The weekly Iberian. (New Iberia, La.) 1894-1946, 1903-05-16

whatever in excess OF the amount o
one months installments.
Any Director about to absent him
self from the Parish must nominal,
in writing substitute in his stead
provided said substitute shall be &
shareholder of the Association, owing
not less than FIVE serial shares; and
such substitute shall be entitled to 6
seat in the Board of Directors on filing
his proxy with the Secretary.
That Article vi of the Charter Of
said Corporation shall be and is amen.
ded so as to read as follows:-
ARTICLE vi.
The Association at the discretion OF
the Board of Directors may make use
of its funds in any and all ways pres
cribed below, to witt
1t may lend money at interest on
mortgage security. or to sharehold-
ers on the simple pledge of their stock
together with the payments and ac'
cumulations thereon, provided that
loans on such stock security shall moi
exceed in amount the actual with
drawal Of said stock at the time the
loan is made. 1t also may lend money
to its shareholders in the following
manner, to witt
Whenever the funds shall warrant,
one or more loans or advances on
shares shall be offered and made to
the shareholders bidding the highest
voluntary discount therefor; provided
no bid shall be received for less than
twenty per cent, discount; and no
shareholder shall be entitled to bid
who owes anything upon his shares,
nor shall any stakeholder be loaned
an amount exceeding the maturity
value of the stock borrowed on. All
such loans must be secured by a
written pledge of the stock or shares
on which said loan or advance is
made, together with all the payments
and accumulat1ons present and fu-
ture thereon; and in addition, either
by mortgage, vendors lien, sale and
resale or some adequate pignorative
contract affecting and bearing on real
estate, or by said Association itself
investing the money in real estate to
be held and considered as it's own
property until the said pledge stock
by reason of the payments and accum-
ulations thereon shall have reached
the value of Two hundred Dollars
$4,000 per share; when the said pro-
perty shall be transferred to the own
er of said stock. In all cases where
the Association lends money to share
holders bidding discount therefor as
just above provided. it shall have the
right at the maturity of said stock to
compensate and set off the amount
due said shareholder on his said
pledged stock against the sum loaned
him and to retain said amount in pay
ment of his loan; and no part of any
such loan shall be considered as paid
until the stock Ioaned on has matured
and compensated and set off the
amount due the said shareholder on
his said pledged stock against the sum
loaned him and to retain said amount
in payment Of his loan; and no part OF
any such loan shall be considered as
paid until the stock loaned on has
matured and compensation has been
effected. No property shall be pur-
chased by the Association except for
cash.
Shareholders obtaining advances on
shares, failing to tender satisfactory
security therefor, within thirty DAYS
from date Of the adjudication, shall
forfeit same provided that the Board
of Directors ma for good and salts
factory reason, extend the time,) and
all costs and charges or expense at
tending the examination of titles and
searches, together with the interest
for not less than four weeks or such
further time as may have elapsed,
shall be charged to the borrower, and
be lien against his or her shares un-
til paid.
ALI fees of Attorneys, Notaries, Re-
corders, Registrars and all expenses
incurred in making or cancelling
loans shall be paid by the respective
borrowers.
The Board of Directors may make
such rules and regulations. or By
Laws to govern loans or advances on
stock as they may see fit provided they
do not conflict with this Article.
That Article VII OF the Charter Of