The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-03-28
Act of Incorporation o.
St. Nary Building Assos
citation of Patterson.
st. Mary Parish, Louisiana.
(Amended.)

Il
on the Goth day Of January, 1903, tten day
notice of said meeting having been given
mail by the Secretary to all the stOckhold
ers) the charter rs originally adopted by thi
Association and amended on the 18th day G
January, 1898, was altered, modified an
amended to read as follows, to wit
| Article l.
The name and title of said corporation
shall be 1.-The st. Mary Building Association
and under its corporate name it shall hav
power to contract. sue and be sued to max
| and use corporate seal and the same t.
| break and alter ut pleasure; to hold, receive
lease, purchase, convey and pledge under it
corporate name, property both real and per
IsOnal; to lend money on security; to nam,
| and appoint such officers and agents as tn,
| interest and convenience of said corporal or
| may require; to make and establish sucl
by laws. rules and regulations for the proper
| management and regulation of the affairs OF
said corporation as may be necessary anG
proper, and the same to change and alter al
pleasure; and to do all such acts and things
carry out the objects Of said corporation.
Article z.
| The dOmicile of said corporation shall be
| in the town of Patterson, Parish of st. Mary
State of Louisiana, and all citations or other
legal process shall be served upon the Presi-
| dent of said corporation, or in his absence
upon the Vice-President, or in the absence OF
both these officers upon the Secretary.
Article 3.
The object of this corporation shall be:
l. To provide convenient. safe and pro-
of its stockholders.
2 To furnish them with the opportunity
OF borrowing money on real estate security.
To carry out these objects the corporation
shall accumulate fund from the weekly
payments on subscriptions to the capital
stock, the monthly payments of interest on
loans, and from money received from other
lawful sources; the fund so accumulated to
be used for the purchase and sale of real es :
tate and for the loaning OF money on real
estate security.
.
lending money to any but Its own stockhu!d-
ers and from accepting as security for such
loans property situated outside of the par
ish of st. Mary.
Article4
The corporate powers of the corporation
shall be exercised by Il board of nine direct
ors, each OF whom shall own not less than
five shares, who shall DC elected by the
stockholders present, or represented at
meeting to be held OH the third Tuesday in
January annually
Each stakeholder, present or represented
at said election and not i'm default, shall be
entitled to one vote for each share possessed
by him or her.
At least ten days notice of said election
shall be given by the Secretary through the
mail. Said election shall be by ballot and
shall be held at the dolnicile of this corpora
ton under the supervision OF three stock
holders appointed by the Board of Directors
at the preceding regular meeting. The nine
stockholders receiving the highest number
Ofvotes cast shall be declared elected.
The failure to hold an election on the day
Specined shall not dissolve the corporation,
but the directors in office shall hold over
until an election be held after ten days no
tce shall have been given by mail of the
time and place thereof.
The directors shall elect from their num-
Der president and vice president. Four
directors shall be u quorum for the transact
ton OF business. The directors shall elect a
secretary, treasurer and such other officers
and employees as may be necessary; and
IN IaxyI
reDugnant to this charter, to select their
places of meetings, to suspend any officer or
director for neglect of duty or misconduct,
and name and appoint their SUCCESSORS as
provided for in the by laws, and shall have
general authority to carry out the objects
and business of the corporation.
Articles.
The capital stock of said corporation hall
be one million dollars, which shall from the
date of January Goth, 1908. be issued in such
amounts as the board of directors shall de-
termine under one Of the four plans, to-wit;
Serial Stock.
Serial stock shall be issued in QUARTERLY
series of not more than two hundred and
fifty shares each. Each share shall retresept
two hundred dollars and shall be paid for by
weekly installments of 25 cents per share
and the crediting to the maturity value of
the share of such iyidends as may be appor-
toned to it by the board of directors. At the
board of directors may decide, the profits of |
shat period shall be airport ioned in such man |
ner as the board of directors may determine, |
and adividend in accordance Herewith shall !
De credited to the maturity value of each [
share in force ut that time.
whenever the shares of any series by rea- |
'on Of the payment on account of subscrip-
ions thereto, together with the additions of |
.uch dividends as are credited thereto by the |
direction of the board of directors from time
% time, shall become worth the maturity |
he shares OF such series shall be by the
BOARD Of directors declared maturcd, and
heir par or maturity value shall be paid to
zach stOckholder owning the same on the
urreHder of his pass book and certificate for
anne.
Every share in any series must mature con-
urrently with all other shares in the same
cries; and no stakeholder shall he permit.
dvance OF the maturity of that series by
baking extra or additional pay ments.
Full Paid Stock.
Full paid stock shall be issued only
|, payment of its par value Of one hun
red dollars per share in cash at Tho date
f subscription. Full paid stock shall
anticipate equally with the other stock
the corporation in its profits in pro- ,
OrtiOn to it's value and age.
Full paid stock Can be issued as subs
;ribed for and shall commence its earn
'gs with date of subscription.
All profits accrliing to such stock shall Y
: payable to the owners thereof IN cash ,
mi annually.
Dayton Stuck.
Dayton stock shall be worth the par
Hue of one hundred dollars per share
I'd shall be issued upon the payment of q
re dollar per share for each share sub t
ribed.
The subscribing stakeholder shall have =
Q right to make further payments on =
count OF the unpaid balance of the par :
lne Ut said stock as he pleases. s
Said stock shall upon its issuance com. 6
snce To share in the earnings of the l
operation. and shall participate in the n
me equally with all the other stock of C.
Q corporation in proportion to the v
tual worth and the time of each pay. :,
mt made on account of its par value. :
All profits accruing to such stock shall q q
credited thereto as payments on ac- "
mt OF its par value. n
Whenever the shares of any subscrib. ii
: stakeholder by reason Of the paw Il
'nts made thereon and the profits d
'dited thereto shall become worth the n
: value of one hundred dollars per =
are then the said stock shall be deemed :"
~ paid for. and in it's place shall be is
I'd the same amount of full paid stock.
lnstailment Stock. di
lnstallment stock shall be worth par 50
ue of one hundred dollars ner shara al