The herald. [volume] (New Orleans, La.) 1905-1953, 1914-08-06
New Orleans. La. July :, 1914
fSfr-e,h TNTII + EnN &
CHAR TER

Of MAGNOLIA BUILDING AND LOAN
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 nc, William Rcnaudrn
Orleans, state Of Louisiana, duly commits
stoned and qualified and IN the presence OF
the witnesses hereinafter named and under
signed. personally came and appeared the
Who declared that, ayaIlIug themselves 81
the provisions OF the laws Of tins state rcia-
tive 10 the organization of corporations. and
especially the acts Of the legislature Nos. lis
and ISL Of the session OF 1855 and l1J OF lpo-,
well as all subsequent laws. they have
cUycuantcd and agreed, and do by these pres
ems covenant agree and bind themselves and
those who may hereafter become associated
with them, TO form "a corporation for the OBJ
Jccts and purposes following ,to-wit:
Article 1.-The name and title Of this cor
BUILDING AND LOAN ASSOCIATION, and
under is corporate name II shall have power
and authority to contract, sue and be sued
To make. nave and use a corporate seal, and
the same to break, alter or amend at pleas
ure; TO hold receive, lease, purchase and CON
yey, mortgage and pledge property, both real
and personal, IN Its corporate name; 70 bor-
row money, with or without security or on
its note by pledge Of its mortgage paper or
other collateral; 10 lend money on security.
10 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
tor the proper management and regulation OF
ITS affairs as 1t may deem necessary and
proper, and the same to change and alter at
pleasure, and to do all such other acts and
things as 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-nlne 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 hrst 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 installments on account of the sub
scriptiOn to the capital stock, rentals, bonuses
interests or loans and other sources; the fund
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
by the bylaws.
No loan shall be made except to share
holders, and no loan foe sum greater than
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
Article IV.-The capital stock of this cor
poratiOn shall be five million dollars $500
0OO) and shall be issued in shares of one
hundred dollars each.
SecOnd-Ihe stock of this association shall
Ne OF two kinds, viz: current stock and paid
up stock. Current stock shall be paid for in
weekly installments of at least twenty-f five
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.
Third-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 on 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 "a of 1884,
who can withdraw them without the sigma
ture OF their husbands; and to minors, under
the provisions of act 50 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 ID to the settlement of the interest
due, ~ to the installment on shares, 90 the
reimbursement of moneys paid for the account
Of the shareholder; provided, that the order
Of imputation may be changed at the discre-
ton 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 on the stock; provided, that
additional payment made be made at ana
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-Shareholders shall have the right TO
withdraw from the association the amount