The St. Mary banner., 1917-01-27

dents. each of said vice>PresiIents bsing
Of concur, ent rank. Five Directors shall
be qu,r for the transaction OF bnsl-
ness. The Directors shall elect Secre-
tary, Treasurer, and such other 9th GERS
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
office. director or employee for neglect of
duty or misconduct. and to nam and ap-
point their successors, an shall have gem
eral authority to carry out the objects AMI
business Of the CORPORATION.
ARTICLE }.
Capital Stock.
The authorized CaDital 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 bv maturity or withdrawal.
81 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 is
sued under one of these two plans, to-wlt:
Full Paid Stock aud Current Stock.
Full Paid Stock.
Full Paid Stock may be issued in pay
nent of its par value OF one hundred dol
lars per share, for cash at the rate OF sub
scriptOn, or in settlement of lnstalment
or Dayton Stock, and shall be paid its div
idend rate OF interest semi-aunually in
cash, to be fixed aud apportoned 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 a. InstaIlment 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 sucn 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 IN m'nthly receipts
| Of the corp Iration be applicable to the
payment of mltured 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.
| InStallment stock may be issued upon
| the D iymant OF at least one dollar for each
| share Subscribed and sh Ill be paid for by
| u regular monthly payment of one dollar
per share; but il pledged to secure stock
| loan. then by regular monthly payment
| Of an amount, to be agreed upon between
! the corporation and the borrowing stock :
| holder; aud the further creuiting 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
| icribed. and shall be p aid for by payments
| Of irregular am Jults IN ide during each
| wear, equivalent to an average of twenty
| five cents per share Der oath; but II
pledged to secure Stock loan. then by "A
regular payment Of fixed amounts, a.
st ,t,d intervals during each year. to be
agreed upon between the corporation an
the borrowing stockholder; and the fur
ther crediting thereto of all dividen Is de-
| clareu These payments shall be con-
>idered minimum annual payments. but
any additional amount can be paid durIn
| each year.
should the owner Of unpledgel Dayton
Stock fail within anv year to make the
minimum payment therefor, such stock
shall be considered delinquent, and if not
pledged TO The corporation to secure loan
The Board Of Directors may order 1t cans
celied and It's withdrawal value placed a-
a deposit without interest to credit of a
suspense accouut' for the benefit of such
| shar eho der. who thereby ceases to be IA
member OF the corporation; an the Sec
retary snail mail notice 10 that eff ect to
said former shareholder, and on his TALL
lng 10 call for said dep 'sit within one year
thereafter the Board my carry same to
it's contingent lo,s,fund
ARTICLE 6.
Payments for stock.
All payments due to the corporation by
its Stockholders shall be payable at its Of
flee in patterSOi. Stockholders are not
released from liability for non-ptyment
by failure of collectors to call. when same
have been appointed.
Monthly payments for Instalm ent stock
and interest on stock loans. shall be due
and payable on or before the last day OF
each calendar month, and any stOckhOlder
falling to pay within zen days of grace
thereafter shall be delinquent. and as y
men tIty aud without notice, shall owe Il
| fine of two cents per share. II not pledged
| 20 secure a stock loan, aud of four cent j,
per share, if 81 pledged; aud a similar
fine for each sub>eq lent similar default.
All monies received sa Ill be pail an 1
accepted as su j ect to subsequent impu-
tatioEs, viz: U) For reimbursement OF
money pai 4 for thu account OF stakeholder,
| ca For the settlement of fines. (3) For the
payment of interest due, a, For payments
on premium note and l5) For payments
on stock suD>crIptl 'n>.
Payments made by the corporation for
the acc ,unt OF a stakeholder, fines, past
due interest and payments on premium
note. shall be A lien (prining any AMI all
pledges OF samnl against ali monies in the
hands Of the corppr,tiln to the credit of
the stOckhoider. 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 hefelnab)ve stated
Pass Books Subject to Correction.
The pass bools, ISSUED by tie corpora
ton to evidence rec eipt of payment of SUBJ
scrlptions for Instatm ent or Dayton Stock
or for the payments OF interest, tiues and
| premiums. AMI in which are also entered
| all dlvl lend credits, snail not be a lin ii
evidence of the value OF anOult OF the
~ ! y !.