
Board of Directors at the last preced-
ing regular meeting thereof. The
shareholders receiving a majority OF
the votes cast shall be declared elected.
The failure 10 hold an election on
the day specified shall notsdissolve the
corporation but the Directors in office
shall hold over until an election be
held, aftor ten days notice of the time
and place thereof.
The Directors shall elect from their
number President and Vice-Presi-
dent; and four Directors shall be
quorum for the transaction of bust
ness.
The Directors shall elect or appoint
a Secretary and such employees as
NAV be necessary, and may fix their
compensation, but no salary shall be
paid to any member Of the Board Of
Directors or officers, except to the
Secretary; and they shall have power
to enact Bylaws not repugnat to this
Charter to select place of meetings
to suspend any officer or Director fo
neglect of duty or misconduct, and t.
name and appoint their successors, a
provided for in the Bylaws, and shall
have general authority to carry on
the objects and business of the Asso
r citation. But they shall not have pow
er to purchase real estate, except fo
cash, nor contract any indebtedness