The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-28
Act of of Incorporation St.
Mary Building Assn.
CONTINUED from I'd page.)

Mary Building Assn.
Continued from I'd page.)
tied to bid whose stock is in arrears
and that the real estate offered as
security for said advances must be
approved 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 stakeholder 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 said advance.
Said property after such inn
provements have been made as
previously agreed upon by the
stockholder and the corporation,
shall then be re-sold to said stock
holder 1.-THE corporation retaining
a vendors lien and privilege there
on) the consideration of the RESALE
being q note executed by the
stakeholder 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 XII.
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 all expenses as
incurred in appraising property,
making and cancelling loans or
advances, shall be paid by the
stakeholder 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
vances 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 inn
proved at once; nor shall any
saloon, public halls, theatre,
churches, meeting rooms or schools
be accepted as such security and
no real estate shall be purchased
by the corporation unless q reso-
luton authorizing same has been
duly passed by the board of di-
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 adj