The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-05-17

earnings they shall first dedlIct y Il, such
expenses OF the association for s ~. ne
for contingent losses and such che d Iana
funds as may be created by said h bosaer
such amount as they may deem poeaa aa
until such contingent loss fund a,s 5sst,
ing mortgage loans, which fund ise s5k,
be invested as directed by the ha slall
third, the balance of said aa poaara
shall be declared as a dividend "a .i1.ags
of stock of each member at the tima aye ssae
preceding dividend was decIareds me
all payments made between such an asad
dend- periods shall begin to earn .a sl'.
ldends from the beglnning Of the s an.
Whenever matured instaIlment =.
is settled said stock shall partic STOCK
in the contingent loss fund and ", sssa IS
ei-1s surplus funds funds as exist at sa ~
the total amount of said,funds bes s sha at
the paid up value of OUTSTANDING " To-
stallment stock and full paid VII aas
drawable. stock in existence at the IN IN.
when said stock shall mature: I pro, aaee3
that full paid Withdrawab1e stnai 5s = aed
sued as such shall not partieSnato Ne
the sai5 funds until said shares SIN II
have been in force seven years frall
time they shall, on being W Vi Which
participate in said funds in tha s aWl,
manner as matured stock; and nros sa,lle
further, that, installment shares opaasa
drawn or called in prior to their VII
turity shall not particinate is ma
funds. ssta
Dividends on full maid sbaroa
be paid in cash, and those l On i i s ssaall
ment shares shall be credited to as fbais
installnent books. = sAeif
ARTICLE vI1
Il.
All tne powers OF this corporation
sllall pe exercised by board of AZ AZ +
to) nor more than ten (I01 ,stoeEbao,,ssss$
ers, each of whom shall own at lsas,
n ns snares OF STOCK IN his own naine
ne ne liI AZ shall pc elected by Ia
~. " d 49, ana annually thereafs
l ls any u! W ceaslng to own fiva
~ sh his " STOCK -snall lpso faeto va
tons shall be given 1 Ten 1 ~ sac elee-
to the annual meeting by one rn.Ih psler
ton in one OF the daily neWspa n ,es - 50
the city of New Orleans and IN ~ t ~
su sue: weekly issues Of neWspa.
sion Said election shall be held ~
~ un nia1 Tie SUPERVISION of three
board Of directors at pf fba 1sl+ ny ths
regular meeting theranf ae1os pre-. pt2seeding 4
holders RECEIVING a ma io, rs SNARE
votes cast shall be deeisrass ., tha.
All meetings shall be held at the dam.
ici ne OF Inc corporation.
=o,ao4ia,; ialiai 70 iloid meeting or
disso oi ~ ~ way speciIled Shall not
o,s 4ha, te f9iao put direct
~ eaislh II snail serve until Their
80 s5aii nave oeeh duly eleeted
1 Tba di,.actors ;r,,,,oa,a+
o,a ~ vi sItolS iiliileaiate1y upon Their Il
,,,.,,abo it,uaiy sllsl eject from thalt
liuil L1"si d president, vice presideaI
and notary. They shall ali a an attorney
other officers and employees as NAV ~ N i
necessary, who shall continue fhss
employment subject to the pleasure 81 IS
the board They shall fix the salariss
OF all OFFICERS and employees, but s. n
salary shall be paid to any director
except to the secretary and treasursr.
SAD sat nc, BOARD shall nave the power 10 en-.
ACT by-laWs not inconsistent with Till
CHARTER; to provide officers for the eors
pofatlon, to suspend any officer a.
neglect OF duty or misconduct, 10 fia
any vacancy that may occur allesg
the board or among the officers, aues
such further authority as may be nee
essary to carry out the objects aad
the ASSOCIATION. The said board SHAH
not nave the right to purchase raaI
estate, except for cash, nor to contract
any 1ndeotedness without the affirma. I
tive vote OF at least a majority of the E
BOARD, ana then only in furtheranee#of &
the usual and proper business Of tba +
ASSOCIATION, nor shall they have power 4
70 tpofI9N money ne, Or contract any piEef
"a
the affirmative vote az Al ~
joFity4 of the entire board man. lserssHs
a ma ority Of the directors sIssl
stl1a T5sssfI
board 81
Until the first annual n1eaff ayssss
Ei.s