The Donaldsonville chief., 1920-05-15

year shall receive in addition to III
such proportion as may from tim. ses
be fixed by the board of directors - II II tn
profit earned up. 60 The last report eus y Y y
auditing committee. u \
ARTICLE SEVEN.
All corporate powers Of this as....
shall be vested in board of dira.sas.o sssoslasl
out any necessity of any authorizas;.zzR zR
ratification of their actions bv thaoa thatloa
holders. Said board of directors sbsN M
composed of fifteen directors who 49, 49,
own not less than two i2l shares ~ ~ 81
and except the first which is bass.s i .sses
provided for shall be elected annuaII,, s.asss aas
fourth Thursday of January in est " =
Said board shall have the power to r,.,'sa I'M
needfu! rules and bylaws for the ht.aAs saAs
ment and regulation of the associatsa.t'sl svtstl
officers and business and to anno;ns1
subordinate officers and agents To AZ sas
All elections shall be held at the mn or s.
the association under the superyis;sss
board of directors. Ten days 49, sysss
notice of such election shall be o;,.sslssss S;ssslss
publications in one of the papers pubissaasst
the parish and the directors then asss
shall serve until their successors A.. ,ssss ssssss
and qualified. A majority of the yosss sssss4
shall elect and one vote shall be sl,n,,a. y y
each share of stock represented ~ n
holder in person or by written nro,s ~ =
vided no shareholder shall be allowed ~ 81 81
either IN his own right or by proxy Is s Fs IN
more than forty shares. ANY y.censa sa
curing in said board from any canss s.s sas \
soever shall be filled by the remain;,ssa wv Y
rectirs. Five directors shall consf;ssssss9M
quorum for the transaction of all hrssss hsss
The board of directors at the annual ssss
ing on the fourth Thursday in Ian,,.sas
each year shall out of their own s,sis nssa
elect president, a first vice presidens IN
a second vice president. The boayd sss fs
also eject a secretary treasurer who zsss MI
not be director. The office of sAassss sss
treasurer may be held by two personsS s;as ::g
board of directors so decides. Ther 4s
also elect an attorney anu fix his en,n.ss8 IN
ton. and that Of the secretary ss.sss sssA
ARTICLE EIGHT.
No stakeholder shall be entitled 3sss
row who owes anything on his shass.as ~
shall any shareholder be loaned an ssssss1 IN
exceeding The maturity value of the 'ss..s
borrowed on. In all cases where tia sssssss
alton lends money TO the sharehoIiasssa II
shall have the &ght at the maturity III sa
stock 60 compensate and set off the arass8
due said shareholder or his PLEDGED NV
against the sum leaned him and Ia ss,.H
said amount IN payment of his loan ass Z
part of any sueh loan saal be consiasssass Il
fta{
and compensation has been effected sgkssN
holders who have been awarded loans II
their shares failing to tender satifsss
security therefor within thirty davssF
the date of the loan shall forfeit saina IissB
vided that che board of directors fnayS rs
good and satisfactory reasons. exteaas ssS
same and all charges and expenses III
costs attending the examination of ssfsss
and searches together with interest fassss#
less than four weeks such fu-theY Il, 4
as may have elapsed. shall be charged Ii Nh
borrower and be a lien against his rs III
shares until paid. All fees OF attcfs5sss Y
notaries recorder and all other expense ne
Cured in making or canceling loans silAs
be paid by the respective borrowers As#
bers of the association wishing to Hsssss
money on the simple pledge of their stsss n
on vendors lien and privilege aec,s|s
shall make application therefor IN writIsa n
the secretary treasurer, who shall rsssA
and number same in accordance with HS
receipt, and when there are sufficient Esss&
in the treasury from which to make js4sA As
they shalt be given to the applicanss AZ
same in the order of their respective atssa
ti0n, III
ARTICLE NINE. 3
No shares of stock shall be transsssx
except on the books of the associafon ss
upon the surrender of the certificate Sbsa3
for and provided that no share III alisE
can be transferred. There shall be ets
of twenty-five cents for each transit II III
certificate of stock 81
ARTICLE TEN. d
The following named persons, ts.N.; lS
E. Noel. A S. Crawford. j. NJ. MshsEs
Stakelum. Rev. C. M. Chamboa,
Schaff. Sr, Walter Lemann. David Isis
Jr., W. C. Hazlip, J. E. Blum, Richard 9
mr.
Clarence Leblanc, L. B. MattingIys 4
Walter Lemann as president; 4.
first vice president; J. Clarence LeEH
as second vice president: R. s. Vickssss
secretary-treasurer, are hereby cDEsslsl3t
the first board of directors and shall hoIS
fee until the fourth Thursday III Jsla
1921, and until their successors are
and qualified. s:Sss ssss8
ARTICLE ELEVEN Il
This act of Incorporation may III SsIs lasz
altered, amended or dissolved by sas u gN
three -fourths of the shareholders pfeasas tsSE
represented at a general meeting d III
convened for that purEssa d
ter thirty days notice of such meatsus hi
have been published in one Of the payssB NE
the parish. The affairs Of this assotaIa
in the event of liquidation, shall ba aissss aissssa
ated by three commissioners to be- elected sss ss|
the board Of directors.
ARTICLE TWELVE. 81
No shareholder shall ever be held
for the contracts or faults of this assSe5
tion in any further sum than the aHs1E
Of his Indebtedness to the associatiea
shall any informality in It's oraanIssB
have the effect of rendering this
null or exposing the shareholders ID
liability beyond the amount Of theig II
scription to the stock
Thus done and passed in the parish Il h#
tension in the presence of Earl Wartisk gss#S
Henry M. Dugas, competent witnessed
set their names with apgss
md me. notary, the day. month hind
irst above written ssa sa
(NAMES OF SUBSCRIBERS oMTr4
Witnesses: ss
EARL WARRICK. E
HENRY M. DUGAS g zzI
WALTER LEMANl @
[L.S.i .- Notary pahlt
I. the undersigned, recorder iH and sef A
parish of Ascension, do hereby certAg
lbove and foregoing to be true and
ect copy of the original charter Of Ass5sH
ion Building and Loan Association
# subscribers oniifted), and RECORDED E
5ook of Charters No. One, at page 29. R5ssss
in testimony whereof witness my
ure and seal of office this 20th dsf
april. 1920. J. S. BARMANS 2
Clerk and Ex-officio Recorder. PaEaaa s
Ascension.