The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-16
CHARTER
be divided into installment stock and full
paid stock. as may be determined, from
time to time, by the Board

l. curity for real estate loans. the MONTH
payments made by the shareholder sha
2 be imputed as hereinafter provided an
5 any additional payments may be made
: any time. or in any amount, at the optic
of the shareholder.
Full Paid Stock-Full paid stock sha
be issued from time to time. as the Boar
| of Directors may determine: shall be mai
for in full when issued shall receive div
dends in cash, and may be withdrawn G
called in. as hereinafter provided.
Dividends.-At the end of every 81
; months the profits of the Association sha
be credited TO the several kinds of stoc
in proportion to the capital invested, and
after such sums shall have been set asid
Tor account of Reserve. Surplus or othe
! funds as the Board shall deem 6t div
bends shall be declared. and the amour
due on inStallment shares shall be credite,
| thereon in such manner as the Board ma,
determine, and the amount due on fui
| paid stock shall be paid 10 the holders II
! cash. The dividends declared by the Boar,
! shall be final and conclusive upon all stock
| holders.
/ Dividends Paid in Full or Withdrawal
! MI dividends credited in paSsboOkS OF tn,
| Association after September LIST. 1918. shall
| be considered on withdrawal Of shares al
! face value.
Distribution on Dissolutiou-When III.
cornoration shall be dissolved and It's ar
fairs liquidsted. all the funds shall be di,
Eided among the shareholders ACCORDING
to their respective interests
quidGtion.-Wheneyer all the Install
ment shares outstanding shall be worth
par or face value. the business and affairs
or the Association shall be- liQuidated by
three commissioners selected by the Boa I'd
OF Directors from among the shareholders
lmputatiOn of Payments.-Payments on
installment shares and interest shall be
due and payable at the office of the Asso-
citation, and all payments shall be i'm
puted /. To the reimbursement OF mon
tys PAID for account OF the shareholder. ..
To the settlement OF fines. 3. To the set
Element Of interest due. I To the install
ment on shares. Provided that the order
of imputation may be changed at the dis
erection OF the Board OF Directors.
R"iSsues.-When 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 NAV haN,
mdtured or have been cancelled, forfeited
or liquidated.
Limit of Holdngs.-No member of this
Association shall be limited in his hold
ingS of its shares: but this provision shall
not interfere with the right Of the Board
10 call in shares, a. herein provided.
Right 10 Cali in ShareS.-Should there be
an accumulation of funds beyond the use
OF the Association. the Board shall have
IN" right, ut its option. 10 call in for re-
demption unpledged inStallment shares or
tull paid stock. the latter subject to the
conditions hereinafter set forth shares
shall be called in by allotment, or In such
other manner as the Board of Directors
may determine. Each inStalment 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 at the rate of six per cent
per annum from the date OF its last diyi-
dend.
ARTICLE Y-Directors and Their Pow
erS.-Tbe corporate powers of the Aasocia-
ton shall be exercised by twenty-five hi
rectOrs, each of whom shall own Mt 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 at said election aud not in default
being entitled to one vote.
Method of Election.-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 at the dOmicile Of this Cor. |
poration under the supervision of three !
5tockholders 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 |
Jay specified shall not dissolve the Cor
poration, but the Directors in office shall |
hold over until IN election be held after
en days notice OF the time and place /
thereof.
Election Of offlcers.-The Directors shall
AAOih HuIlDeF a PRESIDENT, Vice /
PRESIDENT and Second Vice President, and
seven Directors, including one OF these
'fhcers, shall be quorum for the trans.
lStloh OF business; provided, that in the
,Osence OF the President and Vice Presi.
tents from any regular or special meeting
majority OF the whole Board shall be en- !
covered to elect presiding officer for
9ch meeting ana TO transact the business
II the ASSOCIATION. In case of absence, or |
allure. inability, or refusal to act on the
'art OF both the President and Vice Presi-
Tents, majority of the entire Board shall
iect President pro TEN, and such officer
hall do and perform all the duties inc1lm-
tent on the President so long as the ab-
ence, failure, inability. refusal etc, above
eferred to shall continue.
Powers of BOard.-The Directors shall
lect Secretary, Assistant Secretary and
treasurer. and such other officers as NAV
e necessary. and may fix their cOmpensa-
ION, and they shall have power to adopt
y laws not repugnant to this charter. to
eIect place or meeting, to suspend any
nicer for neglect OF duty or misconduct
no, in general, to carry out the objects
( the Association.
ARTICLE yI.-Married Women and
ilnors;-ApplicatiOn for Membership
iarried women and minors NAV hold
took In this Association as provided nv
iw. All applications for membership shall
e subject to the approval of the Board of
directors.
ARTICLE VII.-Loans and Advances
~ s'-bhCn shareholder, for
ach installment share he may hold In tbe
ssociation. shall be entitled, subject 70
ne discretion OF the Board, TO receive from | !
10 FUNDS or the Association on real estate
ecurlty, an advance OF fifty dollars. and | !
eSides giving such security, such share
older I'm one or more contracts as de-
'rmlned by the Board), shall pledge his
lares In the Association, and also, in {
Decial cases, as the Board may determine
lail, as additional collateral security &
leuge bonds. stock, or other securities {
give additional personal security. [
Shareholders desiring loans on real es- ]
te security must file application therefor '
pom blank forms furnished by the Asso- q
alton, and when the same are proDprIv [
lied up and signed, they shall be mum, (
ered In the order of their receipt, and a
ans or advances made in sequence in the /
.1er or the applications, as funds are B
No shareholder shall be entitled 70 mn 7
vance VINO Is IN arrears in the Associa- n
on. q
Observation-Disclosures taking advances y
AL pay Interest on the face thereof by n
onthly payments, at the rate Of $50 per q
ntum per annum. .
Change of Rates.-On the affirmative =
te OF seventeen members. the Board NAV n
ON time to time, change the rate of in
re es on any and all advances to be made !,
Failure TO Offer Security.-In case any s
'pnCaht Tor loan or advance shall fail D
oner satisfactory security for the same Ii
thln one month after the date of appU-
ton, the latter shall be considered as e.
thdrawn and interest shall be charged a
tne applicant, together with all costs o
"a charges or expenses, and the monev d
an revert TO the Association. u
w men security Deemed Sufficfent-Se- a
rIt! snail not be deemed sufficient nm II