The St. Mary banner., 1906-10-06
NO. 81.

Ing OF The Board of Directors a written
application for such amount as lie de-
> slres, not exceet!inG nine tenths Of the
Withdrawal value of his stock. If such
|, application is granted. he must give a
written pledge 10 the corporation for
! he stock upon which the | }an is made,
together With AL payments Of INSTALL
mehtS 1nd dividends. present and future
. there"n and must further execute his
h"fe ~ favor of the corporation for the
'ull amount OF said loan with interest at
ne rave on elGht per cent per annum
from the date Of the note until paid. aud
1" pe pay apIe within one year after date
i STOCK DISCOUNTS.
Athny meeting ofthe Board of Directors.
II the funds 50 warrant, said Board shall
nave the right to offer to advance money
upon the par value of InstaIment stock
lhc said offer shall be made bv anction
ana the said advance Shall he made to
the stakeholder bidding the highest vol
uhtafy discount therefor. which shall
be considered and accepted AS a bonus
therefor: provided that no stoekho|der
shall be permitted to bid. whose stock
is in arrears: aud provided that the real
| estate offered as security for said ad-
| Vances must be approved by the Board
- A'i'''t'lH. dIltI having received a
| favorable report thereon from The an
piaIsenent committee and the abstrac-
tor Of the corporation as to the ya,ua
and title Of the same
SAID stakeholder 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
mcnts Of all installmrnts 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 clsh consideration of
the amount of the loan
SAID property after such improve
ments have been made as previously
agreed upon by the stakeholder and
the corporation shall be re- sold to said
stockh"lder (the corporation retaining a
vendor lien and privilege thereon) the
consideration of the resale being repre-
srnted by note, executed by the stock
holder III favor of the corporation for
the full amount of the par vaile 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 vote shall be pavahle in m 1n,h-
~ lnstallmentS on auv Saturday OF each
month at the corporations office in
Patterson. La, or to II duly authorized
collector.
An agreement shall be entered into
between the stockholdcr and the corpo,
alton whereby the payment of said note
hall not be demanded SO long as the
minimum weekly instalments of twelve
nd "ne-half cents pc" share. and the
nonthly lnstalment of one-twelfrh of
TX per cent per annum on the face of
he note. are regularly paid until the
alue OF the said stock shall have be-
ONE equal to its par value, and then
he said notes shall become due aud eX-
gible, and the value of the said stock
hall be applied to It's settlement
In the event that any stakeholder
hall be in arrears twenty four weekly
ayment. (siX months) for the minimum
lstallments OF twelve and one half cents
er share per week on the stock pledged
y him as aforesaid. or for six monthly
ayments of the interest due on the face
the note representing said loan, then
Ne said note shall become at once due
id exigible, as Il penalty and without
ltting in default for its tull amount:
ld the Board Of Directors shall be
lthorized to credit the note with the
tlnc of The stock pledged to secure it:
ld to institute ut once such legal meas
'eS as shall be necessary to enforce its
'ymcnt with the interest due thereon
III attorneys fees.
ARTICLE XI.
Stockholders obtaining loans or adj
nces upon their stock and failing to
ntler satisfactory security for same
thin thirty days from the date or the
eeting at which said loan was applied
bid for, shall forfeit same provided
e Board of Directors shall have the
yht To extend the time for satisfactory
asons, ans! all cost or charges or ex-
nsts, together with tn" interest for
i Jess ttan one month or such other
ne as snail have elapsed shall be charg-
to the sfockii,der and be IL lien
ains1 his >hares until paid. bearing
eres' at the rate of eight per cent per
NUN until paid.
ali fees for hotarirs and registers and
expenses incurred in appraising prop
y, making ami canceiin2 loans shall
paid by the stakeholder with whom
corporation is dealing.
ARTICLE XII.
Thc Boar. Of Directors may make
IA rules, regulations and bylaws to
vern loans or advances on stock as
y may see proper, provided that they
not conflict with any provisions of
5 charter.
80 real estate shall be accepted by the
ard Of Director, as security for loans
advances unless the same be improv-
Or to he improved at once: nor shall
saloon. public hall, theatre. church,
erng room or school, be accepted as
n security, aHd no real estate be Dur
'scd by the corporation unless a resO.
ion authorizing oiIne has been duly
sd IL til; & ,Hrd Of Directors and 1as