The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-08-04

ton shall be gwen for the space OF
ten days by the secretary through the
mail. Said election shall be by bal
lot and shall be held at the dumicile
of this corporation. under the super
vision of three shareholders appointed
by the Board of Directors at the last
preceding regular meeting thereof.
The shareholders receiving a maJorlt!
| of the votes cast shall be declared
elected.
The failure to hold an election on
the day specified shall not dissolve
| the corporation, and the directors in
office shall hold over until an election
be held, after ten days notice OF the
time and place thereof.
The directors shall elect from their
number a president and ~vice-presi-
dent: and six directors shall be IA quo
rum for the transaction OF business.
The directors shall elect or appoint
a secretary, a treasurer, and such en-
ployees as may be necessary. and may
| fix their compensation, but no salary
shall be paid to any member OF the
Board of Directors or officer. except
to the secretary; and thew shall have
power to enact bylaws not repugnant
to this charter, to select q place o!
meeting. to suspend any officer or dl-
rector for neglect of duty Or miscOn-
| duct, and t. name and appoint their
successors. as provided for in the by
laws, and snail have general author
lty to carry out the objects and Dusi-
ness of the Association. But they
shall not have power, t" purchase real
estate, except for cash. . contract
any Indebtedness in excess of the
amount of me months installment.
Any director about to absent him.
self from the parish must nominate in
writing a substitute in his stead. pro-
vided said substitute shall be a share
holder of the Association. owning not
less than five serial shares; and such
substitute shall be entitled to a seat in
| the Board of Directors on filing his
proxy with the Secretary.
ARTICLE VI.
The Association, at the discretion OF
| the Board of Directors, may make use
of its funds in any and all the ways
prescribed below. tO-wit: 1t may lend
money at int rest on mortgage Sc
~curity: or to shareholders on the
| simple pledge of their stock together
| with the payments and accommodations
thereon, provided that loans on such
| stock security shall never exceed in
amount the sum of payment of Install
ments actually made on such stock at
the time the loan was made. 1t also
may lend money to its shareholders in
the following manner, tO-wit:
Whenever the funds shall warrant,
| one or more loans or advance on
| shares shall be offered and made to
the shareholders bidding the highest
| voluntary discount therefor: provided
no bid shall be received for less than
twenty per cent discount: and no
shareholder shall be entitled to bid
who owes any thing on his shares;
nor shall any shareholder be loaned
an amount exceeding the maturity
value of the stock borrowed on nor be
permitted to borrow on more than
twenty shares. All such loans must
be secured by a written pledge of the
stock or shares on which said loan or
advance is made, together with all
the payments and accommodations pre-.
sent and future thereon: and in ad.
dition, either by mortgage, vendors
lien. sale and resale or some adequate
pignorative contract affecting and
bearing or real estate; or by said AS.
ISOLATION itself investing the money il
real estate to be held and considered as
its own property until the said pledged
stock by aso of payments and &C.
c~umulations thereon shall have
reached the value of two hundred
dollars per share; when the said
property shall be transferred to the
owner OF said stock. In all cases
where the Association lends money to
shareholders bidding a discount there.
for as just above provided, it shall
have the right at the maturity of said
stock to compensate and set off the
amount due said shareholder on his
said pledged stock against the sum
loaned him and to retain said amour,
in payment of his loan; and no part
of any such loan shall be considered
as paid until the stock loaned on
has matured and compensation has
been effected. No property shall be
purchased by the Association except
for cash, shareholders obtaining ad.
vances ON shares, failing to tender
satisfactory security therefor, within
thirty days from date of the adjudica-
ton, shall forfeit same, provided that
the Board of Directors may for good
and satisfactory reasons, extend the
time, and all costs and charges or ex-
penses attending the examination of
titles and searches, together with the
interest for not less than four weeks,
or such further time d may have
elapsed, shall be charged to the bor-
rover, and be q lien against his or
hor eha 10 until maid
All fees of attorneys, ~notaries, re-
cOrders, registers and all expenses in
CURED in making or ~cancelling loans,
shall be paid by the respective bor-
rOwers.
The Board of Directors may make
such rules and regulations or bylaws
to govern loans or advances on stock,
as they may see proper, provided they
be not in conflict with this article.
ARTICLE VII.
Payments on shares, installments
and interest shall be due ana payable
monthly, at the Office of the Associa-
ton, and any shareholder in. e
one month in the payment OF either of
interest or installment on shares shall
e4~&ast nnA nou oc n non a lty fhn c,,un