The herald., 1914-07-23
CHARTER
OF MAGNOLIA BUILDING AND 1
ASSOCIATION.
g.... . .-.r-..,. p..r-H .F Orleans

OF MAGNOLIA III lLDl ~ AND 1'AN
ASSOCIATION.
State of Louisiana. Parish of Orleans, City
Of NcN Orleans.
BE it known, That ou tins ninth day Of
| July, 900 the year one thousand ulne hundred
| and fourteen before nc. William Reuaudln,
! a notary public, IN and for the PARISH ot
| Orleans. state oi Louisiana, duly comms
| stoned and quahucd and IN the presence OF
the witnesses hereinafter named and under
| signed, personally came and appeared the
parties whose names ar hcTcuntD subscribed,
| who declared that. avdllinE themselves OF
| the provision, OF the laG- Of tins state rcId-
| tive to the organization OF corporations and
! especially the act, Oi the Legislature Nos. lis
! and ISL OF the session of lS,s and ~ oi 1902.
| Covcnduted and agreed, and do by these pres
| cntS covenant, agree aud bind themselves and
| those who may hereafter become associated
with them, 10 form a corporation Tor the OBJ
Jccts and purposes following ,to-wit:
Article The name and title OF this cor
! poratIou hereby formed shall be MAGNOLIA
| BUILDING AND LOAN ASSOC lAIlDN, and
under II, corporate name IL shall have pow CT
| and authority 10 contract, sue and be sued
/ tU make, have ard use corporate seal, and
the same % break, alter or amend AZ pleas
urc, to hold, receive, lease. purchase and COM
vcy, mortgage and pledge property, both Tcai
| and personal, m n, corporate name, 10 bOT-
| row money, with or without security, or on
It's note by pledge OF its mortgage paper or
other collateral; 10 lend money on security
| 90 name or appoint such officers, directors and
| agents aS the interest and convenience Of
| said corporation may require; 10 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 10 change and alter at
pleasure, and to Do all such other acts and
| things as are or may he necessary and proper
| to carry out the objects and purposes ol said
corporation, and said corporation, unless soon
| cr dissolved shall exist and continue Tor and
during ninety years from the date here
of.
Article 1.-THE domicIle Of this corporation
| shall he i'll the city OF New Orleans, IN the
state OF Louisiana, and all citations or other
| legal process shall be served upon the pTeSl-
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 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
| so aCCumulatlng 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
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
| and direction of the board Of directors, who
| shall have the power to make such rules regu-
latlng the same as 1t may deem necessary and
| eXpedient.
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.
| re OF two kinds, viz: current stock and paid
| mp stock. Current stock shall be paid for in
weekly installments of at least twenty five
cents per share, and shall be issued in such
manner as may be provided by the bylaws.
Pald-up stock shall be paid for in full at
the time Of issuance
Third-Current stock may be converted into
pald-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 IS OF 1890, 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 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 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 ana
time or in any amount, at the option of the
shareholder.
. Seventh-Each share Of stock which has been
m force Tor sixty days preceding any stock.
! holders meeting and represented thereat shall
be entitled to one vote.
Elghth-ShareholderS 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 hllng 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.halt the monthly receipts shall ever he
used Tor the purpose OF liquidating matured
Withdrawn or paid-up stock shares unles,
| there should he an over1ccumuation OF funds
which cannot he loaned in the usual manner
upon real estate
Nlnth-Should there be an overaccln,,latior
OF funds beyond the use Of the association
the board shall have the right to call in un.
pledged shares for redemptiou provided IN,
paid-up shares shall first he called in in the
J reverse order of their issue and shall he
redeemed for face value. plus interest for the
NlHlC intervening since last meeting. a the
same rate as the last dividend declared: and
should all paid-up shares he redeemed. ther
current shares may be called in the oldest
shares TO be redeemed first and al their with
drawal value, plus interest for the time in,
tervening since the date Of the last dividend
at the same rate the last dividend de.
Clared.
| Teuth-ShareS shall he 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
year 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.
ton for such time. and the balance remaining
| after setting aside, If the directors see 1T,
| such amount as they shall deem best 20 a
| fund for contingent losees as a dividend 10
the shareholders in proportion TO the value
| of stock OF each member at the time the
preceding dividend was declared. and all pay
| ments made between such dividends periods
| 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-annualy, 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.