The herald., 1913-12-11

corporation was amended and re-enacted to
ARTICLE VL-CGpitaI Stock-The capt.
tai stock OF this corporation shall be five
million dollars (S5,OOO,0 OO), represented
and divided into three different classes of
shares hereinafter fully described, tO-wit {;
full paid shares, loan shares, and savings
shares.
Fun Paid Shares-Fun paid shares shall
be issued from time TO time as the board OF
directors may determine in shares of one
hundred dollars ($lOO.O0) each. to be paid
in cash when issued, and shall earn diyi-
dends in cash and be withdrawable as here
matter provided.
Loan Shdrcs.-The loan shares shall be
worth the maturity value or one hundred
and fifty dollars tSlJOOO) per share, and
shall be paid for by monthly inStallments
of al least two dollars (S2 OO) per share
per month, and such payments shall be i'm
putcd to the obligations Of the shareholder
in such manner as provided in the bylaws
in connection with the several plans OF
loans. They shall earn dividends as here
matter provided and shall be withdrawable
in payment on account OF loans. The In
Stallment shares now in force IN connection
with loans shall continue as loan shares
without change as originally issued.
SGUiHgS ShQTCS.--SayinCS shares shall be
worth the maturity value Of one hundred
dollars ,SlUoUOl per share and shall he IS
sued upon the payment Of one dollar ($lOuD
per share for each share subscribed Sub
scrihing shareholders shall have the right to
make further payments on account Of the
unpaid balance of the maturity value OF
their shares at pleasure. They shall earn
dividends and shall be withdrawable as here
matter provided.
Article VII Of the original charter Of this
corporation was amended and re-enacted to
read as follows:
ARTICLE VII-DiridcndS-At the end
Of the semi-annual terms ending June 3Oth,
and December 3lst, the undivided profits
for such periods shall be distributed In the
following order, to-wit: first, all the ex-
pcnSeS OF the corporation for such period
shall be deducted; second, an amount equal
20 three 90 per cent OF the net earnings
shall he set aside for contingent loss fund,
until such fund shall be equal to two and
one-half - ~ per cent Of the outstanding
loans; third, mi-annual dividend not eI-
cecding the rate Of six 90 per cent per
annum shall be paid in cash to the holders
ot fun paid shares, and credited as payments
on account of the maturity value OF loan
and savings shares: fourth, out OF the re-
naming profits, II 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 COOS per cent? or
multipieS thereof.
Provided however. that when the con-
tingent loss fund shall be equal TO two and
une-half e. l-2D per cent Of the outstanding
loans, then the entire remaining profits shall
be credited TO the full paid, loan and savings
shares, TO be paid and credited as special
dividends as above.
Dividends on full paid shares shall be
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 10 read as follows:
ARTICLE Observation-Disclosures
may withdraw full paid shares, or savings
shares by filing notice In writing at the Of
flee 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 a prO-rata
share Of losses, II 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-
cOrdingly, as registered, upon the return and
proper cancellation Of the certificate of stock
or paSSboOk, but at no time shall more than
one-half Of the monthly receipts from pay
ments on account or shares and interest
only, he applied TO the demands OF the with
board OF directors.
No dividends shall be paid on shares with
drawn between dividend periods, but inter-
est at the rate of three 90 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 so 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 800 days or
less. Applications for Withdrawals, how.
ever, shall be entitled in full to any divi-
dends that may be declared while applica-
tons for withdrawal are pending.
Whenever a borrowing member defaults
on his loan contract by falling to pay inter
est and installments 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
value thereof 10 the liquidation OF his loan,
and thereafter to fOreclOse upon the mort
gage held by the corporation for the balance
due IL.
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
the last dividend for the time intervening !
since then. Notice Of such cancellation mall |
ed to the address given when the shares |
were issued, or transferred, shall be SUM- |
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- |
scented at any shareholders meeting shall be |
entitled 10 one vote.
shares in this corporation as provided by |
law.
All applications for mem berShip shall be |
subject TO the approval Of the board Of d. |
rectOrS.
Article TX Of the original charter Of this |
corporation was amended and re-enacted to
read as follows:
ARTICLE lN.-LOdnS.-All 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 ii may deem neces-
sary or expedient.
Article y of the original charter of this
corporation vas amended and re-enacted to
read as follows:
ARTICLE X.-GOU6rnment.-The cOrpo-
rate powers of this corporation shall be ex-
ercised by board Of directors to consist Of
not more than twenty-five shareholders, each
any one of the classes of capital stock in
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 ceasing to hold
ten shares, or whose loan or savings shares
are more than three months behind In regu-
lar payments, shall ipsO fdctO cease to be
member of the board of directors. Notice
of the annual shareholders meeting shall be
given 10 each shareholder at his last known
address at least ten days prior to the meet
ing, and by publication for at least ten days
prior TO the meeting In daily newspaper
published In the city of New Orleans.
The board Of directors shall elect from
their number a president, a first vice-presi-
dent, a second vice-president, a secretary,
treasurer, an attorney, and notary; they
shall also appoint an auditor, an expert, and
such other officers and employees as may be
flee subject to the discretion of the board.
The hoa rd shall fix the CONDENSATION and