The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-05-31
stock of this corporation as may be
provided in the bylaws
A prTSyT

| provided in the bylaws.
ARTICLE ".
The capital stock of this corporation
| shall be five hundred thousand $500,
| t5u, guU1 shares OF the par value of one
hundred dollars (s1oW each. The said
stock shall be issued in consecutive in
stallments or series Said stock shall
fun paid WithdraWabIe stock and install
nent stock. Full paid WlthdraWable
stock shall be issued at par on de-
snail be regulated by resolution of the
board of directors. Said full paid with
draWable stock may be paid for in TN I'm
may be taken and subscribers permitted
to pay on account thereof such INSTALL
ments and at such times as may be
agreed upon, and said sums shall be
times as the subscriber may desire to
apply all or part of the accumulated
payments to the purchase OF one or
more full paid shares, when he shall
surrender his receipt for the successive
payments and receive in lieu thereof a
certificate of stock of an equal amount
par value: it being understood, however,
that until such subscriber shall have
demanded his certificate OF stock. be
shall not be a stakeholder of said cor
poration, nor have any privileges or LA
biiitieS 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 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
been made. said Stock shall be paid
fer in installments of not less than
=12a cents, per, week. per share. the
to be liked at att the time of Subscribing
in accordance with the bylaws of this
association, and said instaliments must
be paid regularly each week until the
stock, together with the profits OF divi-
dends to be credited thereto, shall
equal the full face value of the shares,
cease and the said shares shah !. mature.
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
amount to at least twenty (26)
weekly installments; and provided. any
instaliment SO paid within a dividend
period in excess OF the sum due snail
shall begin to earn dividends from
the commencement of the dividend pc
Rod next following that within which
Installments payable on instalment
shares shall begin with the first ons
OF the month of issuance.
Should any portion of the. install
ments, paid on shares be withdrawn in
ACCORDANCE with the provisions of this
charter, said withdrawal shall not nut
the shares in default. provided future
installments on the shares shall there
after be regularly paid
Whenever the paid up value Of INSTALL
me shares pledged to this ASSOCIATION
as s4a9n security Tor ,st loan upon non4
(5o1 OF their face value. then the bor-
rover at his option may discontinue pay
ing installments on account of said
tured or full paid by the accumulation
of accruing profits; provided such bor-
foWers must continue the interest on
their loan contract, until their indebted
ness is fully Hquidated as contemplated
by said contract.
1nstallments 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.
allInent shares when matured shall
be iauidated in cash or converted into
full paid shares at the. option Of their
holder. Members may withdraw S. full
paid Withdrawal shares, Or part or all
e 8, the same ne paid in on account Of such
writing at the office of the association,
and shall receive the amount SO with
vionsly credited thereto: or if it be
payments on account of shares, they
shall receive all interest thereon earned
up, to date ct their notice. less
OF losses any, in excess of the
amount in the contingent loss fund
~ Notices shall be registered and number
liquidated in sequence as
registered, upon the return and proper
CANCELLATION Of the certificate of stock,
ceipt If the withdrawal be partial, our
OF the first unapproDriated money in /
the treasury; provided that not more
than one-haf of the monthly receipts
Withdrawn shares, unless there should
be an over accumulation of funds which,
cannot be loaned upon real estate.
Whenever a borrowing member de-
faults on his loan contract, the assoc |
citation, as Pledge of his stock, shall |
nave the right to cancel and withdraw
the accrued value thereof and apply |
same to the liquidation of the debt on I
which default has occurred and there
after to foreclose upon the mortgage
held by the association for the balance /
due the association
Should there ever be an accumulation
Of funds beyond the Requirements OF the I
association, the. board shall have the |
right. to call in unpIedged full paid /
va, shares Tor redemption,
and such shares shall be redeemed for |
their face value, plus interest at the |
rate per cent per annum on the last |
dividend for the time intervening since
their last dividend. Should all of the
tull paid shares be redeemed, then in
stallment shares in the same order may
De called in to be redeemed at their
value.
ny subscriber to weekly installment
months fail to pay the weekly instail-
nents on his stock, Shall by reason of
such default, and without notice, forfeit
ais rights under his subscription con-
.ract, and the association shall have the
light to cancel said stock. Upon such
the amount paid on said
stock, together with accumulated prof
IS, shall cease to draw dividends and
sald amount and profits Shall be held
subject to the order of such subscriber,
he association by a notice mailed to
llm. In case such subscriber shall NOT
Within one year after said notice receive
said amount and surrender his cerfifi
ate, the said amount shall revert to
md become. the property of the assoo
slatlon as llquidated damages
Shares Of stock shall be transfsra-
9le ana duplieate certificates may be +,