The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1916-12-16

''' ~ l'loha! note for the mIi '"ohusal
p'1u-; AL payable on amount
! uale Identified with an act Of H.,
eur" pl VENDORS lien and vrtssale,s.
! ,p.'i. - N 'rtgage o. the pr r,nnese,a i
Il We i'I lhe am, unt OF the hp harry. II,
"'.hout interest and the otbaa Nus b.
MUS - Dear stipulated rata =, aole Or
'eI 'nnuN from date, sald jnts,o la'eres
.,he /" monthly lnstallments on as pay,
lnn last talgh Tar day of each mau,h Oeos
~, ppia'ln'!s once in Patterson Nv h.
49, haV Pes cent p # annum Of inter-, ias
w., ~ arc ~ Dear shall be 6ys,ua
t rhs hoari OF Directors, when a aasa By
" w.. loah 'pplleatIon, aud to be st,nTeEpta,
~ mortgage. lieu Nl
l IN the event that the property on.,.,
security Is not owned by IN. usfsdG
| >tockholder, then the SAM As oorrowls
chased By the corporation in ~; Hual oepun
| out OF the funds ID be aIvanead oNa naus
the borrowing >tockhol,ar hpa'ngb
remaining then, or after apr.ai ah)ul
| prov ment> have b.en nad. upoa IN.
| property to he then or sihssn, ani sail
to him for the am ,unt Of tn. u ,aa sod
the event Of a b)nu, bid tho sa' ,ahala
amount of the bonus premi,m 'u1uoaal
same terms and security IA ha..;ou tas
provided, III thu resale Of prop.r,v 'uAoo'a
| All fees for ab>trictors. nntss;..
registers aud EXPENSES incurred !, aal
| pralslng property, N lktng and c,raan aP
loans. shall b. paid by the borrou.aas
,tockholiGr. '''Wag
horr"wIn stock holler's Agresusr,
| An agreement Slatl DE entered in,o ~.
| the al'ehhplder and the corporation WIS
the stipulated payment of installpsntvs' eSi
teIe't ana premium bonus shall be f,.a a
whereby payment ON the n,te, ,h All M, IIA'ai
IN inleI a. long rs he regularly paws ,no :" IT,
| lnents fixed by the contrac: and AZ Iora ' pg'
| tufliS Al! the Obligations of a borrow;ns Sls
| hpl Ter, as provided in the charter ,sf I'cS,
asretment; aud if desired by the au ~, aa
noiGer, or required in any individual caSs \.
the Board whereby repayments of ths .,oo
| loan, IA provided in Article ID hereof sIsM "SA
made at stated intervals 'us"oa
| Foreclosure Proceedings
| ~ the event that any borrowing stockb,do
Shall u IN arrears in amount Exceeding tn
value OF SIX monthly payments Of interr.s NY
| Of SIX monthly payne on Installmrnt 1917
or of the agreed annual or semi .sunnal ns.
| inentS on Dayton Stock. or Of the agreed y,
monthly payments on his premium nnts !.
| violates any OF the obligations of horrnwinS.
| stockholder, then the said note or note, sh,f
become at once. by special resolution Of tbs
| Board OF Directors, due and exglbr. as
| penalty and without putting in defiant n,
IN ar fuil amount, aud the Board shall be .n
| ihpriZrd to withdraw the value of the stocI
pledged To secure the loan, and after nputin,
| It's amount according to Article Of this char
| ter, IT, credit said note or notes with the "a,
naming balance, and 10 institute such Laval
measures rs shall be necessary to enforce nav.
ncuI with interest, attorneys fees aud costa
ARTICLEH.
Canccllati q Loans,
Stocknolders obtaining loans or advances
| upon their stock, ana failing to tender sat;,.
factory security within thirty DAYS after tha
date OF the meeting at which said loan wNan
piled for, SHAH forfeit the same, provided n.
Board shall have the right to extend the TINA
for satisfactory reaonS, and all costs CHARGE,
| Or EXPENSES, together with the interest for not
less than one month, or such other TINA IA
shall have elapsed, shall be charged to thu
stockholder aud be lien against bis shares
and paid therefrom provided in Articles
and OF this charter.
ARTICLE IL.
Repealed and omitted from Charter
ARTICLE
Repayment of Loans.
Any stakeholder, who has received loan or
advance upon his shares desiring to settle and
iiqudate such Indebtedness may do so either
| i'll part OF in whole; and if desired any ven
doris lien and privilege existing against his
property may be reduced proportOnately, and
each time the loan has, by retson of such nav.
ments, been reduced one hundred dollars in
amount, one share OF the pledged stock may bs
surrendered anu cancelled.
From time time, by special agreementor
in accordance with his written agreement, As
provided for in Article 10 hereof, the cash
withdrawal value of his stock payments may 10
credited on his note or notes, and thereafter In
terest shall be paid only upon the remainder.
ARTICLE A.
Nom Liability of stock holders.
No stakeholder shall ever be held liable or
responsible for the faults, contracts or indebt>
edness of this corporation in any further sun
than the amount of his paid in subscriptions 70
q corporation, and when borrowing STOCK
holder, the additional liability for the payment
of his Indebtedness, as secured BY pledge OF
stock and real estate mortgage; NOR shall any
mere inform tlity in the organization have tho
effect of rendering this act null or exposing
stakeholder to any liability beyond such
amounts,
ARTICLE
Stockholders Meetings
At the request in writing of ten stockholders,
or when ordered by the Board of DirectoA
the President shall convene special meetings 81
stock holders, giving thirty days notice by mail
aud publication; and at all such meetings those
present and represented shall constitute a6uo
rum, and each share of stock shall entitN 10
p"ssessor to one vote, provided same has baen
in force sixty day. preceding such meeting
Amendment to Charter.
This act OF incorporation Can be altered,
amended or modified, or the corporation dis
solved by a vote of three -fOurths Of the shares,
present or represented at an annual meetns
or "A special meeting of the stockholders, con-
vened for that purpose, after thirty days no,
tce by publication and mail. The ca2lnl
stock can be Increased or decreased Dy ING
vote of two-thirds of all the shares In lofce,
represented at i'm annual meeting, or spocia
meeting convened for that purpose. after thlr>
ty days notice by mail and publication.
ARTICLEH.
Liquidation.
In the event of the dissolution OF mis- 0ofp0'
ration by limitation or otherwise, (hree st0cb
holders shall be elected by the stockholders II
a special meeting called for that purpose, who
shall act As Board % LiQuidators, and fuli
power an authority is hereby vested In sald
Board to speedily wind 1p and liquldate tue
affairs of the corporation and for such putposo
to sell the property and assets thereof, ana y
collect and receipt for all notes ana accounts
due and to institute such suits as may 10 neces
slry 20 enforce same; and to pay all Inc IN
debtedness due by the Association, II any. ~.
tn distribute the proceeds remaining amongu:
the stockholders i'll proportion to the an'oun'''
their holdings. i, .;,
la the event of any vacancy by DEAN los,s
nation or otherwise, occurring IN inc DValu W
the same shall be filled by tne is'
manning members OF the Board from tne S~oA-
holders.
In the event Of liquidating the affairs q ' ny
corporation borrowing st0ckn0lu 49,
nave the right To repay their loans &An VIC
sash withdrawal value of the piedgea stooA''
Is provided in Article - hereof.
Thus done and passed at Patterson. 81 M ,asys
hQF