The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-29
paid on this stock.
DAYTON STOCK.

layton stock shall be worth the m
turlty value of one hundred dollars D.
share. and shall be issued upon the pa
ment of one dollar per share for eatl
share subscribed,
The subscribing shareholders sha
have the right to make further pa,
ments on account of the unpaid balanC
OF the maturity value of said stock as h
pleases.
| Said stock shall upon its issuanc
commence to share in the earnings of til
corporation. and shall participate in th
| same equally with the other stock. (Pel
| manent stock excepted) in proportion t
| the actual worth and time of each pay
| ment made on account of its par value.
All profits accruing to such stock shal
be credited thereto as payments on ac
count of its maturity value.
Whenever the shares of any subscrib
ing stakeholder by reason of the pay
ments made thereon and the profits
credited thereto shall become worth tn,
maturity value of one hundred dollar.
per share. then the said stock shall b,
deemed fully paid for, and in its place
shall be issued the same amount of Full
Paid Stock.
ARTICLE vi. ..z
The minimum payment of twenty
five cents per share per week on un-
pledged stock and of twelve and one half
cents per share per week upon stock
pledged to secure stock discount shall
be made weekly at the office of the cor
p"ration in Patterson, La, or to duly
authorized collector.
Any stOckholder failing to make his
payments on account Of the par value of
lnstallment Stock and becomes five
weekly payments in arrears thereon
shall be deemed delinquent and shall be
subjected to a fine of five cents per share
for each period of five weeks said shares
are in arrears.
Said fine must be paid before any pay
ments can be credited upon the stock in
arrears.
Whenever any lNSTALLMENT stock
shall become twenty four weekly pay
nents (six months) in arrears, and the
owner of same shall not at once upon
notification pay said arrearages together
with the fine due, the Secretar,' shall at
,nce call in said stock and convert the
same into the same amount of Dayton
Stock, crediting the payment on ac-
count of the par value of same with the
'ull amonnt of the book value of said
ustallment stock, less the fine due
hereon: bnt no interest shall be allowed
o the holder of the said Installment Stock |
rom the date of the last dividend period |
o the date of the said transfer.
In the event of the owner of said In
tallment Stock failing TO pay said ar
garages and fine upon notification and
cfusing to surrender the same for trans
rr, all interest upon same shall cease
rom date Of notice
ARTICLE VII.
Stockholders, whose shares are not
lodged to the corporation as security
,r money loaned or advanced may
ithdraw one or more shares of their
;ock Permanent stock excepted) by
ling with the Secretary written notice
withdrawal
Each written notice of withdrawal
lall be registered and numbered by the
pcretary in the order OF it's receipt and
ithdrawing stockholders shall be paid
rotation as registered out of the first
money in the Treasury, !,
.ovided that at no time can any stock
older or stockholders demand in any
ooth to be paid for Withdrawals of
Ock more than one half of the current
ceirts for that month nor before the
,piration Of thirty days from the date
filing with the Secretary their written
,tice of withdrawal. IL
The Board of Directors shall have the !
'wer to waive or enforce these two
ovisos at any meeting without CIV
e previous notice.
The withdrawal; value of share (Per- ,
anent stock excepted) shall always be r
Q amount of the payments made on y
ch share less any unpaid fine Gf In n
,llment stock) and a pro rata of the a
rrent years expenses and losses (pro- Il
led such expenses and losses are in ! u
cess Of the profits of the Association ! -
d in addition thereto all profits that =
We been credited to said share y
ARTICLE VIII. Iii
her legal representatives shall be en- ~
led TO assume control of said stock. il
d transfer the same to his or her ~
me-
ARTICLE TX. al
No share will be transferred except el
the books OF the cooperation, and the b'
son to whom the shares are so trans tn
red shall receipt for same and shall
.reby recognize the charter of the AS
ation rs binding upon him or her. g,
ARTICLE X. -,
The funds accumulating in the treasury til
| not otherwise appropriated shall be dc
ned or advanced to the stockholders tn
the following manner and on the fol-
ing conditions: B.
here shall be two methods of loan or
or advancing the corporation funds ed
its members, termed stock loans and an
ok discounts; and it shall be entirely IN
iOnal with the Board OF Directors as su
which of these loans or advances ch
II be made. Iiu
STn('K gnXNC Da