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


paid in rotation out of the first unippro-
priated money in the Treasury, prov ded
tD that at no time can any stock holder or
stockholders demand In any month to be
paid for with irawals OF stock more than
one half of the current receipt, for that
mouth. nor t2) before the expiration OF
thirty days from the date Of filing with the
secretary tleir written notice of with
drawal.
Withdrawals of Stock Payments to
LiQuldate Indebtedness, of Cor
pOration.
In the event anv stockh Dlde" faiiS to ap-
pear and settle any interest or premium
payments or fines. on or befo'e the date
| same is due, OF any Otherg Indebtedness
within ten days from date of Motif cation
the Secretary shall have the authority the
following day or subsequ If not soon
err paid, to withdraw from stock payments
made heretofore by said stock holder, or
from any other funds in the hands of The
corporation TO his ere lit, the amount due
and to impute same AS provided in Article
6 Of this charter. subject to the stock
holders right to have corrections thereaf
ter made if any inaccuracy is proven in
said charges or imputation, without dam
ages.
ARTICLES.
Transfer of Stock.
No shares will be transferred except on
the books Of the corporation, and the per :
son to whom the shares are 80 raDsferred
shall receipt for same and shall thereby
| recognize the charter binding upon him
or her.
On the death of any stakeholder his or
her legal representative shall be entitled
to assume control Of said stock, and trans
fer the same to his or her name.
Transfer or InstaIment Stock to
Dayton Stock.
ha nf of Tn
stalment stock unpledged: or by mutual
consent of the Board and the owner OF
pledged installment stock; or whenever
any Installment stock, pledged or free
from pledge, shall be In arrears. six
monthly payments thereon, and the owner
of same fails to pay arrearage within ten
days from notifications; the Board ~,
| without impa,ring any of the rights of the
owner to membership. transfer the with
drawal value thereof from Installment to
Dayton stock. exchanging the same num-
Der of d iytOn shares for the same number
OF lnstallmen shares, cancelling the shares
received and issuing the new shares, sub
ject to such pledges as existed against the
shares accepted in exchange and cancelled.
ARrICLE9.
Dividends.
At the close Of business, June Goth and
December 3lst of each year, respectively.
the Directors shall ascert ,in the profits of
the corporation for the six months period
then ending. and out of such profits, they
shall II deduct all expenses and losses
then III Set aside to funds for ''Contin-
gent losses" and ''Reserve", such amounts
AS they deem best, uAtll said fun Is shall
amount respectively to such percentage of
all outstanding loans. as shall be fixed by
the Board, which shall not be less than
that required by law, then 81 ApporLlon
the dividend due to Full Paid stock, ut i
hA. Al~
be less but shall not exceed that appor.
toned to the other classes Of stock, then
a. The balance Of said profits in whole
or in part may be declared as dividends to
lnstailment and Dayton st Dckholders, and
l5l Any balance remaining shall be
placed to the credit of undivided profits,
and at any dividend period the Board may
declare the undivided profits in whole or
in part as dividend
All dividends in each year paid to Full
Paid Stock aud credited to Insrallment
AMI Dayton Stock shall be of dates janu
airy 2nd and July End; and the dividend
rate shalt be frs declared upon the value
OF each stock subscription of date the pre-
cedlng July LIST or January LIST, or upon
such portion of same as not withdrawn,
and then in its discretion the Board may
declare further dividend at the same Jr
a lower rate upon the current stock SUBJ
scriptions paid in during the preceding
SIX months, or upon sucn portion Of same
as not Withdrawn, computed upon the
amount and time of each payment.
ARTICLE ID.
Loans to Stockholders.
1t shall at all times be entirely within
the discretion of the Board of Directors to
lend to any stakeholder not exceeding
nine tenths of the withdrawal value of his
stock payments, or to advance him al. or
part OF the par value of his stock design
ated respectively ~ lnstallmeut Loans,
and I 2 stock Loans; with full authority
lations to govern said loaus or advances in
general and in each individual case, as it J
may see proper.
In,taIlment Loans.
Amy owner of Full Paid, Instalment or |
Dayton Stock, not already pledged as
security. desiring to Obtaia a loan upon |
the cash withdrawal value thereof, must |
present written application for such |
amount as h. desires. not eXceedn. nine |
tenths Of Its withdrawal value; must exec
cute a written pledge of the stock upon
which the loan Is made, together with all |
payments Of lnstallments and dividends.
present AMI future thereon; aud mast
further execute his note in favor of the
corp ration f)r the full am,unt of the
loan with interest at the rate Of eight per
cent per annum from date until paid, and
to be payable within one year. rhe Sec
rotary shall haye full authority to m Ike
such loans without referenc, 10 the Board;
crowded that at any meeting the Board
nay require future applications to be re-
tered to it for approval AID may at any
meeting H. the interest at lesser rate
han eight per cent per annum.
stock Loans.
At any meeting Of the Board of Direc-
ors. the Board shall have tn . right to otter
o advance the par value Of Ins5aIlment or
Dayton stock, to be secured by its pledge
md additional mortgage of real estate.
Fne offer shall be made in open meeting
md the rate Of interest per anuum stated;
md all applications submltted for same
must be in writing. In awarding stock
0 ans, preference snail be gwen 20 the
tockhOlder offering to pay voluntary
remium therefor, either a discount or a
onus, no part Of which shall be rebated
q the event OF repayment Of loan.
4