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

vaine u! his stock (Which Ia.
'anc:ih J. AMI IN tn. event Of hse e0e ID,
an additional note for the f,ii .ooas .m BID.
the bonus; al payable on dem..s satot
hSte, identified with an act Of rs.. Nts,
cured by vendors lien and priv;Is.ss'". n.
7pec'.' m 'rLRase 0: the pr,nsr,Ss w.
note Tor ths amount of the ham, ras
without interest and the oths, 49,. !" o.
notes 20 bear stipulated rate of ivy ;ns.o o.
per annum from date, said iatsr,.ss .ss"ts's
able In monthly instsllment, an ~. pay.
the last calendar day OF each mAn,h hoe!ots
corporations office In Patterson 's ~ "saa
rate per ceut par annum Of intsrs., tns
the notes are TO bear shall be- arss nat
the Board OF Directors, when sc".ay .a oy
the loan application, aud to be ,tim.PEuae tiuPuae
IN the Act OF resale with vendors li,.ssa il" .sa
mortgage. 'aA Aed
In ths event that the property o,,.,..
security Is not Owned by the borrawG;M
stockhol!er. then the sans shall slIhss.% hs ,a
chased Nv Inc corporation 10 its own n.u' ss.'
OUT OF tue funds to bs advanced. pavin.sd iad
the b)rro"lns Stockhoi Ter such $40 $40
remaining then or after agreei upon 'ua' ~
proven mants nave b,en paid; aai .,;a
property 20 be ther or subsequently, ..is
to MIN Tor the .m 'unt Of the loan. anS;. dis
the event "f bonu, bid the adlitio,.
amount OF the bonus premium, On ~.
same terms AMI security a. herein.hos.
providea, III 'ht resale OF property.
All fees f!r abstractDrs, notarie, ana
registers aud expenses incurrai in .as
praislns property, M king and cancelln,
loans, shall b. paid by the horro~i.s
stuckholder.
Borrowing Stock holders AYrean.,.
An A1reem mt snail bs entered into h.,,..
the stockholder and the Corporation vhss.haa hssysa
the stipulated payment of instxllman,s
terest and premium bonus shall M 6,,.%, -.
whereby payment on the n)Je. shall not IA A.
mande as long AZ he regularly pays tho ss,.
ments liked by the contracs, and a. loas ~.
tutiil- all the Obligations OF BORROWING stc,s
holder, ls provided in the ch ,rter AMI .ss
agreement; and if Desired bv the ..o.s
holder, or required in any individual c,ss \,
the Board, whereby rspAymsnts Of the sork
loan. as provided IN Article l3 hereof shall h
made at stated Intervals.
Foreclosure Proceedines,
In the event that any borrowing stockh,,d.,
shall b in arrears an amount exceeding The
value of six inpnsnly payments Of iutsrest. ~
of six monthly payments on Instalnsnt stoek
Or of the ayr ,ed annual or semi annual ~,
nentS on Dayton Stock, or Of ths asrasi x,
monthly payments on his premium nota a,
violates anv of the obligations Of borrovhs
Stoakholder, then the said note or notss II.
become at once. by special resolution ef ~
Board of Directors. due and exigibls: ~ =
penalty and without putting in default. inp
their full amount, and the Board shall b .u
thoriZed to withirdw the value OF the ssck.
pledged to secure the loan, and after impuiIns
it5 amount according to Article OF this char.
ter to credit said note or notes with the N.
.naning balance, aud to institute such lseIl
measures IA shall be necessary to eniorcs psy.
ment with interest, attorneys fees and costs,
ARTICLE IL.
CanceliatiJ JA of Loans
Stockholders obtaining loans or sdva,oaa
upon their stock, and failing to tender MI,
factory security within thirty days after the
date Of the meeting at which said loan was sp
piled for. shall forfeit the same provMM t6s
Board shall have the right to extend the tim,
for satisfactory reaonS. and all costs, CHARGES
or expenses, together with the interest far not
less than one month, Or such other tine \
shall have elapsed, shall be charged " The
stockholder and be a len against his sharss,
and paid therefrom as provided in Articles
and OF this charter.
ARTICLR2,
Repealed and omitted from Charter.
ARTICLE Is.
Repayment Of Loans.
