The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-06-29

ing after setting aside, if the directors see mt |
such an amount as they shall deem best To |
fund for contingent losses or surplus account,
shall be declared a dividend to the share |
holders in proportion to the value OF stock Oh
each member at 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.
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 maize 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 on payments
in advance for shorter period than three
months.
ARTlCLEV.
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 lii 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
space of ten days by the secretary through the
mail. said election shall he by ballot, and shall
re held al the domIcIie oil the association, IN
der the supervision of three shareholders ap-
pointed by the board OF directors al the last
meeting thereof.
The shareholders receiving the greatest num-
Der of votes cast shalt 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 all cleo
ton he held, after ten days notice Of the time
and place thereof.
The directors shall elect from their members
a President and NIce-president nye directors
shall be quorum for the Transaction vi business.
The directors snail eject or appoint a secretary
| and such employees may be necessary, anu
| may Tx their compensation, but 10 salary shall
| be paid To any member vi the boaru of DIrec-
| tors or officers except the Secretary, and they
| shall have power to enact bylaws not repug-
nant to this charter, To select y lace OF meeting,
| 10 suspend any otlcer or director tor neglect vi
| uuiy or misconduct AND 10 name ami appoint
their successors provided Tor III the by Laws
and shall have general authority W Carry out
the objects anu business of the association. but
they saall not have power to purchase real estate
except IN Case OIL necessity 10 protect the Asso-
| citation, nor contract any lnoeDteduess wnalever
| in excess of the amount Of Two months Install
menls.
| ANY director about To absont himself from the
parish must nominate in Writing a substitute III
his stead, provided said substitute shall be d
shareholder of the Association, owning not less
than ilse shares; and such substitute shall De
entitled To a seat on The BOARD Oh Directors Oh
Ming his Proxy with the Secretary.
ARTICLE vi.
Shareholders, out of the funds of the Assoca-
ton, shall be entitled To loan or advance Oh
his shares. provided the association 10 secured
| tbeieIor ny wrilten pledge oil the stock vi
shares which said loan advance is made
together with the payments and accommodations
present anu future thereon aud further, thai
when the loan or advance lis Made Tor the pur.
pose of purchasing real estate tor, improv
ing real estate belonging 10, or building d
homestead for the borrower, all said property
so offered as security shall he purchased by the
association and the title thereon shall reInail
vested therein until the full amount Vt the ioaI
or advance shall have been repaid in accor
dance with the terms and conditions of the
cnar ter and bylaws, and that every such act oil
sale shall reserve the legal right of redemption
and be specified III the deed of conveyance
and in case it should become necessary or ad
visabe to loan advance funds to b secured
by mortgage upon real estate. then the borrower
H.. Ill =.
vided, and further execute his note therefor a
the rate of $4,000 for each share upon which
the advance is made, said note to bear interes
at the rate ui per cent per annum, payable il
week.; instruments, and said note shall not ma
ture be demanded SO long the weekly in
stall;ients ON the pledged shares and the week
ly logtion OF interest are paid regularly, until
IT, value of the pledged shares is $1,000 pc
'.sua; then said note shall mature and the va
iIe said shares shall be applied to its liqui
cation.
shareholders obtaining advances on shares
falling to tender satisfactory security, within
~ days from date of adjudication, shall forfeit
same provided that the Board of Directors may
{ ~ good and satisfactory reason. extend time ,
Had all cost and charges or expenses attendin,
lie examination of titles and searches, together
, with the interest for not less than four weeks
cor such further time may have elapsed, shall
- charged tn the borrower. and be lien against
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