The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1916-12-16
ARTICLE |.

lows:
ARTICLEI.
Exercise of CorpOrOte Powers
The name and title of the corporation
shall be and is THE ST. MARY BUILD
ING ASSOCIATION" and under its corpO-
rate name it shall have power to con-
tract, sue and be sued. to make and use
corporate seal and the same to break
and alter at pleasure; to hold, receive.
lease, Purchase, convey. mortgage and
hypothecate under its corporate name
property both real and personal; to lend
and borrow money on security; to name
and appoint SUCH officers aud agents as
the interest and convenience of the cor
poratiOn may require; to make and es-
tablish such bylaws, rules and regula-
tons for the proper management and
regulation of its aft hrs as may be neces-
sary and proper. and tho same to change
and alter at pleasure, and to do all such
acts and things AS are or may be proper
and necessary TO carry ont It's objects
aud purposes; and S i'd corporation I'M
less sooner dissolved, in accordance with
its charter, shall exist for and during
ninety nine y ears from March 5th, 1894.
ARTICLE.
Domicije and Citation.
The dOmciie Of said corporation shall
be in the Town of Patterson, Parish of
st. Mary, State of Louisiana, and all
citations or other legal process shall be
served upon the President of said cor
poration, or in his absence upon any
one of the Vlce-Presidents, or in the
absence of all of these officers. upon the
Secretary
ARTICLE 8.
Objects and Purposes.
Tie objects of this corporation shall be:
1st: 10 provide a convenient, safe
and profitable investment for the sub
scriptiOns of its stockholders.
End: To furnish them with the OPP
portunity Of borrowing money.
3rd: And generally this corporation
is organized for all such objects and
purposes as are now or may be hereaf-
ter authorized by the Constitution and
the laws of the State of Louisiana to
Building Associations. Building and
Loan Associations or HOme~tead Asso-
Citations, or corporations generally.
TO carry out these objects the cOrpO
ration shall accumulate funds from
payments on subscriptions to the capt.
tai stock, the payments of interest on
loans, and money received from other
lawful sources; the funds go accumu-
lated to be used for the advancing or
lOaning money to its members, and for
other lawful investments, and the lend
ing of money upon mortgage security in
the Parish Of st. Mary.
Power to Borrow Money.
The Board OF Directors shall have full
authority 10 issue interest bearing certiti-
Gates of deposit for monies received other
than from stock subscriptions. and to issue
time or demand interest bearing notes for
money borrowed.
Tine Board by a majority vote, with not
less than five directors voting in the af-
frmatlve. may in its discretion from time
to time. borrow money on behalf of the
cooperation, for such term or terms, and
at such rate of interest and for such
amounts, as the Board shall determine,
and as evidence of such Indebtedness issue
negotiable notes, certificates or other
written obligations of indebtedness: and
In lis discretion may secure such loan or
loans by pledge. mortgage or both, OF the
bills receivable, real estate, and any or all
assets. effects or property of the corpora
ton.
Power to Invest Monies.
When th.re is no demin for loans to its
of the corporation Is thereby best SUBJ
served. the Board of Directors shall have
full authority to invest monies by the
purchase of bonds and other negotiable
securities, and to lend money to other
than members upon mortgage security IN
the Parish OF st. Mary provided that each
such transaction shall have been first APP
proved by majority vote. with not less
than five directors voting in the altirma-
tive.
ARTICLE4
Officers and Directors.
The corporate powers shall be exercised
by Board of Twelve Directors. each OF
whom shall own not less than five shares
who shall be elected at meeting to be
held annually on the third Tuesday in
January. and each tockholder, present or
represented at said election, shall be en-
titled to one vote for each share possessed.
The twelve stockholders receiving the
highest number Of votes cast shall be de
clared elected.
II least thirty days notice of said cleo
ton by mail ami publication shall be given
by the secretary. said election shall be |
by ballot, and shall be held at the domicile |
Of the corporation under the supervision
OF three stockholders appointed by the !
Board at thu preceding regular me citing, |
The failure to hold an election on the |
day specified shall not dissolve the corpo. |
ration but the Officers and Directors shall |
bold over until an election be held after
thirty days notice by mail and publication /
Of the time and place thereof shall lhave !,
been given.
The Directors shall elect from their
Lumber President and three Vice -Presi.