The Natchitoches enterprise., 1916-03-02

CHARTER.
State of Louisiana
Parish of Natchitoches.


State of Louisiana
Parish of Natchitoches.
Before me, the undersigned authority,
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.
ARTICLE |.
Its 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 iPresi-
dent or, in his absence from the parish,
on its Secretary.
1t shall begin business Immediately
and exist for a period of ninety nine
years.
ARTICLE II.
Its purpose is to assist its members
in purchasing, building, improving and
Irepairing real estate and homesteads
and removing membranes therefrom
and to loan money to its members.
The nature of its business shall be a
general building and loan" or "home-
stead" business.
ARTICLE III.
It shall have a 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" @h
'Tnstallment Stock" shall be sold
for an initial payment, payable at the
time of subscription, not less than a
sum equal to sixty cents per month per
share for each month since the be-
ginning of its series and monthly
payment of sixty cents per share, pay.
able on the first day of each month
thereafter, until such payments, plus
i 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 w.
Its 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 the
first Tuesday in March of each year
beginning with 1917.
Vacancies on the board shall be filled
until the next stockholders meeting by
the remaining directors.
The board shall elect, Viva Voce, the
following officers from its members, to
wit: A President, Vice President, a
Secretary and Treasurer, the same
Individual may be elected both Secre-
tary and Treasurer.
The first board shall consist OF Sid
nev Kaffie. who shall be President,
Samuel Levy, who shall be Vice Presi-
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 a member for
sixty days preceding the meeting shall
be entitled to one vote for each full
dollar paid by him on the purchase
price Of stock.
ARTICLE vi.
Meetings Of stockholders f o r
purposes for which the law pre-
scribes a special notice, shall
be upon the notice so prescribed.
NoUice of meetings for other purposes
shall be given by publication once, not
less than ten nor more than twenty
lays before the meeting, in a news
paper published weekly at Natchi-
toches, Louisiana.
ARTICLE VII.
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 Instalments and other
charges upon shares of stock shall be a
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 filed by those remaining.
The Liquidators 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 Licuidators may, and on the
| demand of one-fourth in amount of the
stockholders shall, obtain confirmation
as Judicial Liquidators from the Dis
trict Court of the corporations domi
ell and shall conduct the liquidationE
under the orders of said court, givine
bond in such amount as may be fixeC
by the stockholders or by said court.
Thus done and signed by said ap
pearers all residents of Natchi:oche
Parish Louisiana, who severally sub
scribe for the number and kinds Of
shares indicated opposite their respec
tive names, in the presence of the two
undersigned witnesses in said State
and Parish on this Twenty Fifth day o1
January, 1916.
Name OF In Kind of Stock Number
| oo.,,o-otor C,,hcorihad for of share,