The Donaldsonville chief., 1913-05-10

| payments to the purchase of one or
surrender his receipt for the successive
payments and receive in lieu tks@nof a
|certiflcate OF stock of an eqHE)amount t
par value; it being UNDERSTOOD however,
that until such SUBSCRIBER shall have
| demanded his certificate of stock, be
shall not be stockholder of said corr
poration, nor have any privileges or liza
billtles 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 its
receipt by the association. and to be
payable whenever the amount is with
drawn OF converted into full paid shares
by the subscribers.
lnstallment 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
for IN lnstaIlments of not less Inan
IL cents per week per share, the
a1liouItssof Sc I'D weekly installments
in accoraance with the by-laWs of this
association, and said installments must
be paid regularly each week until the
stock, together with the profits or dlvi-
dends to be credited thereto, shall
equal the full face value of the shares,
at which time the, instalIments shall
C.
Any member shall have the right to
pay more than the amount of his re-
CURED installments, and interest shall
be allowed on such advanced payments
at rate to be fixed by the board OF
directors for the average time prior to
the close Of the current dividend pc
lont aloa to a esa sash Rsymea5 sa
Weekly weekly installments; and provided any
Instaliment. ms II lt 50 paid within a dividend
period pc t..,,;a n 5 excess OF the sum due shall
shall begin to earn dividenSBrom
the. commencement Of the dividend Pc
flod r next following that within which
lnstallments payable on installment
shares shall begin with the first one
of the month of issuance.
sts sh9aia paia any p9rtien sbiEaa q The install
aecoEdance. with the provisions of this
chartef, said NlthdraWal shall not nut
the shares in default, provided future
after be regularly paid.
whenever the paid up value OF INSTALL
InenI S1ares pledged to this association
real estate, shall equal fifty per cent
(50) of their face value, then the bor-
rover at his option may discontinue pay.
shares R s1 an Gn Same aees97 to eeome sf a sa5d
t9red or full paid by the Accumulation
OF aceSulng profits; provided such bor-
toNers lowers: must continue the interest on
their loan contract, until their indebted-
ness IS fully Hquidated as contemplated
by said contract.
lnstalln1ents when paid shall be inn
puted to the obligations Of the share
holder5 IN such manner as NAV he nm
Vided in the bylaws
~ inlsita.nent litial shares when matured shall
pc Hquidated in cash or converted into
I Iuil vi paid shares at the option of their
ho!def. Members may withdraw fpll
paid withdrawal shares, or part or all
full paid shares or their unpledged 'ji.. in
stallment shares, by filing notice in
writing at the office of the association,
ana arsl. shall III receive the AMOUNT SO with
ylously credited thereto; or If II be
payments on account of shares they
up Sha receixe ats al interest therson
OF losses If any, in excess of the |
snGant Nnf5ant IN, IN the eontingent loss fund
ed in the order Of their raeefpt @ % md
W1thdraWals liquidated in sequence as |
Ieglstefed. upon the return and proper |
fian6eatl9n s ace At OF the certificate OF stock
II tne WlthdraWal be total, or proper re- |
ceipt II the withdrawal be partial, our |
qL qI the first unappropriated money In /
tIls thsn easqry provided pr that not more
shall ever be used for the 1iquidation& of
Withdrawn shares, unless there sbnn1d |
oe an oVer7accumulation of funds which
SC fudtieN upon real estate.
Whenever a borrowing Smemher. do
daults aidt on his loan contract, the asso-
sttatlon, as pledge of his stock, shall I
nave the right to cancel and withdra "
ehe accrued value thereof and andy |
same 70 the liquidation of the debt on
which default has occurred and thera-
alter az TO fofeclose upon the mortgage
aeld by the association for the baiance
due the association
should there ever be an accumuiatio,
o. o. a funds beyond the requirements OF the /
;, = .;ss.oelatlon, ;ss.st the board shall have the
right to call in unpledged fun maid
W Mlt,hdraWable shares for redemption
~ and such shares shall be redeemed for
snelf elf race value, plus interest at the
rate rate. per cent per annum on the ,ast
s p = Tor the time intervening since
full paid shares be redeemed. then inc inc
stallment lI,9 shares In the same order may
oe eailea in to be redeemed at their
ANY subscriber to weekly installme7t
59orh nonfns Wfo fei, shall "a Tor term Of SIX IS
ments on his stock. shall hx raaSaneae