The herald., 1920-12-23
CHARTER.

! passed. shall forfeit and pay as fine and
/ penalty the sum of five cents per snare on
| shares on which no advance has been
I made, and the sum of five cents per snare
on shares on which an advance has been
made and the same for each similar SunSe-
I uucut default
/ Cancrllation for NOn.P ayment.-Any
I shareholder who for IN" term OF SIN
months shall fail {" pay the ln>taIl"'hIN
. due on his shares. shall. by reason OF Su'h
/ failure and without notice, cease TO be- =
/ member; and the net Withdrawal value "i
/ said shares shall be placed 30 his lnulNldual
. credit. provided. the shares pl"uEth TOT
loans or advances upon real estate. shall
not be- liable to forfeiture. hut the right OF
. foreclosure under all loans and advances
shall iuurc 70 the corporation Whenever tn'
iuStallmrnts. or interest. or hoth. are IN
arrears for a period of six months, ana IN
case of foreclosure the Withdrawal value
drhr of the shareholder
ARTICLE lN-Nlanu"T of Reducing
Loans on ln>taIlmcut SharrS.-Nh hen Dor
rover on inNtallment shares has a credit
in his in>tallmcut book of NIFTY dollars, IN
= Guiding the. amount paid on his shares and
the div id"ud theron. u" shall have tn" rlGLi
10 cancel one share. and thereby reduce his
monthly payments. ANY number 81 shares
may br cancelled in this manner At any
time.
Loans on inStaImcnt shares may bee re-
durr,, and monthly payments lr>>cn"d at
any time by the maturing and cancrlling
of one or more of the shares pledged a.
additional security for the loan. 10y pay
I luE the NlltrtutF btlNttD lllt 'tNll NdlA'
of any share and it, par value. nifty dol
lars. and every reduction shall h" credited
on the note given by the borrower and the
mortgage reduced propOrtionatcly, If de
sired.
Deposits on AccOuntS.-Any shareholder
indebted To the Association may. from time
To time. deposit funds on account OF his
Indebtedness. aud shall be allowed interest
thereon at the rate of four per cent per
aUuum. and whenever such deposits and
interest shall aggregate an amount equal
To- one share, such shareholder shall b"
entitled to have the same credited on his
advance.
Settlement by Maturity of Shares
Whenever shares have been pledged 10 the
Association a. collateral security 10y a
I shareholder who il indebted 10 the Assoc
/ citation. and the value of such shares, vii
interest and accumulations thereon. shall
/ become equal to the amount of the lnd"bt-
/ ednc>> with all interest and costs that
may be du" on the samel for which such
shares are pledged, such shares and in
drht"dnrS> shall cancel each oth"r--th"
| shares and Indebtedness being alike eN-
: tiuEuShed: and il shall be- tn" duty Of
= the shareholder {" surrender his shares
: for cancellation. and. upon such surrender.
il shall be the duty of the Association To
surrender to said shareholder the evidence
- of his Indebtedness.
. Costs Paid by BorrowerS.-All fees OF
. ! attorneys. n"tarirS. recorders. registers
b and all expenses incurred in making "T
p cancelling loans or advances, shall be paid
= 10y the respective borrowers.
= Akl IL Nv lthuTaWal OF lnStdll
h mrnt Shares owners Of unpledgrd share,
: may Withdraw the same by giving thirty
e. days notice. in writing, 10 the Secretary
n when the shareholder. on surrrnderinE his
e certificate, shall be- refunded all the pay
P. mentS on account of inStallWentS on share
Il made 10y him in addition to all declare,
l. dividends on his shares
How and When Paid.-Thc Secretary
shall record all calls made 10y the Boar,
. for the rcdcu ption. and all notices or ap
/ plication for the withdrawal of shares
= entering such calls aS made and applica
+ tiuns a. filed on IN" same register: and tn
/. shares called iB<ywithdrawn or SURRENDERED
n shall be paid aS registered out of the hrs
J., appropriated money in the treasury
II provided. that not NOR" than half q
the monthly receipts shall ever be uSr'
-, for the purpose Of liquidating shares whicl
u may be called in or withdrawn. unles
e there should be an REORGANIZATION o
funds which cannot be loaned or advance,
= in the usual manner.
?. ARTICLE NI.-Rights of Heirs As T,
:. InStallment ShareS.-Ou the death of
9 member. his or her legal representative
r. shall Ice entitled to receive in cash tn
> Withdrawal value of unpledged shares be
10 longing to such deceased shareholder. a
the time Of the last payment made 10y Sucl
shareholder; or said representative shall
IL be entitled either to transfer said share
7, to others. or to continue the shares b,
Il payment of installmentS; provided, tina
T said shares shall be Withdrawn or trans
= ferrcd. or continued. within six month
next following such death, and in defaul
II of action within that time, said share
= shall be cancelled and retired. and tn
d withdrawal value thereof. at the time q
So such death. shall be placed to the credi
> of the succession of such deceased; whiCl
le amount shall bear interest at the rate o
l. four per cent. per annum. and shall r.
" ceve no further credits. pr.hts or divi
n dendS.
" ARTICLE XII.-TranSfers of Stock an
> ShareS.-StOck and shares shall be trans
u ferable and duplicate certificates and pass
IL books issued for lost certificates and pass
u, books. in such manner and under sue
~ restrictions as may be provided in the by
~ laws.
= ARTICLE XIII-SpeciaI Meetings q
re Stock and SharehOlders.-Special meeting
of the stock and shareholders shall l.
N convened by the President or one of III
~ Vice Presidents at the request. in writin!
w of twenty members. stating the object
!! such meeting. and at least three days NJ
a, tice Of such meeting shall be given in on
~ or more newspapers published in the Cit
" of New Orleans.
r. ARTICLE NIV.-Substitute for AbseI
Is DirectOr.-Any Director being about to AT
sent himself from the City of New o.
leans may nominate a substitute, provide
iu said substitute shall he a stock or Shar
= holder of this Association and be accepte
ia by the Board Of Directors for the time b.
~ ing.
Of ARTICLE NV.-Liability of Stockhold,
or SharehOlder.-NO shareholder or stOC
holder shall ever be held liable for moi
: than the unpaid balance on his shares
or stock. if any; nor shall any mere infOrma
ne ity in organizing this Association
10 amending the charter. have the effect
III rendering this charter null, or of eNpOSin
~ Il shareholder or stakeholder to any lii
III bility beyond the unpaid balance due q
,e his stock, il any.
,is ARTICLE XVI.-The amendments to Il
in charter OF the corporation adopted in o.
\. | tOber, 1920. shall take effect TO office
~ ! and employees on and after the annu
p | election in 1921, and to all other ma
ters shall be effective of October ]
as 1920; but such amendments shall in I
,r | way modify or affect shares issued,
40 | agreement or contracts made, prior
" ! that time. which shares shall remain
M | force as issued and shall be liquidate
nd and which contracts and agreements Sha
ba | be carried out. as If no amendments Ia
re been made in October, 1920.
ARTICLE XVII.-Amendments, Etc
an LiquidatiOn.-This charter may be altere
ia amended or modified, the corporate
dissolved. by 4 vote of three-fOurths of Il
'es capital stock represented at any gener
by meeting of the stock and SharehO colder
er called for that purpose; which mcetin
We published in New Orleans, for ten day
~. prior to such meeting.
n DissOlution.-In case of dissolution, Il
DE business and affairs of the Corporate
shall be settled, wound up and liquidat,
ny by three Commissioners selected by Il
Hi Board of Directors from among the stOC
NE and shareh OlderS, and such Commission
IL erS are hereby given full power to cole