The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1916-12-23

dents each Of said Vice>Presidents being
of concur nt rank. Five Directors sha 4
be gu rum for the transaction of bnSi
ness. The Directors shall elect Secre
tary, a Treasurer, and such other officer,
and employees as may be necessary, and
Tx their com pensa'i)n; aud they shall
have power to enact by laws not repug
nant to this charter, to >eIeci their time OF
meetings, to suspend or dismiss any
Off Ger, director or emplo:ee for neglect of
duty or misconduct. AMI to nams aud ap-
point their successors, an shall have gem
eral authority TO carry out the objects and
business Of the corporation.
ARTICLE }.
Capital stock.
The authorized CAPITAL Stock of thi,
corporation shall be One Million Dollars
to consist Of ten thousand shares of the par
value of one hundred dollars each; and in
computing same only shares actually in
force shall be counted, exclusive OF share;
cancelled by maturity or withdrawal
All stock outstanding shall be recognized
under the form IN which it has been is
sued. but from and after the date of this
Charter. all additional shares shall be is
sued under one of the,- two plans, to-wit
Full Paid stock and current Stock.
Full Paid Stock.
Full Paid Stock may be issued in pay
ment of its par value OF one hundred dol
lars per share, for cash at the rate of sub.
scriptOn, or in settlement of Installment
or Dayton Stock. and shall be paid its div
idend rate Of interest semi-annualIy in
cash. to be fixed and app0rtioned from the
profits, when dividends are declared to
the other classes or stock.
Current stock.
The shares issued under the form OF
Current Stock to be sub divided, classifi ed
and designated as Instalment stock OF
Dayton Stock. in accordance with the man
ner in which the subscriptions for same
are to paid by the stockhol Ter.
When the payment Of subscriptions. to-
gether with all dividends thereon, shall
have reached the matured value of the
stock, the payment of dues shall cease
and all borrowers at such maturity shall
be entitled to have their obligations can
celled and returned to them. The holders
Of unpledged shares shall be paid out OF
the funds of the corporation the marured
value thereof provided that at no time
more than one>half of the monthly receipts
OF the corp )ration be applicable to the
payment of matured stock during the pre- .
ceding six months and the corporation
may at any time, before the maturity, re-
tire unpledged shares by enforcing the
withdrawal OF the same, at book or face
value.
tustaiImeuL SIOck.
lnstailment stock may be issued upon
the payment of at least one dollar for each
share subscribed. and shall be paid for by
regular monthly payment of one dollar
per share; but if pledged to secure stock
loan, then by regular monthly payment
OF an amount, to be agreed upon between
the corporation ana the borrowing stock
holder; and the further crediting thereto
OF all dividends declared. These payments
shall be considered minimum monthly
payments, but any additional amount Der
month can be paid.
Dayton Stock.
Dayton stock may be issued upon the
payment of one dollar for each share sub
icribed. and shall be paid for by payments
OF irregular amounts made during each
year, equivalent to an average of twenty
five cents per share Der month; but if
pledged to secure Stock loan. then BY a
regular payment of fixed amounts, al
st ted intervals during each year. to be
agreed upon between the corporation and
the borrowing stakeholder; and the fur
Their crediting thereto of all dividen Is de-
clared. These payments shall he con-
sldered minimum annual payments, but
any additional amount can be paid during
each year.
Should the owner of unpledged DAYTON
Stock fail Within any year to make the
minimum payment therefor, such stock
snail be considered delinquent. and If not
pledged 10 the corporation to secure a loan
the Board OF Directors may order 1t cam
celied and its withdrawal value placed "a
a deposit without interest to credit of
suspense account" for the benefit of such
shareholder. who thereby ceases to be
member of the corporation; AMI the Sec
rotary shall mail notice TO that effect to
SAID former shareholder, and on his fall
ing 70 call for said dep 'sit within one year
thereafter. the Board may carry same to
its contingent loss fund"
ARrICLE6.
Payments for stock.
All payments due to the corporation by
its stockholders shall be payable at its Of
lice in PattersOr. Stockholders are not
released from liability for non-p ,yment
by failure of collectors to call. when same
have been appointed.
Monthly payments for Installment stock
and interest on stock loans. shall he due
and payable on or before the last day of
each calendar month, and any stakeholder
failing to pay within zen days of grace
thereafter shall be delinquent. and as
pen atty and without notice, shall owe a
inc of two cents per share. if not pledged
o secure Stock loan, and of four cents
per share, if so pledged; and a similar
Inc for each subsequent similar default
All monies received sa all be paid and
accepted AS subject to subsequent impu-
'atioEs, viz: ~ For reimbursement of
money paid for the account Of stock holder
p For the settlement of fines. t3) For the
payment of interest due, a. For payments
IN premium note and t5l For payments
N stock subscriptions.
Payments made by the corp )ratiOn for
he acc Junt of stakeholder, fines, past
lue interest and payments on premium
Iote, shall be lien (prining any and ali
hedges of same) against all monies in the |
lands OF the corporation to the credit of |
he stOckhOlder, whether paid for stock |
inscriptions or any other purpose; and |
anne may be withdrawn as provided for
4 Article Of this Charter and imputed
8 hereinabove stated.
Pass Books Subject to Correction.
The pass books, issued by the corpora
ion to evidence receipt of payment of sub
crlptiOns for IlStallm .nt or Dayton Stock
for the payments OF interest. fines and
n nh al |