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

sanced and IN the event os ~ ,ossa n.
an tdaNonal note for thu mi, i ooaus IA
the bonus; sll payable nm 'da anountS
date, identified with an AZ, uemaad m,
+, cured by vendors lien and VI resale, NJ
p w., far r nc. o. the propsr,s ,sd
u ,,t ,,d -. the am ount Of the bpou! Il.
" "'.nout interest and the othsr % b
no.es 10 Dear stipulated rate q, ao!e o.
PER AMMAN from date, said in, =, iasre,,
a .. ~ monthly installments Nv 10y pay.
lne IasI calendsr day Of each maui WI oetoA
corporations office In Patter.onV Ia I, "
.a1e pes ceht per annum of ints..A Tn
.he h0.es are to bear shall hs -. a AG
the Board OF Directors. whsu ated
the loan application, and to ha .seceptl
In Inc IN act OF resale with vendors 'lIpIassa
IN me event that the property on.,,
security Is not owned BY tha hvaefsda
siockhoider. then the same sh. J%SriloWiY
chased by the corporation in r, i've. "L opa
out OF the funds to be advanced wa nius
the borrowing stOckholder s~n.p sylash
remaining then. or after aerssS suoqnt
proVements have been ns;S, upoa u.
property to be then or snh.snr..aaa nj
to him for the amount Of ths f1soauy sda
W. event OF bonus bid the sdd nsl
amount OF the bonus premium s a. q
same terms and security as hsr,;v....!a w
provlded, In the resale Of propertv v''ao0's
All ices Tor abstractors, noiari..
registers and expenses incurred IL .aa
praising property, making and c,na.,1 ~
loans, shall be paid by the hor.rSosmaas
stakeholder. 'o''oHlns
Borrowing Stockholders Apre.n.,.
An agreement shall be entered ina ~.
the stockholder and the corporaton . yssssel
the stipulated payment of instsTnsrs.' 'o!
ue,cs. a"a premium bonus shall BE- 49,. y.
whereby payment on the notes shat, ne, I.ea;
nanded as long as he regularly pays nv W
| ments liked by tho contract, and A. lo.. ~
tulf1ils all the obligations of borrow.s .. ~
{ holder, as provided in the Charter ~ 'socs.
agreement; and if desired bv ~ ~ ~. ~
holder, or required in any individual ~. ssst
the Board, whereby repaymsnts Of The ..o.E
loan, AS provided in Article Is hereof mai \.
made at stated intervals, 'AAaW
Foreclosure Proceedinex
In the event that any borrowing stockh,,a..
shall b. in arrears an amount excssd,ns ~
value OF SIX monthly payments Of inter-, s ~
OF SIX monthly payments on Installment sta.s
or OF the agreed annual or semi animal nv.
| ments on Dayton Stock, or Of thu a,r..{ " y,
monthly payments on his premium noA j.
violates any OF the obligations Of bormv;ss
stakeholder, then the said note or notss An
become at once. by special resolution Of IN.
Board OF Directors, due and exigisls; u /
penalty and without putting in defiant 4.
! their full amount; and tho Board shall bs NJ.
| thorized to withdraw the value of thu sto.t
pledged to secure the loan. and after imnniios
| its amount according to Article Of this ami,
ter to credit said note or notes with tia =.
| mainng balance; and to institute such l.,.l
measures As shall be necessary to enforce MI.
ment with interest, attorneys fees aud costa
ARTlCLEn.
Cancellation of Loans.
Stockholders obta ming loans or ad,an...
upon their STOCK, and failing to tender Mn.
factory security within thirty days aiteY ia
| date of the meeting at which said loan WA A
piled for, shall forfeit the same, PROVIDED IN
| Board shall have the right to extend the tina
| for satisfactory reaonS, and all costa, chsrfss
or expenses, together with the interest for d.
| less than one month, or such other tins 4
| shall have elapsed, shall be charged to u
| stakeholder and be lien against bis shareA
| and paid therefrom a. provided 10 ArticpC
| and OF this charter.
