The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-22

Association in meeting regularly Gale,
for that purpose, and under the provis
ions of this charter, relative to tn
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 tn,
date Of the issuance. and for such addi
tiOnal amount in cash as the book value
OF such stock may be worth at the date
| of its issuance over and above its PAL
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 apportioned
from time to time by the 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 rs required by law, 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. III 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 contempla ted
bears to the whole amount in force; pro-
vided that he receives in cash the full
book value of such amount of his hold
ngs as surrendered by him. After notice
by the Secretary of the amount required
by HIM to be surrendered. all interest
hereon shall cease, whether the same
10 pTOluptly buTTcuuCIcu OT uUl. L
The payment of preferential divi-
lend and the appOrtionment of a surplus
rom time to time to this stock shall not
II anv way be considered by any holder
# other stock as an impairment in the
|ualitv of membership or to the preju-
lce of his holdings; but as the full
qnivalent for the same being NON
VITHDRAWABLE, permanently in
ested in the business of the Associa-
ion.
FULL PAID STOCK. Il
Full Paid stock shall be issued only in
aymcnt of its par value of one hundred
ollars per share in cash at the date of
description. Full Paid Stock shall par :
cipate equally with the other stock
Permanent stock excepted) in the prof .
s Of the corporation in proportion to
$ value and age.
Full Paid Stock shall be issued as SUBJ !
:ribed for: and in settlement of Install
ent and Dayton Stock as the same ma
lres; and shall commence it's earnings
ON the date of issuance.
All profits accruing to such stock shall |
, payable to the owners thereof in cash
INSTALLMENT STOCK. n
Installment Stock shall be worth the .
aturity value of one hundred dollars VI
r share. and shall be issued upon the
lymert IF at least one dollar per share q
r each share subscribed. u
Such stock shall be paid for by the 81
gular payment of twenty five cents per 81
are per week, if unpledged. or the G
gular payment of twelve and one half v
nts per share per week, if pledged as 9!
curity for loan upon real estate, a
reinafter designated as STOCK DIS h
)UNTS. and the further addition
ereto of all the profits as shall be de-
lred upon the same. o.
Said stock shall upon its issuance ii
mmence to share in the earnings of al
Z corporation, and shall participate in n,
Q same equally with the other stock
ermaDent stock excepted) in proper
n to the actual worth and time of each g.,
yment made ON account of it's par NJ
lue. fe
All profits accruing to such stock shall II
credited thereto as payments on ac- 40
unit of its maturity value.
Whenever the share of any subscrib-
, stockholder by reason of the pay
nts made thereon and the profits al
,dited thereto shall become worth the IL. 10
Iturity value of ono hundred dollars !"
: share, then said stock shall be deem ~
fully paid for, and in its place shall :
issued the same amount of Full Paid ~ ~
,ck. ~
The payment of twenty five cents per ~
ire per week on unpledged stock and op
twelve and one half cents per week "
stock pledged for security for Stock 81
,counts shall be considered as the
nimum payment, Any multiple of
se amounts per share per week can be No