The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-01
amounts AS the Board of Directors sha
determine
PERMANENT STOCK.

''fi'd!i' VI Invent. rive lDouSu1N 10
] lars: and no further issuance beyon
that sum can be made without th
authorization of the stockholders of th
Association in a meeting regularly calie
tor that purpose, and under the provs
IONS of this charter, relative to tn
amendment Of the same.
Permanent stock shall be issued onl
| 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
| uonal amount in cash as the book valu,
OF such stock may be worth at the date
| OF It's issuance over and above its pal
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 pei
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 a per
manent investment in the Association.
To this sotck there shall be appor,ioned
from time to time by the Board of Direc-
tors in their discretion from the surplus
profits of the business. after all dividend,
for that period have been apportioned
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
WlTHDRAWARLE.
The Board of Directors shall in their
discretion have the fight to retire at the |
'lo>e of any ,emi-annlial period a part
" all OF the Permanent Stock in force by |
!, twn-t thirds vote of the Board. In the
went of a partial retirement Of the same. |
'arh owner of permanent stock shall be |
equi,ed to surrender his certificate. and I
lis holdings shall be reduced in the pro-
'9rtlon that the reduction contemplated
'ears to the whole amount in force: pro-
lied that he receives i'll cash the full
70 * value of such amount of his hold
nss as surrendered by him. After notice
" the Secretary of the amount required |
y HIM TO be surrendered. all interest |
lere"n shall Cease, whether the same
e promptly surrendered or not
Th" payment of a preferential divi-
end and the apportionment of surplus |
',ln time to time to this stock shall not
any way be considered by ANY holder
other stock as an impairment in the
laiity of membership or to the preiu-
&c Of his holdings: but as the full
lnvalent for the same being NON
lTHDRAWABLE, permanently in
'sted in the business of the Associa- t
IN. "
FULL PAID STOCK. s
Full Paid stock shall be issued only in | -
yment of its par value Of one hundred
HAIRS per share in cash at the date of 9
Full Paid Stock shall par :
ipate equally with the other stock =
stock excepted) in the prof !,
of the corporation in proportion to u
value and age.
Full Paid Stock shall be issued as sub. +
'ibed for: and ia settlement of Install p,
mt and Dayton Stock as the same ma 8,
es: and shall commence its earnings :,
m the date Of issuance, a,
All profits accruing to such stock shall | -,
payable to the owners thereof in cash y,
l-annually. "
INsTALLMENT STOCK. D,
nstallment Stock shall be worth the pi
turity value of one hundred dollars IN
share. and shall be issued upon the
'meEt of at least one dollar per share IN
each share subscribed tn
uch stock shall be paid for by the su
ular payment of twenty-five cents per st;
re per week, if unpledged, or the Gu
ular payment of twelve and one half VII
is per share per week, if pledged as eA
lrity for loan upon real estate. an
einafter designated as STOCK DIS ha
UNITS. and the further addition
reto of all the profits as shall be de-
ed upon the same. or
aid stock shall upon its issuance tit
mence to share in the earnings of an
corporation, and shall participate in na
same equally with the other stock
'mauent stock excepted) in proper
to the actual worth and time of each IN
ment made on account of its par no,
,e. fer
II proh,s accru'hS 10 such STOCK shali the
,redited thereto as payments on ac- soc
1t of its maturity value.
henever the share of any subscrib- =,
stakeholder by reason of the pay
IS made thereon and the profits ,io'
tied thereto shall become worth the .'a
Irity value of one hundred dollars i"
share, then said stock shall be deem 'om "
nlly paid for, and in its place shall
sued the same amount of Full Paid ipS
!, to
le payment Of twenty five cents per s'o'
e per week on unpledged stock and OPP
welve and one half cents per week 10
stock pledged tor security for Stock sha
cunts shall be considered as the
mum payment, Any multiple of \
, amounts per share per week can be no,