The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1916-12-30
application to be in writing. and each no

its receipt and Withdrawing stOckholder
paid in rotation out Of the first unappro
priated money in the Treasury, provided
UD that at no time can any stocknolder o.
stockholders demand III any month to b,
paid for Withdrawals Of stock more thar
One-half OF the current receipts for tha
month, nor (2) before the expiration O.
thirty days from the date of filing with The
Secretary their written notice of with
drawal.
Withdrawals of Stock Payments to
Liquldate Indebtedness Of Cor
| pOration.
In the event any stakeholder fails to APP
pear and settle any interest or premium
payments or fines, on or before the date
same is due, or any other Indebtedness,
within ten days from date of notification
the Secretary shall have the authority the
following day or subsequently. il not soon
| er paid, to withdraw from stock payments
| made heretofore by said stakeholder, or
from any other funds in the hands of the
corporation to his credit, the amount due
and to impute same as provided in Article
| 6 of this charter, subject to the stock
| ter made If any lnaccuracy 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 so tran sferred
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 Installment Stock to
Dayton Stock.
| t1DOn the reuupSt Of anv owner of In
! stallment 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 notification; the Board my,
| without impalring any of the rights of the
| owner to membership, transfer the with
drawal value thereof from Instalment to
Dayton Stock. exchanging the same num-
Der OF Dayton shares for the same number
of Instalment shares, canceling the shares
received and issuing the new shares, sub
Ject to such pledges as existed against the
| shares accepted in exchange and cancelled.
ARTICLE 3.
Dividends.
At the close Of business, June Goth and
December 3lst Of each year, respectiveIy
the Directors shall ascertain the profits OF
then ending. and out of such profits, they
shall ~ deduct all expenses and losses =,
then III Set aside to funds for "COntin-
gent losses" and "Reserve", such amounts
as they deem best, until said funds 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 Apporlion
the dividend due to Full Paid stock, at
rate to be at that time fixed, which may
be less but shall not exceed that appor-
toned to the other classes of stock, then
ca The balance of said profits in whole
or in part may be declared as dividends to
lnstaiIment and Dayton stockholders, 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 a dividend.
All dividends in each year paid to Full
Paid Stock and credited to Installment
and Dayton Stock shall be of dates janu-
airy End and July Ind; and the dividend
rate shall be first declared upon the value
of each stock subscription of date the pre-
ceding 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 or
lower rate upon the current stock SUBJ
scriptiOns paid in during the preceding
oA~A
as not withdrawn, computed upon the |
amount and time of each payment.
ARTICLE 10.
Loans to Stockholders. |
1t shall at all times be entirely within |
the discretion of the Board of Directors to |
lend to any stockhOlder 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 t1j lnstalimeut Loans, /
and - stock Loans; with full authority |
to make such rules. regulations and stipu-
latlons to govern said loans or advances in
general and in each individual case, as it J
may see proper.
Installment Loans.
Any owner of Full Paid, lnstallment or
Dayton Stock, not already pledged as
security. desiring to obtain q loan upon
the cash withdrawal value thereof, must
present written application for such
amount as he desires, not exceeding nine
tenths Of its with ftrawal value; must exc
cute written pledge Of the stock upon
which the loan is made, together with all
payments Of Installments and dividends.
present and future thereon; aud must
further execute his note in favor of the
corp Jration for the full amount of the
loan with interest ut the rate of eight per
cent per annum from date until pad, and
to be payable within one year. The Sec.
rotary shall haye full authority to M Ike
such loans without referenc 10 the Board;
provided that at any meeting the board
nav require future applications To he re.
erref 10 u Tor approval AID my at any ,
meeting fix the interest at a lesser rate
IA eight per cent per annun.
stock Loans.
At any meeting - the BsarI II Dir.r
pr. to Bptri shall have herightt,of-r
p 4lsanc, tnc Fat value - lnsttllm pi 90 /,
"a tSn -i"ek, o. b" secure 10 us Elr a.