The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-29
AMENDED CHARTER OF
ST. MARY BUILDING ASSOCIATION
Continued From First Page.
been recorded in their minutes.
ARTICLE XIII


ARTICLE XIII
Any stakeholder. who has received a
advance upon his shares, desiring to set
tie and liquidate such Indebtedness prio
to the maturity Of bis stock upon whicl
said advance have been made, may do g.
either in part or in whole and if desire,
the pledged shares may be SURRENDERED
to the Association, and cancelled unde
the conditions provided for withdrawn,
unpledged shares.
Any part payment under this articl,
shall he credited the borrowers note il
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
bic or responsible for the faults, con-
tract or Indebtedness of this corporation
IN any further sum than the amount of
his Indebtedness 10 the corporation, nor
shall any mere informally in the vrgani-
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 at
the request in writing Of ten stockh0ld-
ers, stating the time and object Of snch
meeting.
AT all meetings of the stockholders held
after due notice Of the same has been
gwen those present and represented
shall! constitute a quorum.
ARTICLE XVI.
This act of incorporation can be alter
ed. amended, or modified by a vote of
three fOurths Of the shares present or
represented at an annual meeting or a
special meeting of the stockholders con-
vened for that purpose, or the cOrpora-
tion can be dissolved by the vote of two
thirds of the capital subscribed repre-
scented at an annual meeting or special
meeting convened for that purpose: all
after len days notice Of lifetime 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 bv |
the stockholders at special meeting
called for that purpose. who shall act rs |
a board Of iiquidators. and full power
and authority is hereby vested in /
said Board to speedily wind up an
liquidatc 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 10
pay all the Indebtedness due by the AS
ISOLATION. II ally. 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
Permanent 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
'mOngst the holders of Permanent Stock
n proportion to the amount of their
III the event of any vacancy by death,
esignatiOn or otherwise, occurring in !
he Board Of Liqu!dators, the same shall
,e filled by the remaining members of
he Board from the stockholders. TX
The charter of the Association as thus
mended WAS adopted by the stockbold- |
rs Of the Association vote, at = special S
Meeting called for that purpose of date j
august 4th, 1906, after ten days t
office of the same had been given by L
he unanimous vote of all the stock there
resent and represented, to wit:
Roll call Of the votes adopting same =
'as tO-wit: ~
ilbnr Kramer ! Miss Lizzie Muggah 4 ;,
[rs Florence Lewis 10 David Wolf
rs Amelia Bellessien 10 Mrs G Trimble Il