The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-14
Article Y.

vanced to the stockholders in tn
following manner and on the fol
4 lowing conditions:
II There shall be two methods Q
, loaning or advancing the corpora
tons funds to it's members, terme,
stock loans and stock discounts
and it shall be entirely optiona
with the board of directors as t,
which of these loans or advance
shall be made.
| Stock Loans
| Any stakeholder whose, share.
are not in arrears, desiring to OBJ.
tain loan upon his stock, mus
present at a meeting of the board
OF directors, 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 a written pledge to the
corporation 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 full amount of said
loan with interest at eight per cent.
per annum from date of note till
paid, and to be payable one year
after date.
Stock Discounts.
At any meeting of the board of
directors if the funds so warrant.
said board shall have the right to
offer to advance money upon the
par value of the capital stock. The
said offer shall be made by auc-
ton and the said advance shall be
made to the stockholder bidding
the highest voluntary discount
therefor, providing that no bids
shall be received for less than
twenty per cent discount on the
par value of the capital stock, and
that no stakeholder shall be enti-
tied to bid whose stock is in arrears
and that the real estate offered as
security for said advances must be
by the board of direct
ors after receiving a favorable re-
port thereon from the appraise-
ment committee and attorney of |
the corporation as to the value and |
title of the same.
Said stockholder must give a
written pledge to the corporation
for the stock upon the par value
Of which said value is made, to-
gether with all payments of in
stallments and dividends present
and future thereon and must fur
sher sell the property accepted by
The board of directors as security
Tor the advance to the corporation
or the cash consideration of the
par value of the stock upon which
he advance was applied for less
he amount of this voluntary dis
count bid for said advance.
Said property after such inn
movements have been made as
previously agreed upon by the
tockholder and the corporation,
hall then be re-sold to said stock
lolder 1.-THE corporation retaining
vendors lien and privilege there
NJ the consideration of the resale
eing a note executed by the :
tockholder in favor OF. the corpo- i
alton for the full amount of the t
ar value of his stock upon which I
he advance was made; said note t
D bear six per cent. interest per T
mum, to be identified with the g
ct Of resale, and to be payable X
x months after it's date. The in y
crest on said note shall be pay O
Die in monthly installments on G.
ny Saturday of each month at p
lie corporations Office in Patter-
IN, La, between the hours of four
Id eight p. m. An agreement is
lall then be entered into between a.
lie stakeholder and the corpora !,
on whereby the payment of said m
'tc shall not be demanded so ST.
ng as the weekly installments B.
his said shares and the monthly st
lyments of interest on said note Sc
e regularly paid, until the value VI
said stock shall have become ~ ~
ual to its par value and then %
id note shall mature and the
lue of the said shares shall be 10
piled to it's liquidation. he
Article XII. co
stockholders obtaining loans or OF
vances upon their stock and ~ W.
ling to tender satisfactory Sc NJ
rity for same within thirty days be
er date of the regular meeting be
which said loan was applied or on
| for, shall forfeit same, provi- hil
that the board of directors civ
Ill have the right to extend the I'm
le for satisfactory reasons, and Dn'
costs or charges or expenses dn,
the examination of title by
/ appraisement of property to- aft
her with the interest for not less dir
N one month or such time as ber
Ill have elapsed shall be charg- Sec
to the stakeholder and be a lien Dc
ainst his shares until paid, bear Gre Gre
. interest at the rate of eight per S"a &C..
It. per annum until paid. ora
III fees for attorneys, notaries OF
l registers, and all expenses as he'll
urred in appraising property, 100