The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-30
CHARTER.

ANY
/ payment on his shares until one month -
! passed, shall forfeit and pay as Il me ana
| penalty the sum of five cents per snare Oh.
/ shares on which no advance has b'rH
made and the sum of i've cents per Shdr'
on shares on which an advance mas been
made and the same for each similar Subs'-
| qucnt default.
| shareholder who for tho term of ~IA
/ months shall fail to pay the Iu>talImruis
/ due on his shares, shall Toy reason ut such
| failure, and without notice, ""a~" To- De- q
I member. and the net Withdrawal value ul
said shares shalt be placed 10 his individual
/ credit provided, the shares pledged Tor
/ loans or advances upon real estate, shat
I not hr liable To- forfeiture, but the right oi
/ foreclosure under all loans and advances
| shall iuure to the corporation whenever the
| iu>tallmcHts. or interest, or both, are iu
arrears for period of six months and III
ease OF foreclosure, the Withdrawal value
Of such shares shall De credited upon the
! debt of the shareholder.
AEIICEE IN.-Maunpr of Reducing
Loans on lustallmeut SharrS.-Nh'u box
rover ON in~tallmeut shares has a credit
i'm his iuStallm,ut book of nifty dollars, i'm
Guiding the amount paid on his shares amt
th" dividend theron. he shall have tu" riga.
10 cancel one share, ami thereby reduce his
monthly payments. Any number of shares
may Ice cancelled in this manner at AN!
time.
Leans on inStalmcut shares may be re-.
duceu and monthly payments lc~,-urd at
amy time by the maturing and Dau,rlIIu-
of one or more of the shares pledged AS
additional security for The loan. 10y pay
IuG the difference between the cash yalu,
of any share and lis par value. atty dol.
7 lars. and every reduction shall br crruItr,
OH the note given 10y the borrower AMI Tho
mortgage reduced proportiouatrly, il de
sired.
Deposits on AccOuutS-Auy shareholder
indebted to the Association may. from time
to time deposit funds on account of his
indebtedness, and shall bee allowed interest
thereon At the rate of four per cent. pes
anHum, ana whenever such deposits ana
interest shall aggregate an amount equal
To ON" share. such shareholder small h'
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 by %
shareholder who Is indebted 10 the As~o-
citation, and the value of such shares. Witn
interest and accommodations thereon. shall
become equal 10 the amount of the indcht.
odHr>S with all interest and costs tina,
may hc due on the samel for which such
shares are pledged, such shares and in
drhtodHc>> shall cancel each Othcr-ih,
shares and indebtedness being alike cN-
tnguiShed, and it shall De- the duty OF
IN" shareholder to surrender his shares
for cancellation. and, upon such surrender.
II shall he th" duty of the Association To
surrender TO said shareholder the evidence
of his indebtedness.
Costs Paid 10y borrowers All fees of
attorneys. nUtarivS, recorders, Registers.
ana all expenses incurred in making OF
canrclllnE loans or advances. shall %, paid
10y the respective borrowers.
ARTICLE Withdrawal Of Install
mrnt Shares Owners of uUplodgrd shares
may withdraw the same 10y giving thirty
days notice in writing. TO the Secretary.
when "a" Shareholder. ON surrrudrriuc his
certificate. shall he refunded all the pay
mrnts on account of iu~talmcuts on shares
mad" by him in addition TO all declared
dividends on his shares.
How and When Paid.-The Secretary
shall record all calls made by the Board
for the redemption. and all notices or aI-
plicatiOn for the withdrawal of shares
entering such calls as made and applira-
! lions a. Med on the same register: ana the
shares called IN, Withdrawn or surrendered
shall he paid as registered out of the first
unuppropriated money in the treasury .
provided. that not more than one half of
the monthly receipts shall ever he used
for the purpose Of liqudating shares which
may be called in or withdrawn. unless
there should he an OyrraccuWulItiuu Of
funds which cannot be loaned or advanced
In the usual manner.
ARTICLE NI-RightS Of Heirs As To
lnStallment Shares.-On the death of a
member, his or her legal representatives
shall be entitled to receive in cash the
withdrawal value of unpledged shares be
longing to such deceased shareholder. at
the time of the last payment made by such
shareholder: or said representative shall
be entitled either TO transfer said shares
10 biNeTS. or TO continue the shares bN
payment of inStallmcntS; provided, that
Said shares shall be withdrawn or trans
fcrred- or continued, within six months
next following such death. and in default
Of action within that time, said shares
shall be cancelled and retired and the
Withdrawal value thereof, ut 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.-Transfcrs of Stock md
Sharcs.-Stock and shares shall be trans
ierable 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 XIII.-Special Meetings of
Stock and Shareholders-SpeciaI meetings
OF the stock and shareholders Shall be
convened by the President or one af TN,
wee Presidents at the request. in writing
OF twenty members, stating the obiccr of
such meeting, aid at least three DAYS no
tee OF such meeting shall be given in one
or more newspapers published in the City
of New Orleans.
ARTICLE NIV.-SubStitute for Absent
DirectOr.-Any Director being about to alb
sent himself from the City of New Or
leans may nominate a substitute, provided
said substitute shall be a stock or share
holder of this Association and be accented
ing.
ARTICLE NN.-Liability of Stakeholder
or Shareholder.-NO shareholder or stock
holder shall ever be held liable for more
imam the unpaid balance on his shares of
stock. II any; nor shall any mere informal
lty IN organizing this Association or
amending the charter, have the effect of
rendering this charter null, or of exposing
Il shareholder or stakeholder to any liza
bility beyond the unpaid balance due ON
HIS stock, if any.
ARTICLE XVI-The amendments To tba
charter of the corporation adopted in De
tOber, 1870. shall take effect as to officers
ana employees on and after the annual
election in 1921, and as to all other mat
tcrS snail be effective as of October II
l"-U' nut such amendments shall i'm no
way modify or affect shares issued or
agreement or contracts made, prior To
that time, which shares shall remain i'm
lorce as issued and shall be liuuidatpd
ana Whlch contracts and agreements shall
ne carried out, as If no amendments had
been made in October, 1920
ARTICLE NVII.-Amendments' Etc
LhquldatlOn.-This charter may be altered
amended or modified. or the CORPORATION
dissolved. by vote of three fOurths of rho
capital stock represented at any penarnI
meeting of the stock and sbareholdars |
called for that purpose; which meeting
snail De advertised daily in a newspgnpr !
published in New Orleans, for ten DAYS
prior TO such meeting.
DissOlutiOn.-In case of dissolution tba
business and affairs of the CORPORATION
Snau De settled, wound up and liduidatcG
D ~ thrce commissioners selected by the |
bOafd OF Directors from among the stool
ana shareholders, and such Commission
eTS are hereby given full power to collect |
az amounts due the Association soil or