The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-21
Said stock shall.
mence to sfaTjn il
poration, 4 Shall

tuoA " u III duu lIIIO VI edCu payment
made on account of its par value.
All profits accruing to such stock shall
be credited thereto as payments on ac-
count of its par value
Whenever the share of any subscrib.
ing stockholders by reason of the pay
ments made thereon and the profits cred,
lted thereto shall become worth the par
value of one hundred dollars per share,
then the said stock shall be deemed fully
paid for and in its place shall be issued
the same amount Of full paid stock.
The payment of twenty five cents per
share per week shall be considered rs the
minimum payment. ANY multiple of
twenty five cents per share per week can
be paid weekly on this stock.
Article vi.
Payment of instailments OH shares; full
paid and Dayton stock excepted) shall
be due and payable weekly on each Sat-
urday at the corporations office in Pat
tersOn, between the hours of four and
eight p. m.
Any stockholders failing to make his
payments on account of the par value of
serial or installment stock regularly and
becomes five weekly payments in arrears
on the same shall pay as penalty the
sum Of ten cents per share for each per-
iod OF five weeks bis payment are in
arrears.
Such payments shall be considered as
fine and must be paid before any
weekly payments can be credited upon
the stock arrears.
The owner of serial or installment
stock the payment Of installments on
whose share shall be in arrears for IL
period of six months shall by reason of
such arrearage and as a penalty and
without notice forfeit all payments pre-
viously made by him Or such shares
together with all the dividends or profits
that have been credited thereon; and such
payments and dividends or profits shall
revert to and become the property of the
corporation.
Article VII.
Stockholders whose shares are not
pledged to the corporation as security
for money loaned or advanced may with
draw one or more shares of their stock by
fling with the Secretary written no.
tice of withdrawal
Each written notice of withdrawal shall
be registered and numbered by the Score.
tary in the order of its receipt, and with-
drawing stockholders shall be paid in
rotation as registered out of the first
unappropriated money in the treasury,
provided that at no time can any stock
holder or stockholders demand in any
month to be paid for Withdrawals of
stock more than one half the current
receipt for that month nor before the
expiration of thirty days from the date
of filing with the Secretary their written
notices of withdrawal. The board of
directors shall have the power 10 enforce
or waive these two provisos at any meet
ing without giving previous notice.
The withdrawal value of u share shall
always be the sum of the payments made
on such share less any unpaid fines or
charges and a pro rata of the current
years expenses and losses. provided such
expenses and losses are in excess of the
profits of the corporation for that period
providing that a stakeholder withdraw
ing after his shares have been in exist
ence over one year shall receive in adds
ton TO the above ten per ccntum of the
dividends on said shares for each year
that they have been in existence, if such
shares are Serial Stock; or if the stock is
Installment. Dayton or Full Paid, provid~
iLg that stakeholder withdrawing after
his stock has been in existence for
period OF six months shall receive in adj
ditfon to his payments all the cash profits
that have been credited to said shares.
Article XIII.
On the death of any stakeholder his or
herlegal representatives shall be entitled
to assume control of said stock and trans
G.. ~ -
may deem best
80 Article TX
No shares will be transferred
except on the books of the corpo-
ration provided no shares in ar
rears can be transferred and the
person to whom the shares are
transferred shall sign the charter,
and recognize it as binding upon
him or her.
For each share so transferred
there shall be paid twenty five
cents to the Secretary to be cred
tied to the corporation.
Article X.
The funds accommodating in the
treasury shall he loaned or adj
vanced to the stockholders in the
following manner and on the fol-
lowing conditions:
There shall be two methods of
loaning or advancing the corpora
tons funds to it's members, termed
stock loans and stock discounts;
and it shall be entirely optional
with the board of directors as to
which of these loans or advances
shall be made.
Stock Loans
Any stakeholder whose shares
are not in arrears, desiring to OBJ
tain a loan upon his stock, must
present at meeting of the board
of directors, a written application
for such amount as he may de-
sire, not exceeding nine-tenths of
the withdrawal value of his stock.
Ii said application is granted, he
must give written pledge to the
for the stock upon
which the loan is made, together
with all payments of installments
and dividends, present and future
thereon, and must further execute
his note in favor of the CORPORA
ton for the fnll amount of cold