The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-06-22

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fund for contingAnt losses or a, urpiasaecount'
shall be declared as o. dividend to the SHARE
holders in proportion to the value of stock oil
each member OF the time the proceeding |
dividend was declared, and all payments made
between such dividend periods shall begin to
earn dividends from the beginning of the next
semi annual term. '-'' 1859
The dividends on current stock shall be Gre
d;ted ON the pass book of the members semi an
nually; and the dividends on full paid stock
shall be paid in cash on the fourth Saturday Oh
January and July of each year. Interest will be
allowed ON monthly payments made IN advance
at a rate to be liked from time to time by the
Board of Directors, not to exceed SIX per cent
per annum for the time said payments run; pro-
vided no interest shall be allowed OH payments
in advance for shorter period than three
months.
ARTICLEV.
The corporate powers OF the association shall
be exercised by nine directors, each OF whom
shall own not less than hive shares, who shall
be elected by the shareholders on the second
Tuesday liz January annually, each stockholder
represented at such election and not In default
| is entitled to vote, one vote for each share he
| owns.
Notice of said election shall be given for a
| SPACE of ten days by the secretary through the
mail. Said election shall be by ballot, and shall
| .e held al the 1omicile of the association, un-
der the SUPERVISION of three shareholders ap-
| pointed by the board OF directors at the last
meeting thereof.
| The shareholders receiving the greatest NUM-
Der of votes cast shall be elected.
| f.,i h.,ld al pefIn ar I'm
citied shall not dissolve the cooperation. but the
directors in office shall hold over until an cleo
ton be held, after ten days notice of the time
and place thereof.
The directors shall elect from their members
a President and Vice-President; hive directors
shall be quorum for the transaction vi business
. | The directors shall elect Or appoint Secretary
, and such employees as may be necessary, AMI
may nix their compensation, but no salary shall
De paid TO any member oi the Board OF DIrec
tors or officers except the Secretary, and the!
| shall have power to enact by laws not repug
nant to this charter, to select y lace OF meeting
| to suspend any officer or director Tor neglect u
, duty or misconduct and 10 name and appoIn
their successors provided for In the bylaw
and shall have general authority 10 carry GU
the objects anu business Of the association Du
they shall not have power to purchase real estai
except IN case OF necessity 10 protect the Assn
' citation, nor contract any Indebtedness wnateve
in excess of the amount of two months install
ments.
ANY director about to absent himself from tn
: | parish must nominate in whiting a substitute L
ms stead, provided said substitute shall be
shareholder OF the Association, owning not lee
. than five shares; and such substitute shall
entitled to seat on the Board OF Directors o
: filing his Proxy with the Secretary.
ARTICLE vi.
Shareholders, out of the funds of the Associi
:, ton, shall be entitled to a loan or advance O
- his shares. provided the association is secure
:, therefor by a written pledge of the stock
!, shares on which said loan or advance is mad
;. together with the payments and accumulation
- present and future thereon and further, tn
m when the loan or advance Is made for the pu
pose of purchasing real estate for, or impro
-. ing real estate belonging 70, Or building
~ homestead for the borrower, all said proper
- SO offered as security shall be purchased BY Il
association and the title thereon shall rema
vested therein until the full amount of the 10,
"a or advance shall have been repaid in acco
!, dance with the terms and conditions of Il
char ter and by laws, and that every such act
a. sale shall reserve the legal right of redempti'
u and be 30 specified in the deed of conveyanG
and in case it should become necessary a
- yisable to loan or advance funds to b., secur
80 by mortgage upon real estate, then the borrow
&c shall in writing pledge his shares above pI
- vided, and further execute his note therefor
:. the rate of $4,000 for each share upon viii
"a the advance is made, said note to bear intert
;. at the rate of s per cent per annum, payable
weekly instalments, and said note shall not II
!. ture or be demanded SO long as the weekly
"a stallments on the pledged shares and the wee
-. ly portion of interest are paid regularly, uni
n the value of the pledged shares is $4,000 !
ha share; then said note shall mature and the
MS lue of said shares shall be applied to its iql
lid dation.
ed Shareholders obtaining advances on shar
81, failing to tender satisfactory security, with
30 days from date of adjudication. shall fort,
on | same provided that the Board of Directors mi
cb for good and satisfactory reason. extend tims
nj. and all cost and charges or expenses attendi
he the examination of titles and searches, togetf
be with the interest for not less than four weel
m or such further time rs may have elapsed, 81,
he charged to the borrower. and be lien agaiI