The herald., 1920-12-09
CHARTER.

payment on MS SnarcS unlll one uloutu II
passed. shall forfeit and pay as I'M" ana
penalty the sum of five cents per share ON
shares on which no advance has beeh
made, and the sum of five cents per Shdr''
on shares on which an advance has been
made and the same for each similar suhse-
Qucnt default.
Cancellation for Non Payment.-Auy
shareholder who for the term of sin
months shall fail to pay the iu~tallm"HtS
due ON his shares, shall. 10y reason of such
failure, and without notice, cease to he q
member: and the net withdrawal value ut
said shares shall be placed to his individual
credit, provided. the shares pledged for
loans or advances upon real estate. shalt
not bo liable 10 forfeiture. but the right of
foreclosure under all loans and advances
shall iUUrr to the corporation whenever the
inStaIlmoutS or interest. or both. are in
arrears for Il period of six months, and in
ease Of foreclosure. the withdrawal Nalu"
of such shares shall hr credited upon the
debt of the shareholder.
ARTICLE IN.-MInner of Reducing
Loans on ln>tIllmcut Shar"S.-Nhen a hur-
rover ON inStHllm"ut shares has credit
iu his iu~tallmeut book of fifty dollars, in
Guiding the amount paid on his shares and
the dividend theron, he shall have the rlgh
20 cancel one share. and thereby reduce has
monthly payments. Any number OF shares
may be cancelled in this manner at any
time.
Loans on iuStalmcnt shares may be re
dUc-u and monthly payments lc>oeued NJ
any time 10y the maturing and cancrlllnG
additional security for the loan. by pay.
ing the difference between the cash value
of any share and its par value. fifty dol
lars. and every reduction shall be credited
on the note given 10y the borrower and the
mortgage reduced prOport!onatcly, If de
sired.
Deposits on AccountS.-Any shareholder
indebted to the Association may. from time
to time, deposit funds on account Of his
indebtedness, and shall hp allowed Interest
thereon ut the rate of four per cent. per
aHnum. and whenever such deposits ana
interest shall aggregate an amount equal
Ia one share, such shareholder shall be
entitled to have the same credited on his
advance.
Settlement by Maturity of Shares
Whenever shares have been pledged To the
Association as collateral security 10y "a
shareholder who is indebted TO the ASSO-
citation. and the value of such shares, with
interest and accumulatious thereon, shall
become equal to the amount of the indcbt-
ednc>~ with all interest and costs that
may bc due on the SHmeI for which such
shares are pledged. such shares and in
dchtcdne>S shall cancel each Othur-th"
shares and indebtedness being alike cN-
tnEu shed. and il shall be- the duty of
the shareholder to surrender his shares
for cancellation. and. upon such surrender.
il shall be the duty of the Association to
surrender to said shareholder tn" evidence
of his indebtedness.
Costs Paid by EorrowcrS.-All fees Of
attorneys. notarics. recorders registers,
q
cHucolliug loans or advances. shall bu paid
10y the respective borrowers.
ARTICLE N.-Withdrawal Of Install
mrnt Shares Owners of Unplod-"d shares
may withdraw the same 10y giving thirty
days notice, in writing. 10 the Secretary.
when IA" shareholder. on Surrendering his
certificate. shall bc refunded all the pay
meutS on account of iu>tallmrntS on shares
made 10y him in addition TO all declared
dividends on his shares.
How and When Paid.-Thr Secretary
shall record all calls made by the Board
for the redemption. and al notices or ap-
pliration for the withdrawal of shares.
entering such calls aS made and applica-
tiouS as filed on the same register: and the
shares called in. withdrawn or surrendered
shall be paid As registered out of IN" tr>t
Unappropriatcd money in the treasury
provided. that not more than onc-hulf Of
the monthly receipts shall ever be used
for the purpose Of iquidating shares which
may be called in or withdrawn. unle>S
there should be an OveraccumulatiOn of
funds which cannot be loaned or advanced
in the usual manner.
ARTICLE NI-Richts Of Heirs As To
Installment SharcS.-On the death Of a
member, his or her legal representatives,
shall be entitled to receive in cash the
withdrawal value of unpledgcd shares be
longing to such deceased shareholder. at
the time Of the last payment made by such
shareholder; or said representative shall
he entitled either TO transfer said shares
10 others, or to continue the shares by
payment of inStallmentS; provided. that
said shares shall Ice withdrawn or trans
ferred, or continued. within six months
next following such death. and in default
of action within thar time, said shares
shall be cancelled and retired. and the
withdrawal value thereof. at the time of
such death. shall be placed to the credit
Of the succession Of such deceased; which
amount shall bear interest at the rate of
four per cent per annum, and shall re
ceive no further credits, profits or diyi-
dcnds.
ARTICLE NII-Transfers of Stock and
ShareS.-StOCk and shares Shal he trans
f-rahle and duplicate certificates and pass
books issued for lost certificates and pass
books, in such manner and under such
restrictions as may be provided in the by
laws.
ARTICLE NIII.-Special Meetings of
Stock and archOlders.-Special meetings
of the stock and shareholders shall be
convened by the President or one Of the
Vice Presidents at the request. in writing.
of twenty members, stating the object of
such meeting, and at least three days no
tice of such meeting shall he given in one
or more newspapers published in the City
of New Orleans.
ARTICLE NIV.-Substftute for Absent
Director.-Any Director being about to alb
sent himself from the City of New Or
leans may nominate substitute, provided
said substitute shall be a stock or share
holder of this Association and be accepted
by the Board of Directors for the time be-
ing.
ARTICLE NV.-Liability of Stakeholder
or SharchOlder.-NO shareholder or stock.
holder shall ever be held liable for more
than the unpaid balance on his shares OF
stock. if any; nor shall any mere informal
ity in organizing this Association or
amending the charter, have the effect OF
rendering this charter null. or of exposing
shareholder or stOckhOlder to any Liza
bility beyond the unpaid balance due on
his stock, if any.
ARTICLE XVI-The amendments to the
charter of the corporation adopted in Oc-
tober, 1920 shall take effect as TO officers
and employees on and after the annual
election in 1921, and as to all other mat
terS shall be effective as of October IL.
1920; but such amendments shall in no
way modify or affect shares issued, or
agreement or contracts made, prior to
that time, which shares shall remain in
force as issued and shall be liquidated.
and which contracts and agreements shall
be carried out, as If no amendments had
been made in October. 1920.
ARTICLE XVII.-Amendments, Etc
LiquidatiOn.-This charter may be altered
amended or modified, or the corporation
dissolved. by a vote of three -fourths of the
capital stock represented at any general
meeting of the stock and shareholders
called for that purpose; which meeting
shall be advertised daily in a newspaper
published in New Orleans, for ten days
prior to such meeting.
DissolutiOn.-In case of dissolution, the
| business and affairs of the Corporation
shall be settled, wound up and liquidated
by three Commissioners selected by the
Board of Directors from among the stock
and shareholders, and such Commission
ers are hereby given full power to collect