The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15
amounts as the Board of Directors shall
determine
PERMANENT STOCK


that sum can be made without tn,
authorization of the stockholders of thu
Association in meeting regularly Gale,
for that purpose. and under the provs
ions of this charter, relative to the
amendment of the same.
Permanent stock shall be issued only
in payment of its par value of One Hun
dred Dollars per share in cash at the
date Of the issuance. and for such add
liona amount in cash as the book value
Of such stock may be worth at the date
of its issuance over and above its par
| value.
Permanent stock shall he issued as ap-
piled for and shall commence its earnings
with the date of its issuance.
A preferential dividend of eight per
cent per annum, payable four per cent
semi-annnally January and July lst,
of each year shall be paid to the holders
Of this stock from the net profits of the
business of the Association for each half
year before any dividends are credited
or paid to any other form of stock is
| sued.
This stock shall be NON-WITH-
| DRAWABLE and shall constitute per-
manent investment in the Association
| To this sotck there shall be apportioned
from time to time by the Board of Drec-
tors in their discretion from the surplus
| profits of the business, after all dividends
| for that period have been apportoned
| and provisions made for the contingent
| loss fund as required by law. a further
dividend which Shall be known as PER-
MANENT SURPLUS, which said sur
plus shall be carried on the books of the
Association as the property of the hold
ers of Permanent stock, without interest
thereon, and which shall be NON |
WITHDRAWABLE
The Board of Directors shall in their |
discretion have the right to retire at the !
close of any semi-annual period part |
or all of the Permanent Stock in force by |
"A two-thirds vote Of the Board. In the |
event of partial retirement of the same,
each owner of permanent stock shall be
required to surrender his certificate and
his holdings shall be reduced in the pro-
portion that the reduction contemplated
bears to the whole amount in force: pro-
vided that he receives in cash the full
book value of such amount of his hold
ings as surrendered by him. After notice
by the Secretary of the amount required
by HIM to be surrendered. all interest
thereon snail CEASE, whether luc SdIuc |
be promptly surrendered or not.
The payment of IA preferential divi-
dend and the apportiOnment of a surplus
from time to time to this stock shall not
in anv way be considered by any holder
of other stock as an impairment in the
quality of membership or to the preju
dice of his holdings; but as the full
equivalent for the same being NON
~ L. 81 !
vested in the business of the Associa-
ton.
FULL PAID STOCK.
Full Paid stock shall be issued only in
payment of its par value of one hundred
lollars per share in cash at the date of
subscription. Full Paid Stock shall par ,
icipate equally with the other stock
Permanent stock excepted) in the prof ;
is of the corporation in proportion to
Is value and age.
Full Paid Stock shall be issued as sub
cribed for: and in settlement of Install
nent and Dayton Stock as the same ma
ures: and shall commence its earnings
rom the date of issuance.
All profits accruing to such stock shall
'e payable to the owners thereof in cash y
INSTALLMENT STOCK. p
Installment Stock shall be worth the .
maturity value of one hundred dollars II
er share. and shall be issued upon the
aymeLt of at least one dollar per share 4
or each share subscribed.
Such stock shall be paid for by the .
egular payment of twenty-five cents per 5
hare per week. if unpledged. or the c
egular payment of twelve and one half
ents per share per week, if pledged as e
ecurity for a loan upon real estate, d
ereinafter designated as STOCK DIS IL
cunts. and the further addition
hereto Of all the profits as shall be de-
Jared upon the same. o
Said stock shall upon its issuance ii
to share in the earnings of al
ne corporation, and shall participate in NJ
ne same equally with the other stock
Permanent stock excepted) in proper
on to the actual worth and time of each ol
ayment made on account Of its par D,
alue. fe
All profits accruing to such stock shall II
e credited thereto as payments on ac- Sc
ount of its maturity value.
Whenever the share Of any subscrib-
lg stockhoder by reason of the pay
ents made thereon and the profits al al
-edited thereto shall become worth the ~ ~
value of one hundred dollars :, ~
or share, then said stock shall be deem ~
| fully paid for, and in its place shall :.
9 issued the same amount Of Full Paid ~ ~
lock. ~. ~
The payment of twenty five cents per 81
lare per week on unpledged stock and ~
twelve and one half cents per week " -,
] stock pledged for security for Stock 81
iscounts shall be considered as the
inimum payment, Any multiple of
lese amounts per share per week Gun be II,