The Donaldsonville chief., 1913-05-10

such default, and without notice, forfeit
his rights under his subscription con-
tract, and the association shall nave tiss
| right to cancel said stock. Upon sues
cancellation the amount paid on said
stock, together with accumulated prof
it's, shall cease to draw dividends and
said amount and profits shall be held
subject to the order of such subscriber
| VINO snail be notified of such action OF
the association by a notice mailed to
him. In case such subscriber shall not
within one year after said notice receive
said amount and surrender his eertifi-
cate, the said amount shall revert to
and become the property of the asso-
citation as liduidated damages.
Shares of stock shall be transfera-
bic and duplicate certificates may be
issued for lost certificates in such
! manner as may be provided in the by
laws.
Any person, whether of age or a
minor, or any corporation may own
ShareS and sash share which efa, shaI y
preceding a .stockholders' meeting shall
owner Or his sass suahoriaed 1t j + proxy q 81
ARTICLE
Loans may be made upon first mort
gage or mortgage and vendors lien se-
curity in the parish of Ascension or up
such shares are pledged by the own
ers thereof, and that no loan shall be
made upon any such shares for a great
er sum than the face of such shares.
Any shareholder who shall have OBJ
tanned a loan upon his shares, and who
shall have paid in not less than one
years subscription thereon, shall have
the right to cancel his subscription to
stock and apply the cash value of his
shares as d credit upon his note, and
the balance of his indebtedness shall
be paid on such terms and in1such man.
ner as may be provided in the bylaws.
All loans shall be made under the
supervision and control of the board of
directors, who shall have power to make
with reference to same as said board
may deem necessary and expedient.
ARTICLE VI
On January / and July / Of each year
the board of directors shall ascertain
the earnings of the association for the
preceding six months. and out of such
earnings they shall first deduct all the
expenses of the association for such
period E second, set aside to the fund
funds as may be created by said board,
auch amount as they may deem, best,
until unit such contingent loss fund equals
ing mortgage loans, which fund shall
be invested as directed by the board,
third, the balance of said earnings
shall be declared as a. dividend to the
OF stock of each member at the time the
preceding dividend was declared; and
al payments Ina9es between such divi-
@ @uehu perlods. ShaSi begin to earn div
ldends : from the sbeginning of the en-
suing emi-annuaa term
Whenever mat15.ed installment stock
IS settled, sald sHoek shall participate
IN the confingen4 loss fund and such
olner es surplus fuHds as exist at the
tiIe tllne OF the matuElty, in the ratio that
ne ne .otal a amount II said funds bears to
4 sne Ie,, pald up VaIt8 of outstanding in
stalIhent STOCK Ahq fun paid With
,iltsa ulaWaple pc stock lnE existence at the date
A1 MHeH sag STOCK #naIl mature; provided
siiad silad Iull pa5d WHhdraWable stock is
suea sues as such, snkll not participate in
i,d sile sald Eunas lBIll said shares shall
tlase tea peeh sc ~ 4l a9Me seven Years from
ti,u ti,ua uase w. of l1eiS issue, after Which
.a .alne Ihey shallA M being Withdrawn,
pai .lelpate N <SSThsRfunds in the same
f,,an,,e. f'rthaa as nsupserHstock and provided
! a, ~ lnef, ehtaf saidNment shares with
aiaWn t,st, 9r kheir rs prior to their ma
funds. funds n that fhs9Ftllcfpate IL in said
be pIpIaeH naia & g sa4sA g paid shares shall
~ pS Reiu III ~tl caSil, VINO those on INSTALL |
i,lsns s,laies snaI& De credited to their
Article VIZ
AN Al the powers of this corporation |
,ae4 rt,ata pe eAsIelstH by board of di- |
Is lsetors 70 CONSIST Aof not less than five |
eys arc ~, aa, more f IhaH ten (10) stockhold-
fi1e f shsn ela, ol WnoH9 shall own at least
T1 s,ial ai % " Stt@k in his own name. |
5toekholderS anrii ID $40, on first Monday in |
ter ANY directol ceasing At4s to oWn va9ffaF FIVE
20 ~ shares ar Of stoc shall ipso facto va
-: 80 ms once. Notice of said cleo I
ions j. IS shall be giveh. ten (1o) days prior prior
Ion 'iT in annual mn al meeang by one publica-
:he ;l1ecsativa city Of s New Orleans and ln two
per published in the parish or Aseen-
5aIot 5i9n Eaaar saia elssSettoa sS sall be held BY
- shareholders appointed bv Ia the
ooard oea,rt OF directors at the last preceding
,egglar meeting thereof, and share
lolders loli receiving, a majority of the
,otes g cast shall be declared elected
III meetings shall be held at the das1- on
Gle OF the corporation al
, me failure to hold a meeting or an
,iect1on I lection on the day specified Shall not
,rs ss4Ivs 2bsn the h sp asqprporation but the direct
'ueeessors shall have been duIv eteetad
Ind qualified. 10y ea
!, The directors Immediately upoa their
lection annually. shall elect from fheir ttat
lniaear gasnats tsrv PRESIDENT vice president
Lnd notary. They shall appoint such