The herald., 1920-12-09
CHARTER

paid stock, as may he determined, from
time to time. by the Board.
InStallment Shares.-Installmcnt shares
shall be paid for in monthly payments Of
not less than fifty cents per share per
month. When shares are pledged as Sc
rurity for real estate loans, the monthly
payments made by the shareholder shall
he imputed as hereinafter provided: and
any additional payments may be made at
any time. or in any amount. at the option
Of the shareholder.
Full Paid Stock.-Full paid stock shall
he issued from time to time. rs the Board
of Directors may determine; shall be paid
for in full when issued: shall receive divi-
dcndS in cash, and may be WlthdraWn or
called in, as hereinafter provided.
Dividends.-At the end of every six
months the profits Of thc Association shall
Ice credited To the several kinds of stock
in proportion to the capital invested, and.
after such sums shall have been set a>id"
for account of Reserve, surplus or other
funds rs the Board shall deem fit. diyl.
drudS shall be declared. and the amount
due on inStallment shares shall be credited
thereon in such manner as the Board may
determine, and the amount due on full
paid stock shall b" paid to the holders i'm
cash. III" dividends declared Toy the Board
shall be final and conclusive upon all stock
holders
Dividends Paid in Full or withdrawal
All dividends credited In paSShOukS of the
Association after September l<t. 1913. shall
he considered on withdrawal of shares AT
face value.
Distribution on DisSoIution.-W When the
cOruOrHtiOn shall be dissolved and It's ar
fairs liqudatrd. all the funds shall be di-
yidrd among the shareholders, according
To their respective iutrrcSts
iuuidatiOn.-Nh Whenever all the Install
mrut shares outstanding shall be worth
par or face value. the business and affairs
of the Association shall be hquldated 10y
three commissioners selected by the Board
of Directors from among the areholder~.
ImpUtation of Observation-Disclosures on
in>tallment shares and interest shall he
due and payable at the Office Of the A>So-
citation, and all payments shall be i'm
putrd. /. To the reimbursement Of mon
rys paid for account Of the shareholder. ..
To the settlement of fines. :. To the set
tlpmput of interest due { TO the install
meut on shares. Provided that the order
of imputatiOu may he changed at the dis
erection of the Board Of Directors.
Rri>Sucs.-Whcn the fun amount of the
capital stock has been subscribed. the
Board may issue new shares from time to
time. in place Of shares which may hTy'
maured or have been cancelled, forfeited
or lquidatcd.
Limit of Holdiucs-No member of this
Association shall be- limited in his hold
ing~ of its shares: hut This provision shall
not interfere with the right of the Board
TO call in shares, as herein provided.
Right to Call in ShareS.-Should there be
an accumulation of funds beyond the use
Of the Association. the Board shall hay,
the right, at its option. To call in for To-
drmptiou uuplcdgod iU~tallmcnt shares or
fun paid stock. the latter subject 10 On"
conditions hereinafter set forth. Shares
shall Doe called in 10y allotment. or in such
other manner as the Board of Directors
may determine. Each iuStallmrnt share
shall be redeemed plus interest. based on
the last dividend. and each full paid share
shall be redeemed at its face or par value.
plus interest mt the rate of six per cent
per auHum from the date of its last dIYt-
dend.
ARTICLE Y.-Dircctors and Their Pow
pr>.-Ihe corporate powers Of the AS>Ovla-
tiOn shall be exercised by twenty-five Iii
rectors, each Of whom shall own at least
five 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 at said election and not in default
being entitled to one vote.
Method of Elcction.-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 dOmicile of this Cor
pOratiOn. under the supervision of three
stockholders appointed by the Board OF
Directors at the last preceding regular
meeting thereof. The stockholders receiv-
ing majority Of the votes cast shall be
declared elected.
The failure to hold an election on the
day specified shall not dissolve the Cor
pOTation. but the Directors in office shall
hold over until an election be held, after
ten days notice of the time and place
thereof.
Election of Officers.-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 a quorum for the trans
action of business; provided, that in the
absence of the President and Vice PreSi-
dents from any regular or special meeting
a majority of the whole Board shall be en-
. rod IN at a .ff fn
such meeting and to transact the business
of the Association. In case of absence, or
failure. inability, or refusal to act. on the
part of both the President and Vice PreSi-
dents. a majority of the entire Board shall
elect a 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, etc, above
referred TO shall continue.
Powers of Board.-The Directors shall
elect a Secretary, Assistant Secretary and
Il Treasurer. and such other officers as may
be necessary. and may fix their cOmpensa-
ton, and they shall have power TO adopt
bylaws not rcpugnant to this charter, TO
select Il place of meeting, to suspend any
officer for neglect of duty or misconduct.
and, in general, to carry out the objects
of the Association.
ARTICLE VI.-Married Women and
MnOTS.-ApplicatiOn for Membership
Married women and minors may hold
stock in this Association as provided by
be subject to the approval OF the Board of
Directors.
ARTICLE VII.-Loans and Advances
Right to Adyances.-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-
termined by the Board), shall pledge his
shares in the Association, and also. in
special cases, as the Board may determine
shall, as additional collateral security
pledge 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 properly
filled up and signed, they shall be num-
bered in the order of their receipt and
loans or advances made in sequence in the
order of the applications, as funds are
available
No shareholder shall be entitled to an
advance who is in arrears in the AssOcia-
ton.
Interest.-SharehOlder taking advances
shall pay interest on the face thereof by
monthly payments, at the rate of $50 per
centum per annum.
Change of Rates.-On the affirmative
vote of seventeen members, the Board may
from time to time, change the rate of in
tereSt on any and all advances to be made
to shareholders.
Failure to Offer Security-In case anv
applicant for a loan or advance shall fail
to offer satisfactory security for the same
within one month after the date of appH-
cation, the latter shall be considered as