The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-04-04
Act of Incorporation of the
st. Mary Building Asso-
citation of Patterson,
St. Mary Parish, Louisiana.
(Amended.)

At the annual meeting of the stakeholder:
of the st. Mary Building Association of Pat
terson. st. Mary Parish, Louisiana, convened
on the goth day Of January, 1908, item days
notice OF said meeting having been giveu by
mail by the Secretary to all the stockhold-
ers) the charter as originally adopted by this
Association and amended on the 18th day OF
January, 1898, was altered, modified anc
amended to read as follows, to wit:
Article l.
The name and title of said corporation
shall be "The st. Mary Building Association
and under its corporate name it shall have
power to contract, sue and be sued; to make
and use corporate seal and the same to
break and alter at pleasure; to hold, receive
lease, purchase, convey and pledge under Its
corporal" name, property both real and per-
sOnul; 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 dOmicile 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 PreSi-
dent OF said corporation, or in his absence
upon the Vice President, or in the absence of
DOtn tHCSc OIuCCIo upou TIC OcCTctdIy
Article 3.
The object of this corporation shall be:
1. To provide convenient, safe and pro-
ftable method of investing the subscriptions
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
stock, the monthly payments OF interest on
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 looming 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.
Articles 4.
The corporate powers of the corporation
shall be exercised by board of nine direct
five shares, who shall be elected by tn"
stockholders present. or represented Mt Il
meeting to be held on the third i''"s.iaJ Al
Each stakeholder, present or represented
at 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 domicle of this corpora
holders appointed by the Board of Directors
at the preceding regular meeting. The nine
stockholders receiving the highest number
ofvotes cast shall be declared elected.
The failure to hold an election on the day
specified 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 q president and vice president Four
directors shall be quorum for the transact
tiOn of business The directors shall elect q
secretary, a treasurer and such other officers
and 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
provided for in the by laws, and shall have
general authority to carry out the objects
and business Of the corporation.
Articles.
The capital stock of said corporation shall
be one million dollars, which shall from the
az 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 instalIrnents OF Is cents per share
and the crediting to the maturity value of
the share Of such ividends as may be appor
toned to 1t by the board of directors. at the
close of each quarter or esch year as the
board Of directors may decide, the profits of
that period shall be apportioned in such man
and a dividend in accordance Herewith shall
be credited to the maturity value of each
share In force at that time.
Whenever the shares OF any series by rea.
son OF the payment on account OF SubScrip-
lions thereto, together with the additions of
such dividends as are credited thereto by the
4 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
heir par or maturity value shall be paid to
Zach stakeholder owning the same on the
yurreH of his pass book and certificate for
Jame.
Every share in any series must mature con-
with all other shares in the same |
Jeries; and no stakeholder shall be permit
cd to mature any shares of serial stock in |
.tfvance OF the maturity of that series by |
making extra or additional payments.
Full Paid Stock.
Full apaid stock shall he issued only |
II payment of its par value of one hun
lred dollars per share in cash at The date |
# subscription. Full paid stock shall |
participate equally with the other stock /
# the corporation in its profits in pro-
,ortior to its value and age
Full paid stock can be issued rs SUBJ
cribed for and shall commence its earn
ngs with date OF subscription.
All profits accruing to such stock shall
'c payable to the owners thereof IN cash
emf annually.
Dayton Stock.
Dayton stock shall be worth the par
alue of one hundred dollars per share
nd shall be issued upon the payment of
ne dollar per share for each share SUBJ
cribed.
The subscribing stakeholder shall have
be right to make further payments on
ccount Of the unpaid balance of the par
alue Of said stock as he pleases.
Said stock shall upon its issuance com.
hence to share in the earnings of the
orporation. and shall participate in the
anne equally with all the other stock of
be corporation in proportion to the
ctual worth and the time of each pay
rent made on account of its par value.
All profits accruing to such stock shall
e credited thereto as payments on ac-
cunt of its par value.
Whenever the shares of any subscrib-
1g stakeholder by reason Of the pay
tents made thereon and the profits
redited thereto shall become worth the
ar value of sone hundred dollars per
bare then the said stock shall be deemed
ally paid for. and in its place shall be is~
led the same amount of fnll paid stock |