The southern sentinel., 1903-09-04
CHARTER
WINFIELD BUILDING AND LOAN
ASSOCIATION.


snail have power and authority to have and
enjoy succession under its said corporate name
for a term of ninety nine years from the date
hereof unless sooner dissolved in the manner
hereinafter provided for; to contract, sue and
be sued; to make and use corporate seal,
ard the same to break or alter at pleasure;
to hold, receive, lease, purchase and convey,
under its corporate name, property, both real
and personal; to lend money on security; to
name and appoint such officers and agents as
the interest and convenience OF said asSocia-
tion naay require; to make and establish such
bylaws, rules and regulations for the proper
affairs of said corporation as may be necessa,
ry and proper. and the same to change and
alter at pleasure, and to do and perform all
such acts and things as are or may be requisite
and necessary 10 carry out the oojects ana
purposes of this corporation.
ARTICLE III.
The domicile of said corporation shall be in
the town OF Winfield, parish of Winn, state
of Louisiana. All citations shall be served on
the President, or in his absence, on the Vice
President.
ARTICLE III.
The objects and purposes of said corpora
lion shah be the accumulation of fund from
the moaitly installments paid on account of
subscription to the capital stock of this asso-
citation, from rentals, premiums, and interest
on loans.
The funds 50 accumulated shall be used fog
the purchase and sale of real estate, the build
ing, renting and sale OF homesteads, and the
leneing OF money upon mortgage or othes
seet.rasy IL the parish of Winn, but no loar
UPON olaef than real estate security shall be
ssaae wisEo1g the consent OF at least two
shiras oi the Board os Directors.
ARTICLE ".
The ea,.i:si ssocs. OF this corporation shall be
cas- zaI.gissa dollars divided into five thousand
share q tJ hundred dollars each. issued IL.
..Ba, and class &C, payable in installments
fof enc 6e:.@F per month Ier snare for class =
stock, aiid oas dollar and hsty cents tsl-5e
tsr i.cs,a-i sor class ; stock. and two doilars
fSy ygs.4g s-lRF IN E,a~ ~ffrS q fsasar-
zach class % stock shall be issued in series
dominated respectfully, A, b, C, etc.
Tbs gcasd 9: Directors shall regulate the
issac o. each series provided there be an inter
sal OF a. least three months between each
series
No ,aenlber shall cwn more than twenty
iiye Shares il each series, unless, and except
Tor Tie purpose of borrowing thereon, in which
event a 5; s;9csEoiecr may purchase and own
any ncnsaf O. shares ir any one series, pro-
EaceG ne becomes . borrower on all his shares
IN s1ca series Within ninety days after b..
becomes owner OF Same. In case he fails tc
borrow on all his shares within the specified
lsi.atipn 90 ninety days cancel the excess o.
stock aser twenty-five shares provided nS.
paIt os ;Ee saan 5e cancelled and pay to the
csss.er o. s<ssass tie withdrawal value of the
stock 1T the siii- of collation.. wheEsyeI
tbs shares representing any series, by reason
OF pay y..leDts OF iast;.i,uents and accumula-
ton of profits be worth the par value OF twS
hundred tselisis eaca, such series shall b,
!i1aiiaIeG speedily is consistent with
the interest ~ sae subscribers, and whenever
shsses e.isn1lDS tise last remaining series
shall 6s w5rtn two aaadred dollsrs each, or ir
case OF Clssoluiloa or termination of this
chatter from any cause, the association shat
by the .icard OF Directors from among the
Srocxao.dc-s. said commissioners to have the
power TO FIJI any vacancy in .heir number, BY
selecting from the stockholders any one eiigi-
BILE under this charter as Director.
ARTICLE v.
All powers OF this corporation shall be exer-
cised by a Board of Directors from among the
stockholders owning each at least FIVE share
OF stock OF the association. Said Directors &c
be elected 1t general meeting convened TO-
that purpose on the fourth Monday in July O..
each year, commencing on the fourth Mondas
OF July, nineteen hundred and four.
Notice of such meeting shall be published il
one or more of the newspapers of Winfield,
for the space of ten days, Immediately pre-
Said election shall be by ballot at the domi-
c.le OF this corporation under the supervision
OF three commissioners, stockholders, who ar
not directors, appointed by the board of direc-
tors as Tie last proceeding meeting The polls
shall be opened ior voting at such election
from eight {. IN. to eight p. m
Each share Of stock IS entitled to one vote
and tie stockholders receiving majority o
the votes cast shall be elected. Failure IL
hold an election on the day specified shall no.
dissolve this corporation, but the directors in
Office shall hold power until an election b.
held, after ten days notice OF the time ano
place thereof.
President, Vice President and Treasurer
Five directors. shall be quorum for the
transaction Of BUSINESS; provided. that ma
sority Of the board shall be required in order
TO act on any question Of finance. All vacan-
cies shall be filed BY remaining members OF
said Board OF Directors from the qualifieu
stockholders. The President shall select ana
appoint Secretary, and the directors shall
select an Attorney, a Notary, aud such othe.
officers as shall be necessary, but no salary
shall be paid. except to the Secretary but tn,
Board of Directors may allow and paw propel
compensation to other employees and officer.
OF the company for services rendered by them
laws, defining duties of officers; to select 4
place OF meeting; to suspend any and al
officers, and have general authority to carr,
Blu. they shall not have power to purchase
real estate, except for cash, nor contract an
indebtedness in excess of the amount of on
months installment, except with money in
treasury previously paid in.
The Secretary and Treasurer shall each, foi
the faithful performance of his or her duties
give bond. satisfactory to the Board of Di-
rectors; the secretary in a sum not less thar
one thousand dollars, and the Treasurer In
sum Lot less than three thousand dollars
ARTICLE vi.
Each stockholder for each share of stock h,
may hold in the associotion. shall be elliRibl
TO receive from the funds Of the association a
loan Of two hundred dollars, less the premium.
oftre5. Whenever the funds in the treasury
snail warrant, one or more loans shall be dis
OucI1uR h
sst voluntary premium, in such manner as tn
Board OF directors may determine.
otockholdsfs taking loans shall pay interest
saereon oy monthly payments at the rate OF
eight pc. cent per annIu.
In case OF failure to give satisfactory secur-
tty .or suca loan within one month of the dai
oi purchase. the interest shall be charoed r.
said purchases, together with all costs an
cnargss, CT expenses attending examination
OF titles and searches, and the money shall
revert TO the association. Security shall nc,
be deemed sufficient unless approved NV !.
majority OF the Board of Directors
All costs OF the notary, attorney registers
recorders, and all expenses incident fo eacE
loan TO De paid by the bidder.
No stocEhoider shall be entitled to bid or
OF receive loan, or to vote on any Question
Whatever who Is in arrears for monthly in
ssalimerts- interests, fines and penalties
Tie Board OF Directors shall have the pcver
ct any tsAS they deem 1t TO the interest Of thx
association 10 cali in and retire unincumbered
stock in any series, paying to the owner os
slch stock in cash the total earned value q,
same at the tlrsc it 10 returned; provided II
shall be done IN such . manner q viii b
equitable and just to al the stockholders O.
said stock.
ARTICLE VII.
Al real estate or improvements offered ~
security must be worth. at caah valnaffon
such IN amount, over and above fhe e1Snunt
asked IS loan On it, as the Donrd u B3rec-
tors shall deem sufficient u1arrf1 - amply
secure the association hon Io6a kIl IN.
praSements must be kept fully ins1rad for ths
Eepc6f OF this annfncin fi0n 3ves,v