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

llc mus; all payable On 'd WI inaaHs
! .a.e, !, ilentiiisa with an &C, o -; M.
cured ~ vendors lien and vi y. ts'as, ..
sp.cisi m'rtsage o. the NJ privilege, ui
~ 'te t'r the amount of tho party, n.
"ithout interest and The o, oonus 10 i,
'tes 70 bear a stipulated r "asr note A.
per annnn from date. ssid '' ia.er.s
the last a. 'n nainny i1stallments ou ~ pg
c cue ,ass fa.enasr day Of each m.u,h as.
r,t ,p 'it. office in Patterson p'e an,
. .hee per cent p n annum Of inis..s h.
, ne hpte' IRE TO bear shall he ' ss tat
.hs board OF Directors, when aaa "
tns loan application, and to ' hs . s,.ecepul:
IN ,na No. Oh resale with venlor's IIpuI,s
In the event that the pr,na...
security Is not own,d by thu hVaefNs
stoehhoiaer, thsn the same shs,I "ttoFly
CHASED bV the corpora,i IN in IL; n..,. @p@
out OF the funds to be slyancs ~ oNa n,as
The borrowing stOckhoiier .payhgh
remaining then. or If er ayrssd ;A anolu
pr"'ements have bseu bald. W. upon u.
property to he then or suh.sn,aua tal
10 MIN for the am )unt Of thu 1 S." coli
the event Of bona, bid thu sS .aadh
amount of the bonus. premium ouallaaa
same terms and security a, .. W N
provided, In the resale Of pronsr,v Uaao''s
All fees for abstract1rs NY,
registers and expenses incnr.sS 'ss vi
praising property, making md In. "a y,
loans. shall BE- paid oy thu hSsa0tng
| stakeholder. "offowlag
! Borrowing Stock holders Ayra..
An agreement shall be entsrsS ny; s..ueaI.
the stakeholder and the corporatinr nv" vsassa
the stipulated payment OF inst smaetsoy
| tereSt anu premium bonus ANAL ~ u
| "acrcpy payment On the n)te, an II, :" uaN,,
mandel as hong as he regularly navs Nv ~, " 4
nents hxed by the contract, aud = loss
run all the obligations Of borroxins ~
hoiuer, as provided IN the Charter a. 'u =.
agreement anu It desired by thu ~. ~
holder, or required in any indydusiT .. 1ax
the Board, whereby repaymsnts n ~.
loan us provided in Article n .,s", 'as Goet
made at stated intervals. 'saa~
| foreclosure PrOceedinss
| In the event that any borrowing stnes. H.
shiii Ia arrears an amount excesdiss vs.
Value OF SIX monthly payments Of inter-, 'a ~
of SIX monthly payments On Installmsn. ..r.s
OF OF the agreed annual or semi annual M
| mcnts on Dayton Stock, or Of tia xo,..{ ~
monthly payments on his premium my. "
violates any of the obligations Of hrr.,..
| stockhnlder, then the said note Of notas .a.S
become at once by special resolution a. ~
! Board of Directors. due and exiyibis. -
| penalty and without putting in damn I.
| their full amount; and the Board shall T. !.
| thorized to withdraw the value Of IA ~ .
| pledged TO secure the loan. and after inpciss.
ITS amount according to Article Of this ~:
| ter to credit said iiOte or notes with Tho 81
| mi ming balance; and to institute sucb hS.I
measures IA shall be necessary IL enforna ~.
| ment with interest, attorneys fees and o.ssv
| ARTICLEli.
Cancellation Of Loans,
Stockholders obtaining loans or ahv,,...
| upon their stock, and failing to tendsr IN.
factory security within thirty DAYS aiter IN
date OF thu meeting at which said loan N, m
pied for snail forfeit the same provided Il,
Board snail have tho right to extend thu lin.
for satisfactory reaOn., and all costs. Char.
or expenses, together with the interest 81 hi
less than one month, or such other tina =
shall have elapsed, shall b. CHARGED ID ~
stockholder and be lien against 6is mr..
and paid therefrom as provided in Artielni
and Of this charter.
