The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1917-01-13

dents each OF said Vice-P.esi Tents being
Of concur ent rank. Five Directors shall
be a quorum for the transaction of bnsi-
ness. The Directors shall elect Secre-
tary, a Treasurer, and such other officers
and employees as may be necessary, and
fix their compensation; and they stall
have power to enact bylaws not repug-
nant to this charter, to select their time of
meetings, to suspend or dismiss any
oii :e". director or employee for neglect of
duty or misconduct, and to nam and APP
point their successors. anl shall have gen>
eral authority To carry out the objects and
business Of the CORPORATION.
ARrICLEj.
Capital stock.
The authorized Capital Stock of this
corporation shall be One Million Dollars.
to consist of ten thousand shares of the par
value of one hundred dollar, each; and in
computing same only shares actually in
force shall be counted, exclusive Of shares
cancelled by maturity or withdrawal.
All stock outstanding shall be recognized
under the form IN which it has been is
sued. but from and after the date of this
Charter. all additional shares shall be is
sued under one of these two plans, toy 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 lnstallment
or Dayton Stock. and shall be paid its div
idend rate of interest semi-annualIy in
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 InstaIlment 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 corp )raLiOn 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.
Installment Stock.
Installment stock may be issued upon
the payment of at least one dollar for each
share subscribed. and shall be paid for by
a regular monthly payment Of one dollar
per share; but il pledged to secure a stock
loan, then by regular monthly payment
Of an amount, to be agreed upon between
the corporation and the borrowing stock
holder; and the further credting thereto
OF all dividends declared. These payments
shall be considered minimum monthly
Int odI
month can be paid.
Dayton Stock.
Dayton stock may be issued upon the
payment Of one dollar for each share sub
scribed. and shall! be paid for by payments
of irregular amounts made during each
wear. equivalent to an average of twenty
five cents per share .er month; but if
pledged to secure Il Stock loan. then by
regular payment Of fixed amounts, al
st tied intervals during each year. to be
agreed upon between the corporation and
the borrowing stakeholder; and the fur
Their creditiny thereto Of all dividends de-
clared. These payments shall be con-
sidered minimum annual payments. but
any additional amount can be paid during
each year.
Should the owner Of unptedged Dayton
Stock fail within any year to make the
minimum payment therefor, such stock
shall be considered delinquent, and if not
pledged 10 the corporation to secure a loan
the Board Of Directors may order it can~
celled and its withdrawal value placed As
deposit without interest to credit of
suspense account" for the benefit of such
shar .hOlder, who thereby ceases to be a
member of the corporations; ana the Sec
rotary shall mail Il notice TO that effect to
said former shareholder, and on his fall
ing to call for said dep osit within one year
thereafter. the Board may carry same to
its contingent loss fund +"
ARTICLE 6.
Payments for Stock.
All payments due to the corporation by
its stockholders shall be payable at it's Of
lice in Patterson. Stockholders are not
released from liability for non-ptyment
by failure of collectors to call. when same
have been appointed.
Monthly payments for Installment stock
and interest on stock loans. shall be due
and payable on or before the last day Of
each calendar month, aud any stakeholder
failing to pay within ten days of grace
thereafter shall be delinquent. and as
zen Atty and without notice, shall owe a
fine OF two cents per share. if not pledged
20 secure a Stock lotn, aud of four cents
per share, if so pledged; aud a similar
tue for each sub.eq lent similar default
All monies received sh Ill be paid and
accepted as subject to subsequent impu-
money paid for the account of stock holder,
~ For the settlement of fines. t3) For the
payment Of interest due, a. For ayments
on premium note and l5) For payments
ON stock suDscrlptl ms.
Payments made by the corp DratiOn for
the acc )unt of a stakeholder, tines, past
due interest and payments on premium
rot-, shall be a lien (prining any and all
pledges OF same) against all m onles ia the
hands OF the cDrDDr' ltiDn to the credit of
the stocknolder. whether paid for stock
subscriptions or any other purpose; and
same may be withdrawn as provided for
in Article ! of this charter and imputed
as hereinabove stated
Pass Books Subject to Correction.
The pass books, issued by tie corpora
ton to evidence receipt of payment Of sub
scrIption, for Iastalim ent or Dayton Stock
or for the payments Of interest, fines aud
premiums, ami in which are also entered
all dividend credits, snail not be a final
evidence Of the value or amount OF the