The herald. [volume] (New Orleans, La.) 1905-1953, 1917-11-29
CHARTERS.


Section 4. Each share of stock which has
been in force for sixty days preceding any
stockholders meeting, and represented there
at, shall be entitled to one vote, either in
Section S The failure or any owner of
running shares" (not pledged to the associ-
alton for loan on real estate) for a 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 10 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
notified by notice mailed to him; and in
case he shall not within one year thereafter
call to receive said amount and surrender
the certificate, said amount shall revert to
and become the property of the Association.
Section g. The failure Of any owner of
shares OF stock pledged 10 the association for
loan on Real Estae, to make his weekly,
payments account Of either principal or
interest for period of thirteen weeks, shall,
without notice, authorize the association 10
cancel said shares of stock and 10 credit
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, as registered, out of the first
| appropriated money in the treasury; but not
more than one-half 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 than one-half of the monthly re-
| ceipts for the purpose OF paying such with
| drawals.
| Section g. Should there be an over-accu-
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
| first, in the reverse order of their ISSUE
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 g. On the death of any share
| holder whose shares are 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 to either transfer said shares to 9TH
| ers, or continue the same.
| Section 10. Shares shall be transferable,
and duplicate certificates issued for lost
| certificates in such maner may be pro-
| vided for in the bylaws.
| Section IL. On May lst and November lst
| 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-asde 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 directed by the Board; 90 they
| three per cent of the net earnings at any
dividend period for reserve fund until
| such fund reaches two and one half per cent
of the outstanding loans; and ca the balance
| of said earnings, thus ascertained, shall
be declared as a 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 dividends from the be-
ginning of the next semi-annual term.
| Section H. paid up stock shall be enti-
tied to dividends thirty days from the date
dends shall be paid on full paid withdraw
able stock than is declared and paid on
Running stock" and provided that nothing
in this charter shall be taken to prevent
on Running Stock"
Section ls The dividends declared on
running stock" shall be credited on the
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.
i Article V--Directors. Section /. The cor.
1 Of he fatt kan ha
exercised by the Board of Directors TO con-
sist of not more than twenty-five (25) stock
holders, who shall be elected by the stock
holders on the first Monday in March an
uually, commencing with the first Monday
Section 2. 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-
cile Of this corporation, under the supervi-
sion of three stockholders appointed by the
meeting thereof. The stockholders receiving
a majority of the votes cast shall be de-
Section ). 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 a quorum
for the transaction of business.
Section s. The directors shall select or
appoint 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 a place for meetings, &c
suspend any officer, agent or employee for
neglect Of duty or misconduct, and TO sp-
point their successors, and to have general
authority to carry out the objects and bus.
mess of the association.
j Article VI.-Section I. The following
named persons shall constitute the Board
, of Directors under this amended charter
. viz: William Frantz, Adam Gambel, w. F
Scheele, H. S. Suthon, Fred. Zengel, Loui.
Sporl, Henry l. Frantz. Philip H. Thoele
Edwd. E. Stoll, George v. Fuchs, Henry II
0rtland,. JOhn, Lugenbuhl. Victor Lambou
John Hammel, Philip Forsehler, Miehae
). Toepfer, Louis Schulsr. Philip ]. Sehoen
/; Henry Acker, John G. Weber, and P. L
J, judith.
Z Section 2 They shall hold Office until tn
s | first Monday of March, 1918 or until thei
n successors shall have been duly elected an
Qualified; and any vacancies occurring i
their number may be filled by them unit
" the next regular election.
II Article VII.-Special meetings of tn
e stockholders shall be convened at the n
l. quest, in writing, of ten stockholders, stat
J. ing the time and object of said meeting. G
e when ordered by the Board of Directors.
d Article VIII-No stakeholder shall eve
IS be held liable or responsible for the cor