The Lafayette advertiser. [volume] (Vermilionville [i.e. Lafayette], La.) 1865-19??, 1908-07-21

ton shall be given 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 domicile
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 majority
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 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 they shall have
power 70 enact bylaws not r%epugnant
to this charter, to select a place OF
meeting, to suspend any officer or di-
rector for neglect of duty or miscon-
duct, and to name and appoint their
successors. as.providrd 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 power to purchase real
estate, except for cash, nor contract
any Indebtedness in xceSs 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
thereon, provided that loans on such
stock security shall never exceed in
amount the sum of payment of Install
ments actually made OF 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 ali
the payments and accumulatiOns pre-
sent and future thereon: and in ad-
ditiOn, either by mortgage, vendors
lien, sale and resale or some adequate
pignoratiye contract affecting and
bearing on real estate; or by said AS
itself investing the money in
real estate to be held and considered as
its own property until the said pledged
stock by reason of payments and ac-
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 q discount there
Tor as just above provided, it shall
have the right at the maturity of said
to compensate and set of the
amount due said shareholder on his
'aid pledged stock against the sum
oaned him and to retain said amount
payment of his loan; and no part
II 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 sdjudica-
ion, shall forfeit same, provided that
be Board Of Directors may for good
nd satisfactory reasons, extend the
and oil 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,
hall be paid by the respective bor-
)wers.
The Board of Directors may make
lch rules and regulations or bylaws
govern loans or advances on stock,
) they may see proper, provided they
!. not in conflict with this article.
ARTICLE VII.
Payments on shares, installments
i'd interest shall be- due and; payable
onthly, ct the Office of the AssOcia-
on, and any shareholder IN arrears
month in the payment Of either of
terest or installment on shares shall
.rfeit and pay as q pen atty the sum
ten cents Dor share On sharoS IN |