The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-10-06
AMENDED CHARTER OF
ST. MARY BUILDING ASSOCIATION
Continued From Firsa Page.
been recorded in their minutes.
ARTICLE XIII


advance upon his shares, desiring to set
tie and liquidate such indebtedness prior
to the maturity of his stock upon which
said advance have been made. may do SO
either in part or in whole and if desired
the pledged shares may be surrendered
to the Association, and cancelled under
the conditions provided for Withdrawing
unpledged shares.
Any part payment under this article
shall be credited the borrower note 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
BILE 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 organi-
cation have the effect of rendering this
act null or exposing a stakeholder to any
liability beyond the amount of his in
ueDtedneSS 10 tne 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.
At all meetings of the stockholders held
after due notice of the same has been
given those present and represented
shall constitute quorum.
ARTICLE XVI.
This act of Incorporation can be alter
ed. amended, or modified by vote Of
three fourths of the shares present or
represented at an annual meeting or Il
special meeting of the stockholders con
vened for that purpose, or the corpora
ton can be dissolved by the vote of two
thirds of the capital subscribed repre-
sented at an annual meeting or special
meeting convened for that purpose: all
after ten days notice of theItime and object
thereof have been given by mail to each
stakeholder, provided that the capital
Of the association shall not be increased
unless the majority of all the shares in
force shall vote in favor Of such an
increase.
ARTICLE XVII.
in the event of the dissolution Of this
corporation by limitation or otherwise
three stockholders shall be elected by
the stockholders at special meeting
called for that purpose, who shall act as
a board Of iiquidators. and full power
and authority is hereby vested in
said Board to speedily wind up an
liquidate the affairs of the said corpora
ton, and for such purpose TO sell all the
property and assets thereof, and TO col
lect and receipt for all notes and ac-
counts due, and to institute such suit AS
necessary to enforce the same: and TO
pay all the Indebtedness due by the AS
ISOLATION, if any, and to distribute the
proceeds remaining amongst the stock
holders in proportion to the amount of
their holdings; provided that what
ever amount remains to the credit of the
Permanent Surplus after the affairs Of
the Association have been settled and be-
fore the proceeding to the distribution of
the proceeds; shall be distributed only
amongst the holders of Permanent Stock |
in proportion to the amount of their
holdings.
In tAe event of any vacancy by death,
resignation Or otherwise, occurring in |
the Board Of Liquidators, the same shall |
be filled by the remaining members Of /,
the Board from the stockholders. /
The charter Of the AssOciatiU as thus |
amended was adopted by tie stockhold- |
ers of the Association vote, at a special |
meeting called for that purpose of date
AnUnst 4th 1905 after fen dnyS i
notice of the same had been given by |
the unanimous vote Of all the stock there
present and represented, to-wit:
Roll call of the votes adopting same
was tO-wit: