The herald. [volume] (New Orleans, La.) 1905-1953, 1917-12-06
CHARTERS.


upon, improving and repairing of real-estate,
making loans to members of the Association
on mortgage security, and on stock of this
corporation, all in such manner and on such
terms and conditions as may be provided
by the bylaws.
Section 3 All loans shall be under the
control and direction OF the Board of Direc-
tors, who shall have power 10 fix the rate
Of interest and make such rules, regulations,
or bylaws regulating the same, as it may
deem necessary or expedient.
Article IV.-Capital. Section I. The cap
ital stock of said corporation is hereby
and shall be issued in shares of One Hun
bred $4,000 dollars each, and this corpo-
ration shall begin business al once.
Section ?. The shares of stock in this cor
P9orationn may be of two kinds. "Runnins
Shares" and Paid up Shares" Running
Shares" shall be paid for in weekly or
monthly installments of at least Twenty FIVE
cents per week per share, or in such other
amounts or al such other times as may be
determined by the Board of Directors. Paid
date Of their issue.
Section J. Running Shares" may be con.
verted into paid up Shares" by the holder
paying the difference between the present
and face value of such shares, or when such
shares reach their face value, or when the
amount of installments paid on such shares,
plus dividends declared thereon, shall have
reached their face value. All shares shall
dtions as the Board Of Directors may de-
termine.
Section 4. Each share of stock which has
been in force for sixty days preceding any
stockholders meeting, and represented there
at, shall be entitled to vote, either in
person or by proxy.
Section 5. The failure or any owner of
running shares" (not pledged to the associ-
alton for a loan on real estate) for term
of six months, TO make the weekly or month
ly payments his stock provided for
in the bylaws, shall, without notice, au-
thorizing the association to cancel said shares
OF stock; and from such time the amount
paid thereon, together with accumulated
profits, shall cease to draw dividends, but
shall be held by the association subject to
the order of such party, and he shall be SO
notified by notice mailed to him; and IN
he shall not within one year thereafter
call to receive said amount and surrender
the certificate, said amount shall revert to
and become the property of the Association.
Section 6. The failure of any owner of
shares of stock pledged to the association for
loan on Real Estae, to make his weekly,
payments on account of either principal or
interest for period of thirteen weeks, shall,
without notice, authorize the association TO
cancel said shares of stock and to credit
the cash value thereof at the time as part
payment of the loan; and the association
shall have the right to foreclose the mort
gage for the balance of the loan then due.
Section 7. Shareholders shall have the
right 10 Withdraw I1OI the ASSOCIATION the
amount paid in, together with the accumu-
lated profits due thereon at the preceding
dividend time, less the proportion of losses,
if any, upon filing written notice OF with
drawal, which shall be registered by the
Secretary in the order of their receipt; and
Withdrawing shareholders shall be paid in
rotation, as registered, out of the first IN
appropriated money in the treasury; but not
more than one-half of the monthly receipts
shall ever be used for the purpose of paying
Withdrawals, unless there should be an over
accumulation of funds which cannot be
loaned in the usual maner upon real-estate;
provided the Board may, in its discretion,
use more than one-half of the monthly re-
ceipts for the purpose Of paying such with
drawals.
Section s. Should there be an over-accu-
mutation of funds beyond the use of the
association, the Board shall have the right
to call in unpledged shares for redemption;
provided that paid-up shares shall be called
first, in the reverse order of their issue,
and shall be redeemed for face value, plus
interest for the time intervening since the
date of the last dividend, at the same rate
as the last dividend declared; and should
all paid up shares be redeemed, then running
shares may be called in, the oldest shares
to be redeemed first, and at their withdrawal
value, plus interest for the time interven-
ing since the date of the last dividend, at
the same rate as the last dividend declared
Section 9. On the death Of any share
holder whose shares are not pledged to the
association, his or her legal representatives
shall be entitled to receive, in cash, the
withdrawal value of the shares at the time
of the last payment made by such deceased
shareholder, or said representatives hall be
entitled to either transfer said shares to 9TH
ers, or continue the same
Section TO- Shares shall be transferable,
and duplicate certificates issued for lost
certificates in such maner as may be pro-
vided for in the bylaws.
Section H. On May LIST and November LIST
Of each year the Board of Directors shall
ascertain the earnings of the association for
the preceding six months. and out of said
earnings they shall % deduct all the ex-
penses of the association for such time; ~
set-aside from the balance at least three
per cent of the net earnings as fund for
the payment of contingent losses until such
fund reaches two and one half per cent of
the outstanding loans; which fund shall be
invested as directed by the Board; 90 they
may also set aside at least an additional
three per cent of the net earnings at any
dividend period for a reserve fund until
such fund reaches two and one half per cent
of the outstanding loans; and ~ the balance
of said earnings, thus ascertained, shall
be declared as dividend to the stockhold-
ers in proportion to the value of stock of each
member at the time the preceding dividend
was declared; and all payments on running
stock" made between such dividend period
shall begin to earn dividends from the be-
ginning of the next semi-annual term.
tied to dividends thirty days from the date
of issuance, but no greater rate of divi-
dends shall be paid on full paid withdraw
able stock than is declared and paid on
Running Stock" and provided that nothing
in this charter shall be taken to prevent
this Association from paying less rate Of
dividend on "Paid up Stock than is paid
Section - The dividends declared on
running stock" shall be credited on the
pass books of the members semi-annually
and dividends on paid up stock" shall be
paid in cash not later than the fourth Mon
day Of May and November of each year.
Article V.-Directors. Section /. The cor
porate powers of the association shall be
sist of not more than twenty-five (2s) stock
holders, who shall be elected by the stock
holders on the first Monday in March an
nually, commencing with the first Monday
in March, 1918.
Section 2. Notice of said election shall
be given for at least one week by publication
in one of the newspapers published in the
be by ballot and shall be held at the domi-
cle of this corporation, under the supervi-
sion of three stockholders appointed by the
Board of Directors at the last preceding
meeting thereof. The stockholders receiving
a majority of the votes cast shall be de-
clared elected.
Section 3. The failure to hold an election
corporation, but the directors in Office shall
| hold over until an election be held aftel
one weeks notice of the time and plac,
thereof
Section 4. The directors shall elect from
| their number a president and vice-presi
| dent, and seven directors shall be quorum
| for the transaction of business.
I'LL