The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15
AMENDED CHARTER OF
st. MARY BUILDING ASSOCIATION
Continued From First Page.
been recorded in their minutes.
ARTICLE XIII

Any stakeholder. who has received al,
advance upon his shares, desiring to set
tie and liquidate snch Indebtedness p,i,s
to the maturity Of his stock upon which
said advance have been made. may do ST
either in part or in whole and if Il. siIr';
the pledged shares may be surrendered
to the Association, and cancelled under
the conditions provided for Withdrawing
unpledged shares.
Any part payment under this article
shat be credited the borrowers note in
the sum of the par value of each share
redeemed from pledge, and thereafter
interest shall be paid only upon the re-
mainder of said note, and if desired the
vendors lien and privilege existing
against said property shall be reduced
proportionately.
ARTICLE XIV.
No stakeholder shall ever be held lia-
BILE or responsible for the faults, con-
tract Or Indebtedness of this corporation
IN any further sum than the amount Of
his Indebtedness 10 the corporation, nor
shall any mere informally in the urgani-
cation have the effect of rendering this
act nul or exposing a stakeholder 10 any
liability beyond the amount of his in
dehtedness to the corporation.
ARTICLE XIV.
Special meetings Of the stockholders
shall be convened by the President at
the request in writing Of ten stOckhod
ers, stating the time and object of such
meeting.
At all meetings of the stockholders held
after due notice of the same has been
given those present and represented
snail constitute quorum.
ARTICLE XVI.
This act Of incorporation can be alter
ed. amended, or modified by vote of
three fOurths IF the shares present or
represented at an annual meeting or Il
special meeting Of the stockholders con-
vened for that purpose, or the CORPORA
ton can bs dissolved by the vote of two
thirds Of the capital subscribed repre-
scented at an annual meeting or a special
meeting convened for that purpose: all
after:ten daysnoticc Of theItimc and object
thereof have been given by mail to each
stakeholder, provided that the capital
Of the association shall not be increased
unless the majority Of all the shares in
force shall vote in favor Of such an
increase.
ARTICLE XVII.
in the event of the dissolution of this
corporation by limitation or otherwise.
three Stockholders shall he elected bv
the stockholders ut special meeting
called for that purpose. VIII" shall act us
hoard Of iiqnidators and full power
and authority is hereby vested in
said Board to speedily wind up an
dat. a.. 4
ton. and for such purpose 10 sell all the
property and assets thereof, and to col
lect and receipt for all notes and &C.
counts due, and to institute such suit as
necessary TO enforce the same; and 10
pay all the Indebtedness due by the AS
ISOLATION. if ally, and to distribute the
proceeds remaining amongst the stock
holders in proportion to the amount of
their holdings; provided that what
ever amount remains to the credit Of the
Permanent Surplus after the affairs Of
the Association have been settled and be-
fore the proceeding to the distribution OF
tine proceeds; shall be distributed only
amongst the holders of Permanent Stock |
in proportion to the amount OF their :.
holdings.
In the event of any vacancy by death, !
resignation or otherwise. occurring in .
the Board Of Liqu;datorS, the same shall !
be filled BY the remaining members of !
the Board from the Stockholders.
The charter OF the Association as thu,
amended was adopted by the stock hold
ers Of the Association vote, at a special
meeting called for that purpose of date
August 4th, 1906, after ten days
notice of the Same had been given by
the unanimous vote of all the stock there
present and represented, to wit:
koll call OF the votes adopting same
was tO-wit:
W;l1,pr I Er.,nar N:-.