The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-05-17
provided in the bylaws.
ARTICLE w

ARTICLE ~.
The capital stock of this corporation
shall be five hundred thousand $780,
00Ol dollars, divided into fifty thousand
100000 shares of the par value OF one
hundred dollars ($10o) each. The said
stallments or series. Said stock, shall
be divided into two different classes:
full paid withdrawable stock and install
stock shall be issued at par on de-
mand, and the number of such shares
shall be regulated by resolution of the
board of directors. Said full paid. with
draWable stock may be paid for in full
on issuance, or subscriptions therefor
may be taken and subscribers permitted
to pay on account thereof such Install
agreed upon, and said sums shall be
entered in a receipt book until such
times as the subscriber may desire to
apply all or part of the accumulated
more full paid shares, when he shall
surrender his receipt for the successive
payments and receive in lieu thereof a
p par value vaiue; It Being understood. however
that until such subscriber shall have
demanded his certificate of stock, be
shall not be stakeholder of said cor
poration, nor have any privileges or liza
bilities as such.
All sums thus paid in by subscribers
on account of full paid shares shall earn
interest at rate to be fixed by the
board of directors, not to exceed three
to commence sixty 600 days after it's
receipt by the association. and to be
payable whenever the amount is with
drawn or converted into full paid SHARES
by the subscribers.
Installment stock shall be issued on
demand OF the subscriber after payment
in full of all installments due thereon
Tor the month Of the issue shall have
been made. Said stock shall be paid
for in installments of not less than
12k cents. per, week per share, the
to be fixed at the time of subscribing
in accordance with the bylaws of this
association, and said installments must
be paid regularly. each week until the
stock, together with the profits or diviA
dends to be credited thereto, shall
equal the full face value Of the shares,
cease and the said shares shall mature.
Any member shall have the right to
pay more than the amount of his re-
CURED installments. and interest shall
at rate to be fixed by the board of
directors fol. the average time prior to
the. close of the current dividend pc
amount mo- to at least en twe aa ts1e U.s.
weekly installments; and provided any
instalment SO paid within a dividend
period in excess of the sum due shall
shall begin to earn dividends from
the commencement of the dividend pc
Rod next following that within which
it is paid.
Installments payable on instaliment
shares shall begin with the first one
Of the month of issuance.
Should any portion of the INSTALL
ments paid on shares be Withdrawn in
accordance with the provisions OF this
said withdrawal shall not nut
the shares in default, provided future
on the shares shall there
after be regularly paid
whenever the paid up value of INSTALL
ment shares pledged to this association
as additional security Tor a loan upon
(50 of their face value, then the bor-
rover at his option may discontinue pay
ing instailments on account of said
shares and allow same to become ma
tured or full paid BY the accumulation
Of accruing profits; provided such bor-
roWers must continue the interest on
heir loans regularly in accordance with
ness is fully iiquidated as contemplated
by said contract.
Installnents when paid shall be i'm
puted to the obligations of the share
holder in such manner as may be pro-
vided in the bylaws.
lnstallment shares When matured shall
be liauldated in cash or converted into i
ful1 paid shares at the option of their
holder. Members may withdraw full
paid withdrawal shares, or part or all
IL tire saT3e ii on account
=ll paid si,areB or their unpIedged in
writing at the office Of the association,
md shall receive the amount SO with
iraWn together with all dividends pre-
slously credited thereto: or if it be
shall receive all interest thereon earned
ID to date Of their notice, less
any , unpaid charges, the pro rata share
u losses II any, in excess of the
amount in the contingent loss fund. |
Notices shall be registered and number
I'd in the order of their receipt, and |
hquidated in sequence as
registered, upon the return and proper
CANCELLATION Of the certificate of stock,
the withdrawal be total, or proper re- |
'elpt II the withdrawal be partial. our
he treasury; provided that not more
han one-half of the monthly receipts
hal ever be used for the liquidation of |
withdrawn shares, unless there should
'annot be loaned upon real. estate.
Whenever borrowing member de- I
auits on his loan contract, the asso-
iation, as Pledge of his stock, shall |
ave the right to cancel and withdraw
he accrued value thereof and amply I
'ame to the liquidation of the debt on /
when default has occurred and there
Ield by the association for the balance I
Tue the association.
should there ever be an accumulation /
4 tutido EpeSoiid Inc requirements OF the /
ssociation, the board shall have the
ignt to call in unpledged full paid
shares for redemption. I
nj such shares Shall be redeemed for
heir face value, plus interest at the
ate per cent per annum on the last
1Vidend for the time intervening since
heir last dividend. Should all of the
uI paid shares be redeemed, then in
tailment shares in the same order may
e called in to be redeemed at their
FithdraWable value.
Any subscriber to weekly installrnent
took who. shall for term of six 16l
1onths fail to pay the weekly INSTALL
1ents on mis- stock, shall by reason of |
UGH default, and without notice. forfeit
is rights under his subscription con-
ract, and the association shall nave rae
lsht to cancel said stock Upon such
ancellatlon the amount paid on said
took, together with accumulated prof
s., shall cease to draw dividends and
aid amount and profits shall be held
ubJect to the order of such subscriber
no shall be notified of such action Of
ne association by notice mailed to
I'M In case such subscriber shall NOT
.lthln one year after said notice receive !,
ald amount and surrender his cerfif;
ate, the said amount shall revert 10
~ ~ T.. become the property Of the assoc
a a,l as INUNDATED damages.
ehares OF stock shall be transfera-
le ana duplicate certificates NAV he
suea Tor lost certificates in such f.
tanner as may be provided in the BY
y v,-t