The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-04-11
Act of Incorporation Of the
st. Mary Building Asso-
citation of Patterson,
St. Mary Parish, Louisiana.
fAmended.)

l 4A"ShNSus(
| At the annual meeting of the stockholders
| of the St Mary Building Association Of Pat
terson, st. Mary Parish, Louisiana, convened
on the Goth day of January, 1908, (ten days
| notice of said meeting having been given by
mail by the Secretary to all the stockhold-
| ers) the charter as originally adopted by this
| Association and amended on the 18th day OF
January, 1898, was altered, modified and
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 have
power to contract, sue and be sued to max {
and use IL corporate seal and the same to
break and alter at pleasure to hold, receive
lease, purchase convey and pledge under its
| corporate name, property both real and per-
| sonal; to lend money on security: to name
and appoint such officers and agents as the
interest and convenience of said corporation
may require; to make and establish such
by laws, rules and regulations for the proper
management and regulation of the affairs of
| said corporation as may be necessary and
proper, and the same to change and alter ut
pleasure; and to do all such acts and things
| as are or may be proper and necessary to
carry out the objects of said corporation,
Article 2.
The domcilc 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
DOtn these Officers upon the secretary.
Article 3.
The object of this corporation shall be:
/. To provide convenient, safe and pro
fitable method of investing the subscriptions
2. To furnish them with the opportunity
of borrowing money on real estate security.
To carry ont 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.
The corporation is hereby prohibited from
lending money to any but its own stockhold-
ers and from accepting as security for such
loans property situated outside of the par
ish of st. Mary.
Article
The corporate powers of the corporation
shall be exercised by a board of nine direct
Ors, each of whom shall own not less than
five shares, who shall be elected by the
stockholders present, or represented at a
meeting to be held on the third Tuesday in
January annually
Each stakeholder, present or represented
ut said election and not in 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 domicie 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
of votes cast shall be declared elected.
The failure to hold an election on the day
specified shall not dissolve the corporation,
but the directors in Office shall hold over
until All cleLtis n be held after ten DAYS no
tice shall have been given by mail of the
time and place thereof.
The directors shall elect from their num-
Der a president and vice president. Four
ILL q hnt hsl.p
ton of business. The directors shall elect a
secretary, a treasurer and such other officers
and employees as may be necessary; and
they shall have power to enact by laws not
repugnant 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 shall
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 ana
fifty shares each. Each share shall represent
two hundred dollars and shall be paid for by
weekly installments of % cents Der share
and the crediting to the maturity value of
the share of such div idends as may be appor.
toned to it by the board of directors. At the
close of each quarter or each year as the
board of directors may decide, the profits of
that period shall be apportioned i'm such man
ner AS the board of directors may determine,
and adividend in accordance Herewith shall
be credited to the maturity value of each
share in force at that time.
Whenever the shares of any series by rea-
son of the payment Oh account of subscrp-
tions thereto, together with the additions of
direction of the board Of directors from time
to time, shall become worth the maturity
value of two hundred dollars per share, then
board Of directors declared matured, and
their par or maturity value shall be paid to
each stakeholder owning the same on the
surrender of his pass book and certificate for
same.
Every share in any series must mature con-
currently with all other shares in the same
series; and no stakeholder shall be permit
ted to mature any shares of serial stock in
advance of the maturity of that series by
making extra or additional payments.
Full Paid Stock.
Full paid stock shall lie issued only
in payment of its par value of one hun
dred dollars per share in cash at the date
of subscription. Full paid stock shall
participate equally with the other stock
Of the corporation in its profits in pro-
portion to its value and age.
Full paid stock can be issued as sub
scribeL for and shall commence its earn
ings with date of subscription.
All profits accruing to such stock shall
be payable to the owners thereof IN cash
semi annually.
Dayton Stock.
Dayton stock shall be worth the par
value of one hundred dollars per share
and shall be issued upon the payment of
one dollar per share for each share sub
scribed
The subscribing stakeholder shall have
the right to make further payments on
account of the unpaid balance of the par
value Of said stock as he pleascs.
Said stock shall upon its issuance com.
mence to share in the earnings of the
and shall participate in the
same equally with all the other stock of |
the corporation in proportion to The |
actual worth and the time of each paw
mcnt made ON account of its par value.
All profits accruing to such stock shall |
be credited thereto as payments on ac-
count Of its par value.
Whenever the shares of any subscrib- |
Ing stakeholder by reason Of the paw
ments made thereon and the profits |
credited thereto shall become worth the
par value of one hundred dollars Der
share then the sid stock shall be deemed
fully paid for, and in it's place shall be is~
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