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

cnrei by vendors lien and n n. resale ".
'pec's' mortgage o. the pr,nM.n.essnt
; move Tor the amount Of the hpn! Ii.
"lthout interest and the othss b.
notes 10 bear a stipulated rata =, note Of
per annum from date, said i~,o NJ Interest
aoie IN monthly instslimants .e'est pay.
the last calendar day Of each U wi oetot,
corporations office In Patterso%.' ala uta.
rate per cent per annum Of ir,,hA h,
me notes are to bear shall ha ''seS Au
the Board Of Directors. vhso assd By
the loan application, and to hs ,.sscfspda,
IN the act OF resale with vendors ''iIpiassi
mortgage. 0''s lieu ND
In the event that the proner.v
security II not owned by thu hUnuetsda
stockholder, thuu the same AZ .u""r'ovua
chased by the corporation in H.; i..m % pun
out OF the funds to b. advances vsa n'ns
the borrowing stockholder s"shp sylasa
remaining then. or after asrsed , aaoaut
provements have been nail. upoa 10.
property to be Their or snhssn,sauu Md
to him for the am ,unt Of thu 1 nsn ,eid
the event OF a bonu, bid tho a, anaa
amount of the bonus premium uaueaal
same terms and security a, h...oa Tie
provided, In tho resale Of pronar,r "'o'vs
All fees for abstractors not.y
registers and expenses inenrrsSt 'es su1
pralsng property, making and c,, ~ sp'
loans. shall be paid py the h"..elus
stock holder. so''0Wlag
Borrowing Stock holders Aprs.r..
An agreement shall be entered in,a .1 Ky.
the stockholder and the corporatIo. yssNea
the stipulated payment of instsli..nasuas
terest and premium bonus shall Nv AN
whereby payment on the notes shall M. hI ~
mandet aS long as he regularly psvs ~ y "a
inen.s n1ed oy the contract, aud " lous
tu!f1lls ali the obligations Of a borrovi"ss - 10
holder, AZ provided in the chartsr ~ sU '
agreement; aud if desired bv tbs .,sI ~
holder, or required in any ndiyilnsI ,. Ssst
the Board, whereby repAymsnts AZ IN.
loan, AS provided in Article Is hereof .Ss III
made at stated intervals. '1@"~
Foreclosure Pr0ceedjnpa
IN the event that any borrowing stOcthola.,
shall b in arrears an amount excssJ;ns.SSa
value OF ak monthly payments Of interss w
OF SIX monthly payments on install s,n,s
or of the agreed annual or semi sunu.i .s.
InentS on Dayton Stock, or Of tho ssr..5
monthly payments On his premium M. ~
violates any of the obligations Of horrn-;..
st0ckholder, then the said note or not.s NH
become at once, by special resolution Il N.
Board of Directors, due and exisjhI.. az
penalty and without putting in dsf.nI, 4.
their full amount; and the board shall h. =.
thOrized to withdraw the value of thu s..s
pledged TO secure the loan, and after iInun,isss
Its amount according to Article Of ths ehss
ter, to credit said note or notes with ths =.
naming balance; aud to institute auch l.s.I
measures as shall be necessary " enforu ~.
ment with interest. attorneys fees and costa
ARTICLE
Cancellation Of Loans,
Stockholders obtaining lOsns or adysaaa
upor their stock, and failing to tender ~.
factory security within thirty DAYS altar ia
date OF the meeting at which said losn va A.
piled for, shall forfeit the same PROVIDED ths
Board shall have the right to extend the tina
for satisfactory reaOnS, and all costa chars.
or expenses, together with the interest for 90,
less than one month, or such other tns \
shall have elapsed, shall be charged to ht
stOckhOlder and be a len against bis sharva
and paid therefrOm ~ provided in ArticIes(
and Of this Charter.
ARrICLEl2.
Repealed and omitted from Chsfter
ARrICLEl3.
Repayment Of Loans.
