The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-08-25


hat sum can be made without II
authorization of the stockholders of II
Association in a meeting regularly Gale
Tor that purpose. and under the provi
IONS of this charter, relative to I'll
amendment of the same.
Permanent stock shall be issued onl
III payment of its par value of One HUI
dred Dollars per share in cash at tn
date of the issuance. and for such addi
tlonal amount in cash rs the book varl
OF such stock may be worth at the dat
OF It's issuance over and above its pa
value
Permanent stock shall be issued as AZ
piled for and shall commence It's earning
with the date of its issuance.
A preferential dividend of eight pc
cent per annum. payable four per cen
| semi -annually January and july lst
Of each year shall he paid to the holders
Of this stock from the net profits of the
business of the Association for each half
year before any dividends are credited
or paid to any other form Of stock is
sued.
This stock shall be NON WITH
DRAWABLE and shall constitute a per
manent investment in the Association
To this sotck there shall be apportoncd
from time to time by the Board of DiIcc-
tors in their discretion from the surplus
profits of the business. after all dividends
tor that period have been apportioncd
and provisions made for the continyen;
loss fund ;ls required by law, a further
dividend which Shall be known as PER
MANENT SURPLUS. which said sur
plus snail be carried on the books of the
Association as the property of the hold
ers of Permanent stock, without interest
thereon. and which shall be NON
WITHDRAWARLE
The Board Of Directors shall in their
discretion have the right to retire at the
close OF any sem-annual period Il part
or All Of the Permanent Stock in force by
:, twothirds vote of the Board. In the
event Of a partial retirement Of the same.
each owner of permanent stock shall be !
required to surrender his certificate, and
ais holdings shall be reduced in the pro-
portion that the reduction contemplated |
'ears to the whole amount in force: pro-
Ilded that he receives in cash the full |
book value of such amount of his hold
ngs as surrendered by him. After notice
y the Secretary of the amount required
y HIM to be surrendered. all interest |
hereon shall cease, whether the same |
e promptly surrendered Or not.
The payment of Il preferential divi-
end aud the app0rtlonment of IA surplus |
rom time to time to this stock shall not
\ any way be considered by any holder
other stock as an impairment in the
uaitv of membership or to the preiu-
ice of his holdings: but as the full
luivalent for the same being NON
'ITHDRAWABLE, permanently in
,sted in the business of the Associa-
on.
FULL PAID STOCK. |.
Full Paid stock shall be issued only in :
'yment of its par value of one hundred |
,larS per share in cash at the date of :
description. Full Paid Stock shall par 5
:ipate equally with the other stock
ornament stock excepted) in the prof i
If the corporation in proportion to +,
value and age. Ia
Full Paid Stock shall be issued as sub i
ribed for: and in settlement of Install n
mt and Dayton Stock as the same ma
res: and shall commence it's earnings | -
IN the date of issuance.
All profits accruing to such stock shall y
payable to the owners thereof in cash -
IN>TALLMENT STOCK. D
[nstallment Stock shall be worth the p
turity value Of one hundred dollars IL
: share, and shall be issued upon the
ymert of at least one dollar per share N
each share subscribed. IL
such stock shall be paid for by the ST
-ular payment of twenty five cents per ST
ire per week, if unpledged. or the c!
ular payment Of twelve and one half VI
It's per share per week, if pledged as eA
urity for a loan upon real estate. az
designated as STOCK Dis Ia
UNITS, and the further addition
reto of all the profits as shall be de-
red upon the same or
aid stock shall upon its issuance tit
lmence to share in the earnings of an
corporation, and shall participate in na
same equally with the other stock
stock excepted) in proper
to the actual worth and time of each on
ment made on account Of it's par ne
le. fn,
IL profits accruing to such stock shall th
CIeulteu tIltIet' ds pay HlcHiS on ac- SOC
mt of its maturity value.
whenever the share of any subscrib-
stakeholder by reason of the pay
its made thereon and the profits a."
lited thereto shall become worth the ~. .o'
urity value of one hundred dollars ~ ,n
share, then said stock shall be deem ~,
nlly paid for, and in its place shall -.
ssued the same amount of Full Paid .ns
* W
he payment of twenty five cents per @ s.o
e per week on unpledged stock and op
.welve and one half cents per week ~
stock pledged for security for Stock sns
counts shall be considered as the
imum payment, Any multiple of I
e amounts per share per week can be not