The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-22
Act Of Incorporation
OF THE
ST. NARY BUILDING ASSOCIATION
or PATTERSON, st. NARY PARISH,
LOUISIANA.
(AMENDED.)

: At the annual meeting of the stock
: holders OF the st. Mary Building AS
soclation of Patterson, ST. ary Parish
: La, convened on the 4th day of Aug
> ust. 1906, (ten days notice of said meet
!, ing having been given by mail by tn
! President to all the stock holders) th
Charter as originally adopted by thi
Association and as amended on the 1871
day Of January, 1898, and on the 2Otl
day Of January, 1908, was altered, mod
flied and amended to read as follows, TO-
: wit:
ARTICLE l.
The name and title of said corporation
shall be and is THE ST. MARY
BUILDING ASSOCIATION and under
its corporate name it shall have power
to contract, sue and be sued to make
and use corporate seal and the same to
break and alter at pleasure: to hold, re-
ceive, lease, purchase, convey, mort
gage and hypothecate under its corporate
name property both real and personal: ::
to lend and borrow money on security
TO name and appoint such officers and
agents as the interest and convenience of
said corporation may require; to make
and establish such by laws, rules and reg
nlations for the proper management and
regulation Of the affairs of said corpora
tiOn AS may be necessary and proper and
| the same to change and alter at pleasure:
| and to do all such acts and things as are
| or may be proper and necessary to carry
| out the objects Of said corporation.
ARTICLE II.
The domicile Of said corporation shall
he in the Town of Patterson, Parish Of
st. Mary, State Of Louisiana, and all
citations or other legal process shall be
served upon the President of said corpo-
ration, or in his absence upon the Vice
President, or in the absence of both
Of these officers upon the Secretary.
ARTICLE III.
The object Of this corporation shall be:
]st. To provide a convenient. safe |
and profitable method Of investing the
subscriptions Of its stockholders.
2nd. TO furnish them with the oppor-
tunity Of borrowing money on real estate |
security. To carry out these objects
the corporation shall accumulate a fund |
from payments on subscriptions to the
capital stock, the payments of interest on
loans, and from money received from other
lawful sources: the funds so accumulated
to be used for the purchasing, building,
improving aud repairing of real estate
and homesteads for its members. and re-
moving membranes therefrom, and
for the loaning Of money to its men,
hers: and for the purchase Of stocks and
bonds.
The corporation is hereby prohibited
from lending money to any but its own
stockholders and from accepting as Sc
curity for such loans. property situated
outside Of the Parish of st. Mary.
ARTICLE w. |,
The corporate powers of the corpora
ion shall be exercised by Board of
,welve Directors, each of whom shall
)wn not less than five shares, who shall !!
)e elected by the stockholders present
,r represented at the meeting to be held
on the third Tuesday in Janu-
'ry.
Each stakeholder, present or repre- .. .
ented at said election and not in default,
hall be entitled to one vote for each
hare possessed by him or her.
At least ten days notice of said cleo
ion shall be given by the Secretary
hrough the mail. Said election shall
'e by ballot and shall be held at the
omicile of this corporation under the y
upervision of three stockholders ap- T
ointed by the Board OF Directors, at 7
he preceding regular meeting.
The twelve stockholders receiving the
ighest number of votes cast shall be. :
eclared elected. :
The failure to hold an election on the i
ay specified shall not dissolve the cor y =,
Grafton, but the Directors III Office shall . =
old over until an election be held after = =
Bn doys notice shall have been given by :,
lail of the time and place thereof. -
The directors shall elect from their VI
umber a President and Vice-President. =,
i've Directors shall be quorum for the :,
of business The Directors :,
1all elect a Secretary, Treasurer, and ~
lch other officers and employees as may );
e necessary: and they shall have power ~ =.
, enact bylaws not repugnant to this r r
larter, to select their time of meetings,
} suspend any officer or director for /,
eglect Of duty or misconduct, and to " "
anne and appoint their successors as ~
rOvided in the bylaws, and shall have :,
eneral authority to carry out the objects ~
I'd business of the corporation, =.
ARTICLE V. m
The capital stock of this corporation pt
lall be ONE MILLION DOLLARS. ed
Il stock in force of date August 4th, be
O6, shall be recognized under the form ST
which it has been issued. but from
I'd after said date, all additional shares sh
stock issued shall be under one of the of
ur .-lans, hereinafter fully described or
I'd designated. to-wit: Permanent D.
ock, Fnll Paid Stock, lnstallmeut m
ock, and Dayton Stock. in such tn