The Donaldsonville chief., 1920-04-24
CH a T E r
ASCENSION BUILDING AND LOAN
ASSOCIATION.
!: OF THE = .

dEs April. in the year one thousand nine
- hRndred and twenty, before me, waiter
Lenaann, a notary public in and for the sta 6
and parish aforesaid duly commits aug
qua 1iftd and in the presence OF the VII
| nesses hereinafter named and undersigned
i personally came and appearsd the several
| fersons whose names are hereunto SUP
seribed who severally declared that avail
ing themselves of the laws of this state rel
ative to the organization of corporations
! they have contracted and agreed and do by
/ these presents covenant and agree and bind
and obligate themselves as well such per-
son or persons who may hereafter become
/ associated with them to form and constitute
/ a corporation and body polite in law Tor the
objects and purposes and under the articles
and stipulations following, to-wit:
ARTICLE ONE.
The name and title Of the corporation
hereby formed is hereby declared to be
ASCENSION BUILDING AND LOAN Asso-
/ CITATION, and under it's said corporate name
| it shall have power and authority to con-
tract sue and be sued, to make and use a
/ corporate seal, and the same to break or
altar at pleasure; to hold receive. lease,
! purchase and convey under it's corporate
/ name property, both real and PERSONAL to
/ lend money on security to name and ap-
I point such officers and agents as the in
9terests and convenience of said corporation
/ may require; to make and establish such
/ bylaws rules and regulations for the proper
1 management and regulation of the affairs OF
4
1 proper, and the same to change and alter at
pleasure and to do all such acts and things
/ as are or may be necessary and proper to
carry out the objects and purposes OF SAID
/ corporation.
ARTICLE TWO.
| The tlen1ice of said corporation shall be
! in the parish of Ascension, state Of Louisi-
ana, and the president thereof, or IN his
absence the vice president, or in the absence
! Of both of these officers, the secretary
| treasurer thereof: shall be the proper per-
sons or officers upon whom all citation or
other legal process shall be served.
| ARTICLE THREE.
| The objects and purposes of this corpora
tt;on are: TO assist it's members by prov1d-
ing mutual and cooperative plan for the
safe, convenient and profitable investment
homes without diff Rlty and easy terms
| payments on accot M of capital stock and
1 interest or from od sources to be used in
purchasing, hHildin making repairs s. upon ! on
from real estate and homesteads; and for
the purpose of making advances and loans
to members of this association on real es-
| tate security and the stock of this cor
| poration on such terms and conditions as
may be prescribed in the bylaws.
This corporation shall exist for the term
and period. of ninety-nine years from the
date hereof.
The capital stock of this corporation is
hereby fixed at one million I 81, 600 0OO) dol
lars divided into:
! First-Five thousand five hundred t55001
shares known as running shares" to be
paid in monthly installments of one dollar
| per share; twenty-five hundred of which of
the par value of two hundred dollars f$200)
each and three thousand t3000) of the par
value of one hundred dollars fs100.)
Second--Fifteen hundred (1500l shares
of the par value Of one hundred dollars
$4,000 each, known as paid up stock
which shall be paid in full at the time of its
issue subject to such regulations for the
issue and recall thereof and as to the pay
ment of interest thereon as may be adopted
by the board of directors. No shares of
paid up stock shall be transferred except
upon the books Of the association and upon
surrender of the certificate therefor.
Third-Five hundred shares of the par
value Of one hundred dollars 1SlO0}. each
known perHanent shares, which shall be
issued from Kdne to time as the board of
directors may determine which stock shall
be paid for in cash wien issued. shall not
be Withdrawn except bsyconsent OF the board
Of directors. and when the entire amount
herein provided shall have been issued. the
same shall not be subject to be called in or
redeemed by the board of directors.
The holders Of full paid stock shall have
no right to vote such stock at any meeting
Of the stockholders Of this association,
shall any holder Of such stock be eligible. to
election on the board of directors unless he
shall in addition to such paid up stock own
I at least two shares of running stock Of this
The AZ may be increased u Il.
Eyote of stock holders owning two thirds of
The stock Of said corporation at meeting
called for that purpose in the manner pro-
vided by law. Said corporation shall be au-
thorizea to commence business as soon as
two hundred and fifty shares Of its running
stock shall have been subscribed and ten per
cent thereof has been paid in cash.
The fiscal year of this corporation shall
end on the s1st Of December Of each year.
The words stocks" shares of stock and
shares as used in thiA charter do not in
clpde paid up stock aNd the words stock
holders and shareholders as used in this
charter do nor include the holders of paid
up stock unlesV expressly so stated
ARTICLE FIVE.
Payments on shares of stock, installments
and interests shall be due and payable
the first day of each month at the office of
the association, and any shareholder in
arrears five weeks in the payment either
Of installnents or interest shall forfeit any
pay as q penalty the sum of five cents per
share on shares on which advance has
been made and the sum of ten cents per
share on shares on which an advance has
been made, and the same for each similar
subsequent default and said fines must be
paid before further installments Of interest
can be received. Any shareholder who shall
become six months in arrears in the pay
or her shares shall by reason of such failure
forfeit all payments previously made by him
or her together with the profits interest and
accumulations thereon, all of which shall
revert to and become the nronerty of the
association, but the board sof directors may
by resolution remit the same.
ARTICLE SIX.
ANY shareholder who has received loan
advances unon his shares desiring to
Fctt'e and liau;date said indebtedness prior
20 The maturity Of the loan may do so in
whole or in part by paying cash the net
amount received on each share and il de-
sired the piedred shares may be surrendered
to fhe assoeiatlen and cancelled +. under the
sGasd shares d yae credited T.
nart oavn1ent Of sal bdebtedness.
Stockholders not Eng indebted to the
association r1ay With hw by giving notice
in writing e the boa Of directors and up
IN their authorization an order shall be
aea9n on the aenository in favor of the with
first dedueting therefrom all flies and
nfoportion Of all incidental expenses and
losses. provided that said order on the de-
pository shall be liquidated out of the first
unaprropriated money in the treasury and
provided also that a stockhoder withdraw
ing after his stock has been in operation one
year shall receive in addition to the above
such proportion as may from time to time
be fixed by the board Of directors of the net
profit earned Up to the last report Of the
auditing committee.
ARTICLE SEVEN
All corporate powers of this association
shall be vested in a board of directors with
out avg necessity of any avhorization of
ratification Of their actions by the stock
holders. Said board Of directors shall Be
composed Of fifteen directors who shall each
own not less than two (21 shares Of stock