The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-08-11

p Sht' y ~ N
vision of three shareholders appointed
by the Board of Directors at the last
preceding regular meeting thereof.
The shareholders receiving a majority
of the votes cast shall he declared
elected.
The failure 10 hold an election on
the day specified shall not dissolve
the corporation. and the directors in
he held, after ten days notice Of the
time and place thereof.
The directors shall elect from their
number a president and vice-presl>
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 salary
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 repugnant
to this charter, to select a place OF
meeting, to suspend an, officer or di-
rector for neglect of dlty or miscon-
duct. and to name and appoint their
successors. as prOvidrd for in the by
laws, aud shall have general author
lty t o carry out the objects and ousi-
ness of the Association. But they
shall not have power t. purchase real
estate, except for cash. FOR contract
anv Indebtedness in eXcess of the
amount of me months installment.
ANY director about 10 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
~curitv: or to shareholders ON the
simple pledge of their stock together
with the payments and accumulations
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 ans 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 accumulatiOns pre-
| sent and future thereon: and in adj
| dition, either by mortgage, vendors
lien. sale and resale or some adequate
p~ignOrative 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
it's own property until the said pledged
| stock by reason of payments and &C.
cumulations 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 of the
amount due said shareholder on his
said pledged stock against the sun
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 or
has matured and compensation has
been effected. No property shall be
purchased by the Association excep,
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 tina
the Board of Directors may for good
and satisfactory reasons, extend the
time, and all costs and charges or ex.
penses attending the examination oil
titles and searches, together with the
interest for not less than four weeks,
or such further time as may have
elapsed. shall be charged to the Dor
rover, and be q lien against his OF
her share until paid.
All fees of attorneys. notaries, re.
corders, registers and all expenses in.
CURED in making or cancelling loans,
shall be paid by the respective Dor.
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
he 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 arrears
one month in the payment of either o.
interest or installment on shares shall
forfeit and pay as q penalty the sun
of ten cents per share on shares or
which no advance has been made, anG
the sum of twenty cents per share or
shares on which an advance has beer
made, and the same for each similar
default, and said fines must be paid