The herald., 1914-07-16
CHAR TER
AND LOAN
Of MAGNOLIA BIILDING An
ASSOCIATION.
State of Louisiana, Parish uf OH

ANNtN IA | ION.
State of Louisiana, Parish Oi Orleans. City
Of New Orleans.
BE 1t known. That ON this ninth day OF
July, IN the year one thousand nine hundred
a notary public, IN and for the parish OF
Orleans, state Of Loyneiaua, 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 hcrcuntU subscribed.
who declared that, avaIlInE themselves OF
the provisions OF the laws OF this state rcia-
tive to the organization OF corporations, and
especially the acts OF the legislature Nos. lis
and Isl Of the session OF 1883 and 10 Of 1902.
As well all subsequent laws, they have
covenanted and agreed, and do by these pres
entS covenant, agree and hlnd themselves and
those who may hereafter become associated
with them, to form corporation for the OBJ
JectS and purposes following ,to-wIt:
Article The name and title OF this cor
pgratlgn hereby formed shall be MAGNOLIA
BUILDING AND LOAN ASSOCIATION. and
under It's corporate name II shall have power
and authority to contract, sue and be sued !;
TO make, have and use corporate SEAL and
the same 10 break, alter or amend At pleas
urc; to hold, receive, lease, purchase and CON
vcy, mortgage and pledge property, both real
and personal, IN ITS corporate name; TO bor-
row money, with or without security, or 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 the interest and convenience OF
establish such bylaws, rules and regulations
for the proper management and regulation OF
ITS affairs as It may deem necessary and
proper, and the same TO change and alter At
pleasure, and TO do all such other acts and
things as 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 years from the date here
Of.
Article 1.-The domcile of this CORPORATION
.b hg IN, he city Of A,aya- ,,, Ia.
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 alb
SenCc, 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 fund from the
weekly installments on account Of the sub
SCripuon 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 homcsteads 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 loan for 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 20 make such rules regu-
lating the same as II may deem necessary and
cxpedient.
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-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 he 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 - of 1894.
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 Cd to the settlement of the interest
due, t2 to the installment on shares, 90 the
reimbursement of moneys paid for the account
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 on 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-Shareholder shall have the right to
withdraw from the association the amount
paid in, together with the accumulated profits
due thereon at the preceding dividend time.
less any charges and proportion of losses. II
any, upon filing written notice OF withdrawal,
which shall be registered by the secretary in
the order of their receipt, and Withdrawing
shareholders shall be paid in rotation as reg,
istered out of the first unappropriated money
in the treasury; provided, that not more than
one-half the monthly receipts shall ever be
used for the purpose OF liquidatInR matured,
withdrawn or paid-up stock shares unless
there should be overdccumuatiOn of funds
which cannot be loaned in the usual manner
upon real estate
Ninth-Should there be an overaccumuation
of funds beyond the use of the association
the board shall have the right to call in un-
pledged shares for redemption, provided that
paid-up shares shall first be called in in the
reverse order of their issue, and shall be
redeemed for face value, plus interest for the
time intervening since last meeting. at the
same rate as the last dividend declared; and,
should all paid-up shares be redeemed, then
current shares may he called in, the oldest
shares to be redeemed first and at their with
drawal value, plus interest for the time in
tervening since the date of the last dividend,
at the same rate as the last dividend de-
clared.
Terth-Shares shall be transferred and du-
plicate certificates issued for lost certificates
in such manner as may be provided IN the by
laws.
Eleventh-On January / and July of each
wear the board Of directors shall ascertain the
earnings of the association for the preceding
six months, and out Of such earnings they
shall deduct all the expenses of the associa-
after setting aside, if the directors see fit,
such amount as they shall deem best, to
fund for contingent Losses as dividend to
the shareholders in proportion 10 the value
of stock of each member at the time the
preceding dividend was declared, and all pay
shall begin to earn dividends from the be-
ginning Of the next semi annual term.
Twelfth-The dividends declared on current
stock shall be credited on the passbooks Of
the members semi annually, and dividends on
paid-up stock shall be paid in cash on the
tenth day of January and ten day OF July
each year.
Article V.-The corporate powers of the as:
sociation shall be exercised by board OF
directors, to consist of not less than hfteen
stockholders each of them owning at least ten
shares in his own name, who shall be elected
by, the stockholders on the third Monday OF
January, 1917, and annually thereafter. Any
director ceasing to hold ten shares shall ipso
facto forfeit his seat on the board OF direc-
tors.