ARTTCLEl2
| Repealed and omitted from Charter.
ARTICLE 10.
| Repayment Of Loans.
Any stakeholder, who has received loan Or
| advance upon his shares, desiring to settle nd
| liquidate such Indebtedness may do 80 sAsg
| in part or in whole; and if desired any ven.
doris lien and privilege existing against BIZ
| property may be reduced proportioastsly, I'd
each time the loan has, by reason Of such pay.
| meuts, been reduced one hundred dollars d
| amount, one share of the pledged stock may b
! surrendered and cancelled.
From time 0 time, by special agreement d
| in accordance with his written agreement u
| provided for in Article 10 hereof the cast
| withdrawal value of his stock payments may b
credited on his note Or notes, and thereafter u
reresJ shall be paid only upon the remainder
| ARrICLEH.
| Nom Liability Of Stockholders.
| No stakeholder snail ever be held liable
| responsible for the faults, contracts or indeot
| edness OF this corporation in any further Nl
| than the am cunt of his paid in subscriptions
t g corporation, and when borrowing stsck
holder, the ;td itional liability f,r the Psgnen
| of his indebtedness, as secured by pei3e .
stock and real estate m Drtgage; NOR shall AZ
n ire INFORM tlity in til, org .niz atm have u
| effect of rendering this act null or exposing
stakeholder TO any liability beyoad sas
amounts,
| Stockholders Meetings,
| At the request in writing OF ten stocKnoioers
| or when ordered by the Board Of orocson
| the President sh Ill convene special msetnss
| Stocknolde $, giving thirty days notice oy ~
ind pubic ltion aud at all such IN eetIass tnos
present and repre- Seuted shall constitute . gu
rum, aud each Sh are Of stock SHAH ons'l'e '
| pas TO one vote, provided same ny ss'
| in force sixty day- precaiins sucli oeaAak
| ARTICLE 10.
Amendment to Charter.
| This act of Incorporation eau DC ssoi..
| amended or modified, or the corpora1iea ~
solved by vote of three -fOurths of !ne sa.as
| present or represent at an annual mess.s
| or A speciu 10 -etn of the stOckhoders ".
| ven.d for that purnose, after thirty days y
| tic. by publication aud mail. LUZ ~ Il
| stock can be- increased or decreased y y
| vote If two thirds of all the shares IL Io.o
| represented at an annual meeting, Or sp NJ
| meeting convened for that purpose, aisol WV
ty days notice by m iii and publication
ARTICLE u.
Liquidation
| IN the event OF the dissolution ol WIS ~ ~.
| ratI.in by limitation or OTHERWISE .o,a.,.
holder. sn All he elected by the stoekuoa' =,
| special meeting called for that PURPOSE, !; ~
| al iii act as a Board Of Liqdldatofs sau a..
bower an authority is HEREBY vested IN. y \
| i,o ard to speedily wind up anu iqa'r -,
| Affairs of tn. corporation ana Tor SUN "a
| To s.Il the property aud assets tilercol -.
collect and receipt for all notes anu - ~ ~
| due. and to institute such suits % M! N ~
| siry to enforce same; and 10 pay G Ian, !
| Lebtedness due By the Assoc'atou, .rna1
to distribute the proceeds remaining sav ..
the stocxholders in proportion 70 tue sn's''
| their holdings. a...h rsei
In the event of ANY vacancy by asssr' ,srd
II ,tion or otherwise, occurring ~ III Z. ths
Liqnilators, the same sttl DC In0u Il ~
naming memoers OF the Board lrom Nv
| holders. .ho .e,irs az {
In the event of ilui1atlng tne Az -. g
| corporation, borrowing stoo. ,nsa. nth d
nave the right to repay their 'veI "a stoc
cash witndrawal value Of the plodseo ''''
| ,5 provided in Article IL hereof. q \,
Thus done a:li passed at Pa ttsasou, rs