ARTICLEi2. II II
Repealed and omitted from Chastsf. ; n
ARTlCLE13 -,
Repayment Of Loans. 4,
Any stakeholder, who has received 4 Ius~
advance upon his shares, desiring to settle m
liquidate such Indebtedness, may do 20 el6eF
in part or in whole: and If desired any r.,
doris lien and privilege existing .agsins m
property may be reduced prop ttiolasely, ski
each time the loan has, by reason Of such DIV.
ments, been reduced one hundred dollars |,
amount, one share of the pledged stock M b
surrendered ami Cancelled. -
From time time, by special asraem sat q
in accordance with his written axfsansat, 4
provided for in Article 10 hersOi, the ush
withdrawal value of his stock psymshts msy IN
credited on his note or notes, aud thereafter ID
terest shall be paid only upon the reusiAdW.
ARTICLE
Non-Liabiiity Of 5tockhelders.
No stakeholder shall ever be held llsb.eoe
responsible for the faults, contracts or indebh
edness of this corporation in any further IN
than the amount Of his paid in subscriptions "
t o corporation, and when borrowing stsck.
holder, the additional liability tor the paynsst
of his Indebtedness, az se0urSd BY pledge 0t
stock and real estate mortgage; nor shall ~
mere inform tlity in the Organization have n
effect of rendering this act null or exposing
stockholdsr to any liability beyond nd
amounts,
ARTICLE Is. L.
Stockholders Meetings
At the request in writing Of ton stook
or when ordered by the BOARD Of Dirsctvf
the President shall convene special maetlao@
tockhoide-s, giving thirty days notics b. nA'l
and publication; aud at all such meetiaxs ~ =
present and represented shall consttfa1 Q9n
rum, and each share of stock shall satRte
pOssessOr to one vote, provided same ~ ~
in force sixty day. precediny .such meeting
ARTICLE TO- s
Amendment to Charter.
This act OF incorporation Can be seeteo,
amended or modified, or tho c0rpofasice "
solved by a vote Of three -fourths Of the shsfs
present or represented at an annual meeese
or y special meeting of the stOckhodefA -
vened for that plrpose, after thirty dAys ~
tice by publication and mail. The o19.
stock can be increased or deersesso ~
vote Of two-thirds Of all the shares u 49,
at AN annual meetins orr sps -.
ty days n)tice Ly nail and pu0iication'
ARTICLE II.
Liquidation.
In the event of tho dissolution OF tnn oxs
ration by limitation or otherwise. tnto ,a... =
holders snail De elected by the ssoekhsidsn :. = !.
a special meeting called for that pufpeee, ~. ssX
,i all act as Hoard OF LiqdldAtofs, sua -
power an authority is hereby vestoo " ~ -
Bo ard to spe silly wind up and Ilquo 49,
Affairs Of the corporation anu toI suSS ~ =
20 SSH che property and assets tNerest
:nlIect and receipt for all r3tns anu av 49,.
lue, and to institute such suits as MAJ ~. n.
,ary to enforce sline; and to pay y. -. -
lebtedness due by the AssOclxtlpo, u ~.
% distribute the proceeds remalniA9 1911 800 n
ne STOCKHOLDERS in proportion 70 the s@oa'' =
heir holdings. "a 500.
In tho evens OF any vacancy by dean; -. =. r
lltion or otherwise, Occurring 10 tnG IT, ~ =.
.iqnid ators, the same shall be nliea q =: -.
naming mem lers OF the Board from so
FOLDERS. ~... a Tia
In the event of liluidatiug the ansais " I'll "a
borrowing stOCKuOauets =. m.
,sb withlrswal value of the pledged s''sA'
3 provided in Article Il hereof. 9. v.,v
Thus done and passed at Patterson, ?. ,sik
'.irlsu. La, On this sch day Of DeceAuJ%tsr
. ~. ,..a,uo. .f r II SAuarenA 4n0 z :.