The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1917-01-06

Of concurrent rank. Five Directors shall
be a gu rum for the tran, action Of bnsi
ness. The Directors shall elect 4 Secre-
tary, Il Treasurer, and such other officers
and employees as NAV be necessary, and
fix their compensation; and they shall
have power to enact bylaws not repug-
nant to this charter, to select their time of
meetings, to suspend or dismiss any
fiji ser. director or employee for neglect of
duty or misconduct and to name and APP
point their successors. AMI shall have gen-
eral authority to carry out the objects and
business Of the CORPORATION.
ARTICLE ).
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 dollars 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 III which it has been is
sued, but from and after the date of this
Charter. all additional shares shall be Isl
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
nent o. its par value Of one hundred dol
lars per share, for cash at the rate of SUBJ
scriptiOn, or in settlement of lnstalment
or Dayton Stock, and shall be paid its div
ldend rate of interest semi-annually in
cash. to be fixed aud 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 lnstatlment Stock or
Dayton Stock, in accordance with the man
ner in which the subscriptions for same
are to be paid by the stockholier.
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
celIed 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.
Installment Stock.
Instal!ment 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 if 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 crcditing thereto
| of all dividends declared. These payments
| 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
scribed, and shall be paid for by payments
| of irregular amounts made during each
year. equivalent to ~ average of twenty
| five cents per share per month; but if
pledged to secure Stock loan. then by a
regular payment of fixed amounts, at
st ted intervals during each year. to be
agreed upon between the corporation and
| the borrowing stakeholder; and the fur
Their creditins thereto of all dividends de-
clared. These payments shall be con-
| >idered 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 if not
pledged 10 the corporation to secure loan
| The Board of Directors may order It cans
| celleu and its withdrawal value placed As
a deposit without interest to credit of a
suspense account" for the benefit of such
shareholder, who thereby ceases to be Il
! member of the corporation; AMI the Sec
rotary shall mail a notice TO that effect to
| said former shareholder, and on his fail
| ing to cali for said deposit within one year
thereafter. the Board may carry same to
it's contingent loss fund
ARTICLE6.
Payments for Stock.
All payments due to the corporation by
its stock holders shall be payable at its Of.
lice in Patterson. stockholders are not
released from liability for non-payment
by failure of collectors to call. when same
have been appointed.
Monthly pay ments for Installment 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 a
penalty and without notice, shall owe a
fine of two cents per share, ii not pledged
10 secure a Stock loan, and of four cents
per share, it so pledged; and similar
line for each subsequent similar default.
All monies received shall be paid and
accepted as subject to subsequent impu-
tatioEs, viz: "a For reimbursement Of
money paid for the account of stakeholder,
90 For the settlement of fines. t3) For the
payment of interest due, (4 For payments
on premium note aud l5) For payments
on stock subscriptions.
Payments made by the corporation for
the acc Junt of a stakeholder, fines, past
due interest and payments on premium
note, shall be a lien (priming any and all
pledges of same) against all 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 for
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
scriptions for In5talment or Dayton Stock
or for the payments of interest, fines and
premiums, ana in which are also entered
all dividend credits, shall not be final
evidence Of the value or amount Of the
stock subscriptions or other credits there :