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

1
sires, not exceeding nine tcn'hs Of the
withdrawal value Of his stock If such
application is granted, he must give a
written pledge To the corporation for
the stock upon which the loan is made.
together with AL payments of INSTALL
ments and dividends. present and future
thereon, and must further execute his
note n favor Of the corporation for the
tuil amount of said loan with interest at
the rate OF elght per cent per annum
from the date Of the note until paid. and
te be payable within one wear after date
| STOCK DISCOUNTS.
| Atanv meeting Of the Board Of Directors.
II the 1unt.s SO warrant, said Board shall
have the right to offer to advance money
upon the par value of lnstallmrnt stock.
| The said Ctfer Snail he made hv auction
and the said advance Shall he made 10
the stakeholder bidding the highest VOL
| uhtary discount therefor. which shall
| be considered and accepted rs a bonus
| therefor: provided that no stockhoIder
shall be permitted to bid. whose stock
| is III arrears: and provided that the real
estate offered rs security for said adj
vances must be approved by the Board
OF Directors, after having received Il
favorable report thereon from the ap-
praisement committee and the abstrac-
tor of the corporation as to She va.nr
and title Of the same.
Said stockhoder must give "A written
pledge 70 the corporation for the stock
upon the par value upon which the said
advance IS made, together with the pay
ments of all in>tallmrnts and dividend,
present and future thereon. and must
further sell tie property accepted by The
Board of Directors as security to the
corporation for the clsh consideration of
the amount of the loan
Said property after such improve
ments have been made as previously
agreed upon by the stakeholder and
the corporation shall be re- sold TO said
stakeholder the corporation retaining a
vendor lien aud privilege thereon) the
consideration of the resale being reure-
sented by note, executed by the stock
holder in favor of the corporation for
the full amount of the par vaide of his
stock upoa which the advance was made:
SAID note to bear six per cent interest
per annum from date. to bc identified
with the act of Resale and to be payable
on demand after its date. The interest
on said note shall be payable in month
ly instalment, on any Saturday ol each
month at the corporations office i'm
Patterson, La, or to u duly authorized
collector
An agreement shall be entered into
between the stakeholder and the corpo.
ration whereby the payment of said note
shall not be demanded so long as the
minimum weekly installmcnts of twelve
and one-half cents per share, and the
monthly installment of one-twelfth of
SIX per cent per annum on the face of
the note, are regularly paid until the
value of the said stock shall have be-
come equal to its par value, and then
the said notes shall become due and ex-
gible, and the value of the said stock
shall be applied to its settlement
In the event that any stakeholder
shall be in arrears twenty four weekly
payments (six months) for the minimum
nstallments OF twelve and one half cents
Der share per week on the stock pledged
)y him rs aforesaid, or for six monthly
payments of the interest due on the face
If the note representing said loan, then
he said note shall become at once due
md eXiglble, rs Il penalty and without
putting in default for its tall amount:
md the Board of Directors shall be
authorized to credit the note with the
'aluc of the stock pledged to secure it;
md to institute at once such legal meas
Tres as Shall be necessary to enforce it's
payment with the interest due thereon
nj attorneys fees.
ARTICLE XI.
Stockholders obtaining loans or ad-
ances upon their stock and failing to
ender satisfactory security for same
within thirty davs from the date or the
Meeting at which said loan was applied
II bid for, shall forfeit same provided
he Board of Directors shall have the
light to extend the time for satisfactory
easons, and all cost or charges or ex-
enses, together with the interest for
OF less than one month or such other
me as snail have elapsed shall be charg-
Il to the stakeholder and be lien
ganst his shares until paid, bearing
lferest at the rate of eight per cent per
mum until paid
All fees for notaries and registers and
Il expenses incurred in appraising prop
rty, making and cancellng loans shall
e paid by the stockhoder with whom
le corporation is dealing
ARTICLE XII.
The Board of Directors may make
lch rules. regulations and bylaws to
Overn loans Or advances on stock as
ley may see proper. provided that they
. not conflict with any provisions of
lis charter. r..
No real estate shall be accepted by the
oard Of Directors as security for loans
+ advances unless the same be improv-
| or to be improved at once: nor shall
ny salcon public hall, theatre. church,
leeting room or school, be accepted as
lch security, and no real estate be pur-
lascd by the corporation unless Il rcso-
'ti"n authorizing same has been duly
.sscd by the Board Of Directors ard mas