The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-06-15

ing after setting aside, if the directors see fit
such an amount as they shall deem best to
fund for contingent losses or 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 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 tive shares, who shall
be elected by the shareholders on the second
Tuesday il January annually, each stakeholder
represented at such election and not in default
is entitled " vote, one vote for each share he
owns.
Notice of said election shall be given for q
space of ten days by the secretary through the
mail Said election shall be by ballot and shall
be held at the domicile of the association, un-
der the supervision of three shareholders ap-
no ort of Mt ho Inst
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 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; hve directors
shall be quorum for the transaction of business.
The directors shall elect or appoint a Secretary
and such employees as may be necessary, and
may fix their compensation, but no salary shall
be paid to any member OF the Board of Direc-
tors or officers except the Secretary, and they
shall have power to enact by Laws not repug-
nant to this charter, to select place of meeting,
duty or misconduct and to name and appoint
their successors as provided for in the 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 in case of necessity To protect the AssO-
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 q
shareholder of the Association, owning not les,
than live shares; and such substitute shall bt
entitled to seat on the Board of Directors on
filing his Proxy with the Secretary.
ARTICLE vi.
Shareholders. out of the funds of the Associa
| ton, shall be entitled to loan or advance OIL
| his shares. provided the association is secured
therefor by written pledge of the stock Vi
| shares on which said loan or advance is made
| together with the payments and accumulation,
present and future thereon and further, tina
| when the loan OF advance Is made for the pur
pose of purchasing real estate for, or improv
| ing real estate belonging TO, or building
homestead for the borrower, all said propert.
SO offered as security shall be purchased by tn,
| association and the title thereon shall remain
vested therein until the full amount Of the loan
or advance shall have been repaid in accOr
dance with the terms and conditions of tn,
char ter and bylaws, and that every such act O
sale shall reserve the legal right of redemption
and be SO specified in the deed of conveyance
and in case it should become necessary or ad
visable to loan or advance funds to b, secure,
by mortgage upon real estate, then the borrOwe
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
the advance is made said note to bear in. sres
at the rate of s per cent per annum, payable il
weekly instalments, and said note shall not ma
ture or be demanded 80 long as the weekly in
stallments on the pledged shares and the week
ly portion of interest are paid regularly, until
the value of the pledged shares is $1,000 De
share; then said note shall mature and the va
lue of said shares shall be applied to its liqui
dation.
Shareholders obtaining advances on shares
failing to tender satisfactory security, within
30 days from date of adjudication shall forfeit
same provided that the Board of Directors may
for good and satisfactory reason. extend time Z,
and all cost and charges or expenses attending
| the examination of titles and searches, together
with the interest for not less than four weeks
| or such further time as may have elapsed, shall
be charged to the borrower, and be a lien agaius