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

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ness. The Directors shall elect Secre-
| tarv, a Treasurer and such other officers
! and employees as NAV be necessary, and
fix their compensation: and they shall
have power to enact by laWs not reuug
nant to this charter, tn select their time of
meetings, to suspend or dismiss any
: officer, director or employee for neglect of
| duty or misconduct, an to nam and ap-
point their successors. AM shall have gems
eral authority to carry out the objects ami
business of the corporation.
AnrlCLEJ.
Capital stock.
The auth orzcd Capital Stock of this
corporation shall be One Million Dollars.
| to consist of ten thousand shares of the par
value of one hundred dollars each; and in
computing same only shares actually in
| force shall be counted, exclusive OF shares
cancelled by maturity or withdrawal.
II stock outstanding shall be recognized
! under the form IN which it has been is
sued, hut from and after the date of this
Charter. All additional shares shall be is
sued under one Of these two plans, tO-wit:
, Full Paid Stock and Current Stock.
| Full Paid Stock.
| Full Paid Stock may be issued in pay
ment OF its par value Of one hundred dol
| lars per share, for cash at the rate of sub
scription, or in settlement of Installment
| or DAYTON Stock and shall be paid its div
cash, to be fixed and apportioned from the
profits, when dividends are declared to
| the other classes or stock.
Current Stock.
| The shares issued under the form of
| Current stock to be sub divided, classified
| and designated as Installment Stock or
| Dayton stock, in accordance with the man.
| ner in which the subscriptions for same
| are to be paid by the stockhol Ter.
When the payment of subscriptions to-
gether with all dividends thereon. shall
have reached the matured value of the
stock, the payment of dues shall cease
| and all borrowers at such maturity shall
be entitled to have their obligations can
celled and returned to them. The holders
Of unpledged shares shall be paid out of
the funds of the corporation the matured
value thereof. provided that at no time
more than one>half Of the monthly receipts
of the corporation be applicable to the
payment OF matured stock during the pre-
ceding six months and the corporation
may at any time. before the maturity, re-
tire unpledged shares by enforcing the
withdrawal Of the same, at book or face
value.
InstalIment Stock.
lnstallment stock may be issued upon
the p payment of at least one dollar for each
share subscribed, and shall be paid for by
regular monthly payment of one dollar
IL
loan, then by Regular monthly payment
OF an amount, to be agreed upon between
the corporation and the borrowing stock
holder; and the further creditny thereto
of all dividends declared. These payment,
shall be considered minimum monthly
payments, but any additional amount per
month can be paid.
Dayton Stock.
Dayton stock may be issued upon the
payment OF one dollar for each share sub
;crlbed. and shall be paid for by payments
OF irregular amounts made during each
year. equivalent to an average of twenty
hve cents per share Der month; but if
pledged to secure "A Stock loan. then bv "A
regular payment of fixed amounts, at
st ted intervals curing each year to be
agreed upon between the corporation and
the borrowing Stockholders; and the fur
Their credltlng thereto of all dividen Is de-
clared. These payments shall be con-
sldered minimum annual payments, but
any additional amount can be paid during
each year.
Should the owner of unpledged Dayton
Stock fail within any year to make the
minimum payment therefor, such stock
shall be considered delinquent. and il not
pledged 10 the corporation to secure loan
The Board OF Directors may order it cam
ceiied ana Its withdrawal value placed As
deposit without interest to credit of "A
suspense account" for the benefit of such
shareholder, who thereby ceases to be
member OF the corporations; AMI the Sec
rotary shall mail u notice TO that effect to
said former shareholder, aud on his fail
ing to call for said deposit within one year
thereafter. the Board may carry same to
It's contingent loss fund"
ARTICLES.
Payments for Stock.
All payments due to the corporation by
its stockholders shall be payable at its Of
lice in Patterson. stockholders are not
released from liability for nOn-p,yment
by failure of collectors to call. when same
have been appointed.
Monthly pay ments for Instalment stock
and interest on stock loans. shall be due
and payable on or before the last day Of
each calendar month, and any stakeholder
failing to pay within ten days of grace
thereafter shall be delinquent. and as n
penalty and without notice, shall owe
fine of two cents per share. ii not pledged
10 secure Stock loan, and of four cents
per share, if so pledged; and a similar
fine for each subsequent similar default
All monies received sh,ll be paid and
accepted as subject TO subsequent impu-
tatiOEs, viz: Q) For reimbursement of
money paid for the account Of stock holder,
(2) For the settlement of fines. t3) For the
payment of interest due, a; For pay ments
on premium note and 90 For payments
on stock subscriptions.
Payments made by the corporation for
the acc )unt of stakeholder, fines, past
due interest and ayments on premium
note, shall be a lien (priming any and all
pledges OF same) against ali monies in the
hands of the corporation to the credit of /
the stakeholder, whether paid for stock
subscriptions or any other purpose; and |
same may be Withdrawn as provided tor
in Article of this Charter and imputed
as hereinabOve stated.
Pass Books Subject to Correction.
The pass books, issued by the corpora
ton TO evidence receipt of payment of sub
scripiions for lnstalIment or Dayton Stock
or for the payments of interest, fines and |
premiums, anu in which are also entered |
all dividend credits, snail not be a final
evidence OF the value or amount OF the |
stJck subscriptions, or other credits there
in. Said books are 10 be turned ia on de