The herald. [volume] (New Orleans, La.) 1905-1953, 1914-08-20
THE HER AID

l.
withdrawn or paid-up stock shares unless
there should be an ovcraccunludtiun OF funds
which cannot be loaned in the usual manner
upon real estate.
Nuth-Should there BE an ovcralcur,ulatipn
Of funds beyond the use % the association
the board shall have the right to call in UNI
pledged shares for redemption, provided that
paldup shares shall first be called an III the
reverse order of their issue, and shall be
redeemed Tor face value, plus interest for the
time intervening since last meeting. 10 the
same rate q, The last dividend declared; and.
should all paid-up shares be redeemed, then
current shares may De called in. the oldest
shares 90 be redeemed first and AZ their with
drawal value plus interest for the tlwc 'n-
~ the same rate as the last dividend dc
Tcrth-Sharcs shall be transferred and dr-
plicatc certificates issued for lost certificates
IN such manner rs may be provided ia the by
laws.
Elcvcr,h-Or january I and July Of each
wear the board Of directors shall ascertain The
earnings az the association for the preceding
six months, and out OF such earnings they
shall deduct all the expenses OF the assocIa-
ton Tor such time, and the balance remaining
after setting aside, If 'hc directors see ft.
such amount as they shall deem best, 20 d
fund for contingent losses as dividend 20
the shareholders IN proportion 20 the value
Of stock OF each member AZ the time the
preceding dividend was declared. and all paw
wcu'S made between such dividends periods
shall begin q earn dividends from the be
Twtifth-Thc dividends declared on current
stock shall be credited on the pasShooks OF
the members semi-annually, and dividends on
paid-up stock shall be pail in cash on the
tenth day Of January and ten day Of July
Article V.-The corporate powers Of the as.
ISOLATION shall be exercised by board OF
directors TO consist OF not less than fifteen
stockholders. each Of them owning al least ten
shares in his own name, who shall be elected
10y the stockholders on the third Monday OF
January, 1917, and annually thereafter. Any
director ccaSiug TO hold ten shares shall ipso
iaCto forfeit his seat on the board Of dIrcC-
tors.
Notice Of said election shall be given for
one OF the daily newspapers published IN the
city of New Orleans. Said election shall be
by ballot. and shall be held at the domiCIc
Of the corporation, under the supervision ~
three stockholders appointed by the board If
directors at the last preceding regular meeting
thereof who are not candidates FOR election.
The shareholders receiving majority OF the
votes cast shall be declared elected
The failure 10 hold election on the days
specified shall not dissolve the corporation,
but the directors in Office shall hold power
until an election be held after ten days notice
Of the time and place thereof.
The directors shall elect from their number
a president, vice president, second vice prcsl-
dent, secretary. treasurer, which last two Of
fees may be held by one person. They shall
appoint such other officers and employees as
may be necessary, who shall hold office dur
ing the pleasure OF the board. They shall TX
the compensation of all officers and employees,
and they shall have power to enact bylaws
not repugndnt to this charter, to select place
Of meeting 10 suspend any officer for neglect
OF duty or misconduct, and in case Of any
vacancy on the board among the officers from
death, resignation, removal or any other
cause, the directors shall have the right 10
fill such vacancy, and shall have general au-
thorlty to carry out the object and business
of the association. But they shall not have
power to purchase real estate tor cash, nor
to contract and Indebtedness without the al
hrmativc vote of at least five directors, and
then only in furtheranCe Of the usual and
proper business OF the association. Five dI-
reCtOrs shall constitute quorum at all meet
ings Of the board.
Article VI-The following named persons
shall constitute the first board of directors,
TO serve until their successors are elected, IN
accordance with this charter, viz: Rev. Pierre
Landy, Frank 7. Anderson, Rev. ); +. Piercy,
George +. Barnes, Rev. Jos. MoTehead, {. {.
