The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-08

Il TLis stock can be issued at the discre
ton of the Board of Directors up to the
amount of Twenty Five Thousand Dol
lars; and no further issuance beyond
| that sum can be made without the
authorize ion of the stockholders of the
Assoc .tiOn in meeting regularly called
for that purpose. and under the provis-
ions of this cha ter, relative to the
amendment of the same.
Permanent stock shall lie issued only
i'll payment of its par value of One Hun
dred Dollars per share in cash at the
d ie of the issuance and for such addl
tienll 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 be 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 annually. 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 apportloned
from time to time by tho Board of Direc-
tors in their discretion from the surplus
| profits of the business after all dividends
| for that period have been apportioned
| and provisions made for the contingent
loss fund as required by lfw. "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-snnual period part
or all of the Permanent Stock in force by
Il two-thirds vote of the Board. In the
event of a 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- |
viied that he receives in cash the full |
book value of such amount of his hold
ngs as surrendered bv him. After notice |
by the Secretary of the amount required |
By HIM to be surrendered. all interest |
thereon shall cease, whether the same |
be promptly surrendered or not
The pay ment of a preferential divi
dend and the apportionment Of surplus
from time to time to this stock shall not |
in ane way be considered by any holder
IF other stock as an impairment in the
quality of membership or to the preju-
dice of his holdings: but as the full
eqnivalent for the same being NON
WITHDRAWABLE, permanently in
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
dollars per share in cash at the date of
Full Paid Stock shall par
tcipate equally with the other stock
Permanent stock excepted) in the prof
its Of the cOrpola alton in proportion to
it's value and age.
Full Paid Stock shall be issued as sub
scribed for: and in settlement of Install
ment and Dayton Stock as the same ma
/
from the date of issuance.
All profits accruing to such stock shall
be payable to the owners thereof in cash
semi l-annually.
,INSTALLMENT STOCK.
Installment Stock shall be worth the
maturity value of one hundred dollars
per share, and shall be issued upon the
,,f dollar ~ |
for each share subscribed.
Such stock shall be paid for by the
regular payment of twenty-five cents per
share per week. if unpledged. or the
regular payment of twelve and one half
cents per share per week, if pledged as
security for a loan upon real estate,
hereinafter designated as STOCK DIS
COUNTS. and the further addition
hereto of all the profits as shall be de-
;lared upon the same.
Said stock shall upon its issuance
commence to share in the earnings of q
he corporation, and shall participate in |
he same equally with the other stock
Permanent stock exceptedD in proper
ion to the actual worth and time Of each {
,ayment made on account of its par ,
7alue.
All profits accruing to such stock shall t
,e credited thereto as payments on ac- $
count of it's maturity value.
Whenever the share of any subscrlb-
ne stockholder by reason of the pay
nents made thereon and the profits =
.redted thereto shall become worth the !;
maturity value of one hundred dollars !,
,er share. then said stock shall be deem
ID fully paid for, and in its place shall !;
,e ISSUED the same amount OF Full Pald :,
stock G
The payment of twenty five cents per .
hare per week on unpledged stock and :
# twelve and one half cents per week :
N stock pledged for security for Stock
Discounts shall be considered as the