The herald. [volume] (New Orleans, La.) 1905-1953, 1914-08-20
CHARTER
AND LOAN
OF MAGNOLIA BUILDING AND LOA.
ASSOCIATION.
State Of Louisiana, Parish OF Orleans, Git
OF New Orleans.

OF MAGNOLIA BUILDING AND LOAN
ASSOCIATION.
State of Louisiana, Parish OF Orleans, City
OF New Orleans.
BE II known, That on this ninth day Of
July, in the year one thousand nine hundred
and fourteen, before me. William ReraudIn,
notary public, in and for the parish OF
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
parties whose names are hcreunto subscribed,
Who declared that, ayaillng themselves Of
the provisions OF the Laws OF this state reld-
tive TO the organization OF corporations, and
especially the acts Of the legislature Nos lis
and Isl OF the session OF 1888 and 40 of 1902,
as well all subsequent laws, they have
Coveuantcd and agreed, and do by these pres
euts covenant, agree ard bind themselves and
those who may hereafter become associated
with them, to form corporation for the OBJ
JeCtS and purposes following ,tO-wit:
Article 1.-The name and title of this cor
pOratiou hereby formed shall be MAGNOLIA
BUILDING AND LOAN ASSOCIATION, and
under its corporate name II shall have power
and authority to contract, sue and be sued
TO make, have and 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, or on
its note by pledge OF its mortgage paper or
other cOllateral; to 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
for the proper management and regulation OF
its affairs as IL may deem necessary and
proper, and the same to change and alter at
pleasure, and to do all such other acts and
things 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 first vice president, or in his abb
Sence, upon the second vice president OF
in his absence, upon the third vice president,
or. in the absence Of all officers, nPon the
Article III-The object of this association
shall be the accumulation OF fund from the
weekly installments on account of the sub
scrptiOu 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 for sum greater than
the face of the shares owned by the borrower.
All loans shall be made under the control
ana direction OF the board OF directors, VINO
shall have the power to make such rules regu-
lating the same as it may deem necessary and
! expedient.
Article IV.-The capital stock of this cor.
poration shall be FIVE million dollars $500
600, 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
weekly instalments of at least twenty-five
cents per share, and shall be issued in such
manner 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
stock, 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 "a 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 Cd to the settlement of the interest
due, (2) to the installment on shares, CD the
reimbursement OF moneys paid for the account
of the shareholder; provided that the order
of imputaton 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
holders meeting and represented thereat shall
be entitled to one vote.
Eighth-Shareholders shall have the right to
withdraw from the association the amount