The Donaldsonville chief., 1920-05-15
CH A r T E r

c HA RTE ER
%Ss OF THE
ASCENSION BUILDING AND LOAN
| ASSOCIATION
| State OF Lousiana-Parish of Ascension
DE TT KNOWN that on this 14th day OF
I'D April in the year one thousand nine
hundred and twenty, before me, WalteE
Lenlann. notary public in and for the state
and parish aforesaid. duly commissioned and
uuahftd and in the presence of che wit
nesses hereinafter named and undersigned
personally came and appeared the several
persons whose names are hereunto sub
&"t'hei, who severally declared that avail
| ing themselves of the laws of this state rel.
awe TO the organization of corporations
they have contracted and agreed and do by
these presents covenant and agree and bind
end ohligate themselves as well as such per.
son persons who may hereafter become
associated with them to form and constitute
A corporation and body polite in law for the
objects and purposes and under the articles
and stipulations following. to-wit:
ARTICLE ONE.
The name and title of the corporation
hereby formed is hereby declared to be
ASCENSION BUILDING AND LOAN ASSO-
CITATION, and under it's said corporate name
it shall have power and authority to. con.
tract sue and be sued, to make and a
corporate seal, and the same to break or
altar at pleasure; to hold, receive, lease,
purchase and convey under its corporate
name property, both real and personal; to
end money security; to name and ape
point such officers and agents as the in
terests and convenience of said corporation
may require; to make and establish such
bylaws, rules and regulations for che proper
management and regulation of the affairs of
said corporation as may be necessary and
r,rN Sh< rt,r alt ,k
pleasure. and to do all such acts and things
as are or may be necessary and proper to
carry out the objects and purposes of said
corporation.
ARTICLE TWO.
The domiele of said corporation shall be
in the parish of Ascension, state of Louisi-
ana. and the president thereof, or in his
absence the vice president. or in the absence
of both of these officers, the secretary
treasurer thereof shall be the proper per-
sons or officers upon whom all citation or
other legal process shall be served.
ARTICLE THREE
The objects and purposes of this corpora
ton are: To assist its members by provid-
ing mutual and cooperative plan for the
safe, convenient and profitable investment
of their savings wherewith they may secure
homes without difficulty and easy terms
of payments; to accumulate fund from the
payments on account OF capital stock and
interest or from other sources to be used in
and improving removing membranes
from real estate and homesteads; and for
the purpose of making advances and loans
to members of this association real
tate security and the stock of this
poration on such terms and conditions as
may be prescribed in the bylaws.
This corporation shall exist. for the term
and period of ninety-nine years from the
date hereof.
ARTICLE FOUR.
The CAPITAL stock of this corporation is
hereby fixed at one million ($1 900, ,oOO) dol
lars divided into:
First-Five thousand five hundred (550o)
shares known as running shares" to be
paid in monthly installments of one dollar
per share; twenty-five hundred of which of
the par value of two hundred dollars $4,000
each and three thousand 10000 of the par
value of one hundred dollars ts100.)
Second-Fifteen hundred t1500) shares
of the par value Of hundred dollars
tS100) each known as paid up stock
which shall be paid in full at the time of it's
issue. subject to such regulations for the
ment of interest thereon as may be adopted
by the board of directors. No shares of
paid up stock shall be transferred except
upon the books of the association and upon
surrender of the certificate therefor.
Third-Five hundred shares of the par
value of one hundred dollars (S1O0l, each
known as permanent shares, which shall be
issued from time to time as the board of
directors may determine, which stock shall
be paid for in cash when issued, shall not
be withdrawn except by consent of the board
OF directors, and when the entire amount
herein provided shall have been issued, the
same shall not be subject to be called in or
by the board of directors.
The holders of full paid stock shall have
no right to vote such stock at any meeting
of the stockholders of this association, nor
shall any holder of such stock be eligible te
election on the board of directors unless he
+pE nh uAa IL.
1T least two shares of running stock of this |
association.
The capital stock may be increased by a |
vote of stockholders owning two-thirds of |
ne stock OF said corporation at meeting !
,alled for that purpose in the manner pro-
Jided by law. Said corporation shall be au- |
horned to commence business as soon as
wo hundred and fifty shares of it's running |
stock shall have been subscribed and ten per |
'ent thereof has been paid in cash.
The fiscal year of this corporation shall |
ND n on the 31st Of December of each year.
he words "stocks," shares of stock and |
hares as used in this charter do not in
1de paid up stock and the words stock !
harter do not include the holders of paid |
p stock unless expressly stated.
ARTICLE FIVE.
faynlents on shares of stock, install l1nents /
nd interests shall be due and payable on
ne frst day of each month at the office of
rrears five weeks in the payment either
I Installments or interest shall forfeit any
ay as penalty the sum of five cents DER
mare on shares on which no advance has
cen made and the sum Of ten cents oer
hare on shares on which an advance has
cen made, and the same for each similar
uosequent default and said fines must be
aid before further instailments of interes. |:
an be received. Any shareholder who shall I;
ecome SIX months in arrears in the pay
lent of installments or interest due on his |
+ her shares shall by reason of such failure
'rfelt all payments previously made by him
r her together with the profits interest and |
ccumulatlons thereon, all of which shall
vert to and become the property Of the
SsoclatIon, but the board of directors NAV {
resolution remit the same.
ARTICLE SIX. II
ANY shareholder who has received a .nan q
advances upon his shares desiring to s
'ttle and Hquidate said indebtedness prior s
, " the maturity of the loan may do so in Y
mole or In part by paying cash the net 1
mount received on each share and if de- A
red the pledged shares may be surrendered b
the association, and cancelled under the S
nd1tlons provided for withdrawin1-un- | =
edged shares and their value credited in "
UT payment of said indebtedness il
stockholders not being indebted to the n
sociation may withdraw by giving notice 4
writing to the board of directors and up !
thelr authorization an order shall be a
ayn on the depository in favor of the with. G
awing stockholder for the dues paid in, u
st deducting therefrom all fines and a | Il
oportlon of all incidental expenses and ! fl
sses provided that said order on the de- G
STORY shall be liquidated out of the first
appropriated money in the treasury, and
oViced also that q stockholder withdraw