The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-07-28

ton shall be given for the space O
ten days by the secretary through thu
mail. Said election shall be by bal
lot and shall be held at the domicilt
OF this corporation, under the super
vision OF three shareholders appointed
by the Board of Directors at the las
preceding regular meeting thereof
The shareholders receiving a majOrit,
of the votes cast shall be declared
elected.
The failure TO hold an election or
the day specified shall not dissolve
the corporation, and the directors ir
office shall hold over until an election
he held, after ten days notice of the
time and place thereof.
The directors shall elect from theil
number a president and vice-presi
dent: and six directors shall be a 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 Salar!
shall be paid to any member of the
Board of Directors or officer, except
to the secretary; and thev shall have
power to enact bylaws not repugnanl
to this charter, to select a place OF
meeting. to suspend my officer or di.
rector for neglect of duty or miscon.
duct, and to name and appoint their
successors. as provided for in the by.
laws, and shall have general author.
lty to carry out the objects and bust
ness of the Association. But they
shall not have powe, to purchase real
estate, except for cash. nor contract
any Indebtedness in excess of the
amount of one 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, ut 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 interest on mortgage Sc
curity: or to shareholders on the
simple pledge of their stock together
with the payments and accumulatiOns
thei con, 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
amount exceeding the maturity
value of the stock borrowed on nor be
to borrow on more than
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
payments and accumulations pre-
sent and future thereon: and in ad-
either by mortgage, vendors
lien, sale and resale or some adequate |
contract affecting and
bearing on real estate; or by said AS
ISOLATION itself investing the money in
real estate to be held and considered as
its " property until the said pledged
stock by reason of payments and &C.
thereon. shall have
reached the value of two hundred
dollars per share: when the said
property shall be transferred to theI
owner OF said stock. In all cases
where the Association lends money to
bidding q discount there
or as just above provided, it shall
AVE the right at the maturity of said
took to compensate and set of the
mount due said shareholder on his
aid pledged stock against the sum
oaned him and to retain said amount
n payment of his loan; and no part
It any such loan shall be considered
IS paid until the stock loaned on
las matured and compensation has
'een effected. No property shall be
by the Association except
or cash, shareholders obtaining ad.
'ances on shares, failing to tender
satisfactory security therefor. within
hirty days from date of the adiudica-
ion, shall forfeit same, provided that
ne Board OF Directors may for good
nd satisfactory reasons, extend the
and all costs and charges or ex-
enses attending the examination of
ties and searches, together with the
,terest for not less than four weeks,
r such further time as may have
shall be charged to the bor- ,
over, and be q lien against his or
er share until paid.
All fees of attorneys, notaries, re- {
orders, registers and all expenses in {
lrred in making or cancelling loans,
lall be paid by the respective bor- I
)wers. {
The Board of Directors may make s
lch rules and regulations or bylaws q
govern loans or advances on stock, 8
they may see proper, provided they 8
not in conflict with this article. q
ARTICLE VII. i
on shares, installments
ID interest shall be due ana payable
at the Office of the Associa- b
IN, and any shareholder in arrears b
month in the payment of either of c
tereSt or installment on shares shall c