The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-29


that sum can be made without tn
authorization of the stockholders of tn
Association in a meeting regularly calle'
Tor that purpose, and under the provis
ions Of this charter, relative to tn
amendment of the same.
Permanent stock shall be issued onl,
. in payment of its par value of One Hun
dred Dollars per share in cash at tn,
. date of the issuance. and for such addi
q tiOnal amount in cash as the book value
OF such stock may be worth at the date
, ! of its issuance over and above it's pal
, value.
Permanent stock shall be issued as ap.
piled for and shall commence its earnings
with the date of its issuance
A preferential dividend of eight per
cent per annum, payable four per cent
semi mi-annnally. January and July lst,
of each year shall be paid to the holders
Of this stock from the net profits of the
business of the Association for each half
year before any dividends are credited
or paid to any other form of stock is
sued.
This stock shall be NON-WITH-
DRAWABLE and shall constitute a per-
manent investment in the Association.
| 10 tulS SUCK tucIcSudll vt
| from time to time by the Board of Direc-
tors in their discretion from the surplus
profits of the business, after all dividends
for that period have been apportioned
and provisions made for the contingent
loss fund as required by law, further
| dividend which shall be known as PER-
MANENT SURPLUS, which said sur
| plus shall be carried on the books of the
ho ho ho1
| ers of Permanent stock, without interest
thereon, and which shall be NON
| WITHDRAWABLE
The Board of Directors shall in their
discretion have the right to retire at the
close of any semi-annual period a part
or all OF the Permanent Stock in force by
two, thirds vote of the Board. In the |
event of partial retirement of the same, |
each owner of permanent stock shall be |
required to surrender his certificate, and |
his holdings shall be reduced in the pro-
portion that the reduction contempla 5ed |
hears to the whole amount in force: pro-
vided that be receives in cash the full |
book value of such amount of his hold
ings as surrendered by him. After notice
by the Secretary of the amount required
b. him to be surrendered. all interest
thereon shall cease, whether the same
be promptly surrendered or not.
The payment of preferential divi-
dend and the appOrtionment of surplus
fr IN time to time to this stock shall not
in any way be considered by any holder
of other stock as an impairment in the
quality of membership or to the preju-
dice of his holdings: but as the full
equivalent for the same being NON
AWABLE, permanently in
vested in the business of the Ass0cia-
ton.
FULL PAID STOCK.
Full Paid stock shall be issued only in
payment Of its par value Of one hundred
dollars per share in cash at the date of
subscription. Full Paid Stock shall par
ticipate equally with the other stock |
Permanent stock excepted) in the prof
its IF the corporation in proportion to
its value and age.
Full Paid Stock shall be issued as sub !
,cribed for: and in settlement of Install
nent and Dayton Stock as the same ma
ures; and shall commence its earnings
rom the date of issuance.
All profits accruing to such stock shall
,e payable to the owners thereof in cash
emi-annually.
INsTALLMENT STOCK.
Installment Stock shall be worth the ?
maturity value of one hundred dollars u
YER share. and shall be issued upon the
,aymert If at least one dollar per share q
or each share subscribed.
Such stock shall be paid for by the
egular payment of twenty-five cents per
hare per week. if unpledged. or the
eguar payment of twelve and one half
ents per share per week, if pledged as e.
ecurity for loan upon real estate,
ercinafter designated as STOCK DIS
,OUNTS. and the further addition
hereto of all the profits as shall be de-
Jared upon the same. o
Said stock shall upon its issuance ii
ommence to share in the earnings of al
be corporation, and shall participate in nj
Permanent stock excepted) in proper
ion to the actual worth and time of each u,
ayment made on account of its par n,
alue. fe
All profits accrulng TO such stock shall tt
e credited thereto as payments on ac- Sc
)unt Of its maturity value.
Whenever the share of any subscrib-
,g stockholder by reason of the pay
ents made thereon and the profits al
.edited thereto shall become worth th.ae- !"
value of one hundred dollars III
or share. then said stock shall be deem-d !"
I fully paid for, and in its place shall 5.
. issued the same amount of Full Paid - !"
lock- ~
The payment of twenty five cents per ~
lare per week on unpledged stock and ot
twelve and one half cents per week y, :"
nj fnr Ify fnr
iscountS shall be considered as the
inimum payment. Any multiple of
esc amounts per share per week can be nc