The southern sentinel., 1903-09-18
CHARTER
WINFIELD BUILDING AND LOAN
ASSOCIATION.
ARTICLE 1.

t;on y and under its said corporate name II
shall have power and authority 20 nave ana
enjoy succession under its SAID corporate hine
for a term or ninety nine wears from the ua.e
Y hereof unless sooner dissolved IN tne l .il1nll
hereinafter provided for; TO CONTRACT, sue an anp
10 eDad- "a make and use corporate scai.
and the same to break or alter at pleasures
10 hold receive, lease. purchase aho conees;;
under its corporate name, properly, Do.n :u ieal
s,,d r.ersanai: 10 lend money on security; 70
name and appoint suca. officers and agents as
the Interest and convenience OF SAID associa-
ton may require; TO make ana estaphsh sich
bylaws rules and regulations fo- the proper
affairs OF said corporation as may pe necessa-
rv and proper, and the same to change ana
alter at pleasure, and TO do and perform al
such acts and things as are or may be requisite
and necessary TO carry out the objects and
purposes of this corporation.
ARTICLE Ii.
The do,nicile 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
ton shall be the accumulation of 8 fund from
the monthly installments paid on account of
subscription 10 the capital stock of this asso-
ciaiian, from rentals, premiums, and interest
on loans.
The funds SO accumulated shall be used for
the purchase and sale of real estate, the build
ing, reaiing and sale Of homesteads, and the
lending of Etca-g upon mortgage or other
rpon other than real estate security shall be
sgs1.ds witiloat tla consent Of at least two
thirds OF the Beard OF Directors.
ARTICLE ".
Tfe. CARTEL stcck cf this corporation shall be
one milton dollars, divided into i've thousand
shares OF 5so hundred aoliErs each. issued in
three classes. d sses,stcG as csass "A., class
ststss' aggf ss,siss S',. pavEbis IN irstaiiments
OF one dollar per - NTH be- slare .or class 4
stock, and one dgiiar saa aftg cents tsi5ol
per month ioS class sSecS, and two dollars
(Ss.0e3 pss Esorth tor class g steck.
Each class cs stock Siasi lie issued IN series
dominated respectfully, 4, B. c, etc.
Tse BUasu OF Directors shall regulate the
issue Of each series provided there be an inter
val Of AT least three months between each
No rac.aber shall oyyn piore than twenty
I'VE shares Ia each series unless, and except
for the purpose OF Borrowing thereon. in which
event 0 stcsAbolier may purchase and own
any number OF siIsres in any one series, pro
ridea he bersaiea borrower Oh All MS shares
in such seFies witi1ia ninety days after he
become owner G. same II case ne rams TO
borrow 81 Ill lis shares within the speciEcd
time. the Roata OF Directors shall at the eN-
piqasion ei ninety days cancel the excess o.
stEcS over tsg ty-;ire shares tproylGed no
9 part OF the loan be csaceileo} and pay to the
owner os safne the withdrawal value OF ihe
stcck er .'se iims of cancellation whenever
tas 81 grss representing any series. by reason
o. payments Of iastai;nicnts and accumuia-
ti.sf cf profits BE Egersn tbs par value Of tHo
hEplirsa esii@3s c&ch, saca series shall D.
the iaseTes. ai sjlc subscribers, ana whenever
shares representing the last remaining series
Shall be wisstlt i%o nan.ised dolars each. or III
case es dissolution or termination OF tins
charter FRO { my cause, the association shall
7 o. liz sls..stea by pve commissioners selected
By ssis isoafd OF Directors from among ths
poyToE to fiji any vacancy in their number, by
Erecting f.om The stockholders any one eiigi-
bic uLGsr This charter as Director.
ARTICLE v.
All powers of his corporation shall be exer-
cised by Board of Directors from among the
stockholders ow4,ing each al least five shares
OF stock of the association. Said Directors 10
be elected st general meeting convened for
that purpose on the fourth Monday in July OF
each year, commencing on the fourth Monday
S Of July. nineteen hundred and four.
Notice OF snch meeting snail be published IN
enc o. more CT the newspapers of Winnfield,
for the space o. ten days, Immediately pre-
ceet.iaG said Election.
Said election shall be by ballot al the domi-
Gle Of this corporation under the supervision
OF three commissioners. stockholders, who are
not directors, appointed by the board of direc-
tors at the last preceding meeting. The polls
shall be opened for voting at such election
from eight a. m to eight p. IN.
Eaesa snare OF stock is entitled 10 one vote.
and the stockholders receiving q majority OF
the vofes cast shall be elected Failure tc
hold IN election on the day specified shall not
dissolve this corporation, but the directors in
cfsice shall hold power until an election be
held, alter ten days notice OF the time and
The directors shall elect from their number
q President, d Vice President and Treasurer
Five directors shall DC quorum for the
transaction oi business; provided, tha. ma
iority OF the board shall be required in order
70 act on any question of finance. All yacan-
cies shall be filed by remaining members OF
said Board of Directors from the qualified
stockholders. The President shall select and
appoint Secretary. and the directors shall
officers as shall be necessary, but no salary
shall be paid, except to the Secretary but the
Board OF Directors may allow and pay prope,
compensation to other employees and officers
Of the company for services rendered by them
The directors shall have power to make by
laws, defining duties of officers; to select a
place of meeting; to suspend any and al
officers. and have genera, authority to carry
out the objects and business of the association
But they shall not have power to purchase
real estate, except for cash, nor contract any
Indebtedness in excess of the amount of ont
months instalilncnt, except with money il
treasury previously paid in.
The Secretary and Treasurer shall each, fo
the faithful Performance of his or her duties
give q bond, satisfactory to the Board of Di
rectors; the secretary in q sum not less thar
Z one thousand dollars, and the Treasurer in
sam not less than three thousand dollars.
- ARTICLE vi.
may hold in the associotion. shall be eligibl
to receive from the funds of the association
loan Of two hundred dollars, less the premium
offered Whenever the funds in the treasur.
shall warrant. one or more loans shall be dis
posed of to the stockholders offering the high
est voluntary premium, IN such manner as fh
Board OF Directors may determine
stockholders taking loans shall pay interes
nereon by monthly payments at the rate O
ght per cent per annum.
Al case OF iss1lure to give satisfactory sef-1r
lily Tor such Loan within one month of the DAT,
OF purchase, the interest shall be charged 1,
said purchases, together with all costs AM
charges, or expenses attending examinatio,
OF titles aud searches, and the money shall
revert TO the association. Security shall ma
pc deemed sufficient unless approved by .
majority OF the Board of Directors.
All costs OF the notary, attorney registers
recorders. and all expenses incident To eacl
loan to be paid by the bidder.
NO steckhoiacr shall be entitled to bid d,
q or receive loan. or to vote ON any uuestio,
Ehateve who Is in ARREARS for monthly in
stalimentss interests. fines and penalties.
The Board OF Directors shall have the povp
81 any time they deem it to the interest of tn
association 70 call in and retire anincumbere,
stock in any series, paying to the owner d
such stock aA cash the total earned value a
Saaae at the time It is retcrneti; provided i
shall be done in such O manner as will y
eaiitabss aId jest TO all the stockholders o
said stocA.
ARTICLE VII.
AL real estate or improvements offered 4
secarity sauSt be worth. at cash valuation
Ench an axaoHrt. over and above the amour
asked rs q loan On II, as the Board of Direc
tors shall deem > sufficient margin TO arpl,
sccare the eSScciation from loss. All I'M
s proye naeats Iusst bc kept frils insared for tn,