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

/ Nl INK IHILtI UitttiIp bl Inc SHOCK
holders of the ST. Mary Building AS
sociati"n Of Patterson, st. my Parish
La, convened On the 4th dav of Aug
ust, 1906. ten days notice Of said meet
ing having been given by mail by til,
| President To all the stock holders) tn,
Chatter 4, originally adopted by thi,
Association apd as amended on the 1911
d.y Of January. 1898, and on the 20tl
| day Of january. 1868. W is altered, mod
! flied and ANS nded To read as follows, to-
wit:
| ARTICLE /.
| The name and title of said corporation
| shall be anu is THE ST. MARY
BUILDING ASSOCIATIONS and under
| its corporate name it shall have power
| 10 contract. sue and be sued: to make
| and use corporate seal and the same to
| break and alter at pleasure: to hold re-
| ceive. lease. purchase, convey. mort
gage and hypothecate under its corporate
name property both real and personal
to lend and borrow money on security:
to name and appoint such officers and
agents as the interest an" convenience Of
said corporation may .equire: to make
and establish such by laws, rules aud reg
regulation Of the NJ. rs of said corpora
tion as may he nece sary and proper and
the same to change and alter at pleasure:
and to DO all snch acts and things as are
or may be proper and nece 9ssry to carry
out the objects of said corporation.
ARTICLE II.
The domicile Of said corporation shall
he in the Town Of Patterson, Parish of
st. Mary. State of Louisiana, and all
citations or other legal process shall be
served upon the President of said corpo-
ration. or in his absence upon the Vice
President. or in the absence Of both
Of these officers upon the Secretary.
ARTICLE Ill
The object Of this corporation shall be:
1st. To provide convenient. safe
and profitable method of investing the
subscriptions Of its stockholders.
.2nd To furnish them with the oppor-
tunity If borrowing money on real estate
security To carry out these objects
the corporation shall accumulate a fund
from payments on subscriptions to the
capital stock, the payments of interest on
loans, and from money received from other
lawful sources: the funds SO accumulated
to be used for the purchasing, building,
aud repairing Of real estate
aid homesteads for its members. and le-
moving membranes therefrom, and
for the loaning of money to its men,
bers: and for the purchase Of stocks and
bonds.
The corporation is hereby prohibited
from lending money to any but its own
~, l., "A and
curity for such loans. property situated
outside Of the Parish of st. Mary.
ARTICLE w
The corporate powers of the corpora
ton shall be exercised by a Board of |
5welve Directors, each of whom shall |
,wn not less than five shares, who shall
De elected by the stockholders present
Dr. represented at the meeting to be held
on the third Tuesday in Janu-
Try.
Each stakeholder. present or repre-
ented at said election and not in default,
hal lie entitled to one vote for each
hare possessed by him or her.
At least ten days notice of said cleo
ion shall be given by the Secretary
through the mail Said election shall
,e by ballot and shall be held at the
lomicile of this corporation under the
supervision of three stockholders APP
pointed by the Board OF Directors, at
he preceding regular meeting.
The twelve stockholders receiving the
highest number of votes cast shall be.
declared elected.
The failure to hold an election on the
Law specified shall not dissolve the cor
,oration, but the Dirk ctors IN office shall
loid over until an election be held after
en- deys notice shall have been given by
nail of the time and place thereof.
The directors shall elect from their
lumber President and e-President.
five Directors shall be a quorum for the
of business The Directors
hall elect Secretary, a Treasurer, and
nch ether officers and employees as may
e necessary: and they shall have power
0 enact bylaws not repugnant to this
harter to select their time OF meetings.
o suspend any officer or director for
eglect Of ,iuty or misconduct, and to
anne and appo'l their successors as
royded in the bylaws, and shall have
enera authority to carry out the objects
nd business of the corporation.
ARTICLE V.
The capital stock of this corporation
hall be ONE MILLION DOLLARS.
Ii stock in force of date August 4th,
BOG. shall be recognized under the form
, which it has been issued, but from
nd after said date, all additional shares
f stock issued shall be under one Of the
,ur rlans. hereinafter fully described
nd designated. to-wit: Permanent
tock, Full Paid Stock, lnstallmeut
took, and Dayton Stock. III such !