The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1916-12-30

dents. each of said Vices Presidents bein
of concurle nt rank. Five Directors sha!
be quorum for the transaction of bnsi
ness. The Directors shall elect a Secre
| tary, Treasurer, and such other officer
and employees as may be necessary, ant
fix their cOmpenSatiOn; and they sEal
have power to enact by laws not repug
nant to this charter, to select their time o
meetings, to suspend or dismiss AM
officer, director or employ e for neglect o.
duty or misconduct. and to name and ap
point their successors, AMI shall have gen
eral authority to carry out the objects anc
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 pal
value Of one hundred dollars each; and il
computing same only shares actually liz
force shall be counted, exclusive of shares
cancelled by maturity or withdrawal.
I'll 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 these two plans, tO-wit
Full Paid Stock and Current Stock.
Full Paid Stock.
ment OF its par value of one hundred dol
lars per share, for cash at the rate of sub
scriptiOn, or in settlement of Installment
or Dayton Stock. and shall be paid its div
idend rate of interest semi-annually in
cash, to be fixed and apportioned from the
profits, when dividends are declared to
the other classes or stock.
Current Stock.
The shares issued under the form of
Cnrrpnf StOck n 70 s1lh ivi6od fo,
and designated as InstaIlment Stock or
Dayton Stock, in accordance with the man :
ner in which the subscriptions for same
are to be 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 matured
value thereof. provided that at no time
more than One>half of the monthly receipts
OF the corporation 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.
1nstallment Stock.
lnstallment 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 il pledged to secure a stock
loan, then by regular monthly payment
OF an amount, to be agreed upon between
the corporation and 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 per
month can be paid.
Dayton Stock.
Dayton stock may be issued upon the
payment OF one dollar for each share sub
scribed. and shall be paid for by payments
OF irregular amounts made during each
year, equivalent to an average of twenty
nve cents per share Der month; but if
pledged to secure Stock loan. then by a
regular payment of fixed amounts. At
ST. ted Intervals during each year. to be
agreed upon between the corporation and
the borrowing Stockholders; and the fur
Their crediting thereto of all dividends de-
clared. These payments shall be 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
shall be considered delinquent, and il not
pledged TO the corporation to secure loan
the Board OF Directors may order it cam
ceiled and its withdrawal value placed as
a deposit without interest to credit of
suspense account" for the benefit of such
shareholder, who thereby ceases to be a
member of the corporation; and the See
rotary shall mail notice TO that eff ct to
said former shareholder, aud on his fail
ing TO call for said deposit within one year
thereafter. the Board may carry same to
It's "Contlngent loss fund"
ARTICLE6.
Payments for Stock.
All payments due to the corporation by
its stockholders shall be payable at its Of
ice in Patterson. Stockholders are not
released from liability for non-p4yment
by failure of collectors to call. when same
have been appointed.
Monthly payments for Installment stock
and interest on Stock loans shall be due
and payable on or before the last dav of
each calendar month, and any stakeholder
falling to pay within ten days of grace
hereafter shall be delinquent. and as a
pen atty and without notice, shall owe a |
inc of two cents per share if not pledped
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 sh,lI be paid ami |
accepted as subject to subsequent impu-
atiOEs, viz: D For reimbursement of |
money paid for the account Of stock holder.
y For the settlement of fines. t3) For the |
payment of interest due. a. For payments
N premium note aud t5) For payments
IN stock subscriptions.
Payments made by the corp ration for
he acc Iunt Of a stakeholder, fines, past
I1e interest and pHmeuts ON premium
iute, shall Toe a lieu tprining any ani All
hedges 90 sstncl against al In1nie, ia ia.
'anis of the evrportii1n 10 the credit ot
he stockholder. Sb.ther pasi flsr stors
Inscriptions 90 any elder purp and
am" may he sithtrssu q. prot tiad tor
a Article ~ this btFt~r anI Imputed
= herUtnarnEe stated
fs-s hesks sal boot - CORRECTION
n pass AsIss, t.-uet 10 tar rbrnora.
iaa a. ~ it'ueg receipt ~ payment II sab
90 Piion. toe instsllmrnt 90 Dayten stock
a A. I