The southern sentinel. (Winnfield, La.) 1883-1910, 1903-08-28
CHARTER
WINFIELD BUILDING AND LOAN
ASSOCIATION.
ARTICLE 1.

AhIlCLE l.
The name and title Of said corporation shai
be the "Winnfeld Building & Loan Associa'
tion," and under its said corporate name \
shall have power and authority to have ane
enjoy succession under its said corporate name
for term of ninety nine years from the dat'
hereof, unless sooner dissolved in the mannel
hereinafter provided for; to contract, sue ano
be sued; to make and use q corporate seal
and the same to break or alter at Pieasnis
to hold, receive, lease, purchase and convey
under its corporate name, property, Dotn rea
and PERSONAL; to lend money on security; 70
name and appoint such officers and agents as
the interest and convenience OF said associa
ton may require; to make and establish sue
bylaws, rules and regulations for the proper
affairs Of said corporation as may be necessa.
nv and proper, and the same to change ana
alter at pleasure and to do and perform al
such acts and things as are or may be requisite
and necessary to carry out the objects ano
purposes Of this corporation.
ARTICLE III.
The domicile of said corporation shall be in
the town Of WINFIELD, parish OF VIM, state
of Louisiana. All citations shall be served on
the President, or in his absence, on the Vice
President.
ARTICLE III.
The objects and purposes Of said corpora
ton shall be the accumulation OF q fund IRON
the monthly installments paid on account OF
subscription to the capital stock OF this asso-
citation, from rentals, premiums, and interest
on loans.
the purchase and sale Of real estate, the build
ing, renting and sale of homesteads, and the
lending OF money upon mortgage or other
security in the parish OF Winn, put no loan
made without the consent Of at least two
thirds of the Board of Directors.
ARTICLE Nv.
The capital stock Of this corporation shall be
one million dollars, divided into five thousand
shares of two hundred dollars each, issued in
fbrpo cla 10
.sB", and class "C'', payable in installments
of one dollar per north per share for class A
stock, and one dc a. and fifty cents tS,5o,
per month for class > stock, and two dollars
Isl .0O) per month for class C stock.
Each class of stock shall be issued in series
dominated respectfully, A, B, G, etc.
issue of each series provided there be an inter
val of at least three months between each
series.
No member shall own more than twenty
five shares in each series, unless, and except
for the purpose of borrowing thereon, IN which
event a stakeholder may purchase and own
any number Of shares in any one series, pro-
vided he becomes = borrower on all his shares
in such series within ninety days after ne
becomes owner of same. In case he fails to
borrow on all his shares within the specified
piration of ninety days cancel the excess oil
stock over twenty-five shares provided no
part OF the loan be cancelled) and pay to the
owner of same the withdrawal value OF the
thu shares representing any series, by reason
of payments of instalhnents and accumula-
ton of profits be worth the par value Of two
hundred dollars leach, such series shall be
liquidated as speedily as Is consistent with
the interest of The subscribers, and whenever
shares representingthe last remaining series
case OF dissolution OR termination Of this
charter from any causes the association shall
be liq Undated by five; commissioners selected
by the Board OF Directors from among the
Sfn mi
power to fill any vacancy in their number, by
selecting from the stockholders any one eligi-
BILE under this charter as Director.
ARTICL1.v.
All powers OF this corporation shall he exer-
cised by Board OF Directors from among the
stockholders owning each at least five shares
of stock of the association Said Directors 70
be elected 1T general meeting convened for
each year, commencing on the fourth Monday
of July, nineteen hundred and four.
Notice Of snch meeting shsll be published in
, 2. more OF 81 the n Of
ceeding said election.
Said election shall be by ballot q the domi-
cile Of this corporation under the supervision
of three commissioners, stockholders, who are
not directors, appointed by the board Of direc-
tors at the last proceeding meeting. The polls
shall be opened for voting ut such election
from eight a. m. to eight p. m.
Each share of stock il entitled to one vote
and the stockholders receiving majority oi
the votes cast shall be elected. Failure tc
hold an election on the day specified shall NO,
office shall hold power until an election he
held, after ten days notice Of the time and
place thereof.
The directors shall elect from their number
President, Vice President and Treasurer
Five directors shall be . quorum for the
transaction of business; provided, that . ma
| to act on any question Of finance. All yacan-
cies shall be f;led by remaining members Of
said Board of Directors from the qualified
stockholders. The President shall select and
select an Attorney, Notary, and such other
officers as shall be necessary, but no salary
shall be paid, except to the Secretary but the
Board of Directors may allow and pay proper
compensation to other employees and officer.
| OF the company for services rendered by them
The directors shall have power to make by
place OF meeting; to suspend amy and al
officers, and have general authority to carry
| out the objects and business Of the association
But they shall not have power to purchase
real estate. except for cash, nor contract an,
! indebtedness in excess Of the amount of one
| months instailment, except with money II
| TREASURY previously paid in.
The Secretary and Treasurer shall each, fo]
the faithful performance OF his or her duties
give bond, satisfactory to the Board Of Di
! rectors; the secretary in . sum not less thar
one thousand dollars, and the Treasurer in
| sum not less than three thousand dollars.
ARTICLE vi.
Each stakeholder for each share of stock hi
may hold in the association. shall be eligible
to receive from the funds Of the association !
| loan of two hundred dollars, less the premium
offered. Whenever the funds in the treasur,
shall warrant, one or more loans shall be dis.
posed Of TO the stockholders Offering the hiRh.
| est voluntary premium, in such manner as the
Board OF Directors may determine.
stockholders taking loans shall pay interest
thereon by monthly payments at the rate O.
| eight PEE cent. per annum.
In case OF failure to give satisfactory secur-
ity for such loan within one month Of the date
of purchase, the interest shall be CHARGED q
said purchases, together with all costs and
charges, or expenses attending examination
OF titles and searches, and the money shall
revert to the association. Security shall moi
be deemed sufficient unless approved by !
majority Of the Board OF Directors
All costs OF the notary, attorney, registers
recorders. and all expenses incident to each
loan to be paid by the bidder.
No stockholder shall be entitled to bid on
or receive loan, or to vote on any question
whatever, who is in arrears for monthly in
stallments interests, Zines and penalties
The Board of Directors shall have the power
at any time they deem it TO the interest 81 the
association TO call in and retire unincumbered
stock in any series, paying to the owner Of
such stock in cash the total earned vaIua m