The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-30
CHARTER

] IA.
/ ruritv for real estate loans the monthly
/ pnyments made by the shareholder shAII
] be imputed as hereinafter provided ana
any additional payments NY Il" maze ~
/ any time. or in any amount, at the opi"H
! of the shareholder.
Full Paid Stock.- Fun paid stock shall
! hr issued from time To time. as IN" Board
! OF Directors may determine: shall Ice pald
/ for in full when issued; shall receive div
drud~ in cash. and may Ice WlihdraMh OF
| called in. rs hereinafter provided.
/ Dividends At the end of every sin
months the profits of the Association shall
( be- credited 20 the several kinds of stool
/ iu promotion to the capital invested, and
| for account of Reserve, Surplus or other
funds aS the Board shall deem tit. divi
dvud> shall 70, declared. AMI the amount
due on inst 4llul,ut shares shall bee credited
thereon iu such manner rs the Board may
determine and the amount du, ON full
paid stock shall hr paid TO the holders iu
cash. The dividends declared 10y the Board
shall Dee final and conclusive upon all stock
holders.
Dividends Paid in Fun or Withdrawal
NIl dividends credited I'm pa>shOuks of the
Association after September LIST. 1919. shall
hr considered on withdrawal Of shares at
face value.
Distribution on Dis~oIltion.- When III,
coruOratiou shall Ice dissolved and its af-
fairs Uquidatcd, all the funds shall be- di-
yidrd among the shareholders, according
To their respective INTEREST,"
igUIdatiou.--Wh Whenever all the install
mrut shares outstanding shall bp worth
par or face value. the business and affairs
Of the Association shall be Hquidatcd by
three COWmiS~ toner's selected by the Board
Of Directors from among the shareholders.
lmrutatiun OF Payments Payments on
iH>talment shares and interest shall be
due and paNIbl" ut the Office of the ASSO-
citation, and all payments shall be i'm
pUted J. To the reimbursement of mon
aF : "a a Gi
To the settlement of fines. .. TO the set
tlement of interest due. { To the install.
meut on shares. Provided that the order
of imputatiOn may be changed at the dis
erection of the Board Of Directors.
R"i>sucS.-Whcn the full amount Of the
capital stock has been subscribed. the
Board may issue new shares from time to
time, in place Of shares which may nav
matured or have been cancelled, forfeited
or lquidatcd.
Limit of IOldiuCS.-No member of this
Association shall Ice limited in his hold
iugs of its shares hut this provision shall
not interfere with the right of the BOARD
10 call in shares, rs herein provided.
Right To Call in Shares Should there be-
an accumulation OF funds beyond the use
Of the Association. the Board shall have
the right, at its option. to call in for re-
.dcmptiOn uuplcdCrd inStallmput shares or
full paid stock. the latter subject To the
conditions hereinafter set forth. Shares
shall De called in by allotment. or in such
other manner as the Board Of DIRECTORS
may determine. Each in~tallmvnt share
shall be redeemed plus interest based on
the last dividend. and each fun paid share
shall be redeemed at its face or par value.
plus interest at the rate of six per cent
per anuum from the date of its last diNi-
dend
ARTICLE V.-Dircctors and Their Pow
erS.-The corporate powers of the Associa-
ton shall Ice exercised by twenty five hi
rectorS, each Of whom shall own at least
hve shares Of the stock Of the CORPORA
ton. and who shall be elected by the
stockholders on the third Thursday in
March annually; each share of stock rep
resented nj said election and not in default
being entitled TO one vote.
Method Of EIcction.-Notice Of said
election shall be given for at least one
week by publication in one or more news
papers published in the City Of New Or
leans. Said election shall be by ballot, and
shall be held ut the dOnicile of this Cor
pOratiOn. under the supervision of three,
stockholders appointed by the Board of
Directors ut the last preceding regular
meeting thereof. The stockholders receiv-
ing Il majority of the votes east shall be
declared elected
The failure to hold an election on the
day specified shall not dissolve the Cor
pCratiOn, but the Directors in office shall
hold over until an election he held, after
ten days notice of the time and placp
thereof.
Election of OfRcers-The Directors shall
elect from their number a President Vice
President and Second Vice President, and
seven Directors, including one of these
officers, shall be q quorum for the trans
action OF business; provided. that in the
absence of the President and Vice PrrSi
dents from any regular or special meeting
n majority Of the whole Board shall be en-
powered to elect a presiding officer for
snch meeting and to transact the business
of the Association. In case of absence, or
ialIure, lnablllty, or refusal to act, on the
part of both the President and Vice Presi-
dents. a majority of the entire A}oard shall
elect President pro ten, and such officer
shall do and perform all the duties incum-
bent on the President so long as the alb
Sence failure. inability, refusal, etcS above
referred to shall continue.
Powers of Board.-The Directors shall
elect Secretary, Assistant Secretary and
a treasurer, and such other officers as may
be necessary, and may fix their cOmpenSa-
ton, and they shall have power to ADOPT
bylaws not repugnant to this charter, to
select a place of meeting, to suspend any
officer for neglect of duty or misconduct
ana, IN general, TO carry out the objects
OF the Association.
ARTICLE NI.-Married Women and
MlhOrS;-Apphcation for Membership
Married women and minors may hold
stock in this Association as provided by
law. All applications for membership shall
be subject to the approval of the Board of
Directors.
An LILLE Nll.-LOanS and Advances
Right TO Advances.-Each shareholder, for
each installment share he may hold in the
Association, shall be entitled subject to
the discretion Of the Board to receive from
the funds of the Association. on real estate
security, an advance of fifty dollars and
besides giving such security, such share
holder Tin one or more contracts as de-
tsrmined by the BOard), shall pledge his
shares In the Association, and also i'm
special cases as the Board may determine
snail, as additional collateral security.
pFdSen bonds, stock, or other securities
or give additional personal security.
Shareholders desiring loans on real es-
tate security must file application therefor
upon blank forms furnished by the Asso.
citation, and when the same are DronnrIv
hlied up and signed, they shall be num-
bered in the order of their receipt, and
loans or advances made in sequence in the
available. .
ton.
Interest.-Shareholde taking advances
shall pay interest on the face thereof by
monthly payments, at the rate of $50 per
centum per annum.
vote OF seventeen members. the Board NAV.
from time to time, change the rate of in
tereSt on any and all advances to be made
10 shareholders.
Failure to Offer Security.-In case anv
applicant for n loan or advance shall fail
10 Oiler satisfactory security for the same
within one month after the date of apDIi-
cation, the latter shall be considered AS
Wlthdrawn and interest shall be charged
10 the applicant, together with all costs
ana charges or expenses. and the money
shall revert to the Association
When Security Deemed Suficient.-Se-
Gurlty shall not be deemed sufficient un-
less approved by at least a maturity Of
Hoard DiFpptnrs