The herald., 1917-08-09
CHARTERS.

That general meeting OF the s'oChiIoIu-
ers OF SAID Association was held on june
- 1917 NJ its office after the notice ana
publication provided by law and the chafte'
Of the Association, to vote upon sara aihehd,
rnents to Articles III, ~ and OF sara
charter submitted at SAID meeting u'dI
$40 shares Of stock were present, or repre-
,cnted and voted at said meeting. and that
all of said stock voted IN favor oil salu
amendments, will appear by the mere
unto annexed certificate Of the COMMISSION
ers in charge OF said meeting, appointed by
the president of the Association.
Now therefore, for the purpose OF putting
said amendments OF record and carrying same
into effect, the said appedrer, does heTeOy
ard carried at said meeting were TO Articles
Ill " and Of the charter OF the AsSocla-
ton, So that said Articles shall read as ioI-
lows, to-wit:
Article III.-The objects and purposes OF
this association are declared 70 be the accu-
mutation Of a fund from the amounts re
c,.ived IN full payment OF paid up shares, and
from installments paid on account OF run
ming shares OF the capital stock OF this cor
ppratiou rentals, interest on loans, and other
sources; said fund 50 accumulated to be used
in the purchase, building upon, improving
and repairing Of real estate, making loans
TO members OF this Association on mortgage
security, and on stock 81 this corporation,
all in such manner and on such terms and
conditions las may be provided by the by
laws.
Article w. The capital stock Of this
corporation shall be five million tS5,0OOoOO
dollars, and shall be issued IN shares OF one
hundred t$lOOOU dollars each.
, The shares of stock in this corpora.
ton may be OF two kinds,-"runnIng shares
and paid up shares. Running SnaTes
shall be paid for in weekly or monthly IN
Stallments OF at least twenty-five cents per
week per share, or in such other amounts or
at such othsr times as may be determined
By the board OF directors. paid up" shares
Ill ~ frl al o.
their issue. Running shares may be con-
verted into paid up shares by the holder
paying the difference between the then value
and the face value Of such shares, or when
the amount Of instailments paid on such
shares, plus dividends declared thereon, shall
have reached face value. All shares shall be
issued at such times and under such condl-
tiors as the board OF directors may deter
; The failure of any owner Of running
shares for term OF three months, TO make
the weekly monthly payments on his
stock as provided in the bylaws, shall, with
Gel said shares OF stock, and from such time
| the amount paid thereon, together with accu-
! INFLATED profits, shall cease t. draw dlvi-
| dends but shall be held by the a. ISOLATION
! subject to the order OF such party, and he
| shall be so notified by notice mailed 10
| him; and in case he shall not within one
| year thereafter call to receive said amount
| and surrender the certificate, said amount
!
/ the Association.
! Shareholders shall have the right to
withdraw from the Association the amount
| paid in, together with accumulated prOhts
due thereon at the preceding dividend time
! less the proportion OF loss, II any, upon
| filing written notice OF withdrawal which
shall be registered in the order received, and
| such Withdrawals shall be paid in the order
| registered, but not more than One-half the
] monthly receipts shall be used for the pur
pose Of paying Withdrawals, provided that
| the board may in its discretion use more
| than one-half of the monthly receipts for the
purpose OF paying matured or withdrawn
| shares.
5. Should there be an over-accumulatior
OF funds beyond the use of the Association
| the board shall have the right TO call n
urpledged shares for redemption, provided
| that paid up shares shall be called in first
in the reverse order of their issue, and shall
| be redeemed for face value plus interest FOL
| the time intervening since the last dividend
| at the same rate as the last dividend de-
clared; and shoold all paid up shares be
redeemed, then running shares may be called
| in at their withdrawal value, plus. interest
| for the time intervening since the last divi,
dend at the same rate as the last dividend
| declared provided that the oldest running
shares shall be the first called.
g. Shares shall be transferable, and dupli.
cate certificates issued for lost certificates
in such a manner as may be provided IN the
bylaws.
On January LIST and July lst of each
1 year the Board of Directors shall ascertain
the earnings of the Association for the pre-
| ceding six months, and out of such earnings
| they shall % deduct all the expenses OF
the Association for such time; 81 set aside
| from the balance at least three per cent as
fund for the payment OF contingent losses
\ until such fund reaches two and one-halt
| per cent of the outstanding loans, which
| fund may be invested as directed by the
| Board; 90 the balance of said earnings shall
be declared as a dividend to the stockhold
| 20 he alYfe nf n
each member at the time the preceding div
idend was declared, and all payments or
| running stock" made between such divi
| dend periods shall begin TO earn dividend:
| from the beginning of the next semiannua
term. Paid Up Stock shall begin to carr
dividends thirty days from date of issue, but
shall not receive greater rate OF DIVIDEND
than running stock The board T shall In haV "
dividend on the Paid Up" Stock than on thu
| running stock" The Board shall have thu
right before the declaration of dividend
| as hereinabove provided to set aside at leas
| ings at any dividend period for reserve
fund, until such fund reaches two and one
thalf per cent of the outstanding loans; which
fund may be invested as directed by TIT
5. The dividends declared on "runnini
stock shall be credited on the pass book
of the members semi-annually, and the divi
dends on paid up stock shall be paid II
cash not later than the fourth Monday o
January and July of each year.
Article N.-The corporate powers of thi
Association shall be vested in and exercise
by a Board of Directors to consist of no
more than twenty-five, and not less than te
stockholders, each of whom shall own a
least FIVE shares in his own name, who shall
he elected by the stockholders on the fourt
Tuesday in January in each year. An
stockholder ceasing to own FIVE shares shall
ipso facto cease to be a director. Before eac
such election the Board of Directors shall
. determine how many directors, within tn
limits herein provided, shall be elected 70
! the following year; but during the year III
Board may be increased from time TO tim
by the directors in office to a number no
exceeding twenty-five. Notice of said cleo
ton shall be given for the space of te
days by publication in one OF the daily morn
, ing newspapers published in the city of NeS
/ Orleans. Said election shall be by ballot
and shall be held at the domcie OF TIL
corporation under the supervision of tire
shareholders who are not candidates for cleo
tion and who shall be appointed by the boar
| at its last preceding regular meeting. A
such elections the shareholders receiving
majority of the votes cast shall be declares
| elected. Each share of stock which has bee
in force for sixty days shall be entitled I
vote provided no stakeholder shall be en-
titled to more than twenty-five votes in hi
own name! irrespective of the number o
shares held by him. The failure 10 hold al
| election the day specified shall not dis
solve the corporation but the directors il
office shall hold over until an election b
held after ten days notice of the time an
place thereof as herein provided
/ la1 Ii e.. 81, -