The weekly Iberian. (New Iberia, La.) 1894-1946, 1909-01-02


supervision Of three shareholders al
pointed by the Board Of Directors
the last preceding regular mcetlr
I thereof
Sec. 1.-The shareholders receiv,r
a majority Of the votes cast shall be d
clared elected.
Sec. > The failure to hold an ele,
ton on the day specified shall not di
solve the corporation, but the Dire
election be held, after ten days notI.
Of the time and place thereof
Sec 6.-The Directors shall ele,
from !heir number Il President an
Vice President.
Sec -Four Directors shall be
quorum for the transaction Of business
Sec. S.-Thc Directors shall elect G
appoint Il Secretary and such en-
plOyees as may be necessary, and ma
fix their compensation, but no sa M
shall be paid to any member of tn
Board Of Directors; and they shall hav
power to enact By Laws not repugnan
to this Charter. to select a place O
meetings. to suspend or remove an,
officer or Director for neglect Of dut,
Or misconduct, and to name and ap
point their successors. as provided TO
in The BY Laws, and shall have genera
authority to carry out the objects an,
business Of the Association. But the,
shall not have power to purchase rea
estate, except for cash.
SEC ?-Any Director about to abscn n,
himself from the Parish must nomir
ate in writing "A substitute in his stead
provided said substitute shall be 8
shareholder of the Association, own
ing not less than five shares; and sucl
substitute shall be entitled to seat
with the Board Of Directors on filing
his proxy with the Secretary
The words "shares' and serial
shares as used in this article and in
article XIV do not include Paid up
stock.
That Article vi of the charter of said
corporation as amended shall be and
10 amended to read as follows:
ARTICLE vi.
Section THE Association at the
of the Board OF Directors
may make use Of its funds in any and
all the ways prescribed below. to witt
1t may lend money at interest on
mortgage security, or to shareholders
on the simple pledge Of their stock
together with the payments aud ac
,umulations thereon, provided that
Oans on such stock security shall not
exceed in amount the actual with
travail value Of said stock at the time
he loan is made;
And 1t, also. may lend money to its
shareholders owning "installment
hares," provided the Association is
occurred therefor by vendors lien and
mortgage on real estate in the parish
If Iberia, Louisiana. and by the pledge
0 the Associatio of the sharep OH
which the said loan or advance is
made. together with all payments and
present and future
hereon; and provided the borrower
hall give note therefor at the rate
fone hundred and thirty ($l3O) dol
ars for each share upon which an ad
ance is made, said note to bear inter
st at the rate of eight per cent. per
mum. payable weekly; and said note
hall not mature or be demandable so
'ng as the weekly installments on the
lodged shares, and the weekly portion
interest. are paid regularly when
ue until the value of said shares shall
e applied to its liquidation.
In case of doubt us to the sufficiency
the real estate security offered, 9th. |
additional security may be taken.
Section Observation-Disclosures applying
IF an advance ON shares failing to
'nder satisfactory security therefor
thin thirty days from the appl,ca-
on for the loan shall lose all rights
provided that the Board of
irectors may for good and sufficient
'asons. extend the time). and all
'sts, charges or expenses attending
'e examinations Of titles and scar
les, shall be charged to the borrower
ID be lien against his or her shares
It'll paid.
Sec. 3-All fees Of attorneys. no
ries, recorders. registrars. and all
'penses incurred in making or can
ling loans. and relnseribing mort
yes shall be paid by the respective
rrowers.
Sec. THE Board of Directors NAV
AXE such rules and regulations, or I
Laws, to govern loans as they may
E fit.
That Article VII OF the charter Of
ID corporation as amended shall be 4,
d is amended to read as follows:
ARTICLE VII.
Zee. Payments on shares, install. {
:nts. and interest shall be due and
yable weekly on each Saturday, at
office Of the Association.
Sec. 2-Any shareholder in arrears t
g weeks 10 the payment either of 9
or interest on running =
Tres, or six weeks in the payment
her of installments or interest on Il
tallment shares, shall pay, as q y
,alty, the sum of FIVE cents per :
ire on which no advance has been :
de, and the sum Of ten cents per q
ire on shares on which an advance q
J been made, and the same for each
lilar subsequent delinquency, and il
! fines must be paid before any
therinstallments or interest can be Il
eived. L
&c, Sand should the deiinnnencv ).