The herald., 1913-11-06

shall b. deducted, second, an amount equal
10 three (3D per cent Of the net earnings
shall he set aside for a contingent loss fund,
until such fund shall be equal 10 two and
one half - IL per cent Of the outstanding
loans; third, a semi iaunual dividend not eX-
ceeding the rate of six 90 per cent per
annum shall be paid in cash 10 the holders
Of full paid shares, and credited as payments
on account Of the maturity value Of loan
and savings shares fourth. out Of the re-
naming profits, If any, One-half OF the
amount shall be credited to the contingent
loss fund and One-half shall be credited to
the full paid, loan and savings shares, and
these amounts shall be paid and credited as
regular dividends, in the same manner as
regular dividends, in amounts equal to one
half Of one per cent (.OUJ per cent? or
multipleS thereof
Provided, however, that when the con
tingpnt loss fund shall be equal to two and
one half - 1-2D per cent of the outstanding
be credited TO the full paid, loan and savings
shares, TO be paid and credited as special
dividends as above.
computed from the date Of Issuance and on
loan and savings shares, from the first OF
! the month following the date of payments.
The dividends declared by the board Of
directors shall be final and conclusive upon
| all shareholders.
Article VIII Of the original charter OF
this corporation was amended and re-enact-
| ed to read as follows
ARTICLE VIII.-WithdrdlcdIs-M Members
may withdraw full paid shares, or savings
| SlldreS Dy ming notice IN Writing at tue ol-
| iiCc OF the corporation and shall receive the
amount so withdrawn together with all diyi-
| dendS previously declared or credited there
! to. less any unpaid charges and prO-rata
share Of losses, If any, in excess OF the
amount of the contingent loss fund. Appli-
| cations for Withdrawals shall be registered
and numbered in the order Of their receipt
| and Withdrawals liquidated In sequence, ac-
| cOrdngly. as registered. upon the return and
proper cancellation Of the certificate of stock
| or passbook, but at no time shall more than
Onc-half of the monthly receipts from pay
| mcntS on account Of shares and interest
only, b. applied TO the demands of the with
| drawing members. without the consent Of the
| board OF directors.
| No dividends shall be paid on shares with
! drawn between dividend periods, but inter-
| est at the rate of three l3) per cent per
annum. from the end of the previous semi
annual term up TO the first Of the month
| previous to the date OF withdrawal, shall
| be paid on amounts withdrawn. provided
| that a dividend shall have been declared for
| the previous dividend period. No interest
| shall be paid on shares withdrawn which
! have been in force for thirty 900 days or
| less. Applications for Withdrawals, how.
| ever, shall be entitled in full to any divi-
dcndS that may he declared while applica-
| tiOnS for withdrawal are pending
Whenever a borrowing member defaults
on his loan contract by falling to pay inter
est and instalmentS on his loan shares for
six consecutive months, the corporation, as
| pledges OF his shares, shall have the right
to cancel said shares and apply the face
and thereafter to foreclOse upon the mort
gage held by the corporation for the balance
due it,
Should there ever be an accumulation of
funds beyond the use of the corporation, the
board of directors shall have the right to
call in full paid shares for redemption, and
should all full paid shares be redeemed, then
savings shares may be called in to be re-
deemed, provided that shares thus called In
shall be redeemed for their face value plus
interest at the rate per cent per annum OF
| Nha Inn inf tor N n O
since then. Notice of such cancellation mall
ed TO the address given when the shares
were issued or transferred, shall be sufh-
cient. In the cancellation of full paid or
savings shares, the board of directors shall
call them in in the inverse order OF their
| issuance.
Each share Of stock in force and repre-
sented at any shareholders meeting shall be
entitled to one vote.
Married women and minors may hold
shares in this corporation as provided by
| law.
All applications for membership shall be
subject to the approval of the board Of d.
| rectOrs.
Article IN Of the original charter Of this
| read as follows:
| ARTICLE IX-LOdns-An loans shall be
under the control and direction OF the board
| of directors, who shall have the power to
| make such rules and regulations and bylaws
| regulating the same as 1t may deem neces-
sary or expedient.
~
corporation was amended and re-enacted to
| read as follows:
| ARTICLE X.-GOUernment.-The cOrpo-
| rate powers of this corporation shall be ex-
| ercised by a board of directors to consist of
| not more than twenty-five shareholders, each
| of whom shall own at least ten shares OF
any one of the classes OF capital STOCK 10
| this corporation in his own name, who shall
| be elected by the shareholders at their an
nual meeting on the first Tuesday OF June,
each year. Any shareholder ceaslng TO mold
II. hos lnnn mr. EnU
| are more than three months behind In regu'
lar payments shall ipSO fdcto cease TO De a
| member of the board Of directors. Notice
of the annual shareholders meeting snail DC
l given to each shareholder at his last known
| address al least ten days prior to the meet
ing and by publication for at least ten days
prior to the meeting In a daily newspaper
| published lin the city of New Orleans.
/ The board of directors shall elect IRON
| their number a president, first vice-presi
dent a second vice-president secretary,
treasurer, an attorney, and notary; tney
shall also appoint an auditor, an expert, anC
such other officers and employees as may Oe
necessary, and said appoint shall hold OF
flee subject TO the discretion OF tne Ooaru
The board shall fix the compensation anC
duration of services of all officers and EN-
ployees, and they shall have the power tC
enact bylaws not repugnant to the charter
TO select a place OF meeting, TO suspend any
officer or employee for neglect OF duty ol
misconduct, and in case of any vacancy II
the board, or among the officers, from death
resignation, reUONdl, OF lIOm any OlHVl
cause the directors shall have the right tC
fill such vacancy, and shall have general au
thority to carry out the objects ana business
of the corporation. But they shall not hav'
the power to purchase real estate except 10
cash, nor to contract any Indebtedness with
out the affirmative vote of at least seven dl
rectors, and then only In the furtherance O.
the usual and proper business OF the corpo
ration.
at all meetings Of the board, but less mum
Der may adjourn a meeting.
| All transfers of shares shall be made ol
| the books of the corporation, provided now
J ever, that the new shareholders shall be &C
ceptable to the board of directors.
| Duplicate certificates or books may be Is
, sued In place OF originals lost or destroyed
in such manner as may be provided by tn
board OF directors and In accordance Wit
! the law.
} Article XI of the original charter Of thi
corporation was amended and re-enacted I
read as follows:
ARTICLE XI.-ShGreholderS' HeettHq.-
Special meetings OF the shareholders shal
! be convened by the president at the request
time and object of such meeting, or when s
ordered by the board of directors
; Article XII of the original charter or thl
} corporation was amended and re-enacted
| read as follows:
ARTICLE EXII-Lidbility-Nos sharehold
J er shall ever be liable or responsible for tn
, contracts or faults of this corporation In an
further sum than the amount OF his inde6'
, Iedness TO the corporation, nor shall an
, mere informality In organization have th
2 effect of rendering this act null or or e1
, tposing a shareholder to any liability beyon
] the amount Of his shares.