The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-04-04

| made on account of its :. r v.:ltle,
All profits accruing t. such stock shall
be credited thereto as payments on &C.
count of its par value.
| Whenever the share Of any subscrib.
| ing stockholders by reason of the pay
ments made thereon ana the profits cred,
tied thereto shall become worth the PAL
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. pei
| 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 on shares; full
paid and Dayton stock exceptcd) 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 lnstallment 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-
lod OF five weeks his payment are in
arrears.
Such payments shall he 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 II
period OF six months shall by reason of
such arrearage and as penalty and
without notice forfeit all payments pre-
vlously made by him OF 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
Piedsed TO the corporation as security
lor money loaned or advanced NAV with
draw one or more shares of their stock nv
filing with the Secretary a written no.
tice of withdrawal.
Each written notice of Withdraw al shall
he registered and numbered by the Score.
!ary IN the order of its recent, and with~
drawing stockholders shall be paid in
rotation as registered out of the first
Incorporated money in the treasury,
PROVIDED that at no time can any stock
holder OF 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 ming 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 a share shall
always be the sum of the payments made
on such share less any unpaid fines or
Charges and pro rata of the current
years expenses and losses, provided such
expenses and losses are in excess of The
pronts OF the corporation for that period
providing that stakeholder withdraw
ing after his shares have been in exist
ence over one year shall receive in adds
tion to the above ten per centum of the
dividends on said shares for each wear
that they have been in existence. if such
shares are Serial Stock; or if the stock is
lnstalmcnt, DAYTON or Full Paid provid.
iLg that a stakeholder Withdrawing after
his stock has been in existence for a
period oil SIX months shall receive in adj
d'tfon to bis payments all the cash protits
that have been credited to said shares
Article XIII.
On the death of any stakeholder his or
her legal representatives shall be entitled
TO assume control of said stock and trans
fer. continue or withdraw it as he or she
may deem best
Article TX. 4
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
ira q sferred 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.
The funds accommodating in the
treasury shall be loaned or adj
to the stockholders in the
following manner and on the fol-
owing conditions:
There shall be two methods of
gaming or advancing the corpora
ions funds to its 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
ire not in arrears, desiring to OBJ
ain a loan upon his stock, must
present at meeting of.the board
II directors, a written application
or such amount as he may de-
ire, not exceeding nine-tenths of
he withdrawal value of his stock.
+ said application is granted, he
must give written pledge to the
corporation for the stock upon
which the loan is made, together
With all payments of installments
md dividends, present and future