The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1913-05-24
stock of this corporation as may be
provided in the bylaws.
ARTICLE "

t5o, COOP shares OF the par value OF one
stock shall be issued in consecutive in
stallmenls or series. Said stock shall
De divided into TWO different classes:
nlent stock. Fun paid witndrawahle
stock shall be issued at par on de-
nand and the number of such shares
snail be regulated by resolution OF the
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
ments and at such times as may pc
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 sha1l
surrender his receipt for the successive
payments and receive in lieu thereof
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 stockholder of said cor
poration, nor nave any privileges or liza
Dilities as such.
All sums thus paid in by subscribers
on account of full paid shares shall earn
i poard Of q ddiresto not e ezcsed three
and ne-halfSs per cent (33a) per annum,
to commence sixty t60) days after its
tine ASSOCIATION sSa ana TO wltb pc
5lI1SsSn Of converted into full I'd shares
Installment stock shall be issued on
demand of the subscriber after payment
in full of all instaliments due thereon
Tor the month of the issue shall have
been made. Said stock shall be PAID
for in installments Of not less less t4 ian
amount of said weekly installments
TO be fixed at the time of subscribing
in ACCORDANCE with the bylaws OF this
be paid regularly each week until the
stock, together with the profits or divi-
bends to be credited thereto. shall
at which time the installments shall
cease and the said shares shall mature.
Any member shall have the right to
pay more thn me AMOUNT nd OF as sha
be allowed on such advanced payments
at rate to be fixed by the board of
directors Tor the average time prior to
the close of the current dividend pc
Rod, provided such payment shall
amount to at least tWenty-six $3.50
weekly installments. and provided any
50 paid within Jim a dlv a6a
pe credited as dues in advance and
shall begin to earn dividends from
the commencement of the dividend Pc
riod next following that within which
it is paid.
Installments payable on installment
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 or this.
charter, said withdrawal shall not nut
the shares in default, provided future
after be regularly paid.
Whenever the paid UP value of install-
ment shares pledged to this association
as additional security for a loan upon
real estate, shall equal fifty per cent
t50) of their face value, then the bor-
rover at his option may discontinue pay.
ing installments on account OF said
shares and allow same to become ma
tured or full paid by the accumulation
of accruing profits; provided such Dor
rowers must continue the interest on
their loans regularly in accordance with
their loan contract, until their indebted
ness is fully hquidated as contemplated
by said contract.
Installments when paid shall be inn
puted to the obligations of the share-s
holder in such manner as may be pro-
vided in the bY-laWs.
1nstallment shares when natured shall
be sIiquidaLed in cash or converted into
full paid shares at the option of their
holder. Members may withdraw full
paid withdrawal Shares, or part or all
full paid shares or their unpledged in
sta1lment shares, by filing notice in
writing at the office of the association,
and shall receive the amount SO with
viously credited thereto; or if it be
payments on account of shares, they
shall receive all interest thereon earned
up to date Of their notice, less
amount in the contingent loss fund.
Notices shall be registered and number
ed ed. in the order Of their receipt, and
registered, upon the return and proper
cancellation of the certificate Of stock,
if the withdrawal be total or proper re-
ceipt if the withdrawal be partial, our
of the first unappropriated money in
the treasury; provided that not more
than one-half of the monthly receipts
shall ever be used for the liquidation of
Withdrawn shares, unless there should
be an er-accumulation of funds which
cannot be loaned upon real estate.
Whenever a borrowing member de-
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
which default has occurred and there
after TO foreclose upon tie mortgage
acid by the association for the balance
due the association.
Should there ever be an accumulation
of funds heIond the requirements of the
association, the board shall have the
right to call in unpledged full paid
f1tlidraWahie shares for 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
full paid shares be redeemed, then in
stallment shares in the same order may
be called in to be redeemed at their
value.
Any subscriber to weekly installment
stock who shall for term of six (6)
months fail to pay the weekly INSTALL
tnents on his stock, shall by reason of
such default, and without notice, forfeit
his rights under his subscription con-
tract, and the association shall have the
right to cancel said stock Upon such
cancellation the amount paid on said
stock, together with accumulated prof
its, shall cease to draw dividends and
said amount and profits shall be held
subject to the order of such subscriber,
who shall. be notified of such action Of
the association by a notice mailed to
MIN. In case such Subscriber shall not
Klthin one year after said notice receive
ss>amount and surrender his certifi
ca esasaa ss aasaidd amount shall revert to
and besaaA the property OF the asso-
citation as hquldated damages,
;, Shares Of. asoek shall he fransfera-
issued for lost .ckstt5ieatss in such
2 an as may be provided in the by
Any person. whether of age or
shares, and each share which shall
have been in force for sixty (6O) DAYS