The Donaldsonville chief., 1920-05-29
G II A r T E r
ASCENSION BUILDING AND LOAN
ASSOCIATION.
OF THE -

EDE IT KNOWN that on thiS l4th aaS Vi
I'D April, in the year one thousand nine
hundred and twenty before me. Walter
Lemann, notary public in and for the state
and parish aforesaid, duly commissioned and
qualfitd and in the presence OF the VII
nesses hereinafter named and undersigned.
personally came and appeared the several
nersons whose names are hereunto sub
scribed. 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 oblipate themselves as well as such per-
| son persons who may hereafter become
associated with them to form and constitute
a corporation ard body polite in law for the
objects and purposes and under the articles
and stipulations following, to-wt:
ARTICLE ONE.
| The name and title of the corporation
! hereby formed is hereby declared to be
! ASCENSION BUILDING AND LOAN AsSO-
| CITATION, and under its 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 its corporate
name property, both real and personal: to
lend money on security; to name and ap-
point such officers and agents as the an
terests and convenience of said corporation
may require: to make and establish such
by laws, rules and regulations for the proper
said corporation as may be necessary ana
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 domicle of said corporation shall be
in the parish of Ascension, state of Loulsl-
ana, and the president thereof. or in his
absence the vice president or in the absence
(,nth nf off "
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
ton are: To assist its members by provId-
ing IL mutual and cooperative plan for the
safe convenient and profitable investment
OF their savings wherewith they may secure
homes without difficulty and on easy terms
of payments to accumulate a fund from the
payments on account of capital stock and
interest or from other sources to be used i'll
purchasing, building making repairs upon
and improving or removing membranes
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 on the stock of this cor
poration such terms and conditions as
may be prescribed in the bylaws.
This corporation shall exist for the term
and period of ninety mine years from the
date hereof.
ARTICLE FOUR.
The capital stock of this corporation is
hereby fixed at one million (S1,0O0,00o) dol
lars divided into:
First-Five thousand five hundred (5500)
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 $4,000
each and three thousand (sooO) of the par
value of one hundred dollars ($100.)
Second-Fifteen hundred (15oo) shares
Of the par value of hundred dollars
$1,000 each. known paid up stock
issue, subject to such regulations for the
issue and recall thereof and 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 ($100). each
issued from time to time as the board of
directors may determine. which stock shall
be paid for in cash when issued, shall not
be withdrawn except by consent of the board
herein provided shall have been issued. the |
same shall not be subject to be called in or |
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, nor
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
at least two shares of running stock of this
association.
The capital stock may be increased by a,
vote of stockholders owning two-thirds of |
the stock of said corporation at meeting |
vided by law Said corporation shall be au-
thorized to commence business
two hundred and fifty shares of it's running
stock shall have been subscribed and ten per
cent thereof has been paid in cash.
The fiscal year of this corporation shall
md on the 31st of December of each year.
The words "stocks," shares of stock and
shares as used in this charter do not in
.ttde paid up stock and the words stock
1olders and shareholders as used in this
'harter do not include the holders of paid
Ip stock unless expressly so stated.
ARTICLE FIVE.
Payments on shares of stock, instalm ents
md interests shall be due and payable on
he first day of each month at the office of
he association. and any shareholder in
arrears five weeks in the payment either
# instalments or interest shall forfeit any
,ay as a penalty the sum of five cents per
hare on shares which no advance has
seen made and the sum of ten cents per .
hare on shares on which advance has
een made, and the same for each similar
ubsequent default and said fines must be ,
aid before further installments of interest
an be received. Any shareholder who shall
ecome six months in srrears in the pay |
1ent of lnstalments or interest due on his
r her shares shall by reason of such failure
orfelt all payments previously made by him |
r her together with the profits interest and =
ccumuiations thereon, all of which shall &
evert to and become the property of the s
ssociation, but the board of directors may
y resolution remit the same. r
ARTICLE SIX a
Any shareholder who has received a ',oan S
r advances upon his shares desiring to s
ettle and liquidate said indebtedness prior v
, the maturity of the loan may do so in a
hole or in part by paying cash the net a
mount received on each share and if de- b
red the pledged shares may be surrendered | s
the association, and cancelled under the | r
ondltlons provided for wthdrawing-un- v
Iedged shares and their value credited in j
art payment of said Indebtedness n
Stockholders not being indebted to the | a
may withdraw by giving notice
writing to the board of directors and up a
1 their authorization an order shall be G.
'ayn on the depository in favor of the with | D
'awing stockholder for the dues paid in. Iii
rst deducting therefrom all fines and a fl
'oportion of all incidental expenses and | G.
sses, provided that said order on the de-
'sltory shall be liquidated out of the first
money in the treasury, and |
DIVIDED also that a stockholder withdraw -
& after his stock has been in operation one
'ar shall receive in addition to the above
'ch proportion as may from time TO time r.
fixed by the board of directors Of the net D.
oft earned up to the last report OF The
diting committee.
ARTICLE SEVEN
All corporate powers of this association
all be vested in board of directors with.