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

pdlu III IOtdtiOn Jul VI tuC ulSt uudDRtD-
priated money in the Treasury, provided
U) that at no time can any stakeholder OF
stockholders demand In any month to be
paid for Withdrawals Of stock more than
one half Of the current receipts for that
month. nor q, before the expiration oil
thirty days from the date OF fling with the
secretary their written notice of with
drawal.
Withdrawals of Stock Payments to
Llquldate Indebtedness of Cor
pOration.
In the event any stakeholder fails to APP
pear and settle any interest or premium
payments or fines, on or before the date
same is due. or any other Indebtedness
within ten days from date OF notification
the Secretary shall have the authority the
following day or subsequently if not soon
er paid, to withdraw from stock payments
made heretofore by said stockholder. or
from any other funds in the hands of the
corporation to his credit. the amount due
and to impute same as provided in Article
6 of this charter. subject to the stock
holders right to have corrections thereaf
ter made if any inaccuracy is proven in
said charges or lmputation, without dam
ages.
ARTICLES.
Transfer of Stock.
No shares will be transferred except on
the books of the corporation, and the per-
son to whom the shares are so transferred
shall receipt for same and shall thereby
recognize the charter binding upon him
or her.
On the death Of any stakeholder his or
her legal representative shall be entitled
to assume control of said stock, and trans .
fer the same to his or her name.
Transfer or lnstallment Stock to
Dayton stock.
Upon the request OF any owner of In
stalment stock unpledged: or by mutual
consent of the Board and the owner OF
pledged install'nent stock; or whenever
any Installment stock, pledged or free
from pledge. shall be in arrears, six
monthly payments thereon, and the owner
of same fails to pay arrearage within ten
days from notifications; the Board IN ~,
without impaIring any of the rights of the
owner to membership, transfer the with
drawal value thereof from lnstallment to
Dayton Stock. exchanging the same mum.
Der of DAYTON shares for the same number
OF lnstallment shares, cancelllng the shares
received and issuing the new shares, sub
ject to such pledges as existed against the
shares accepted in exchange and cancelled.
ARrICLE9
Dividends.
At the close of business, June 30th and
December 3lst Of each year, respectively
the Directors shall ascertain the profits OF
the corporation for the six months period
then ending. and out of such profits, they
shall { II deduct all expenses and losses 3,
then ri Set aside to funds for "Contin-
gent losses" and "keserve", such amounts
as they deem best, uAtil said fun Is shall
amount respectively to such percentage OF
all outstanding loans. as shall be fixed by
the Board, which shall not be less than
that required by law, then 81 Apportlon
the dividend due to Full Paid stock, at a
rate to be at that time fixed, which may
be less but shall not exceed that appor-
toned to the other classes Of stock, then
ca The balance of said profits in whole
or in part may be declared as dividends to
lnstallment and Dayton st 'ckholders, and
Isl Any balance remaining shall be
placed to the credit of undivided profits,
and at any dividend period the Board may
declare the undivided profits in whole or
in part as Il dividend
Paid Stock aud credited to InsLallment
and Dayton Stock shall be Of dates janu-
airy End and July End; and the dividend
rate shall be frs declared upon the value
of each stock subscription Of date the pre-
ceding July LIST or January LIST, or upon
such portion OF same as not withdrawn,
and then in its discretion the Board may
declare a further dividend at the same Or
a lower rate upon the current stock SUBJ
scriptions paid in during the preceding
six months, or upon such portion OF same
as not withdrawn, computed upon the
amount and time of each payment.
ARTICLE 10.
Loans to Stockholders.
1t shall at all times be entirely within
the discretion of the Board of Directors to
lend to any stOcKhOlder not exceeding
nine tenths of the withdrawal value of his
stock payments. or to advance him al. or
part of the par value of his stock. design
ated respectively ~ lnstalimeut Loans,
and p stock Loans; with full authority
to make such rules. regulations and stipu
latiOns to govern said loans or advances in
general and in each individual case, as it
may see proper.
Installment Loans.
Any owner of Full Paid, Installment or
Dayton Stock, not already pledged as
security. desiring to obtain a loan upon
the cash withdrawal value thereof, must
present a written application for such
amount as he desires, not exceeding nine
tenths of Its with travail value; must exe>
cute written pledge of the stock upon
which the loan is made, together with all
payments of Installments and dividends.
present AMI future thereon; and must
further execute his note in favor of the
corp Dration fDr the full amount of the
loan with interest at the rate Of eight per
cent per annum from date until pad, and
to be PAYABLE within one year. Fhe Sec
Rotary shall htYe full auth 'rity to III Ike
such loans without reference to the Board;
provided that at any meeting the Board
may require future applications to he re-
ferred to it for approval AID may at any
meeting fix the interest at lesser rate
than eight per cent per annum.
Stock Loans.
At any meeting OF the Board Of Drec-
tors. the Board shall have the right co offer
to advance the par value of Instaliment or
Dayton stock. to be secured by its pledge
and additional mortgage of real estate.
The offer shall be made in open meeting
and the rate Of interest per annum stated;
and all applications submitted for same
must be in writing. In awarding stock
10 MS, preference shall be gwen 60 the
Offering to pay a voluntary
premium therefor, either discount or
bonus, no part Of which shall be rebated
in the event Of repa gnent of loan.
When no premium is offered, the Board
may accept written applications for a
stock loan Withnut tha nAvrnaut Of any