The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-21
Act of of Incorporation st.
Mary Building Assn.

l
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 q
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
ther sell the property accepted by
the board of directors as security
for the advance to the corporation
for the cash consideration of the
par value of the stock upon which
the advance was applied for less
the amount of this voluntary dis.
count bid for eaid advance.
Said property after such i'm
provements have been made as
previously agreed upon by the
stakeholder and the corporation,
shall then be re-sold to said stock
holder (the corporation retaining
a vendors lien and privilege there
on) the consideration of the resale
being q note executed by the
stockholder in favor of the corpo-
ration for the full amount of the
par value of his stock upon which
the advance was made; said note
to bear six per cent. interest per
annum, to be identified with the
act of resale, and to be payable
six months after it's date. The in
terest on said note shall be pay
able in monthly installments on
any Saturday of each month at
the corporations Office in Patter-
son, La, between the hours of four
and eight p. m. An agreement
shall then be entered into between
the stakeholder and the corpora
ton whereby the payment of said
note shall not be demanded so
long as the weekly installments
on his said shares and the monthly
payments of interest on said note
are regularly paid, until the value
of said stock shall have become
equal to its par value and then
said note shall mature and the
value of the said shares shall be
applied to its liquidation.
Article XI.
Stockholders obtaining loans or
advances upon their stock and
failing to tender satisfactory Sc
curity for same within thirty days
after date of the regular meeting
at which said loan was applied or |
bid for. shall forfeit same, provi-
ded that the board of directors |
shall have the right to extend the !
time for satisfactory reasons, and
all costs or charges or expenses
attending the examination of title
and appraisement of property to-
gether with the interest for not less
than one month or such time as
shall have elapsed shall be charg-
ed to the stakeholder and be q lien
against his shares until paid, bear
ing interest at the rate of eight per
cent. per annum until paid.
All fees for attorneys, notaries
and registers, and oil expenses as
incurred in appraising property,
making and cancelling loans or
shall be paid by the
with whom the cor
poration is dealing.
Article XII.
The board of directors may
make such rules, regulations and
bylaws to govern loans or adj
on stock as they may see
proper, provided that they do not
conflict with any provisions of this
charter.
No real estate shall be accepted
by the board of directors as secur.
ity for loans or advances unless
the same be improved or to be i'm
proved at once; nor shall any
saloon, public halls, theatre,
meeting rooms or schools
be accepted as such security and
no real estate shall be purchased
by the corporation unless a reso-
luton authorizing same has been
duly passed by the board of d.
rectors and has been recorded in
their minutes.
Article XIII.
Any stakeholder who has re.
ceived an advance upon his shares
desiring to settle an liquidate such
Indebtedness prior to the maturity
Of his stock upon which said ad-
has been made, may do
30 either in part or in whole by
paying the net amount of cash
advanced to him upon each share
plus one eighth of the voluntary
discount bid made by him for said
advance for each year or fraction
of year that said loan has been in
existence and if desired the
pledged shares may be surrender
ed to the association and cancelled
under the conditions provided for
unpledged shares.
Any part payment under this
article shall be credited on the
note in the sum of the
oar value of each share redeemed
rom pledge and thereafter inter-
.st shall be paid upon the remain
n