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

tice of withdrawal be registered and
numbered by the Secretary in the order of
its receipt aud withdrawing stockholders
paid IN rotation out Of the first unappro-
priated money in the Treasury. provided
CD that at no time can any stakeholder or
stockholders demand In any month to be
paid for Withdrawals Of stock more than
one half of the current receipts for that
month, nor GU before the expiration of
thirty days from the date of ding with the
secretary their written notice of with
drawal.
Withdrawals of Stock Payments to
Liquldate 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 stakeholder. 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 ii any inaccuracy is proven in
said charges or imputation, without dam
ages.
ARTICLE
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 Installment Stock to
Dayton Stock.
Upon the request OF any owner of In
stallment stock unpledged: or by mutual
consent of the Board and the owner of
pledged instal'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 notification; the Board my,
without impalring 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, cancelling the shares
received and issuing the new shares, sub
jet to such pledges As existed against the
shares accepted in exchange and cancelled.
ARrlCLE3.
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 ~ deduct all expenses and losses
then I'll Set aside to funds for "C0ntin-
gent losses" and "Reserve", such amounts
as they deem best, until said fun Is shall
amount respectively to such percentage of
all outstanding loans. as shall be fixed by
81, Oh hall 10 tI,,,,,
that required by law, then 80 Apporilon
the dividend due TO Full Paid stock, at Il
rate to be at that time feed, which may
be less but shall not exceed that appor-
toned to the other classes OF stock, then
a. The balance of said profits in whole
or in part may be declared as dividends to
InstaAment and Dayton stockholders, and
I'll 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 dividend.
All dividends in each year paid to Full
Paid Stock and credited to lnsuallmenl
aud Dayton Stock shall be of dates jauu
airy End and July End; and the dividend
rate shall be first declared upon the value
of each stock subscription of date the pre-
ceding July lst or January LIST, or upon
such portion of same as not withdrawn,
and then in its discretion the Board may
declare further dividend at the same ~
lower rate upon the current stock sub
scriptons paid in during the precedin.
six months, or upon such portion of same
as not withdrawn, computed upon the
amount and time of each payment.
ARTICLE ~.
Loans to Stockholders.
1t shall at all times be entirely within
the discretion of the Board Of Directors t.
lend to any stakeholder not eXceedin !:
nine tenths of the withdrawal value of hi
stock payments, or to advance him al, Or
part Of the par value of his stock, design
ated respectively Il lnstaliment Loans.
| and 81 Stock Loans; with full authority
to make such rules, reg liations and stipu
lations to govern said loans or advances in
general aud in each individual case, as il
may see proper.
In,tallment Loans.
ANY owner of Full Paid, lnstaIlment Or
Dayton Stock. not already pledged a.
security. desiring to obtain u loan upon
the cash withdrawal value thereof, must
present d written apple alton for such
amount a be desires, not exceeding nine
tenth> of ITS with travail value; must exc
cute written pledge of the stock upon
which the loan Is made. together with All
! payment, of lnstallmentS and divideni Is.
present and future thereon; and mist
furt her execute his note in favor of The
corp )ration for the fail 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. The sec.
| rotary shall haye fall auth nrity to Ill Ike
such loans without reference to the Board
provided that at any meeting the Board
may require future applications to be re
ferred to it for approval aud 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 Direc
tors. the Board shall have the right to oifer
to advance the par value of Installment 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 iii writing. La awarding stock
loans, preference snail be gwen 60 the
stakeholder Offering to pay voluntary
premium therefor, either IA discount or
bonus. no part Of which shall be rebated