The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-02
CHARTER.

~ w oyber Security i'm the City of New Or
/ leans. as provided for in the bylaws
whereby the borrowing member stocA'
/ holders will be enabled to build or pro-
/ vide themselves with dwelling houses, 10
! purchase building lots or other real pro
! perty or 10 do such other things as theg
! may desire the said loans so made out OF
thr accumulated funds of this corpora
ton shall be loaned to the member STOCK
holders of this association but they ma!
be employed for that purpose moneys re-
! ceiyed from other classes of stock as ha!
no issued and hereafter designated.
ARTICLE Iy-The capital stock of this
/ aSsociation shall be five million S0OOo-
900 OOl dollars. divided into ana represent
ed by fifty thousand tJo'OVV' sinn1 al u
the par value of one hundred lSlO0l doI-
lars each Said stock shall be diviGed IN
TO three classes TO be known as current
or Installment Stock, Full Pald WIN
drawable Stock, ana ferInaneIt go
mined by the directors. The current or
InstalIment Stock shall be issued anu
paid for in consecutive monthly lnStaii,
ments as hereinafter provided tor al Al
) shares shall be Of the par value or SlW
zach. This association shall be n going
concern and actively operate as soon as
fifty thousand (S50OOO) dollars shall naye
been actually paid into the treasury vi
this association in cash.
Fuu Paid shares shall be paid for in
fuI M the date of their issue.
| payments on Current or lnstallment
-. Stock and interest on loans sndll NC Hue
and payable at the office or the hssO'la,
tion the said installment stock being PAID
for at the rate of twenty-five (20cJ cents
per week, and stockholders refusing or ne
ar interest. by the last OF the month shall
ha iudped i'm default and shall pay IN al
dition to the regular installment ana IN
terpst, a fine and premium as may De
: | Droyided for in the bylaws. lnStallment
| Shares may be converted into Full Paid
Withdrawals Shares by the holder pay
ing the difference between the present
value and the face value OF such shareS, OF
when such shares reach their face value
InstaIlments on stock shall be MONITOR
feitable. but should any stakeholder (not
having pied ged his share for loan or adj
vance) refuse or neglect to pay his month! n
| liz installmentS for period OF nEe
, | months the secretary shall notify MIN I'D
, writing at his last given address, ana
. request that he call and pay up his dues
and fines within thirty days OF the hotice;
, TO make such settlement, the secretary
shall notify him TO call and receive the
amount of installments actually paid IN
without any allowance for interest OF
profit of any nature and without deduct
|: ing for fines or expenses, and after the
: expiration of said thirty days notice shall
cease to be member of this association.
The amount of installments PAID Dy such
: defaulting shareholder shall then be held
y TO his individual credit and be payable on
n demand and surrender Of his certlhcate Oh
. stock. provided that the stock may De re-
q instated If done within three months. on
q the payment of one dollar (SD per share
I, and double the amount due at the time
u ! of such reinstatement. But, should the
:. defaulting stakeholder be borrower IRON
. | this association, then the right or fore
. closure and eXecutOry process under Ms
. mortgage shall forthwith inure to this
"a | association.
Every loan on real estate shall be Sc
cured by vendors lien and first mortgag,
| har Cd raal Sfat
"a by a pledge to this association OF tbs
a shares borrowed upon and declaration
l. of such pledge in an authentic act which
. shall create a full, valid and complete
q pledge. and the fact Of such pledge shall
;. be stipulated on the face of the certihc
n cate so pledged whenever such certihcat'
n itself is not delivered to and held by thi
a association. and such vendors lien so re
n corded shall remain in full force and effec
"a until the obligation is paid and extin
o guished, provided that this association
may make loans on real estate situated II
- the Parishes of st. Bernard and JenersoI
in accordance with the laws of the State
and may establish, conduct and operat
such branch offices as may be designate,
in the bylaws of this association.
1t shall be lawful for this association
to purchase from any stakeholder or othe
person any real estate, improved or unim
proved, and to sell or dispose of the SAM
i'm the same condition. or after improving
repairing or building upon the same, 4
this association may make sales Of pro
perty, real or personal, either for cash o
on terms of credit, and shall have. tn
power to loan and advance money to it
stockholders for the purpose of enabling
them to purchase. improve, repair ant
build upon real estate. and to remove en-
cumbrances and mortgages therefrom, an
for any other purpose; and shall hay
the further power to make all contract
and do all things necessary and proper il
connection Herewith
Members not indebted to the associatio
may withdraw all. or any part, of the cas-
=, value of their unpledged shares by giyin
IL notice in writing. which notice shall b
to duly filed in book kept for that puI
pose by the secretary of this association
10 and the liability to pay dues, and tn
:, cease with the notice of the Withdrawal
al The member shall receive all installment
s; paid, and, If twelve monthly installment
., have been paid upon the stock, all div
dends credited thereto less any unpai
ts charges and a pro rata share of the lOsse
10 IL any, in excess of the amount in Il
Nv contingent loss fund. Members maxim
partial Withdrawals shall forfeit all sha
no in the earnings since the last divider
re-. on the amount withdrawn. Notice
withdrawal shall be registered and nun
bered in the order of their filing and sha
be liquidated in rotation as registers
upon the return Of the certificate of stO,
and pass book, IL the withdrawal be t
tai, and upon the giving of proper r
n, the first unappropriated money in Il
VI treasury, provided that not more tn;
III one-half of the net receipts shall ever
used for the liquidation of withdrawn
matured stock, unless there should be
accumulation of funds that cannot
loaned in the ordinary course of bushes
/, Full Paid Withdrawal Shares and m
be tured Installment Shares may be wit
drawn in the same manner. but no fra
tiOnal parts of shares can be withdraw
In case of the death of any non-bOrro,
ing member. the notice of his death W
operate as notice Of withdrawal, al
his succession will be entitled to a settl
ment as above provided for Withdrawal
or the shares may be continued by
lawful representatives or by them may
transferred, provided notice of their int
ton TO continue or to transfer shall
given within six months after the dea
of such deceased member. And In case
.. the death of any borrowing member.
% heirs or representatives shall be entitl
I to succeed to all his rights and oblig
nd tions provided II be done within
rs months after the death of such member
Should there be over accumulate
". w. of the funds belonging to this associate
and beyond its use, the board shall ha
TO the right to call in any full paid shar
m. for redemption, provided that the (,
- paid shares shall be called in first in {
cu reverse order of their issue and shall
OF redeemed for face value plus interest I
Ird the time intervening since the last di'
na dend and at the same rate as the Ia
,Ne. dividend declared.
~, At the close of each semi annual peric
ult TO- wit. December 31st and June 3O