The herald., 1913-12-04

million dollars ($5. 900, OOOl represented
and divided into three different classes of
shares, hereinafter fully described, tO-wit
full paid shares, loan shares, and savings
shares.
Fun Paid Shdrcs.-Full paid shares shall
be issued from time TO time as the board of
directors may determine In shares OF one
hundred dollars ($1OO.OO) each, to be paid
in cash when issued, and shall earn divi-
bends in cash and be withdrawable as here
matter provided.
Loan Shdrcs.-The loan shares shall be
worth the maturity value OF one hundred
and fifty dollars ($1jO.0Ol per share, and
shall be paid for by monthly installments
OF at least two dollars (S2 OOD per share
per month, and such payments shall be i'm
puted 10 the Obligations of the shareholder
in such manner as provided in the bylaws
in connection with the several plans OF
loans They shall earn dividends as here
matter provided and shall be withdrawals
in payment on account Of loans. The in
Stallment shares now in force in connection
with loans shall continue as loan shares
without change as originally issued.
SdUiHgs SHARES Savings shares shall be
worth the maturity value Of one hundred
dollars tSlOo.OUl per share, and shall be Is
sued upon the payment of one dollar tSl.UUD
per share for each share subscribed. Sub
Scribing shareholders shall have the right to
make further payments on account Of the
unpaid balance of the maturity value Of
| their shares at pleasure. They shall earn
dividends and shall be withdrawable as here
| matter provided.
Article VII Of the original charter Of this
Il "
| read as follows:
ARTICLE YII.-Diridcuds.-At the end
| OF the Semi-annual terms ending June Both,
and December 3lSt the undivided profits
for such periods shan be distributed In the
following order tO-wit: first, all the eI-
| penSeS OF the corporation for such period
shall be deducted; second, an amount equal
! to three 90 per cent of the net earnings
shall be set aside for Il contingent loss fund,
| until such fund shall be equal to two and
one-haf g IL per cent of the outstanding
IA hiFI IN nal al yil afnI NOT
| ceednC the rate of six 90 per cent per
annum shall be paid in cash to the holders
OF full paid shares, and credited as payments
| on account of the maturity value OF loan
and savings shares 4; fourth, out OF the re-
naming profits, il any, One-half of the
amount shall be credited TO the contingent
| loss fund and One-half shall be credited to
the full paid loan and savings shares, and
these amounts shall be paid and credited as
regular dividends, in the same manner as
! regular dividends, in amounts equal TO one
half of one per cent COOS per cent? or
muitipleS thereof
Provided, however that when the con-
! tingent loss fund shall be equal TO two and
one-half e. l-2) per cent of the outstanding
| loans, then the entire remaining profits shall
be credited to the full paid, loan and savings
shares, 10 be paid and credited as special
Dividends on full paid shares shall be
computed from the date Of issuance and on
| loan and savings shares, from the first of
the month following the date OF payments.
The dividends declared by the board Of
directors shall be final and conclusive upon
all shareholders.
Article Viii Of the original charter of
this corporation was amended and re-enact-
ed to read as follows:
ARTICLE III.-Withdrdrdls.-M
may withdraw full paid shares or savings
shares by filing notice in writing at the Of
flee OF the corporation and shall receive the
amount SO withdrawn together with all div-
dends previously declared or credited there
to, less any unpaid charges and a pro-rata
share OF losses, If any, in excess of the
amount of the contingent loss fund April
cations for Withdrawals shall be registered
and numbered in the order OF their receipt
and Withdrawals liquidated In sequence, ac-
cOrdingly, as registered upon the return and
proper cancellation OF the certificate of stock
or passbOOk, but at no time shall more than
one-half of the monthly receipts from pay
ments on account OF shares and interest
only, be applied TO the demands OF the with
drawing members, without the consent Of the
board Of directors.
No dividends shall he paid on shares with
drawn between dividend periods, but inter-
est at the rate of three CD per cent per
annum, from the end of the previous semi
annual term up to the first Of the month
previous to the date OF withdrawal, shall
be paid on amounts so withdrawn, provided
that a dividend shall have been declared for
the previous dividend period. No interest
shall be paid on shares withdrawn which
have been in force for thirty 800 days or
less. Applications for Withdrawals, how.
ever, shall be entitled in full to any divi-
dends that may be declared while applica-
Whenever a borrowing member defaults
on his loan contract by falling to pay inter
est and installments on his loan shares for
six consecutive months, the corporation, as
pledges of his shares, shall have the right
to cancel said shares and apply the face
value thereof to the liquidation Of his loan,
and thereafter to foreclOse upon the mort
gage held by the corporation for the balance
due IL.
Should there ever be an accumulation of
funds beyond the use of the corporation, the |
hoard of directors shall have the RIGHT
call In full paid shares for redemption, and
should all full paid shares be redeemed, then |
deemed, provided that shares thus called in |
shall be redeemed for their face value plus |
interest at the rate per cent per annum of
the last dividend for the time intervening
since then. Notice of such cancellation mail |
ed TO the address given when the shares |
were issued or transferred, shall be sufi- |
cient. In the cancellation Of full paid or
savings shares, the board Of directors shall |
call them in in the inverse order of their |
issuance.
Each share of stock in force and repre-
sented at any shareholders meeting shall be |
entitled to one vote.
Married women and minors may hold |
shares in this corporation as provided by |
law.
All applications for membership shall be
subject to the approval Of the board Of d.
rectors.
corporation was amended and re-enacted to
read as follows:
ARTICLE IX.-LOdnS.-An loans shall be
under the control and direction Of the board
of directors, who shall have the power to
make such rules and regulations and bylaws
regulating the same as it may deem neces-
sary or expedient.
Article X Of the original charter of this
corporation was amended and re-enacted to
read as follows:
ARTICLE X-GOUernment.-The corpo-
rate powers of this corporation shall be ex:
ercised by a board of directors to consist of
not more than twenty-five shareholders, each
Of whom shall own at least ten shares of
any one of the classes Of capital stock in
this corporation in his own name, who shall
be elected by the shareholders at their an
nual meeting on the first Tuesday Of June,
each year. Any shareholder ceasing to hold
ten shares, or whose loan or savings shares
are more than three months behind in regu-
lar payments, shall ips0 fdctO cease to be a
member of the board of directors. Notice
of the annual shareholders meeting shall be
given TO each shareholder at his last known
ing, and by publication for at least ten days
prior to the meeting in a daily newspaper
published In the city Of New Orleans.
The board Of directors shall elect from
their number president, first vice-presi-
dent, a second vice-president a secretary,
treasurer, an attorney, and a notary; they
shall also appoint an auditor, an expert, and
such other officers and employees as may be
necessary, and said appointees shall hold Of
flee subject 10 the discretion OF the board.
The board shall fix the compensation and
duration of services of all officers and en-
ployees, and they shall have the power to
to select a place of meeting, to suspend any
Of amDlOvpa for neglect of duty