The herald. [volume] (New Orleans, La.) 1905-1953, 1917-11-22
CHARTERS.
ternine.


Section 5 The failure or any owner of
running shares" (not pledged to the associ-
alton for loan on real eState) for term
OF six months, TO make the weekly or month
ly payments on his stock as provided for
in the bylaws, shall, without notice, au-
thorizing the association 70 cancel said shares
OF stock; and from such time the amount
paid thereon, together with accumulated
profits, shall cease to draw dividends, but
shall be held by the association subject 10
the order OF such party, and he shall be so
nOtlhed by notice mailed TO him; and in
case he shall not within one year thereafter
call to receive said amount and surrender
the certIhcate, said amount shall revert 10
and become the property of the Association
Section 8. The failure of any owner of
shares of stock pledged TO the association for
loan on Real Estae, to make his weekly,
payments on account of either principal or
interest for period Of thirteen weeks, shall,
without notice, authorize the association 10
the cash value thereof at the time as part
payment of the loan: and the association
shall have the right to foreclose the mort
gage for the balance of the loan then due.
Section 7. Shareholders shall have the
right to withdraw from the Association the
amount paid in, together with the accumu-
lated profits due thereon at the preceding
dividend time, less the proportion of losses,
If any, upon filing written notice of with
drawal, which shall be registered by the
Secretary in the order OF their receipt; and
Withdrawing shareholders shall be paid in
| rotation, registered, out of the first un-
appropriated money in the treasury; but nol
more than one-Aalf of the monthly receipts
shall ever be used for the purpose of paying
Withdrawals, unless there should be an over
accumulation of funds which cannot be
| loaned in the usual maner upon real-estate;
provided the Board may, in its discretion,
use more than one-hals of the monthly re-
ceipts for the purpose of paying such with
| drawals.
mutation of funds beyond the use of the
| association, the Board shall have the right
to call in unpledged shares for redemption;
provided that paid-up shares shall be called
| and shall be redeemed for face value, plus
interest for the time intervening since the
date of the last dividend, at the same rate
as the last dividend declared: and should
all paid up shares be redeemed, then running
| shares may be called in, the oldest shares
to be redeemed first, and at their withdrawal
value plus interest for the time interven-
ing since the date. of the last dividend, at
the same rate as the last dividend declared.
Section 9. On the death of any share
holder whose shares not pledged TO the
association, his or her legal representatives
shall be entitled TO receive, in cash, the
withdrawal value of the shares at the time
Of the last payment made by such deceased
shareholder, or said representatives hall be
entitled 10 either transfer said shares to 9TH
ers, or continue the same.
and duplicate certificates issued for lost
certificates in such maner as may be pro-
vded for in the bylaws
Section II. On May lst and November 1st
of each year the Board of Directors shall
ascertain the earnings of the association for
the preceding six months, and out of said
earnings they shall % deduct all the ex-
penses of the association for such time; (2)
set-aside from the balance at least three
per cent of the net earnings as fund for
the payment of contingent losses until such
fund reaches two and one half per cent of
the outstanding loans; which fund shall be
invested as directed by the Board; 90 they
may also set aside at least an additional
three per cent of the net earnings at any
dividend period for a reserve fund until
such fund reaches two and one half per cent
OF the outstanding loans; and az the balance
of said earnings, thus ascertained, shall
be declared as dividend TO the stockhold
ers in proportion to the value of stock of each
member at the time the preceding dividend
was declared; and all payments on running
| stock made between such dividend period
| shall begin to earn dividends from the be-
ginning of the next semi-annual term.
Section II. paid up stock" shall be enti-
of issuance, but no greater rate of divi-
| dends shall be paid on full paid withdraw
able stock than is declared and paid on
| Running stock" and provided that nothing
this Association from paying less rate Of
on Running Stock"
Section l3. The dividends declared or
pass books of the members semi-annually
| and dividends on paid up stock" shall be
paid in cash not later than the fourth Mon.
day Of May and November of each year.
Article V-DiIeetoTs. Section !: The cor cor
exercised by the Board of Directors 10 con-
\ sst of not more than twenty-five (25) stock.
holders, who shall be elected by the stock.
holders the first Mondly in March an.
nually, commencing with the first Monday
in March, 1918.
Section q Notice of said election shall
be given for at least one week by publication
in one. Of the newspapers published in the
be by ballot and shall be held at the domi-
cie of this corporation, under the supervi-
sion of three stakeholder, appointed by the
Board of Directors at the last preceding
meeting thereof. The stockholders receiving
a majority of the votes cast shall be de-
clared elected.
| Section 3. The failure to hold an election
on the day specified shall not dissolve the
corporation, but the directors in office shall
hold over until an election be held after
one weeks notice of the time and place
| thereof.
Section 4. The directors shall elect from
| their number president and vice-presi-
dent, and seven directors shall be quorum
| Tor the transaction of business.
Section 5. The directors shall select or
appoint a secretary, treasurer and such other
officers, agents and employees as may be
| necessary, and shall fix their compensation /;
provided that the Offices of secretary and
| treasurer may be combined in the discretion
| of the Board. The Board shall have the
power to enact bylaws not repugnant to this
charter, to select place for meetings, TO
| suspend any officer, agent employee for
| neglect of duty or misconduct, and TO ap-
point their successors, and to have general
authority to carry out the objects and bus
| mess of the association.
Article VI.-Section /. The following
named persons shall constitute the Board
viz: William Frantz, Adam Gambel, w. F.
| Scheele. II. s. Suthon, Fred. Zengel, Louis
| Sporl. Henry L. Frantz, Philip H. Thoele,
| Edwd. E. Stoll, George v. Fuchs, Henry II.
| Ortland, John Lugenbuhl, Victor Lambou,
John Hammel, Philip Forschler. Michael
Toepfer, Louis Schiller, Philip ]. Schoen
Henry Acker, John G. Weber, and P. L
judith.
Section They shall hold Office until tn,
successors shall have been duly elected anC
qualified; and any vacancies occurring IL
their number may be filled by them unit
the next regular election.
Article VII-Special meetings of tn
stockholders shall be convened at the re
quest, in writing, of ten stockholders. stat
Ing the time and object of said meeting. o
when ordered by the Board of Directors.
Article VIII.-No stakeholder shall eve
be held liable or responsible for the con
, tracts or faults of this association in an
|. further sum than the unpaid balance du
nn the share shares of stock owned b.
him or her to the association; nor shall an,
mere informality in organization have tn
effect Of rendering this charter null. or o