The herald., 1922-02-16
TO CHARTER OF THE
EUREKA HOMESTEAD SOCIETY.

EUREKA HOMESTEAD SoClEIh.
State Of Louisiana. Parish of Orleans,
City OF New Orleans. BE 1t known that
on this the 10th day of January, in the
year of our Lord, 1922, before me, PERCY
s. BENEDICT, Notary Public duly
qualified and commissioned in and for
the parish and state aforesaid, ana In
the presence of the two undersigned com
petent witnesses, personally came and
appeared Joseph W. LennoX, Esq, ana
Robert j. Palfrey, Esq, respectively the
President and Secretary of the Eureka
Homestead Society, legal corporation
of this parish and state, which said ap-
bearers declared to me, Notary, and the
undersigned witnesses. that at meet
ing of the stockholders Of said Eureka
Homestead Society, held on the thlrd
day of the month of January, 1877, at
its domicile No. 451 Camp street, in this
city. and after all legal prerequisites had
been observed, there appeared, either In
person or by proxy, 1860 shares OF
the capital stock of the said corpor-
alton, out of total of 16.Sis shares,
and by unanimous vote OF the stockhOld-
ers present or represented, in accordance
with the general laws of this state ana
of the eXising charter of the said com
pany, Articles Ill, ~ and of the SAID
charter were amended and re-eDacted so
as to read as follows, to-wit:
ARTICLE III.
The objects and purposes Of said cor
pOratiOn shah he the accumulation or a
fund from the sale of ull-paid stock,
and from the monthly installments paid
on account of subscriptions to the run
ming stock of this society, from rentals.
from premiums, and from interest on
loans. The funds so accumulated shall
be used for the purchase of real estate.
the building and renting OF hOmesteads'
and the lending of money upon mort,
cages in the city of New Orleans and
adjoining parishes, or stock of this
society, as provided in the bylaws. No
loans upon other than real estate security
or stock of this society shall be made
without the consent OF at least two-thirds
of the Board of Directors.
ARTICLE ".
/. The capital stock of this society
shall be Twelve Million Dollars (Sl2,OO
and full paid shares of Fifty Dollars
$4,000 each, or childreu's shares OF
Twenty five Dollars (s25.OO) each. The
outstanding alphabetical and juvenile
shares, when withdrawn, mat1red' re-
tired or cancelled, may be issued 10 like
amounts in above classes. Running
shares and children's shares shall be paid
for at the rate of Twenty-Five Cents per
share per month.
2 on shares pledged as additional
security for real estate loans, the monthly
interest due on such loans shall be first
deducted from each such payment, and
the difference entered as payments on
stock; provided, additional payments
amount at the option of the shareholder.
3. Full-paid shares shall be paid for
in full at the date of their issue. Run
ming shares may be converted into full
paid shares by the holder paying the
difference between the present value and
the face value of such shares, or when
such shares reach their face value; pro-
vided, that certificates of full-paid stock
shall be issued only when authorized by
and subject to such terms and conditions
as the Board of Directors may prescribe.
Alphabetical and juvenile shares shall
enjoy the same privileges and be sub
ject to the same conditions.
4. Running shares and children's shares
shall be issued in such manner as may
be provided by the bylaws.
s. Minors may subscribe for. hold.
without the authorization of their par
ents, tutors or other persons; and mar
ried women may subscribe for, hold.
transfer or surrender stock without the
consent or authorization of their hus-
bands, as provided by law.
q. Payments on running shares, INSTALL |
ments and interest shall be due and paya- |
bic monthly, by the tenth of each current |
month. at the office of the society; and |
all payments shall be imputed: Otto the |
settlement of interest due; (2) to install |
ments on shares; (3) reimbursement of |
moneys paid for account of sharehold-
ers; provided, that this order of impu-
tation may be changed at the discretion |
Of the Board of Directors.
Z. Any borrowing shareholder failing |
to make the payments required during |
the current month, shall pay as a pen
atty therefor One Cent on each share held |
by him or her. or for each such failure.
which shall be charged against such share
holder; provided, any shareholder thus
In default may have the penalty thereon
by paying twice the amount
which he or she owes at the time Of set
tlement.
s. Shareholders of running and chill
dren's shares shall have the right to
from the society the full
profits thereon, as shown at the preced-
Ing dividend time, less any charges and
proportion of losses, If any, upon filing
written notice, which shall be registered |
by the Secretary in the order of their |
receipt; and withdrawing shareholders
shall be paid in rotation. as registered, |
out OF the first unappropriated money in |
the treasury.
ton of receipts ordinarily made appli- |
cable to the demands of Withdrawing |
members by resolution of the Board of |
Directors is not sufficient to pay all such |
within sixty days from date of |
notice, one-hah of the receipts shall |
thereafter be applied to the liquidation Of |
the claims of Withdrawing members until |
all deferred claims are paid. Any share |
holder may be permitted to withdraw
part of the accumulation to his or her |
held by him or her proportionately.
III. Should there be an over-accumula- |
ton OF funds beyond the use of the
society. the Board shall have the right |
to call in unpledged shares for redemp |
ton; provided, that the full-paid shares
shall be called in first, in the reverse
order of their issue, and shall be re
deemed for face value, plus interest. for |
the time Intervening since last dividend |
at the same rate as last dividend de,
clared; and should all fulI-paid shares |
be redeemed, the alphabetical, Juvenile, |
and children's shares may be |
called In. the oldest shares to be redeemed |
hrst, and at their withdrawal value, plus |
interest Intervening since date of last |
dividend, at the same rate as the last |
IL On the death of a member. not
being In arrears, his or her legal rep |
cash the withdrawal value of the stock |
1t the time Of the past payment made
by such deceased, or said representative |
snail be entitled to transfer said stock
20 others, or to continue the membership
by payment Of the monthly installments:
provided. nevertheless, that the position
'f the deceased member and such repre-.
sentative be determined, as regards this
society: In ninety days next following
such death.
II. All transfers of stock shall he
made on the books of the society on
urrender Of the certificate Of stock. and
n the presence Of the Secretary: and
uch person to whom the stock is TO l,e
transferred must abide by the charter
" this society.
ID. The Board of Directors shall cause
O be ascertained on January LIST, April
ST, July list and October LIST of each