The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-08-25
AMENDED CHARTER OF
ST. MARY BUILDING ASSOCIATION
Continued From First Page.
been recorded in their minutes.
ARTICLE XIII

ARTICLE XIII
Any stakeholder, who has received al
advance upon his shares, desiring to set
tic and liquidate such Indebtedness prr
to the maturity of his stock upon whicl
said advance have been made. may do 81
either in part or in whole and if desilet
the pledged shares may be surrendere'
to the Association, and cancelled under
the conditions provided for withdra wing
unpledged shares.
Any part payment under this article
shall be credited the borrower's,,n 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 liza
bic or responsible for the faults, con-
tract or Indebtedness Of this corporation
IN any further sum than the amount of
his Indebtedness to the corporation, nor
shall any mere informally in the urgani-
cation have the effect of rendering this
act null or exposing a stakeholder to any
liability beyond the amount Of his in
debtedness to the corporation.
ARTICLE XIV.
Special meetings of the stockholders
Shall be convened by the President at
the request in writing Of ten stockhold-
ers, stating the time and object OF such
meeting.
Al all meetings of the stockholders held
after due notice Of the same has been
gwen those present and represented
SNAIL constitute quorum.
ARTICLE XVI.
This act of incorporation can be alter !
ed. amended, or modified by a vote of
three fOurths of the shares present or !
represented at an annual meeting or u
special meeting of the stockholders con /
vencd LOT that purpose, or the corpora
lion can be dissolved by the vote of two
thirds OF the capital subscribed repre-
sen'ed at an annual meeting or a special
meeting convened for that purpose: all
alte'3ten day notice Of theItime and object
tn'reof have been given by mail to each
s.ockholder, provided that the capital
ol the association shall not be increased
uniess the majority of all the shares in
iorce snail vote in favor of such an
Increase.
ARTICLE XVII.
in the event Of the dissolution OF this
corporation ny Limitation or otherwise,
tnree stockholders shall be elected by
we stOcKnOlderS at a special meeting
caliea Tor that purpose who shall act as
BOARD OF IiquidatOrs and full power
ana authority is hereby vested in
said Board to speedily wind I'D an
iiqu'date the affairs Of the said Corpora
tion' and Tor such purpose to sell all the
property and assets thereof, and to col / Z
lect and receipt for all notes and ac- ! ,
counts due, and to institute such suit as
necessary to enforce the same: and 10
pay all the Indebtedness due by the AS ! +
soclatlon. il aly, and to distribute the
proceeds remaining amongst the stock
holders in proportion to the amount Of
their holdings; provided that what 9
ever amount remains to the credit Of the
permanent Surplus after the affairs of
me association have been settled and be- 1
lore the proceeding to the distribution Of
ne proceeds; shall be distributed only
amongst the holders of Permanent Stock
n proportion to the amount Of their :
holdings. .
In the event of any vacancy BY death,
'eslgnatiOn or otherwise, occurring in \
No Board VI LiquidatOrs, the same shall o
'e filled by the remaining members OF =
The Board from the ckholders. h
The charter Of the Association as tins :
amended was adopted by the stockhold- 2
'rs of the Association vote, at special
Meeting called for that purpose of date b.
August 4th, 1906, after ten days al
notice of the same had been given Iy SC
ne unanimous vote of all the stock there
present aud represented, to-wit: =,
kohl call of the votes adopting same -,
vas tO-wit: ~
Wilbur Kramer Miss Lizzie Muggall nj
drs Florence Lewis 10 David Wolf y
frs Amelia Bellessien 10 Mrs s Trimble . OF
has pecot Jos Sterling S re
fiss Florence Lewis Sarah Osborne = -;
[arcOurt LEVY 4 .Tno u parL.rso WI