The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-05-24

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expenses of the association far aa tda
period; second, set aside TO M such
for contingent losses and s,a al,s lslaa
funds as may be created by said ,otfes
such amount as they may deem pa va
five per cent (5) of the entire e1,ts salaIs
ing mortgage loans, which f,l, MA
SO invested as directed by the esssailaa
third, the balance of said ea pssTd
stlaH pc {, deelalea IS a DIVIDEND Isass
shareholders in proportion TO fna y " ne
of stock OF each member at the t;ssss aaaa
preceding dividend was declarss,,ss,.se s Tie
al payments made between s,eh,s and.
dend periods shall begin to carr WI
I i,,in IRON an dne BEGINNING of
Whenever matured installment
is settled, said stock shall n. i rt,a STOCK
in the contingent loss fund an ana slelpatas
other surplus funds as exist ~ sa asa8
time of the maturity. in tie ras ~ .t tha.
the paid up value of outstant1snssaf s to
stallment stock and full paid ia.
drawable stock in existence at no With aa
when said stock shah mature. pros ssaea
sued as such shall not particinaaaa q,
the said funds until said sharapsalsse la
have been in force seven vaa r e s sEalllas
the date of their issue, after feln3s
time. they shall, on being With amsaaalssh
manner as matured stock; and si nan sans
further, that installment shares. 4o sAsls
drawn or called in prior to thai. sN
turity shall not participate In. ~ I'VE
funds. =. S. sad
Dividends on full paid sharas
be paid in cash, and those on ss Sra saaa
ment shares shall be credited II ss.s asa.s
installment books. - sear
ARTICLE vi.
All the powers of this eorpora 4.
shall be exercised by board ~ u s So.
rectors to consist of not less thar than 81, ,di.s
t5) nor more than ten (10) stocsbaaiisss
five shares of stock in his own na sss'
The directors shall be elected hu s.sa'.e
stockholders on the first MnnSs.,s sns
April of 1914, and annually ths.a.la a
ter. Any director ceasing to own ~ US
90 shares Of stock shall ipso fae ts We
tons shall be given ten (1ol DAYS n n,ss.Es
to the annual meeting by one me- n 4 hhIaos
ton in one of the daily neWspans rssss e.
the city of New Orleans and n 3 ~ g
per published in the parish Of 8sess
sion :. Said election shall be f,e 1lsssas
b ball under the supervision of ill.,. ss.8
(3) Shareholders appointed ~ wy
board of directors at the last prseaf,s sas
regular meeting thereof and ss SIN
votes cast shall be declared eiaet sls
All meetings shall be held at tha - Nv
icile of the corporation ~ 1o11s8
The failure to hold meeting IN
election on the day. specified shah III
dissolve the corporation. but the dr. MI
ors then in office shall serve Until ~ ~.
successors shall have been dulya ala s,s.
and qualified. sssasQ
The directors Immediately upon IN,
election annually shall elect from s Nh.
a secretary. a treasurer, an aftorassg
and a notary. They shall appoint sass
other officers and employees as NAV va X
necessary, who shall continue the r.
thaNpoard. They shall fix the salars y
of Ill officers and employees, bu SUIT
salary shall be paid to any slirecs 8es
except to the secretary and traas SURE
said board shall have the power q IN,
charter; to provide officers for th fss e slis
porstion, to suspend any officer s.
neglect of duty or misconduct tn NJ M
any vacancy that may occur a fa.lla
the board or among the officers an
essa1y to carry out the objects HI
purposes and conduct the business II
the association. The said board shs n
not have the right to purchase real
estate. except for cash, nor to eontrast
any Indebtedness without the affrnlass
tive vote of at least a majority of m
board, and then only in furtherallca #
the usual and proper business al re rs
association, nor shall they have raiyps5
to borrow money or contract any osher
indebtedness than for building saass
tracts in the matter of loans n itIaaaIg
the affirmative vote Of at least u sIlss
iority of the entire beard rien.bessfnls
a majority of the directors shat eosssa
stItute a quorum at all meetings ofs lhs|s
board. s.s'sss#
/ Until the first annual meeting afts,
the signing of this charter, the null.
Der of said directors shall be five f5).s
Said number may be increased at any,
annual or special meeting Of the sfoes.
holders to a number not exceeding ten
f10). zsssss.
Any director absent from the parish
of Ascension shall have the right u
nominate in writing a substitute iii 5hIs
stead, provided such substitute shall
possess at least five % shares oI
STOCK $50 in his own name. and shall fIla#
MS proxy with the secretary.
ARTICLE VIZ.
The following named persons shah con.
stitute the first board of directors so
serve until their successors are elected
in accordance with this charter, ro-Wit.
B.. P. Brady, s. A. Marcnand, Geo II.
Reese, VIM. A. Reich, S. w. settoon
ARTICLE TX.
= SI113iai meetings of the shareholders
SASJE1alsG be convened at the request ia
Writing of ten zt10) shareholders. stat
LRTICLE K.
No shareholder shall ever be held IIia.
bic or responsible for the. contracts
faults OF this association in any #furtllsr
sum than the amount of his indebted
ness to the association, nor shall anF
mere informality in organization have
the effect of rendering this charter null
or of exposing shareholder to anF
liability beyond the amount due the ass
ISOLATION
ARTICLE N.
This act of Incorporation may d asss
tered, amended or modified hp s'oEe
OF three-fourths l3-4) of he share
present and represented at lnestanss
convent for that purpose, Or tie ~
sociatiel may be liqusaated By. sataz
OF tWo-thirds (2-3l Of the capital sui.
scribed at general meeting convened
Tor that purpose, after ten I0l ags
notice to be published in one of gae
daily newspapers of New Orleans aEa
the papers published in the parish IS
ascension; provided the capital 81 the
association shall not be increased n.y.
less majority Of ali the shares g
f aprss snail yatS = favor Of such ls
and such publications be made sad
or may be REQUIRED BY law
the affairs Of the association nail
ilsquese1tated it shah be done by .lree com
mlsslonerS chosen from among tla stock
h at the meeting al which tas
laadussdatIQn may be GeeiaaS mon.
ARTICLE XII.
This association SD. ali have The right
70 begin business as soon as seen
thousand five hu- odre7 dollars
The ~ 5soek have been subserlsssss