The Natchitoches enterprise., 1916-02-10

before me, Lno Undersigned duCno'lCy
personally came and appeared the
persons whose names are hereunto
subscribed, who declared that they do
hereby form a corporation with the
following articles as the charter and
also the original subscription list there
for.
PARTICLE |.
It's name shall be PROGRESSIVE
MUTUAL BUILDING AND LOAN
ASSOCIATION" and its domicil Nat
chitoches, Natchitoches Parish, Louis
lana.
Citation shall be served on it's Presi-
dent or, in his absence from the parish,
on it's Secretary.
1t shall begin business Immediately
and exist for a period of ninety-nlne
years.
ARTICLE II.
Its purpose is to assist its members
in purchasing, building, improving and
repairing real estate and homesteads
and removing membranes theretrom
and to loan money to its members:
The nature of its business shall be
general building and loan" or home
stead business.
ARTICLE III.
1t shall have capital stock of one
million dollars divided into ten thousand
shares of one hundred dollars each,
namely: two thousand shares OF PAID
up-Stock" and eight thousand shares OF
''Installment Stock,
'Installment Stock" shall be scld
for an initial payment, payable at the
time of subscription, not less than
sum equal to sixty cents per month per
share for each month since the De-
ginning of it's series and a monthly
payment of sixty cents per share, pay
able on the first day of each month
thereafter, until such payments, plus
the shares part of dividends,
amount to one hundred dollars.
"Paid-up- Stock shall be sold for
cash, at not less than par, payable at
the time of subscription.
All stock shall. be issued in series
dated the first of March or the first of
September of the year issued.
ARTICLE ".
It's powers shall be vested in, and its
affairs conducted by, board of nine
directors elected by ballot by the stock
| holders at meeting to be held on tie
| first Tuesday in March of each year
beginning with 1917.
Vacancies on the board shall be filed
until the next stockholders meeting by
the remaining directors.
The board shall elect, Viva Voce, the
| following officers from its members, TO
|
Secretary and a Treasurer, the same
individual may be elected both Secre-
tary and Treasurer.
The first board shall consist of Sid
ney Katie, who shall be President,
Samuel Levy, who shall be Vice-Presl-
dent, T. G. Barnes, who shall be
Secretary and Treasurer, Arthur w.
Watson, Samuel H. Hill, Robert j.
Phillips, Albert E. Ewing, M. H. Car
yer, and c. K. Payne.
ARTICLE v.
At stockholders meetings, h
person who has been member for
sixty dtlys preceding the meeting shall
be entitled to one vote for. each fail
dollar paid by him on the purchase
price af stock -.
ARTICLE VI ordesA
Que Hon /. toellr IN in Q
edness of. TlwesFs 40 lee press IL
4, iiesres ceilings for other pu1p0s j
shall given BY publication once, rot
less tran ten nor more than twenty
days before the meeting, IN news
paper published weekly at Natehi-
toches Louisiana.
Ap11IfJE VIZ
Its net earnings shall be ascertained
semi-annually on the first days of March
and September, each year, and from
such earnings the board of directors
may declare dividends.
Dividends shall be apportioned ac-
cording to payments made on stock
subscriptions exclusive of premiums.
ARTICLE VIII.
| Unpaid lnstallments and other
charges upon shares of stock shall be q
lien thereon enforceable by suit or by
forfeiture as may be determined by the
board of directors.
ARTICLE TX
When this corporation is dissolved
its affairs shall be liquidated by three
! Liquidators elected by ballot by the
stockholders at a meeting called for
that purpose. In case of vacancies
amongst said Liquidators such vacan-
cies shall be filled by those remaining.
The Liquidqtors shall convert the
assets of the corporations into cash by
collection or sale thereof and shall dis
tribute the proceeds, after paying
costs, first to the creditors of the
corporation and the remainder to the
stockholders.
/ Said Liqui6ators may, and on the
demand of one-fourth in amount of the