The herald., 1914-08-13
CHARTER
OF MAGNOLIA BUILDING AND LC
ASSOCIATION.
State of Louisiana, Parish of Orleans,

/ y
ASSOCIATION.
! State Of Louisiana, Parish Of Orleans, City
OF New Orleans.
| BE It known, That on this ninth day OF
! July, IN the year one thousand nine hundred
| and fourteen, before ne. William Renaudln,
| a notary public, IN and for the parish OF
! Orleans, state Of Lou eiaua. duly commiS-
| stoned and qualified. and IN the presence OF
/ the Witnesses hereinafter named and under
| signed. personally came and appeared the
parties whose names are hereuutO subscribed,
| who declared that. availIng themselves OF
! the provisions Of the Laws OF this state Teia-
| tive to the organization of corporations, and
especially the acts OF the legislature Nos. us
and Isl OF the session OF 1883 and 10 of 1902,
| as vel as all subsequent laws, they have
! Covenauted and agreed, and do by these pres
CutS covenant, agree and bind themselves and
| those who may hereafter become associated
with them. To form corporation for the OBJ
| Jccts and purposes following ,tO-wIt:
Article 1.-The name and title OF this cor
| pOratlon hereby formed shall be MAGNOLIA
! BUILDING AND LOAN ASSOCIATION, and
under ITS corporate name II snail have power
! and authority TO contract, sue and be sued
! 10 make, have and use a corporate seal, and
| the same to break, alter or amend at pleas
ure; To hold, receive, lease, purchase and con-
vey, mortgage and pledge property, both real
! and personal, in its corporate name; to Dor
row money, with or without security, on
! its note by pledge of its mortgage paper or
other collateral; to lend money security
| to name or appoint such officers, directors and
agents as the interest and convenience OF
said corporation may require; to make and
establish such bylaws, rules and regulations
for the proper management and regulation of
ITS affairs as II may deem necessary and
proper, and the same TO change and alter at
pleasure, and to do all such other acts and
things are or may be necessary and proper
to carry out the objects and purposes OF said
corporation, and said corporation, unless soon
er dissolved, shall exist and continue for and
during ninety nine years from the date here.
of.
Article 1.-THE domicile OF this corporation
shall be in the city of New Orleans, in the
state of Louisiana, and all citations or other
legal process shall be served upon the presi-
dent OF this corporation. or, in his ABSENCE.
upon the nrst vice president, or in his alb
SenCe, upon the second vice president. or
in his absence, upon the third vice president,
or, IN the absence OF all officers, npon the
secretary.
Article III.-The object of this association
shall be the accumulation OF a fund from the
weekly lnStallmentS account of the sub
scription TO the capital stock, rentals, bonuses.
interests or loans and other sources; the fund
so accommodating to be used for the purchase
and sale of real estate, the building, renting
and sale of hOmeSteads, and the lending Of
| funds upon mortgage security in the parishes
| OF Orleans, Jefferson and st. Bernard, and
! upon shares Of this corporation as provided
by the bylaws.
No loan shall be made except to share
holders, and no loan foc sum greater than
the face OF the shares owned by the borrower.
All loans shall be made under the control
and direction Of the board of directors, who
| shall have the power to make such rules regu-
lating the same as it may deem necessary and
| expedent.
Article IV.-The capital stock of this cor
poration shall be five million dollars $500,
00O., and shall be issued in shares Of one
| hundred dollars each.
Second-The stock OF this association shall
be of two kinds, viz: current stock and paid
up stock; Current stock shall be paid for in
! cents per share, and shall be issued in such
manner as may be provided by the bylaws.
Paid-up stock shall be paid for in full at
the time of issuance.
Ihrd-Current stock may be converted into
paid-up stock by the holder paying the differ
ence between the present face value of such
stock, or when such stock reaches its face
value, provided that certificates Of paid-up
stock shall be issued only such terms and
conditions as may be prescribed by the by
laws.
Fourth-Shares may be issued to married
women under the provisions of act - of 1894
who can withdraw them without the sigma
ture of their husbands; and to minors under
the provisions of act SO of 1896 provided said
minor applies for stock in persons and signs
the application and stub of the certificate
with his own hand.
Fifth-Payment on current shares. INSTALL
ments and interest shall be due and PAYABLE
weekly on each Monday at the office of the
association, and all payments made shall be
imputed "a TO the settlement of the interest
due, (2) to the installment shares, CD the
reimbursement of moneys paid for the account
of the shareholder; provided, that the order
of imputation may be changed at the discre
tion of the board of directors.
Sixth-On shares pledged as additional Sc
curity on real estate loans the weekly interest
on such loans shall be first deducted from
each such payment. and the difference cred
tied as payment the stock; provided, that
additional payment made be made at anq
time or in any amount, at the option of the
shareholder.
Seventh-Each share of stock which has been
in force for sixty days preceding any stock
holders meeting and represented thereat shall
be entitled to one vote.
Eighth-Sharehoders shall have the right to
withdraw from the association the amount