The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-07-06

ing after setting aside, if the directors see Mt
such an amount as they shall deem best to
fund for contingent losses or a surplus account,
shall be declared as a dividend to the share
holders in proportion to the value of stock of
each 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 he 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 III advance |
at 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.
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
be elected by the shareholders On the second
Tuesday ill 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 a
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 supervisio of three shareholders ap
pointed by the board OF directors al the last
| meeting thereof.
| Inc 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 mold 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 ami Vice-President; nve directors
shall DO quorum Tor the transaction Oh business.
The directors shall elect or appoint u secretary
and such employees may be necessary, ami
may iix their compensation, but 10 salary shall
be paid to any member vi the Board OF DIrec-
tors or officers except the Secretary, and they
shall have power to enact bylaws not repug-
nant To this charter, to select lace vi meeting,
to suspend any officer director for neglect vi
duty or misconduct and To name aud appoint
their successors provided for IN che bylaws
and shall have general authority to carry out
the objects and business of the association. but
they shall not have power To purchase real estate
except III case "a necessity To protect the Assoc
, citation, nor contract any indebtedness Whatever
IN excess of the amount OF two months INSTALL
ments.
Any director about to absent himself from the
parish must nominate in writing a substitute in
his stead, provided said substitute shall be IA
shareholder Oh the Association, owning not less
than i've shares and SUCH substitute shall be
entitled to "a seat Oh the Board OF Directors on
hling his froxy with the Secretary.
Il ARTICLE VI.
Shareholders, out of the funds of the Associa-
! ton, shall De entitled to a loan advance On
his shares. provided the association Is secured
therefor b. "a written pledge OF the stock or
shares on which said loan advance is made,
: together with the payments and Accommodations
, present and future thereon and further, that
\ when the loan or advance Is made Tor the pur-
pose of purchasing real estate for, improv-
d, ing real estate belonging To, or building d
homestead for the borrower, all said property
:, 50 offered security shall be purchased by the
association and the title thereon shall remain
. vested therein until the full amount of the loan
a | or advance shall have been repaid in accor.
1. | uance WIN the terms anu CONDITIONS OF The
char ter and bylaws and that every such act oil
!, sale shall reserve the legal right of redemption
-. and be SO specified in the deed of conveyance
and in case il should become necessary or ad
| sisable to loan or advance funds to b. secured
=, by mortgage upon real estate. then the borrower
:. shall in writing pledge his shares as above pro
% vided, and further execute his note therefor a
> the rate of $4,000 for each share upon which
4 the advance is made, said note to bear interes
at the rate of per cent per annum, payable il
. weekly instalments and said note shall not ma
ture or he demanded SO long as the weekly in
a stallments ON tire pledged shares and the week
+, ly portion of interest are paid regularly, until
the value of the pledged shares is $4,000 pc
IA share; then said note shall mature and the va
Is lue OF said shares shall be applied to its liqu
4 dation.
Il Shareholders obtaining advances ON shares
If failing to tender satisfactory security, within
30 days from date of adjudication, shall forfei,
n same provided that the Board of Directors may
h for good and satisfactory reason. extend time :.
I. and all cost and charges or expenses ATTENDING
q the examination of titles and searches, together
NJ with the interest for not less than four weeks
J. or such further time may have elapsed, shall
be charged To the borrower. and be lien against
D., $,2ah------------~4s------