Carney. J. J. Johnson. Rev +. d. Diamond,
Nose l. Wilson, Arthur Henderson, Edw.
Foster, Alex Jingle, Freeman Walker, Alex
Wilson and a. f. Johnson, with the said
Pierre Landry, as president; Rev. 5; T.
Percy, as first vice president; Rev. +. ID.
Diamond second vice president; +. i. An
derson, as third vice president, and A. +.
Johnson, as secretary treasurcr-al OF whom
shall hold office until the third Monday Of
January, 1917, or until their successors shall
have been duly elected and qualified:
This corporation shall commence business
shall have been paid in.
Article VII.-Special meeting of the share
bolders shall be convened by the president at
the request in writing OF ten shareholders,
stating the name and object of such meeting,
or when ordered by the directors.
Article NIII-No stakeholder shall ever be
held liable or responsible for the contracts
or faults of this association in any further
sum than the amount Of his Indebtedness TO
the association; nor shall any mere infor-
mality in organization have the effect OF rem
Il. = gtNs4wa
holder to any liability beyond the amount Of
his or her shares.
Article IN-This charter may be altered,
amended or modified, or this corporation DIS
solved by a vote of three fOurths OF the capt.
tai stock represented al a general meeting
of the stockholders called for that purpose
after due notice mailed to each shareholder
and the publication for ten days IN a daily
new Spaper of the notice of such meeting. And
in case of dissolution the stockholders at
such meeting shall elect three commits Sioners,
who shall have entire charge OF such Iiquida-
ton, and such commissioners shall have au-
thority to fill vacancies occurring in their
number
Thus done and passed in my notarial office
at New Orleans aforesaid in the presence of
William A. Wenck and Edgar G. Gould, com
petent witnesses of lawful age and residing
in this city, who hereunto subscribe their
Names together with said appears and me-,
notary, on the day and date set forth in the
caption hereof.
Original signed: J.. ]. Johnson, 10 shares;
A. F. Johnson, 10 shares; F. Anderson. 10
shares; G. w. f. Kendall, 10 shares; Victor
Augustine, 10 shares: Rev. Joseph Morehead,
10 shares; Nelson Hogan OK his mark, 10
shares; Alex Tingle * his mark, 10 shares {;
Fred Cole OK his mark), 10 shares; Alex Will
son OK his mark, 10 shares; Alfred White
OK his mark, 10 shares; Sarah Olande, 5
shares; Mrs. Mary T. Donnan, shares; Hen
rietta Lanis 20 shares; Pierre Landry, 10
shares; Mrs. Margaret Wilson, 10 shares; Rev.
F. d. Diamond. 10 shares; A. r. Orlage, 10
shares; c. c. Carney. 10 shares; II. ]. Glenn,
10 shares; A. II. Henderson, 10 shares; Mag
gle Pecon, S shares; Emmerline Jones, 3
shares; Benjamin Smith (X his mark, s
shares; Mary Butler OK her mark, 10 shares;
Freeman Walker OK his mark), 10 shares;
Mary f. Ross, ! share; Hattie c. Picou, J
shares; George F. Barnes, 10 shares; A. J.
Gray, 10 shares Frank P. Anderson, 10 shares
f. Foster, 10 shares; Abram Jacobs tx his
mark, 10 shares; George F. Young, 5 shares;
Julia Brook, 10 shares; Smith a. James, s
shares; Mrs J. A. Smith, shares; Mrs
Sarah Porter. 10 shares; Nose L. Wilson, 10
shares; Jeff Reed, 10 shares; S f. Percy, 10
shares
Witnesses: w. A. Wenck F. G. Gould.
VIM. RENAUDIN, Not. Pub.
I, the undersigned, recorder of mortgages
mortgages. in and for the parish of Orleans,
state of Louisiana, do hereby certify that the
above and foregoing act of Incorporation of
the Magnolia Building and Loan Association
was this day duly recorded IN my Office, in