The herald., 1920-12-23
CHARTER

d
paymentS made by the shareholder shaIi
he imputed as hereinafter provided anu
any additional payments may De mace NJ
any time. or in any amount, NJ the "P''o"
+ of the shareholder.
FuU Paid Stock.-Fun paid stock shall
| be issued from time ~ time, a Tue bOdrI
of Directors may determine: shall De palh
for in full when issued; shall receive dlNl-
/ drudS in cash. and may he WlthdFaWh or
called in. n hereinafter provided.
| pividrndS-At the end of every six
! months the profits Of the Association shall
/ br credited 10 IN" several kinds oI Nt"' *
! in proportion 10 the capital invested anu
! after such sums shall have been 81 aside
| for account of Reserve, surplus or other
! funds rs the Board shall deem mt. dl'i
drud~ shall be declared. ami the amount
due on iu>tallmeut shares shall hr credited
/ thereon in such manner aS the Board may
determine. and the amount du" on iuii
paid stock shall be paid 10 the holders M
cash. Th,. dividends declared by the Board
] shall I've iual ana conclusive upon all stock
holders.
Dividends Paid In Full or Withdrawal
/ All dividends credited in pa>SbOok> OF IN"
Association after September l>t. 1913, shall
4 he considered on Withdrawal Of shares AT
face value.
Distribution on Dissolution the
cornorgtion shall he dissolved and its af-
fairs Iquidated. all the funds shall be di-
vidrd among the shareholders, according
to their respective inteTe>ts
Northumberland all the install
/ urut shares outstanding shall be worth
par or fac" value. the business and affairs
Of the Association shall be liquidnted by
three, COMM >~iOner> selected by the BOard
of Directors from among the shareholders.
Imputation of Payments on
4 iu>talmpnt shares and interest shall be
I due and payah" at the Office of the ASSo-
| citation. and all payments shall bc i'm
/ putrd: l. To the reimbursement Of mon
/ rvS paid for account of the shareholder. :.
l TO the settlement of fines. =. To the set
/ tl"m"nt of interest duo" To the in~t-i IL
] m"ut on shares. Provided that the order
/ of imputatiOu may be- changed at tn" dis
/ erection of the Board of Directors.
RriSSucS.-Nhcn tn" full amount Of The
/ capital stock has been subscribed. the
/ BOARD may issue new shares from time q
| time in place Of shares which may haN
! maturrd or have been cancelled, forfeited
7 or liquidatcd.
Limit of HoldingS.-No member of thi'
. Association shall be- limited i'll his hold
ing> of it, shares; hut this provision shall
, not interfere with the right OF tho Boar,
Ia call in shares, ~ herein provided.
Right To- can in Sharcs.-Sh Should there h
an accumulation OF funds beyond the US
I Of the Association, the Board shall haN
the right. AT its option. {" call in for r"
dpmption unplrdgcd in>tallment shares o
full paid stock. the latter subject TO tn
conditions hereinafter set forth. share
shall Ice called in by allotment, or in sue
other manner as the Board Of Director
may determine. Each inStalmcnt shar
shall be redeemed plus interest, based o.
the last dividend. and each fun paid Shar
shall lee redeemed at its fac" or par valu,
plus interest NJ the rate OF six per cen
per annum from the date Of its last divi
dend
r ARTICLE V.-DirectorS and Their Pow
prs-The corporate powers of the AssOcia
tiuu shall b" exercised by twenty -nVc III
/ recturs. each of whom shall own 1T lca-
i've shares of the stock Of the corpora
. ton. and who shall be elected by III
stockholders on the third Thursday /
, March annually; each share Of stock rel
resented ut said election and not in dcfau
being entitled 10 one vote.
; Method Of Elcction.-Notice Of sal
: election shall be given for at least on
week by publication in one or more news
papers published in the city of New Oh
leans. Said election shall be by ballot, an
shall Toe held at the domicile of this Coz
: pOratioH, under the supervision of thrt
: sock holders appointed by the Board Z
Directors at the last preceding regula
meeting thereof. The stockholders receiN
ing majority of the votes cast shall b
declared elected.
The failure to hold an election on III
day specified shall not dissolve the Col
poration. but the Directors in office Sha
a hold over until an election hc held. aft,
ten days notice of the time and plaC
4 thereof.
Election of Onicers-The Directors sha
% elect from their number President, Vic
o President ana Second Vice President, an
5 seven Directors. including one OF the,
Y officers, shall be- quorum for the trans
action of business; provided. that in Il
absence of the President and Vice Pres
, dents from any regular or special meetin
. a majority of the whole Board shall be en
a powered to elect a presiding officer Il
such meeting and to transact the buSine;
:, / of the Association. In case of absence,
= failure, inability, or refusal TO act, on q
: part of both the President and Vice Pres
!. dents majority of the entire Board sha
LID.
:, shall do and perform all the duties incun
y | bent on the President so long as the al
y sence. failure, inability. refusal, etc, abO'
= referred to shall continue.
n Powers of Board-The Directors sha
o elect a Secretary, Assistant Secretary al
s a Treasurer. and such other officers as m;
: be necessary. and may nix their cOmpenS
J. ton, and they shall have power to ado
IS bylaws not repugnant to this charter,
n select Il place of meeting, to suspend al
V officer for neglect of duty or miscOndu,
o and. in general, to carry out the Objec
II of the Association.
- ARTICLE VI.-Married Women al
> Observation-Disclosures for Membership
Married women and minors may no
10 stock in this Association as provided
IN law. All applications for membership sh;
IF be subject to the approval of the Board
al Directors.
il ARTICLE VII.-LoanS and Advances
B. Right to Adyances.-Each shareholder, (
le each inStalment share he may hold in I
'e Association. shall be entitled, subject
e. the discretion of the Board. to receive fro
the funds of the Association, on real esta
security, an advance of fifty dollars; an
u besides giving such security, such shaI
=. holder Tin one or more contracts as {
,Ss tsrmined by the BOard), shall pledge /
- shares in the Association. and also,
III" special cases, as the Board may determir
SHALL as additional collateral securit
pledge bonds, stock, or other Securiti'
r or give additional personal security.
4 Shareholders desiring loans on real
4 tate security must file application theref,
J. upon blank forms furnished by the Ass
r. citation, and when the same are proper
5, filled up and signed, they shall be nul
ID bered in the order of their receipt a
nS loans or advances made in sequence in [
TO order of the applications, as funds a
,h available.
Or No shareholder shall be entitled to
$ advance who is in arrears in the Associ
60 ton.
ns Observation-Disclosures taking adyanC
~ shall pay interest on the face thereof
monthly payments, at the rate of $50 y
Dt centum per annum.
I'M Change of RateS.-On the afirmati
nj vote of seventeen members. the Board ma
Id from time to time, change the rate of
as tereSt on any and all advances to be ma
n to shareholders
Failure to Offer Security.-In case a
~ applicant for a loan or advance shall f
~ to offer satisfactory security for the saI
:, within one month after the date of app
Of cation, the latter shall be considered
20 Withdrawn and interest shall be charg
~ to the applicant, together with all co..
=, ana charges or expenses. and the mon
>, shall revert to the Association.
W When Security Deemed SUFFICIENT
"' curlty shall not be deemed sufficient I