The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-04-11
Continued from I'd page.)


a vendors lien and privilege there
on) the consideration of the re-sal
being a note executed by tn
stakeholder in favor of the corpo
ration for the full amount of tn
par value of his stock upon whic
the advance was made; said not
TO bear six per cent. interest pc
annum, to be identified with tn
act of resale, and to be payabl
six months after its date. The in
terest on said note shall be pay
able in monthly iHstallments o.
any Saturday of each month a
the corporations Office in Patter
son, La, between the hours of fou
and eight p. m. An agreemen
shall then be entered into between
the stakeholder and the corpora.
ton whereby the payment of sale
note shall not be demanded sc
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 OF
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 a 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
public halls, theatre,
churches, 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 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
has been made, may do
80 either in part or in whole by |
paying the net amount of cash
to him upon each share
plus one eighth of the voluntary
discount bid made by him for said
advance for each year or fraction
If year that said loan has been in |
existence and if desired the
pledged shares may be surrender
ID to the association and cancelled
lnder the conditions provided for
Withdrawing unpledged shares.
Any part payment under this
lrticle shall be credited on the
note in the sum of the
par value of each share redeemed
rom pledge and thereafter inter-
.st shall be paid upon the remain
Ter of said note and if desired the |
vendor lien and privilege existing
against said property shall be re-
luced proportionately.
Article XIV. y
No stakeholder shall ever be |
held liable or responsible for the
faults, contracts or Indebtedness
If this corporation in any further |
sum than the amount of his in
1ebtedness to this corporation nor
shall any mere informality in the
have the effect of |
rendering this act null or exposing
! stakeholder to any liability be-
rond the amount Of his indebted