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

SAID SharcS are pledged, snail AT once
become due and exigIble, legally. by
said association, and the right of for
eclosure shall innre to said AssOcia
, ton, provided that the payment IN
full within thir'ydays after said notice
of all said amounts ana arrearagcs
here1nabove mentioned shall rcinstate
said stock in good standing.
, Sec. D.. Said notice Of arrearage
: shall be given by letter deposited in
the Post Office at New IBERIA, address
, ed to the stakeholder Mt his usual place
OF residence; or if this has not been
made known to the Secretary in writ
ing, then addressed to him at New
Iberia, La
Sec. 6.-ln case Of foreclosure the
pledged shares shall he Cancelled and
the stock holders account and loun
shall be credited with their withdraw
al value.
That Article VIII of the charter OF
said corporation as amended shall be
and is amended to- read as follows:
ARTICLE VIII.
Sec. Amy shareholder who has
received a loan or advance upon his
shares as a loan on real estate securi-
ty, desiring to settle and liquidate
such Indebtedness prior t. the m,tur-
| ty of the stock and loan, may do 50
either in part or in whole, as follows,
to- wit:
lst. If the loan was made with
premium or discount on running
shares by paying the net amount Of
cash received on each share. plus one
eighth Of he discount bid for same for
each year or fraction Of year that said
shares have been in existence. and If
desired. the pledged shares may be
surrendered to the Association and
Cancelled under the conditions and IN
the proportion provided for withd aw-
ing unpledged running shares and the
value credited in part payment of said
Indebtedness.
And. I'd. Ifthe loan was made on
'1nstallmen. Shares" the borrower
shall be privileged to reduce or liquid
ate the loan by repaying the difference
between the amount received on each
share and the book value on such
share. or by impnting the total pay
ments to the payment Of one or more
shares whenever such payments
amount to One hundred and thirty
~ toll Ia.
thereof, withdraw ng and cancel,ng
the weekly payments of installments
and interest.
That article TX Of the charter Of
said corporation as amended shall be
and is amended to read as follows:
ARTICLE TX.
Sec. l.-Shares. not pledged to the
A Association, may be Withdrawn by
giving thirty days notice in writing to
the president, when the SHAREHOLDER,
on surrender Of his certificate. shall he
refunded all payments on account Of
said shares, and. in addition, all div.
ldends earned by said shares. less any
unpaid charges. and a pro rata OF the
current years lOsses, II any up to the
late Of notice Of withdrawal.
Sec. Such written notices OF with
travail shall be registered and num-
bered by the secretary in the order Of
heir receipt. and Withdrawing share.
holders shall be paid in rotation. as
registered. out Of the first unappropr
ated money in the treasury; provided
hat not more than half the monthly
'cceipts shall ever be used for the pur.
bose Of liquidating Withdrawn or ma.
ured shares. unless there should be an
REORGANIZATION Of funds.
Sec. 3-The Board shall have the
light. IN their discretion, to coll In any
lnpledged shares for redemption. said
travail value plus interest at the rate
i six 90 per cent. per annum thereon
or the time intervening since the date
f their last dividend.
Sec 4.-On the death of any share
older whose shares are not pledged to
he Association. the legal representa-
i've OF said stakeholder shall be en-.
tiled to receive in cash the withdraw
value OF the shares at the time Of
he last payment by such deceased
hareholder. less any unpaid charges.
nd pro rata of the current years
ast payment; or said representative
hall be entitled to either transfer said
hares or to continue same by payment
the weekly installments; provided.
nat said shares shall be redeemed or
or notice given OF their
within six months next
snch death, and in default of
ctiOn within that time said shares
hall be subject to the penalties and
eatment as provided in Article VII.
That article XIV be added TO the
,arter to read as follows:
ARTICLE XIV.
The foregoing articles, and by.laws
rules Hereunder, are hereby made
operate upon and govern any and
! business done, and transactions had
: this Association previous to this
nended charter; and shall be con.
tered as part of any contract between
is Association and its members: GRO.
ded, however. that nothing herein
ntained shall lie construed AZ i'm.
iring, abridging or changing in any
amer any rights heretofore acquired
d now In force by holders Of run.
ng shares" either an to the mode or
yment, whether Of installmeuts or
terest. Withdrawals, right to share
dividends, and liquidation OF loans.
Thus done and passed at nv Office in
e Town OF New Iberia, Parish Of
on the day. month and
ar first above written In the pres
~