The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-16
CHARTER.

ing for fines or expenses, and after the
expiration of said thirty days notice shall
cease to he a member of this association
The amount of installments paid by sucn
defaulting shareholder shall then be hello
To his individual credit and be payable on
demand and surrender of his certlhcate OF
stock. provided that the stock may be re-
instated if done within three months; on
the payment of one dollar (SD per share
and double the amount due at the time
of such reinstatement. But, should the
defaulting stakeholder be a borrower from
this association, then the right OF fOre-
closure and eXecutUry process under MS
mortgage shall forthwith inure to this
association.
Every loan on real estate shall be Sc
cured by vendors lien and first mortgage
on unencumbered real estate accompanied
bv pledge to this association OF the
shares borrowed upon and declaration
of such pledge in an authentic act which
shall create a full, valid and complete
pledge and the fact of such pledge shall
be stipulated on the face of the certihc-
cate so pledged whenever such certihcate
itself is not delivered to and held by this
association. and such vendors lien so re
corded shall remain in full force and effect
until the obligation is paid and eXtln-
guished provided that this association
may make loans on real estate situated In
the Parishes of st. Bernard and Jefferson
in accordance with the laws of the State.
and may establish, conduct and operate
such branch offices as may be designated
in the bylaws of this association.
II shall be lawful for this association
to purchase from any stakeholder or other
person any real estate. improved or unim-
proved, and to sell or dispose of the same
in the same condition, or after improving,
repairing or building upon the same, to
any member stakeholder, provided that
this association may make sales of pro-
perty, real or personal, either for cash or
on terms of credit. and shall have the
power to loan and advance money to its
stockholders for the purpose OF enabling
them to purchase. improve, repair and
build upon real estate. and to remove en-
cumbrances and mortgages therefrom, and
for any other purpose; and shall have
the further power to make all contracts
and do all things necessary and proper in
| connection Herewith.
! Members not indebted to the association
may withdraw all, or any part, of the cash
value of their unpledged shares by giving
notice in writing, which notice shall be
duly filed in a book kept for that pur-
| pose by the secretary of this association.
! and the liability to pay dues, and the
right to participate in the profits shall
! cease with the notice of the withdrawal.
| The member shall receive all installments
| paid, and, If twelve monthly installments
have been paid upon the stock, all divi-
dends credited theretO less any unpaid
charges and pro rata share of the losses,
If any, in excess of the amount in the
partial Withdrawals shall forfeit all share
| in the earnings since the last dividend
on the amount so withdrawn. Notice OF
withdrawal shall be registered and num-
6ered in the order of their filing and shall
be liquidated in rotation as registered
upon the return of the certificate of stock
and pass book, if the withdrawal be to-
tai, and upon the giving of proper re-
ceipt If the withdrawal be partial, out OF
the first unapprOpriated money in the
treasury, provided that not more than
one-half Of the net receipts shall ever be
used for The liquidation of withdrawn OIL
matured stock, unless there should be an
| accumulation of funds that cannot be
loaned in the ordinary course of business
Full Paid Withdrawal Shares and ma
tured Installment Shares may be with
drawn in the same manner, but no frac.
| tional parts of shares can be withdrawn
In case of the death OF any non borrow
ing member, the notice of his death will
| operate as notice of withdrawal. and
his succession will be entitled to a settle
| ment as above provided for Withdrawals
or the shares may be continued by his
lawful representatives or by them may be
transferred, provided notice of their inten-
tion to continue or to transfer shall be
| given within six months after the death
of such deceased member. And, in case of
the death of any borrowing member. his
heirs or representatives shall be entitled
| to succeed to all his rights and Obliga-
! tiOns. provided il be done within six
Should there be an over accumulation
or the funds belonging to this association
and beyond its use, the board shall have
| the right to call in any full paid shares
for redemption, provided that the full
paid shares shall be called in first in the
reverse order Of their issue and shall be
redeemed for face value plus interest for
| the time intervening since the last divi-
dend and at the same rate as the last
| dividend declared.
At the close Of each semi annuai period,
to-wit: December 31st, and June Both.
the gross earnings of this association
shall be ascertained from which shall first
| be deducted the expenses of this assOcia-
ton and from the balance there shall be
set aside at least three per cent (3%) of
the net earnings as fund for the pay
ment OF contingent losses until said fund
reaches two and one-half per cent (21b %
| of the outstanding loans; the association
| shall then set aside and deduct three per
cent t39o) of the net earnings for q re-
serve fund, this fund to increase at each
| dividend period by the addition of the
said three per cent. The balance Of the
profits or that part thereof which may be
deemed advisable by the board of direc-
tors, shall be declared as a dividend and
distributed among the different classes of
| stock as the board of directors may de-
termine, provided that no greater rate OF
dividend shall be payable to any one class
or stock In preference to the others. All
expenses of this association shall be paid
out of the earnings only, but charges in
cident to loan paid by the borrower
shall not be deemed a part of the current
expenses. In the calculation of the gross
earnings of this association previous to a
| dividend, interest due and unpaid for q
| period longer than six months on debts
owing or credits outstanding shall not be
| included. All losses may be paid out of
this contingent loss fund from time to
| time as they accrue, and when the said
fund falls below the two and one half
per cent of the loans in force, by reason
| OF loans or otherwise. it shall be re-
pienished by regular appropriations out
| or the net earnings until IL again reaches
said amount. The dividends declared by
the board of directors shah not exceed
| the portion OF the profits earned and with
drawable by the shares of this associa-
| ton.
All instailment shares shall be duly
| registered In a book Kept for that pur-
pose by the secretary Of this association,
and a pass book shall be issued to the
| member stakeholder setting forth the
| number of shares subscribed to by the
said member, and the dates and amount
OF payment on the said shares, and when
| ever the shares on any book by reason of
stock and the accumulation of dividends
thereon SHAH be worth the par value of
one hundred $1,000 dollars each, such
share shall thereby mature and shall be
payable as speedily as may be found con-
sistent with the best interest Of the stock
holders and Of the association.
The permanent stock issued by this as.
ISOLATION shall be represented by eertif-
Gates issued to this class Of stockholders
and shall not be withdrawable; they shall
receive the same amount of dividend as
the stock OF the other two classes, but they
cannot be called in by this association.
The dividends declared at each dividend
NARNA .L.rr