The weekly messenger. [volume] (St. Martinsville [i.e. St. Martinville] La.) 1886-1948, 1912-06-08

ing after setting aside. if the directors see fit
such an amount they shall deem pest 10 d
fund for contingent losses or surplus account
shall be declared as dividend to the snare
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 10
earn dividends from the beginning OF the next
semi annual term.
The dividends on current stock shall De 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 DE
allowed ON monthly payments made in 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 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
re held at the domicile of the association, I'M
: 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 cleo
ton be held, after ten days notice Of the time
and place thereof.
! The directors shall elect from their members
President and Vice-President; i've directors
: shall be quorum for the transaction Of business.
: The directors shall elect appoint a Secretary
. and such employees as may be necessary, and
may fix their compensation, but no salary shall
| he paid to any member of 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 place of meeting
: to suspend any officer director for neglect OF
:. duty or misconduct and to name and appoint
their successors as provided for in the bylaws
and shall have general authority to carry ou
the objects aud business of the association. Bu
they shall not have power to purchase real estate
: except in case of necessity to protect the Asso
= citation, nor contract any Indebtedness whateve
in excess of tire amount Of two months install
ments.
ANY director about to absent himself from thu
. parish must nominate in writing substitute il
mis- stead, provided said substitute shall be
81 I'll AS w ing NOT los
than five shares; and such substitute shall b
:. entitled to a seat on the Board OF Directors ol
:. filing his Proxy with the Secretary.
ARTICLE vi.
~ Shareholders out of the funds of the AssOcia
=, ton, shall be entitled to loan OF advance o.
=. his shares. provided the association is secures
"a therefor by written pledge of the stock @
shares on which said loan or advance is made
together with the payments and accumulation
present and future thereon and further, ths
IN when the loan or advance is made for the pul
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 renal
vested therein until the full amount of the lOa
=, or advance shall have been repaid in accO
dance with the terms and conditions of tn
- char ter and bylaws, and that every such act
-, sale shall reserve the legal right of redemptiO
- and be SO specified in the deed of conveyanc
and in case it should become necessary or a,
yisable to loan OF advance funds to b, secure
by mortgage upon real estate, then the borrow
shall in writing pledge his shares as above pr
- vided. and further execute his note therefor
the rate of $1,000 for each share upon whit
, the advance is made, said note to bear intere
at the rate of 8 per cent per annum, payable
" weekly instalments and said note shall not m
-. ture or be demanded 80 long the weekly i
~ stallments ON the pledged shares and the wee
49, ly portion of interest paid regularly, unit
the value of the pledged shares is $1,000 p
n.y. share; then said note shall mature and the v
80 lue of said shares shall be applied to its liqu
=, dalton.
ID Shareholders obtaining advances on share
a, failing to tender satisfactory security, with
80 days from date of adjudication, shall forte
same provided that the Board of Directors ma
81 for good and satisfactory reason, extend time
-, and all cost and charges expenses attendil
~ the examination of titles and searches, togeth
49, with the interest for not less than four week
=, or such further time may have elapsed, shs
be charged to the borrower, and be lien again