The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15
NO. IS.

application for such amount as lie de-
: sIrts, not exceeding nine tenths of the
Withdrawal value of his stock Ii such
application is granted. he must give a
written pledge To the corporation for
the stock upon which the Ipan is made.
together with All payments of INSTALL
ments and dividends, present and future
thereon and must further execute his
note ~ favor of tn" corporation for the
iull amount Of said loan with interest at
me rate OF eight per cent per annum
from the date Of the note until pail, and
To be payable within unc year after date.
STOCK DISCOUNTS.
Atany meeIingof the Board If Directors.
II the funds 50 warrant, said Board shall
nave the right To offer to advance money
upon the par value of Instalment stock.
| ne saii Cffer shall be made hy auction
atld the sad advance shah be made TO
the stockholder bidding the highest vol
| Lhtary discount therefor. which Shall
be considered and accepted rs a bonus
therefor: provided that no stockhpller
shall be permitted to bid. whose stock
| is IN arrears and provided that the real
estate offered as security for said adj
vances must be approved by the Board
OF Directors, after having received n
favorable report thereon from the ap-
prasement committee and the ab~trac-
tor OF the corporation Us to the v;,,ue
and title Of the same
SAID stakeholder must give a written
pledge 20 the corporation for the stock
upon the par value upon which the said
advance Is made. together with the BAY
ments Of all in,taimrnts and .ividcnjs
present and future thereon. and nust
further sell tie property accepted by the
Board of Directors rs security to the
corporation for the cash consideration of
the amount of the loan
Said property after such improve
menfs have been made as previously
agreed upon by the stockholder and
the corporation shall be c-sold to said
stockh"lder the corporation retaining a
vendor lien aud privilege ,hercOnl the
of the resale being rcpre-
sented by note, executed by The stock
holder III favor Of the corporation for
the ful amount of the par vaide of his
stock upon which the advance was made:
sald note to bear six peg cent interest
per annum from date, to be 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
" instruments on any Saturday OF each
month at the corporations office in
Patterson, La, or to duly authorized
collector.
An agreement shall be entered into
the stoclholder and the corpo-
alton whereby the payment of said note
'hall not be demanded 50 long as the
minimum weekly installments of twelve
md one-half cents per share. and the
-Nnf Ia coll, II
ix per cent per annum on the face of
he note, are regularly paid until the
'alue of the said stock shall have be-
ome equal to its par value. and then
he said notes shall become due and ex-
gible, and the value OF the said stock
hall be applied to its settlement
In the event that any stakeholder
hall be in arrears twenty four weekly
ayments (six months) for the minimum
nstallments OF twelve and one half cents
er share per week on the stock pledged
y him rs Aforesaid or for six monthly
ayments of the interest due on the face
f the note representing said loan, then
he said note shall become at once due
nd exlglble, as IA penalty and without
uttlng in default for its tull amount:
nd the Board of Directors Shall be
to credit the note with the
alne of the stock pledged to secure it:
ld to institute at once such legal meas
res as Shall be necessary To enforce its
iymrnt with the interest due thereon
ld attorneys fees.
ARTICLE
Stockholders obtaining loans or ad-
lnces upon their stock and failing to
nder satisfactory secnrny for same
thin thirty davs from the date or the
Getting at which said loan was applied
bid for, shall forfeit same provided
e Board Of Directors shall have the
ght to extend the time for satisfactory
asOns, and all COS, or charges or ex-
,nses. together with the interest for
1t less than one mouth or such other
me as snail have ELAPSED shall be charg-
to the stakeholder and be "a lien
.ainsl his shares until paid. bearing
terest al the rate of eight per cent per
mum until paid.
All fees for notaries and registers and
expenses incurred in appraising prop
ty, making aud cancelliug loans shall
paid by the stakeholder with whom
e corporation is dealing
ARTICLE MI.
The Board Of Directors may make
ch rules, regulations and bylaws to
vern loans Or advances on stock as
ey may see proper, provided that they
not conflict with any provisions of
Is charter.
No real estate shall be accepted by the
,ard of Directors as security for loans
advances unless the same be Improv-
or to be improved at once: nor shall
y saloon public hall, theatre. church,
setpg room or school. be accepted as
ch security. and no real estate be Dur
ascti h} the corporation un.uas a rcso-
ION authorizing same has been duly
Ssct bS tee Board Of Directors and mas