The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1917-01-20

dents. each Of said Vics>Pr eats b ainy
| OF cOncurlen rank. Five Directors shat!
| be gu rum for the Transaction Of bnsi-
ness. The Directors shall elect Il Secre-
! tary, Treasurer, an such other 9th 'ers
q, and employees as nav be necessary, an
! fix their com Dens .tiDn; and ~ sh Ill
F. have power to enlct by laws not re Jug
nant to thi, charter, to select their time Of
III settings, to suspend or dismiss anv
j iii :e~. director or emDlD zee for neglect of
| ,iuty or mi>c)n la It, an ID nam an1 ip-
point their Succ IS Dr5. an Sh Ill b I've Z ~
| ertl authority to carry olt the objects an
| business OF the CORPORATION.
ARrIHLE5.
Capital Stock.
The authorized Capital Stock of this
| corporation sh all be one Million ID Dllar>.
| to consist Of t N thousan shares OF the par
value of one hundred dollars each; IN in
com putting same only st lres actually ia
| force >h ali be counted, exclusive OF shares
cancelled By III lturity or withdrawal
| II stock out,tan lin sh Ill be rec >gnize
| Under the form III which it has b9en is
| sud-. but from an after the date of Thu,
| Oh lrter all additional shares shall be is
sue under one 3f thes. tNp plans, to-wlt:
| Full Paid Stock tnl u rent Stock.
| Full Paid Stock.
| Full Paid Stock may be issue | in pay
uent OF its par value Of one hundred d)l-
| lars per share, for cash at the rate Of sub
| scription, or in settlem mt of lnstallm mt
| or Dayton Stock, and sh al be pliI its div
| llenl rate Of interest semi annually in
cash, to be fixed an app >rtioned from the
profits, when divil,n are declared to
the other classes Or stock.
Current Stock.
The shares is,uel under the form of
| Current Stock to be sub divided, cla>siti ed
,nt design .tei as InstaIlment Stock or
! Dayton Stock. in a :cordance with the man.
ner in which the bsc.lptions for same
! are to be- paid by thu stockhol Ter.
| When the payment of subscriptions. to-
| yether with all divi len Is thereon. shall
| have re lchal the matured value of the
| stock, the payment OF dues shall cease,
| and all borrowers at such IN aturlty shall
! be entitled to have their oblig atoms can
celled AMI returned to them The holders
Of unpl.dyed shares shall be pail out of
| the funds OF the corporation the m ltured
value thereof. provided that at no time
| more than one>half of the IN 'nthy receipts
| Of the corp 'ration' be apple able to tn
payment OF IN tturei stock during tn p %
| ce ling six Ill )nths and the corporation
| IN " at any time. before the maturity, re-
tire unpledghd shares by enforcing the
| withdrawal Of the sime, at book or face
value.
Instalment Stock.
Installment stock may be issued upon
| the p ,ymrnt of at least one dollar for ,ch
| 81 Ire subscribed, and shall be paid for BY
| 4 regular III ,nthly payment Of one dollar
| per share; but il pledged to secure a stock
| loan. then by Il regular monthly payment
| " an amount, TO be igreel upon between
| the corp )ration and the borrowing stock
older; an the further ere lifting thereto
| OF all dividend |, declared rnese pawn ants
shall be c)nsl tered minimum monthly
payments, but any adlitio lal amount per
| month can be paid.
Dayton Stock.
Dayton stock may be issued upon the
payment of one dollar for each share sub
| cribed. and sh Ill be p nd for by payments
| Of irregular am )uats IN lde during each
| year. equivalent to an average Of twenty
i've cents per share per m nth; but ii
pledged to secure Il Stock loan. then by IA
| regular pawn mt of fixed am cunts. al
| st !t,d intervals during each year. to be
agreed upon between the corporation an
| the borrowing stockholler; and the fur
| ther crelitns thereto Of all dividen Is de-
cltred. These piymAn sh all be con-
| >idered minimum annual payments. but
any additional amount can be aid during
each yeT.
Should the Owner Of unpledgel Dayton
Stock fail within anv year to m Ike the
minlm I'm pawn mt therefor, such stock
shall be considered delinquent. and if not
piedg ID 10 IN corporation to secure Loan
ID
celled an its withdrawal value placed a,
deposit without interest to credit Of a
| Suspense account" for the benefit Of such
sharahO der, who thereby ceases to be Il
| N 3moer of the corp ,r atom; an the Sec
| rotary shall mail a nptice 10 that eff .ct To
said fOrm;r shlrehoider, AID on hi, fail
ing TO call for said dep sit within one year
| thereafter. the Board may carry same to
its ''Cuntlny, nt loss fund
ARTICLE 6.
Payments for Stock.
All payments due to the corporation by
its stockholders shall be payable at its Of.
lice in Patterson. Stockholders are not
released from liability for non-p " nent
Ivy failure of Collectors to call VIII IN same
have been appointed.
Monthly payments FIR Installm mt stock
and interest on Stock ,ans. shall be due
aud payable on or before the last dly of
each calendar month. and any stOckholder
falling to paw within len days of grace
there after shall be d.Ilnq lsnt AMI as
pen ity aud without notice, shall owe Il
fine OF two cents per share ii not pie ICED
% secure stock loan, mi of four cents
per share, it 80 pledged; aud similar
tine for each sub>eq lent similar default |
All m 'hie> received sl III be paid an |
accepted as su 'ject to subsequent impu
tatOEs, viz: u) For reimbursem 9nt OF |
money p Ill for the acc III 1t If stakeholder, |
(2J For the seltlsm mt of ii les. t3) FDr the |
pawn mt Of interest due, a: For payments
on premium note and l5J For PAYNE ts
on stock D,cripl ,n>.
Payments nude by the corp ration for
the acc punt of "a stakeholder, fines, past
due interest aud piym mt, on premium
ote, shall be lien (pri ming any AMI all
pledges OF samt) against all IN )lies in the
Il tndS OF tn, cDrpor ,tiDn to tho credit of
the stocklDlder, whether paid for stock
subscriptions or any other purp )se: and
sane may be with ir,wn As provided for
in Article Of this III trter aud imputed
as hereinaD Jve stated
Pass Books Subject to Correction.
The pass books, issue by the corpora
ton to evidence receipt Of pAym mt Of sub.
ScrIptIOns for ln>tallm mt or Dayton Stock
OF for the payments OF interest, fines and
premiums, AMI in which are also entered