The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15

AT the annual meeting of the stock
holders of the St. Mary Building As
sociation Of Patterson. St arv Parish
La, convened on the 4th day of Aug
ust, 1906, (tcn days notice of said meet
ing having been given by mail by til
President to all the stock hollcrs) th
Charter as originally adopted by thi
Association and as amended on the 1871
day Of January, 1898. and on the 2Otl
day of January. 1903. was altered. mod
flied and amended to read as follows. to
wit:
ARTICLE |.
The name and title of said corpOratior
shall be and is THE ST. MARY
BUILDING ASSOCIATIONS and under
its corporate name it shall have power
to 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 and convenience of
! said corporation may require: to make
| and establish such by laws, rules and reg
| ulatlOns fer the proper management and
regulation Of the affairs of said corpora
tion as may be necessary 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 necessary to carry
out the objects Of said corporation.
ARTICLE II.
The domicile of said corporation shall
be 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 III.
The object of this corporation shall be-
]st. TO provide a convenient. safe
and profitable method Of investing the
subscriptions of its stockholders
2nd TO furnish them with the oppor-
tunity Of borrowing money on real estate
security To carry out these objects
the corporation shall accumulate fund
from ayments 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, |
and repairing of real estate |
and homesteads for its members. and Ie-
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
rom lending money to any but its own
stockholders and from accepting as Sc
,urity for such loans. property situated
outside Of the Parish Of st. Mary.
ARTICLE ".
The corporate powers of the corpora
ion shall be exercised by a Board of
weve Directors, each of whom shall
,wn not less than five shares who shall
,e elected by the stockholders present
II represented at the meeting to be held
on the third Tuesday in Janu-
ry.
Each stakeholder. present or repre-
ented at said election and not in default,
hall be 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
Trough the mail Said election shall
e by ballot and shall be held at the
omicile of this corporation under the
upervision of three stockholders APP
ointed by the Board OF Directors, at ,
he preceding regular meeting.
The twelve stockholders receiving the
ighest number of votes cast shall be-
eclared elected.
The failure to hold an election OH the
ay specified shall not dissolve the COR
oraton. but the Directors III Office shall :
old over until ain election be held after :
an d'ys notice shall have been given by /.
lail of the time and place thereof. :
The directors shall elect from their
umber a President and Vice-President.
i've Directors shall be a quorum for the /,
'ansaction of business The Directors i.
lal! elect a Secretary, a Treasurer, and :
lch other Off GERS and employees as may
e necessary: and they shall have power i.
, enact bylaws not repugnant to this !
barter, to select their time of meetings.
} suspend any officer or director for I,
eglect Of duty or misconduct, and to =
anne and appoint their successors as
rovided in the bylaws, and shall have :;
aneral authority to carry out the objects :,
nd business of the corporation. -
ARTICLE V. n
The capital stock of this corporation p
lal be ONE MILLION DOLLARS. e
Il stock in force of date August 4th, b
'06. shall he recognized under the form S
which it has been issued, bnt from
I'd after said date, all additional shares S
stock issued shall be under one Of the o
ur lans. hereinafter fully described o
I'd designated to-wit: Permanent I
ock, Fnll Paid Stock, lnstalmeut II
,ock, and Dayton Stock, in such Il