Any stOckhOlder, " no has received loauu
advance upon his shares, desiring to settle md
liQuidate such Indebtedness, may do 90 eItAa
in part or in whole; and it desired any ven.
doris lien and privilege existing against No
property may be reduced proportionstoly, md
each time the loan has, by reason Of such py.
ments, been reduced one hundred dollars il
amount, one share of the pledged stock may b
surrendered aud cancelled.
From time 0 time, by special agreensutm
in accordance with his written agreement, q
provided for in Article 10 hereof, the essa
withdrawal value of his stock payments may IN
credited on his note or notes, and thereafter H.
terest shall be paid only upon the remainder
ARTICLE IA.
Nom Liability Of StOckhsldsrs.
No stakeholder shall ever b. hold liahlsW
responsible for the faults, contrscA OF hdebt.
edness Of this corporation in any further sam
than the am punt Of his paid in subscriptions "
t o corporation, and wnen borrowing stocE.
holder, ths ad iitional liability tor the payment
of his indebtedness - secured BY pledge G
stock and real estate mortgage; NOR shall AZ
IN ire Inform tlity in tho org taiz alton have ths
effect of rendering this act null OF sxpoa1gs
stockholdcr to any liability beyond suaA
amounts.
ARTICLE Is.
Stockholders Meetings.
At the request in writing Of ton stockhoaoeft
or when ordered by the Board OF Director,
the President sh all convene special meetln0G
stock holders, giving thirty days notice ~ ~
and public ston anl at all such moetin8s Aoee
present and represented shall c0nstsoN que
rum, and each sh lsre of stock ahall sntltie 10
possessor to one vote, provided came ~ essa
in force sixty days precedinx sucn WeeaAk
ARTICLE l6.
Amendment to Charter.
This act OF Incorporation can Do Atetvas
amended or modified or the oorpotsehe @e
solved by vote OF three fOurths o. the 49,
present or represented at AL annual mesunk
or "a special mt citing of the stOckholdets, o0'
vsnod for that purpose, after thirty days y.
tice by publication and mail. Tue CO.
stock can be Increased or decreased y
vote VI two thirds Of xll the shares ID Iose1i
reprd9en ted at AN annual meeting. or = ~.
meeting convened for that purpose, ais1 tau'
ty days notice by mail and publication
ARTICLE II.
Liquidation
In the event of the dissolution Vi this oef1G
rati "a by limitation or otherwise, thtee Hos :
holders snail be elected hy the stOekhoioss. =
4 special meeting called for that pufposos; IN
shall act as q Board Of LiQdidatofs. sne %. "a
power an authority is hereby vesto1 Y. ~. m
Bo ard tn speediiy wind up and Aqu'o Ias,.S
affairs of tue corporation and LOT sucn IA q
to sell the property And assets tne!~. .,csa,n
collect and receipt for all notes anu !. s...s.
due. and to institute such suits ~ may \, ~ il,
sAry to enforce same; and to pay ~ 1."r -
debtedness due by the Associatio1, u ~. ..ycsss
To di5tr lhuLe the proceeds reinA!nise nonatd
tho Stockholders in proportion W sno
their holdings. ,..,h ,asis.
In the event of any vacancy BY dessn p,s,dx
nation or otherwise, occurring IN l9e .! Ds ,Ss =.
Liqnidators, the same shall be nlleo ,s.eek.
malnlns members OF the Boaro ifom
holders. .s.;,. A u
In the event OF liquidsting tho an aa1. I'll
corporation, borrowing stock nolao Ia tho
have the right 70 repay their iosas ssook,
cash withdrawal value Of the Pioos'~
as pro vided in Article IL hereof. q. NM
Thus done aad passed at r.ttSlsou s, ~. WA
Parish, La, ON thia sth day OF DecoA III +
in the presence OF j. b. SanNo.' vhA IN
Mar U, two coinpeten' wsm VIM w;th nd ~: