The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-06-01

ing after setting aside. if the directors see NJ
such an amount: ss. they shall deem best to
fund for contin&ene1osses or surplus account
be declared rs q dividend to the share
holders n proportion to the value OF stock OF
zach member at the time the preceding |
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.
The dividends on current stock shall be Gre |
dited 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 OF
January and July of each year. Interest will be
allowed on monthly payments made in advance
| at a rate to be fixed 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 a 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 i've shares, who shall
he elected by the shareholders on the second
Tuesday ia January annually, each stakeholder
| 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
space of ten days by the secretary through the
mail. Said election shall be by ballot. and shall
| .e held at the domicile 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.
The failure to hold an election on the day spe-
cited shall not dissolve the cooperation, but the
directors in office shall hold over until an elec-
tion he held, after ten days notice of the time
h and place thereof.
;, The directors shall elect from their members
:, President and Vice-President; five directors
shall be quorum for the transaction Of business
. The directors shall elect or appoint Secretar!
. and such employees may be necessary, ano
may nix their compensation, but no salary shal
be paid to any member of the Board of Direc
. tors or officers except the Secretary, and the!
. shall have power to enact bylaws not repug
. nant to this charter, to select place of meeting
:. to suspend any officer or director for neglect
=, duty or misconduct and to name and appoin
their successors as provided for in the bylaw
and shall have general authority to carry GU
the objects and business of the association. Bu
. they shall not have power to purchase real estat
!, except In case of necessity to protect the ASST
citation, nor contract any Indebtedness whateve
in excess of the amount Of two months install
, ments.
ANY director about to absent himself from tn
. parish must nominate in writing a substitute j
his stead. provided said substitute shall be
shareholder of the Association, owning hot les
40 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 Associ
IN ton, shall be entitled to loan or advance &
a., his shares. provided the association is secure
"a therefor by a written pledge of the stock
n shares ON which said loan advance is mad
or together with the payments and accumulation
~ present and future thereon and further, tn
-, when the loan OF advance is made for the pu
pose of purchasing real estate for. or impro
-, ing real estate belonging TO, or building
X homestead for the borrower, all said proper
-: SO offered as security shall be purchased by Il
- association and the title thereon shall rema
49,, vested therein until the full amount of the lo
nd or advance shall have been repaid in acce
ID dance with the terms and conditions of I
., char ter and bylaws, and that every such act
a, sale shall reserve the legal right Of redempti
a. and be SO specified in the deed of conveyan,
and in case it should become necessary or q
- yisable to loan or advance funds to b. secur
-: by mortgage upon real estate, then the borrow
, shall in writing pledge his shares as above pl
-. vided, and further execute his note therefor
the rate of $4,000 for each share upon viii
'.,I the advance is made. said note to bear inter
-. at the rate of per cent per annum, payable
-. weekly instalments, and said note shall not n
=. ture or be demanded 80 long the weekly
~ stallments on the pledged shares and the wet
ly portion of interest paid regularly I'm
- the value of the pledged shares is $4,000
o. share; then said note shall mature and the
$3.50 lue of said shares shall be applied to its liq
"a dalton.
aoa Shareholders obtaining advances on shar
a, failing to tender satisfactory security, will
80 days from date of adjudication, shall fort
on s"n'o u,o'A 'o' ma INC 'o"'u Vi Dieo'o' IL
,ch for good and satisfactory reason, extend tim
,n, and all cost and charges expenses attend
a. the examination OF titles and searches, togetl
, ho with the interest for not less than four wee
-, or such further tims may have elapsed ST,
be charged to the borrower and be lien agai
-