The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-01
AMENDED CHARTER OF
ST. NARY BUILDING ASSOCIATION
Continued From First Pare.
been recorded in their minutes.
ARTICLE XIII

advance upon his shares, desiring to sci
tie and iqnidate such Indebtedness prip
to the maturity Of his stock upon whici
said advance have been made. may do St
either in part or in whole and if desire
the pledged shares may be SURRENDERED
to the Association, and cancelled undrr
the conditions provided for Withdrawing
unpledged shares.
Any part payment under this article
shall be credited the borrower note il
the sum of the par value Of each shar,
redeemed from pledge. and thereafter
interest shall be paid only upon the re-
mainder of said note. and if desired tho
vendors lien and privilege existing
against said property shall be reduced
prOportionately.
ARTICLE NV.
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 urgan-
cation have the effect Of rendering this
act nul or exposing a stakeholder TO any
liability beyond the amount of his in
debtedness to the corporation.
ARTICLE XIV.
Special meetings of the stockholders
shall be convened by the President Al
the request in writing Of ten stock hold
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 a quorum.
ARTICLE XVI
ihlS act Of incorporation can be alter
ed, amended. or modified hv vote of
three fOurths of the shares present or
represented at an annual meeting or Il
special meeting Of the stockholders con
vened tor that purpose, or the corpora
ton can bs dissolved BY the vote of two
thirds of the capital subscribed repre-
senied at an annual meeting or a special
meeting convened for that purpose: all
after.ten days notice Of theltime and object |
thereof have been given by mail to each |
stockholder, 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 a special meeting
called for that purpose. who shall act as
a board of iiquidators and full power
and authority is hereby vested i'll
SAID Board to speedily wind up an
liquidate Inc affairs Of the said corpora
ton, and for such purpose TO sell ali the
property and assets thereof, and to col
ect and receipt for all notes and ac-
counts due, and to institute such suit as
necessary to enforce the same: and 10
pay all the Indebtedness due by the As
ISOLATION. if aay, and to distribute the
proceeds remaining amongst the stock
holders in proportion to The amount Of
heir holdings; provided that what
,ver amount remains to the credit Of the
Surplus after the affairs OF
he Association have been settled and be-
ore the proceeding to the distribution OF
ne proceeds; shall be distributed only
amongst the holders of Permanent Stock |
n proportion to the amount of their
In the event Of any vacancy by death,
or otherwise, occurring in
he Board OF Liqu!dators, the same shall
'e filled by the remaining members of
he Board from the stockholders
The charter of the Association as thus
mended was adopted by the stockhold-
rs of the Association vote, at IA special
Meeting called for that purpose Of date
august 4th, 1906, after ten days
Office of the same had been given by
be unanimous vote of all the stock there
resent and represented, to.wit:
Kohl call of the votes adopting same ]
las tO-wit: