The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-22
NO.. 80.

upon his stock, must present at a meet
ing of the Board of Directors written
application for such amount as lie de-
:, slres, not exceeding nine tenths of the
withdrawal value of his stock If such
!, Application is granted, he must give a
written pledge to the corpora tion for
! the stock upon which the loan is made,
: together with all payments of INSTALL
:. ments and dividends. present and future
a thereon. and must further execute his
note IN favor of the corporation for the
q ful amount of said loan with interest at
a the rate OF eight per cent per annum
a from the date Of the note until paid, and
10 be payable within one year after date.
STOCK DISCOUNTS.
; Atany meeting the Board of Directors.
II the funds so warrant, said Board shall
nave the right to offer to advance money
upon the par value of lnstalment stock.
The said Cffer shall be made by auction
and the said advance shall be made to
the stockholder bidding the highest vol
untary discount therefor, which shall
be considered and accepted as a bonus
therefOr; provided that no stakeholder
shall be permitted to bid, whose stock
IS IN arrears; and provided that the real
| estate offered as security for said ad-
vances must be approved by the Board
OF Directors, after having received
favorable report thereon from the ap-
pralsement committee and the abstrac-
tor OF the corporation as to the value
/ and title of the same.
Said stockhoder must give a written
pledge 20 the corporation for the stock
upon the par value upon which the said
advance is made, together with the paw
ments OF all installments and dividends
present and future thereon, and must
further sell the property accepted by the
Board of Directors as security to the
corporation for the cash consideration of
the amount of the loan
Said property after such improve
ments have been made as previously
agreed upon by the stockholder and
the corporation shall be re sold to said
stockholder (the corporation retaining
vendor lien and privilege thereon) the
consideration of the resale being repre-
sented by note, executed by the stock
holder in favor Of the corporation for
the full amount of the par vaide of his
stock upon which the advance was made:
SAID note to bear six per cent interest
per annum from date, to be identified
with the act Of RESALE and to be payable
on demand after its date. The interest
on said note shall be payable in month
iy instalIments on any Saturday OF each
month at the corporations office in
patterson, La, or to u duly authorized
An agreement shall be entered into
between the stakeholder and the corpo-
ration whereby the payment of said note
shall not be demanded SO long as the
IV,vv l. l., e
and One-half cents per share, and the
monthly installment of one-twelfth of
six per cent per annum on the face of
The note, are regularly paid until the
7alue of the said stock shall have be-
'ome equal to its par value, and then
he said notes shall become due and ex-
gible, and the value of the said stock
hall be applied to its settlement
In the event that any stakeholder
hall be in arrears twenty four weekly
payments (six months) for the minimum
nstallments of twelve and one half cents
'er share per week on the stock pledged
y him as aforesaid, or for six monthly
of the interest due on the face
t the note representing said loan, then
he said note shall become at once due
nd exigible, as a penalty and without
utting in default for its full amount;
nd the Board of Directors shall be
uthorized to credit the note with the
alue of the stock pledged to secure it;
nd to institute at once such legal meas
res as shall be necessary to enforce its
ayment with the interest due thereon
nd attorneys fees.
ARTICLE XXI.
Stockholders obtaining loans or ad-
snces upon their stock and failing to
nder satisfactory security for same
thin thirty DAYS from the date or the
Getting at which said loan was applied
: bid for, shall forfeit same provided
e Board Of Directors shall have the
ght to extend the time for satisfactory
asOns. and all cost or charges or OK
,nses, together with the interest for
1t less than one month or such other
ne as snail have elapsed shall be charg-
to the stockholder and be lien
,ainst his shares until paid. bearing
terest at the rate Of eight per cent per
mum until paid.
All fees for notaries and registers and
expenses incurred in appraisiny prop
ty, making and cancelling loans shall
paid bv the stockhnlder with whom
. corporation is dealing.
ARTICLE XII.
The Board of Directors may make
Gu rules, regulations and bylaws to
vern loans or advances on stock as
~ may see proper, provided that they
not conflict with any provisions of
is charter.
No real estate shall be accepted by the
ard of Directors as security for loans
advances unless the same be imprOy-
or to be improved at once: nor shall
y saloon, public hall, theatre. church,
'etiny room or school, be accepted as
ch security, aud no real estate be pnr-
ascd by the corporation unless a reso-