The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-08
AMENDED CHARTER OF
ST. MARY BUILDING ASSOCIATION
Continued From First Page.
been recorded in their minutes.
ARTICLE XIII

Any stakeholder. who has received al
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 50
either in part or in whole and if desired
the pledged shares may be surrendered
to the Association, and cancelled unGe,
the conditions provided for Withdrawing
uDpicdged shares.
Any part payment under this article
shall be credited the borrower 5 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
proportonately.
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 to the corporation nor
shall any mere informally in the organi-
cation have the effect Of rendering this
act nnl or exposing a stakeholder to any
. liability beyond the amount of his in
debtedness to the corporation.
ARTICLE Nv.
Special meetings of the stock holders
shall be convened by the President at
the request in writing Of ten stockholh-
ers, stating the time and object of such
meeting
AT all meetings Of the stockholders held
after due notice of the saEc has been
given those present and represented
shall constitute IA quorum.
ARTICLE XVI.
This act of incorporation can be alter
ed. amended. or modified by il 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-
scented AZ 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
STOCK holder, provided that the capital
IF the association shall not be Increased !
unless the majority Of all the shares il
force shall vote in favor Of such al
increase. !;
ARTICLE XVII /
IN the event of the dissolution @! this I
corporation by limitation or otherwise,
three stockholders shall be elected by .
the stockholders at special meeiing !
called for that purpose. VIII" shall ac, Is
board Of iiqnidaiors and full power
and authority is hereby vested in
SAID Board to speedily wind up an
Hquidate I ne affairs Of the said corpora
ton, and for such purpose 10 sell all the
property and assets thereof. and to col
lect and receipt for all notes and ac-
counts due, and to institute such sui, as'i
necessary to enforce the same: and 10
pay all the Indebtedness due by the AS
soclatlon. ii aly, 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 the event of any vacancy by death.
resignation or otherwise, occurring in
the Board Of Liqu!dators, the same shall
be filled by the remaining members OF
the Board from the stockholders.
The charter of the Association as thus
amended WAS adopted by TIE stock hold
ers of the Association vote, at Il special
meeting called for that purpose of date
August 4th, 1906, after ten days
notice of the same had been given by
the unanimous vote of all the stock there
present and represented, tO-wit:
ltoll call of the votes adopting same
was tO-wit: