The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-16
CHARTER.

.
1 payment on his shares until one month
passed, shall forfeit and pay as fine an
penalty the sum of I'VE cents per share o
I shares on which no advance has bee
made, and the sum of five cents per shar
on shares on which an advance has bee
made and the same for each similar subse
quent default.
Cancellation for Non.Payment.-An
shareholder who for the term of 81
months shall fail TO pay the installment
due on his shares shall, by reason of sucl
failure and without notice, cease TO be
member: and the net withdrawal value o
said shares shall be placed 10 his individual
credit, provided. the shares pledged 70
IoanS or advances upon real estate. shall
not be liable to forfeiture, but the right o
foreclosure under all loans and advance
shall lnure TO the corporation whenever tn,
lnstalIments, or interest, or both, are IL
arrears for period of six months, and II
. case or foreclosure. the withdrawal value
. OF such shares shall be credited upon tn,
debt of the shareholder
/ ARTICLE IN.-Manner OF Reducing
/ Loans on lnStallmpnt Sharpg-When q Dor
| rover on installment shares has credit
I In his installmsnt book Of fifty dollars, in.
Cludlng the amount paid on his shares aud
! the dividend theron, he shall have the right
J 70 cancel one share, and thereby reduce his
monthly payments. Any number Of shares
| may be cancelled in this manner at any
! time.
Loans on instalment shares may he re
duceu and monthly payments IesSened at
any time by the maturing and Cancelling
or one or more of the shares pledged as
additional security for the loan. by pay
ing the difference between the cash value
OF any share and its par value, nifty dol
lars and every reduction shall be credited
on IN" note given by tho borrower and the
mortgage reduced proportiOnately, il de
Deposits on AccOunts.-Any shareholder
Indebted TO the Association may, from time
10 time; deposit funds on account OF his
Indebtedness, and shall be- allowed interest
thereon at the rate OF four per cent. Der
annum. and whenever such deposits and
interest shall aggregate an amount equal
10 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 by n
shareholder who is indebted to the Asso-
citation. and the value OF such shares, with
interest and accumulatiOns thereon shall
become equal to the amount of the indebt-
edn"ss with all interest and costs that
may be due on the same) for which such
shares are pledged, such shares and in
debt"dneSS shall cancel each Other-thP
shares and Indebtedness being alike eX.
tnguiShed: and IL shall be the duty Of
IN" shareholder To surrender his shares
FOR cancellation, and. upon such surrender
II shall be the duty of the Association to
SURRENDER TO said shareholder the evidence
Costs Paid by IIOrrOwerS-AII fees of
attorneys. nOtarieS. recorders. registers
ana AL expenses incurred in making or
Cancellng loans or advances, shall be maid
by the respective borrowers.
ARTICLE Withdrawal OF INSTALL
mrnt Shares-OwnerS OF unpledged shares
may withdraw the same by giving thirty
dals notice, in writing, 10 the Secretary.
when the shareholder, on surrendering his
certificate, shall be refunded all the nav.
ments on account Of inStallments on shares
made by him in addition to all declared
dividends on his shares.
DO h.
shall record all calls made by the Board !
TOT the redemption, and all notices or an |
phcation for the withdrawal Of shares, |
such calls as made and apDlica.
tions as filed on the same register: and the |
shares called in, withdrawn or surrendered /
snail be paid as registered out OF the first |
uhaPproprlated money in the treasury /
provided. that not more than one-h,If ~ /
he monthly receipts shall ever be used
for the purpose of liquidating shares which
may be called in or Withdrawn. unless
mere should be an Overaccumulation 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 n
member, his or her legal Representatives
'nail De entitled to receive in cash the
value of unpledged shares be-
longing to such deceased shareholder, AT
ne time OF the last payment made by such
or said representative shall
~ entitled either to transfer said shares |
payment OF installments; provided that
said shares shall be withdrawn or trans
erred; or continued. within six months
leXt following such death and in defanlt
II action within that time. said shares
hall be cancelled and retired and the
withdrawal value thereof at the time of
uch death, shall be placed to the credit
II the succession Of such deceased; which
mount shall bear interest at the rate OF
our per cent. per annum. and shall re.
GIVE no further credits nr.6ts or All
lends
ARTICLE XII.-Transfers OF Stock and
and shares shall be trans
cradle and duplicate certificates and pass.
looks issued for lost certificates and PASS.
ooHs, In such manner and under such
estrictlons as may be provided In the by
avs. |
ARTICLE XIII.-Special Meetings of
took and harehOlders.-Special meetings
the stock and shareholders shall be ,
onvened by the President or one Of the
Ice Presidents at the request In writing.
twenty members, stating the object OF |
UGH meeting. and at least three days no.
ice or such meeting shall be given in one
7 more more newspapers published In the City
ARTICLE XIV.-Substitute for Absent
Director being about to alb
ent himself from the City of New Or
'ans may nominate a substitute provided
az aT SUBSTITUTE shall be stock or share
older of this Association and be accepted
the Board OF Directors for the time be-
lg. .
ARTICLE Availability Of Stakeholder
Shareholder.-No shareholder or stock
older shall ever be held liable for more
IAN the unpaid balance on his shares of ,
.Ock IL any; nor shall any mere Informal ,
Y In organizing this Association or
nehding the charter, have the effect OF 1
.nderlng this charter null, or of exposing
shareholder or stOckholder to any lia.
MY beyond the unpaid balance due on ,
is stock, IL any. ,
ARTICLE XVI.-The amendments to the
larter OF the corporation adopted in Dc
der, 1920. shall take effect as TO officers ,
10 employees on and after the annual
ection In 1921. and as to all other mat
rs shall be effective as of October II l
ZU; but such amendments shall in no
ay modify or affect shares issued, or s
'reement or contracts made prior to L
AT time, which shares shall remain in
rec as issued and shall be liQuidated v
Id which contracts and agreements shall b
carried out, as II no amendments had
zen made in October. 1920
ARTICLE XVII.-Amendments. Etc
charter may be altered. d
nended or modified, or the corporation
pital stock represented at any general q
Getting Of the stock and shareholders. !
lied for that purpose; which meeting D
all be advertised daily In a newsponer
lDilshed in New Orleans, for ten DAVIS
iOr to such meeting. a
case of dissolution. the o
slness and affairs of the CORPORATION ri
all be settled, wound up and liquidated
three commissioners selected by the
ard OF Directors from among the stock q
q shareholders, and such Commission n
En hnR1 49,. u