The weekly Iberian. (New Iberia, La.) 1894-1946, 1909-01-09

supervision OF three shareholders u
pointed by the Board Of Directors
the last preceding regular mcetir
thereof
Sec. 1.-THE shareholders receivit
a majority of the votes cast shall be d
clared elected
Sec. > The failure to hold an ele
taon on the day specified shall not di
solve the corporation, but the Dire
tors in Office shall hold over until n
election be held efter ten days mott,
Of the time and place thereof.
Sec. THE Directors shall ele'
from their number u President ai
Vice President.
Sec. -Four Directors shall be
quorum for the transaction of bust nes
Sec. $. The Directors shall elect {
appoint a Secretary and such e.,
ployccs MS may he necessary. aud ma
fix their compensation, but no VA ~
shall be paid to any member4Of tn
Board Of Directors; and they shall hav
power to enact By Laws not rePuRnau
to this Charter. to select a place {
meetings. to suspend or remove an
officer or Director for neglect Of dut
or misconduct. and to name and np
point their successors. as provided IL
in the by Laws, and shall have genera
authority to carry out the objects AM
business Of the Association. But the
shall not have power to purchase rea
estate, except for cash
S.c ?-Any Director about to nbscn
himself from the Parish must nomin
ate in writing a substitute in his stead
provided said substitute shall be .
shareholder Of the Association, own
ing not less than five shares; and sucl
substitute shall be entitled to sea
with the Board of Directors on film,
his proxy with the Secretary.
The words 'rharcs" and "scria
shares an used in this article and in
article XIV do not include Paid Ut
stock
That Article vi ofthe charter Of said
corporation ms amended shall he and
IL amended to read az follows:
ARTICLE vi.
Section The Association at the
of the Board OF Directors
may make use Of it's funds in any and
all the ways prescribed below, o-wit:-
1t may lend money ut interest on
mortgage security, or to shareholders
on the simple pledge OF their stock
together with the pay ments and ac-
cumulations thereon, provided that
loans on such stock security shall not
exceed in amount the actual with
irawal value Of said stock at the time
The loan il made;
And il. also. may lend money to its
owning "installment
shares" provided the Association il
therefor by vendors lien aud
mortgage on real estate in the parish
If Iberia, Louisiana. and by the pledge
% the Associatio II Of the shares ON
which the said loan or advance il
made. together with all payments and
lccumulations. present and future
hereon; and provided the borrower
hall give a note therefor at the rate
# one hundred and thirty ($l3O) dol
ars for each share upon which an nd
'ance il made. said note to bear inter
st at the rate Of eight per cent. per
nnum. payable weekly; and said note
hall not mature or be dema ndable 10
ong AZ the weekly installments on the
'IedRed 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 M to the sufficiency
{ the real estate security offered, 9th.
r additional security may be taken.
Section Observation-Disclosures applying
'r an advance on shares failing to
ender satisfactory security therefor
'ithin thirty days from the appl,ca-
on for the loan shall lose all r,ghts
hereunder provided that the Board Of
directors may for good and sufficient
sasons. extend the time). and all
'sts. charges or expenses attending
he examinations of titles aid scar
hes. shall be charged to the borrower
nd be lien against his or her shares
ntil paid.
Sec. 3-All fees Of attorneys, no.
ries. recorders. registrars. And all
kpenses Incurred in making or can
ling loans. and relnssr,bing mort.
lges shall be paid by the respective
,rrOwers.
Sec. 4-Thc Board of Directors NAV
axe such rules and regulations, or
Laws, to govern loans as they may
e fit. <9
That Article VII OF the charter of
i'd corporation as amended shall be
ID is amended to read as follows:
ARTICLE VII.
Sec. Payments on shares, install.
ents. and interest shall be due and
yable weekly on each Saturday. at
e Office Of the Association.
Sec. ANY shareholder in arrears
g weeks in the payment either Of .
or interest on running
ares, or six weeks in the payment .
her Of installments or interest on
shares, shall pay, a. al,
nalty, the sum Of I've cents per
are on which no advance has been
ldc, and the sum Of ten cents per Z
are on shares on which an advance I
been made. and the same for each
,ilar subsequent delinquency, and !;
d fines must be paid before any
ther installments or interest can be I
eived.
&c. Sand should the delinquency 3
ltinue for q period NJ aix month. n, I