Any stockholder, who has received lssu q
advance upon his shares, desiring t0 setue ara
liquiuate such Indebtedness, may do 80 sisase
in part or in whole: and if desired any ven.
doris lien and privilege existing against biz
property may be reduced ortionately, al
each time the loan has, BY reason Of such pay.
ments, been reduced ono hundred dOlArs 10
amount, one share of the pledged stock may "
surrendered an cancelled.
From tine o time, by special agreemensc o.
in ircordauce with his written agreainslt. ~
pr ,vidrd for in Artcie 10 hereof, the CASH
withdrawal value Of his stock payments IN " W
credited on his note or notes, and thefsattef ~
teIest shall be paid only upon the reInaa4X
ARTICLE II.
Non-Liabilty Of St00khaldsta,
No stockholder snail ever b bald liable OF
reSpo lsiDle for the faults, contracts or lnde0t.
edness OF this corporation in any further SUN
th An the an. nnt of his paid in subscriptions v
t o corporatlun, and when borrowing stQos,
holder, the al iltipnal liability tor tue paynen!
of his Indebtedness, as secured hY plod 20 ol
stock and Zeal estate mortgage; nF saAl ~
N re inforln tlty in the 0rxsliiZ alton nave tas
effect of rendering this act null ossxposise
stock holder to ahy liability as7ono saeA
amounts. w
ARTICLE Is.
Stockholders Meetings.
at the request in writing Of ton stockhMosls'
or when ordered by the Board OF Oirecson:
the President sh all convene special mSeunss " "
STOCKHOLDERS. giving thirty days notice W .sM M
aud publication; AMI at all suon ~ 7o.'nss 'o..s
present and represented shall cOnstltaN quo.
rum, and each share of stock shall easuIe ~
possessor To one vote, provided same ~ e0os
in force sixty day. preceding sucl "4eeuat
ARTICLE l6
Amendment to Charter. ...
This act OF iueurpuratioa Can % eseM.' ~
anendtd or mod dticd. or the corpo!dtNSn ~
solved by u vote of three .fOurshs 3 tue ss.
present or represented at al annual uo'suh
or a special meeting of the St0cknoioets, w.
yened f,r that pnrpose, after thirty a"ys ~, ~.
ttee by publication aud mail. rug css. 49,
stock ean be incr .astd or decr0asso
yotebf two-thlrd5 Of all The snaffS W.:
represented ut An annu Il meeting, or spySCs.~ pSssA
meeting convened for that purpose, als' s-''
ty days NOTICE by mtil aud pnol'eas'o"'
- AkTICLh ~
~ LiquilattaA
In the event 81 thu dissolution OF tn's T.. e
ration by limitation or otherwise, sntoe 49, !,
holders sh al be ELECTED by tho stooko .hc
i special meeting cs.:a.d for that putpssoI; fai
-l iil act u. Board at LiqdidasoIs ss ssid
D ,wer an tatiority is ssrsoy vestea, IT,. ~ I'M
II, ,rd tn spesdliy wind up. and hqa .,.sn".s
af.lrs Of tn cprp,ration anu Sor snou I'M =
to sell tho pr pperty and assets sNey'.. ..o...stl
:,i,ect and receipt for all notes anu i. ..s.s
Inc .u To institute such suits - may 20 ss hs +,
.,ry t. enforce sans; and to pay ~ w. ~
,lcDtedn.ss due Dy the ASS )ciation, -snnsA
20 distrloute Lh. proceeds rcina.ai.s = ,o.t ii
the stoc Ahpl,lcrs In proportion " s"o
their holdings =, s..th rsSig.
In tho event of any vacancy by oSrI 'sni Z
II alton or otherwise, Occlriins VI IN. y. fhs ~
,,iuui ,tturs the sane ali Ill be ntoo y .ssek.
manning tneinJer, OF the boaro iio"'
nOl'i-rS. a.. A,Irs of Oh
In the event of liluilating tne tn9.s.s. a4s aisI
cor oDr.lti,u, bJrr,wing stoC1awsu luz uith jA(
nave tne right t. repty their iosas stock
ctsh witnir,w 81 vaiua OF tne p'0Aas~
IS pro vilti III Article IS nenrV.. q nsl