New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1921-06-04
FARM LOAN ASSOCIATION
BYLAWS.

BYLAWS.
GesAiesel sfse1 Pess ~ 9r-sg,
: He hall also ascertain and report to sais
5 bank the amount Of any delinquent taxe,
ON land mortgaged and the name Of tn
: delinquent.
Sec. s. The assistant secretary, wher
such officer is appointed, shall attent
meetings thereof. He shall receive nj
funds and perform no other duties .,
such officer.
Article 6. Sec. /. A loan committee
consisting of three members, shall b,
elected by ballot by the board of direc-
tors at the regular annual meeting of the
board. The loan committee shall in ad-
dition to their actual expenses, receive
such compensation as may from time to
time to be allowed by the board Of di-
sectors, subject to the approval of the
Federal Farm Loan Board.
Sec. 2. The loan committee shall ex-
anime all land and permanent improve
ments offered as security for loans, and
shall submit to the Federal land bank a
written report which shall be signed by
all members of the committee.
Sec. 3. No borrower may serve on the
loan committee which examines his prop
erty. Whenever any member of the
loan committee or of the board of direc-
tors is interested directly or indirectly, in
. loan, majority of the board of direc-
tors is interested directly or indirectly, in
loan, a majority of the board of direc-
tors shall appoint substitute to act in
his place while passing upon such loan.
Article Z. Sec. /. If vacancy occurs
in the board of directors, it shall be the
duty of the president to cali special
meeting Of the association to fill such
vacancy and any director so elected shall
hold office until his successor is elected
and qualified.
Article 8. Sec. l. The capital stock u
this association shall be $4,000, divided
into 1000 shares Of the par avlus Of S
each, but the association may begin bus
iness when stock to the amount of $1,000
has been subscribed. At any time after
s. per cent Of the authorized capital stock
Of this association shall have been sub
scribed, the board of directors by two
thirds vote, which shall be entered on its
minutes, may increase the capital stock
to such amount - may seem necessary
to meet the demands of increasing mem
bership or increasing loans to members
"a accordance with the Federal Farm
Loan Act.
Sec. 2. Each member shall subscribe |
70 stock to the extent Of S per cent of the |
total amount Of his loan. Every stock
holder shall be entitled to one vote on !!
each share Of stock held by him, except !;
that no shareholder may be entitled to !
more than twenty votes.
Sec. 8. Assessments may be levied
upon members Of this association at the
discretion of the board Of directors ac-
oording to the amount Of loans made to
ach member. Such assessments may be
deducted from dividends on stock, or may
BE- direct assessments.
Sec. 4. Shareholders of this associa-
tion shall b held individually responsible,
equally and ratably, and not one for
another, for all contracts, debts, and en-
gagements of this association to ~. ex-
--nt Of the amount Of stock owned BY
them at the par value thereof, in addi-
ton to the amount paid in and repre-
scented by their shares.
Article 9. Sec. /. All funds belonging !,
10 this association shall be deposited in
hank designated for the purpose Of the
beard Of directors.
Article 10. These bylaws may be al
tered Or amended By two-thirds vote Of
TIE membsrs present at any regular an
nual meeting or at any special meeting ,
eallsd Tor the purpose provided that such j
aasndment shall have been presented in /
wstting ct previous meeting and PFC
viesd also that such alteration shall not
= contrary to the provisions Of the Fed /
nj tkrm Ioan Act OF the rules and reg ,
llstions Of he Federal Farm Loan Board 1
~ ths Federal land hank Of New or-l