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


its receipt and withdrawing stakeholder,
paid IN rotation out of the first unapprO-
priatei money in the Treasury, provided
Cd that at no time can any StocknOlder OF
stockholders demand IN any month u be
paid for Withdrawals of stock more than
one half of the current receipts for that
mouth, nor GU before the expiration Of
thirty days from the date IF film. with the
secretary their written notice of with
urawal
Withdrawals of Stock Payments to
LlquldIte Indebtedness of Cor
poratlon
In the event any >tocNhol ter fail, 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 dat of notification
the Secretary shall have the authority the
following day or subsequent If 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 ere lit. the amount due
and to impute same as provided in Article
6 of this charter, subject to the stock
holders right to have corrections thereaf
ter made if any lnaccuracy Is proven in
said charges or lmputatlon, without dam
ages.
ARTICLES.
Transfe fer of Stock.
No shares will be transferred except on
the books of the corporation, and the per-
son to whom the shares are so trar>terr
shall receipt for same and shall thereby
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 Instaliment Stock to
Dayton Stock.
Upon the request Of any owner of IN
stallment stock unpledge1: or by mutual
consent Of the Board and the owner of
pledged instalmen stock: or whenever
any Instalment 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 notifications; the Board IN ~,
without impalring any of the rights Of the
owner to membership. transfer the with
drawal value thereof from Installment to
Dayton stock. exchanging the same num-
Der of Dayton shares for the same number
of Installment shares, cancelling the shares
received and issuing the new shares, sub
ject to such pledges As existed against the
shares accepted in exchange and cancelled.
ARTICLE ..
Dlvidenis.
At the close of business, June 3Dih aud
December 3lst of each year, re-Dectiveiy.
the Director, shall ,t>cert ain the profits of
the corporation tor the six months period
then ending. and out of such profits, they
shall u deduct all expenses aud losses !,
then u >rt aside to funds for ''Contin
gent iusse>" and "Reserve", such amount>
as theY deem best, uAtIl said fun Is shall
amount respectively To such percentage Of
all outstanding loans. as snail be fixed by
The Board, which shall not be less than
that required by law, then 81 ApportIon
ri Il Il H., Jnil
rate to be at that time fixed, which msy
be less but shall not exceed that appor
TONED TO the other classes Of stock, then
a, The balance Of said profits IN whole
or in part may be declared as dividends to
lnstaiiment and Dayton st ,ckhoiders, and
l1i 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
ana Dayton Stock shall be of dates janu
AIRY 2nd and July md; and the dividend
rate snail be frs declared upon the value
of each stock subscription Of date the pre-
cedIng July lst or January lst, or upon
such portion OF same as not withdrawn,
and then in its discretion the Board may
declare a further dividend at the same OF
a lower rate upon the current stock SUBJ
scriptions paid in during the preceding
SIX months, or upon such portion Of same
as not withdrawn, computed upon the
amount and time of each payment.
ARTICLE 10.
Loans to Stock holders.
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 tIJ Instalimeut Loans.
and { - stock Loans; with full authority
to make such rules. regulations aud stipu
lations to govern said loans or advances in
general and in each individual case, as it
may see proper.
ln-tallment Loans.
Any owner of Full Paid, Installment or
Dayton Stock. not already pledged as
security. desiring to obtain loan upon
the cash withdrawal value thereof, must
present written application for such
amount a. h. desires. not exceeding nine
tenthS of Its withdrawal value; must exc
cute written pledge of the stock upon
which the loan Is made. together with all |
payments of lnstallments and dividends |
present anu future thereon; and must |
fur her execute his note in favor of the |
corp ration fJr the full amount of the |
loan with interest at the rate of eight per |
cant per annum from date until paid, and |
to be PAYABLE within one year. The sec
rotary shall hiYe full authority to IN Ike |
such loans without reference to the Board: !
provided that at any meeting the Board |
may require futur applications to be re-
ferred to it for approval aud may at any
meeting Tx the Interest at lesser rate
than eight per cent per annum.
stock Loans.
At any meeting of the Board of Direc-
tors. the Board shall have the right to offer
20 advance the par value Of Installment or
Dayton stock, to be secured by its pledge
md additional mortgage Of real estate.
me ofer shall be made in open meeting
ana the rate OF interest per annum stated;
and all applications submitted for same
must be in writing. In awarding stock
oans, preference shall be gwen 10 the
tockholier Offering to pay a voluntary
premium therefor, either a discount or
'onus. no part Of which shall be reDated