The weekly Iberian. (New Iberia, La.) 1894-1946, 1903-04-25
whatever in excess OF the amount OF
one months installments.

whatever in excess OF the amount of
one months installments.
Any Director about to absent him
self from the Parish must nominate
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 a
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 wit
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 not
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 accumu1at1ons present and fu-
ture thereon; and in addition, either
by mortgage, vendors lien, sale and
resale or some adequate pignoratlve
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
1920. 90 per share; when the said pro-
| perty shall be transferred to the own
err of said stock. In all cases where
the Association lends money to share
holders bidding discount therefor al
Just above provided. it shall have the
right at the maturity of said stock tc
compensate and set off the amount
due said shareholder on his saic
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 he considered as paid
until the stock ioaned on has maturec
and compensated and set Oft the
amount due the said shareholder or
his said pledged stock against the sun
loaned him and to retain said amount
IN payment Of his loan; and no part o.
any such loan shall be considered al
paid until the stock loaned on ha!
matured and compensation has beer
effected. No property shall be pur
chased by the Association except TO
cash.
Shareholders obtaining advances OF
shares, failing to tender satisfactor.
security therefor, within thirty dav
from date of the adjudication, shall
forfeit same provided that the Boar
of Directors ma7 for good and salts
factory reason, extend the time an
ali costs and charges or expense at
tending the examination of titles an
searches, together with the interes
. for not less than four weeks or sue
further time as may have elapsed
I shall be charged to the borrower, an
be lien against his or her shares Ut
I til paid.
J All fees Of Attorneys, Notaries, RI
corders, Registrars and all expense
II incurred in making or cancellir
D loans shall be paid by the respectiv
S borrowers.
I'll The Board Of Directors may NAL
It such rules and regulations, or B
J. Laws to govern loans or advances
= stock as they may see 6t provided tn
,r do not conflict with this Article.
h That Article VII Of the Charter