The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-02
CHARTER.

such person to whom the stock il to he
transferred must abide by the charter
OF this society.
- The Board of Directors shall cause
To be aScertaiH,d on January l>t april
l>t. July LIST and October list of each
year the earnings of all shares tor TIA"
preceding three months. and out Of such
earnings there shall 90 be deducted all
expenses of the society for such time at
tributable TO such shares 90 set aside
to the fund for contingent losses tire"
per cent of the net earnings al any divi-
dcnd period. until such contingent fund
equals two and one-hdlf per cent of the
outstanding loans. and the Board of
Directors may set aside an additional
three per cent of net earnings at any
dividend period for Il reserve fund. until
such fund reaches two and one-half per
cent of outstanding loans. which fund
shall be invested as directed by the
Board; 90 the baldnc" OF said earnings
shall be declared aS Il dividend upon all
shares, provided by law. based on the
value of the stock of each member at the
time preceding dividend was declared.
II. Dividends declared shall be entered
on the pass books of the members semi
annually, and dividends on full paid
shares shall be in cash an the lSt of Jan
uary, April, July and October of each
year. or as provided in bylaws.
ARTICLE V.
All the corporate powers of this So
ciety snail be exercised by a Board of
Directors composed of AT least ten and
not more than fifteen shareholders. each
of whom must own or be subscriber
to At least fifty shares of stock. for a
period Of not less than twelve months
prior TO his election. said directors to
be elected at general meeting con
Nened for that purpose on the first Tues
day in January, 1857, and on the first
Tuesday in January of each succeeding
year. Each share of stock represented
ut such meeting and not in default shall
be entitled to one vote. Notice of such
meeting 10 be published in one Of the
daily papers of this city for Il space of
ten days Immediately preceding said cleo
tion. The election shall be held at the
domicile of said corporation under the
supervision of three stockholders APP
pointed for that purpose by the Board |
ing thereof; the stockholders receiving |
the majority of the votes shall be de- /
clared elected. Failure to hold an elec- |
tion on the day specified shall not dis |
in office shall hold over until an election !
be held. after ten days notice of the |
time and place thereof The directors |
shall elect from their number a president. |
treasurer. Seven directors shall cOnSti- |
tute a quorum for the transaction of bus
mess. The directors shall also elect a
secretary. who shall not he Il member |
notary, and such other officers and EN-
plOyeS as shall be necessary, and fix and
determine the compensation to the Off
GERS and employees of the society. and
fees to be allowed the directors and mem.
DerS of committees. They shall have the
power to make bylaws. To select a place
for meetings. TO suspend or discharge
any and all officers. and have general |
to carry out the objects and
business of the society.
They shall have the power TO authorize
he president or other officers, in their
discretion. to purchase real estate and
% contract for loans and pledge its
lsSets in the furtherance of the usual and
proper business of the society. At the
meeting the directors shall
name a committee of three members of
he society to nominate the directors for
good standing may put in nomination
my other ticket they may unite upon,
such nominees are eligible.
In faith whereof, the said appearers
lave signed these presents in the pres
nee of Messrs. Albert +. Moulin and
lawrence q. BOfet, competent witnesses, !
Who hereunto sign their names with the {
aid appearers and me- Notary, after due
eading of the whole.
Original Signed)
JOS. w LENNON.
RoBT. ]. PALFREY.
Secretary.
Witnesses:
l.. G. BODET.
ALBERT f. MOULIN.
PERCY s. BENEDICT.
Notary Public
Recorded in the Mortgage Office of the
'arsh of Orleans, January Il, 1922, in !
oOk 1858. folio $50.
True Copy:
PERCY S. BENEDICT.
Notary Public.
an. 90 Mich. . J