The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-21

St. Mary Building Assoc
citation of Patterson,
St. Mary Parish, Louisiana.
(Amended.)
At the annual meeting Of the stockholders
of the st. Mary Building association of Pat
terSOn, st. Mary Parish, Louisiana, convened
on the 10Th day of January, 1903, (ten days
mail by the Secretary to all the st0ckhold-
ers) the charter AS originally adopted by this
Association and amended on the 18th day of
January, 1898, was altered, modified and
amended to read as follows, to wit:
- Article /.
The name and title of said corporation
shall be 1.-THE st. Mary Building Association
and under its corporate name it shall have
power to contract, sue and be sued; to make
and nse "A corporate seal and the same to
break and alter ut pleasure; to hold, receive
corporate name, property both real and per.
SOnal; to lend money on security: to name
and appoint such officers and agents as the
interest and convenience of said corporation
may require; to make and establish such
by laws, rules and regulations for the proper
management and regulation of the affairs of
said corporation as may be necessary and
proper, and the same to change and alter at
pleasure; and to do all such acts and things
as are or may be proper and necessary to
carry out the objects of said corporation.
Article 2.
The dOmcle of said corporation shall be
in the town OF Patterson, Parish of st. Mary
State OF Louisiana, and all citations or other
legal process shall be served upon the Pres-
dent OF said corporation, or in his absence
upon the Vice-President, or in the absence of
both these officers upon the Secretary.
Article 3.
The object OF this corporation shall be:
l. To provide 4 convenient, safe and pro-
fitable method of investing the subscriptions
of its stockholders.
2: To furnish them with the opportunity
OF borrowing money on real estate security.
To carry out these objects the corporation
shall accumulate a fund from the weekly
payments on subscriptions to the capital
loans, and from money received from other
lawful sources; the fund so accumulated to
be used for the purchase and sale of real es-
tate and for the loaning of money on real
estate security.
The corporation is hereby prohibited from
lending money to any but its own stockhoid-
ers and from accepting as security for such
loans property situated outside of the par
ish OF st. Mary.
Article4
The corporate powers of the corporation
shall be exercised by "a board of nine direct
Ors, each OF whom shall own not less than
five shares, who shall be elected by the
stockholders present, or represented at Il
meeting to be- held on the third Tuesday in
january annually
Each stakeholder, present or represented
Mt said election and not in default, shall be
entitled to one vote for each share possessed
by him or her.
At least ten days notice of said election
shall be given by the Secretary through the
mail. Said election shall be by ballot and
shall be held at the domice of this corpora
ton under the supervision OF three stock
holders appointed by the Board of Directors
at the preceding regular meeting. The nine
stockholders receiving the highest number
otvotes cast shall be declared elected.
The failure to hold All election on the day
specined shall not dissolve the corporation,
but the directors in Office shall hold over
until an election be held after ten days no
tice shall have been given by mail of the
time and place thereof.
The directors shall elect from their num-
Der president and vice president. Four
directors shall be quorum for the TRANSACT
tion of business. Tic directors shall elect a
secretary, treasurer and such other officers
ana employees as may be necessary; and
they shall have power to enact by laws not
repugnant to this charter, to select their
places OF meetings, to suspend any officer or
director for neglect of duty or misconduct,
and name and appoint their successors as
general authority to carry out the objects
and business of the corporation.
Articles.
me capital stock OF said corporation shall
date OF January goth, 1903, be issued in such
amounts as the board of directors shall de-
termine under one of the four plans, to-wit:
Serial Stock
Serial stock shall be issued in quarterly
series of not more than two hundred and
fifty shares each. Each share shall represent
two hundred dollars and shall be paid for by
weekly installments of . cents per share
and the crediting to the maturity value of
the share of such dividends as may be appor-
toned to it by the board of directors. At the
DUaru of directors may decide, the profits of
that period shall be apportioned in such man
ner as the board of directors may determine,
and dividend in accordance Herewith shall
hs. ifxy W, In, f,e
share in force at that time.
Whenever the shares of any series by rea-
son of the payment on account of subscrip-
tions thereto, together with the additions of
such dividends as are credited thereto by the
direction of the board of directors from time
to time. shall become worth the maturity
value OF two hundred dollars per share then
the shares of such series shall be by the
board of directors declared matured, and
their par or maturity value shall be paid to
each stockholder owning the same on the
surrender OF his pass book and certificate for
same.
Every share in any series must mature con-
currently with all other shares in the same
series; and NO stakeholder shall be permit
advance OF the maturity Of that series by
making extra or additional payments.
Full Paid Stock.
Full paid stock shall be issued only
in payment of its par value of one hun
dred dollars per share in cash at the date
of subscription. Full paid stock shall
equally with the other stock
OF the corporation in its profits in pro-
portion to its value and age
Full paid stock can be issued as SUBJ
scribed for and shall commence its earn.
iDgs with date Of subscription.
All profits accruing to such stock shall |
be payable to the owners thereof IN cash |
semi annually.
Dayton Stock.
Dayton stock shall be worth the par
value of one hundred dollars per share |
and shall be issued upon the payment of |
one dollar per share for each share SUBJ |
scribed.
The subscribing stakeholder shall have
the right to make further payments on
account Of the unpaid balance a the par
valne Of said stock as he pleases.
Said stock shall upon its issuance com.
mence to share in the earnings of the
and shall participate in the
same equally with all the other stock of
The corporation in proportion to the
actual worth and the time of each pays
nent 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 shares of any subscrib-
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