The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-23
CHARTER.


borrow any part thereof upon mortgages
or other security in the City of New Or
! leans. as provided for in the bylaws
whereby the borrowing member stock.
holders will be enabled to build or pro-
vide them selves with dwelling houses, 10
purchase building lots, or other real pro-
perty. or TO do such other things as they
may desire. the said loans so made out of
the accumulated funds of this corpora
ton shall be loaned to the member stock
holders of this association. but they may
be employed for that purpose moneys re-
ceived from other classes of stock as may
be issued and hereafter designated.
ARTICLE IV-The capitar stock of this
association shall be five million (S5,OOO,-
0O0.O0) dollars. divided into and represent
ed by fifty thousand (5OOOO) shares of
the par value Of one hundred ($l00) dol
lars each. Said stock shall be divided in
10 three classes to be known as Current
or Installment Stock, Full Paid With
drawable Stock. and Permanent Stock.
which pay be issued as may be deter
mined by the directors. The Current or
Installment Stock shall be issued and
paid for in consecutive monthly install
ments as hereinafter provided for. All
shares shall be of the par value of 500
each. This association shall be a going
concern and actively operate as soon as
ffty thousand $50 0OOC dollars shall have
been actually paid into the treasury of
this association in cash.
Full Paid Shares shall be paid for in
null at the date of their issue.
Payments on Current or Installment
Stock and interest on loans shall be due
ana payable at the Office of the assOcia-
ton: the said installment stock being paid
for at the rate of twenty-five (25c) cents
per week, and stockholders refusing or ne
gleCting TO pay the nstallments of dues.
or interest. by the last of the month shall
bp Judged in default and shall pay in ad
ditiOn to the regular installment and in
terest, fine and premium as may be
provided for in the bylaws. 1nstallment
Shares may be converted into Full Paid
Withdrawable 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.
Installments on stock shall be MONITOR
feitable. but should any stakeholder mot
having pledged his share for loan or ad-
vance, refuse or neglect to pay his month
ly installments for period of five
writing, at his last given address, and
request that he call and pay up his dues
and fines within thirty days OF the notice.
and should the defaulting stakeholder fail
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 or
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 by such
defaulting shareholder shall then be held
to his individual credit and be payable on
demand and surrender Of his certificate OF
stock, provided that the stock may be re-
instated IL done within three months. on
the payment of one dollar ($1) 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 executOry process under his
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
by pledge to this association of the
shares borrowed upon and a 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 certific-
cate so pledged whenever such certificate
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 extin-
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.
IL shall be lawful for this association
10 purchase from any stakeholder or other |
person any real estate, improved or unim- |
In the same condition, or after improving, |
repairing or building upon the same to |
any member stakeholder, provided that |
TINS 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-
.umbranees and mortgages therefrom, and |
for any other purpose; and shall have
The further power to make all contracts
md do all things necessary and proper in
connection Herewith.
Members not indebted to the association
'alue of their unpledged shares by giving
iotlce In writing, which notice shall be
iuiy hled in book Kept for that pur-
pose by the secretary of this association.
ihd the liability to pay dues, and the
Ease with the notice of the withdrawal.
lhe member shall receive all installments
'aid' and, II twelve monthly installments
ave been paid upon the stock, all diyi-
lends credited thereto less any UNPAID
harges and pro rata share of the losses.
any, In excess of the amount in the
contingent loss fund. Members making
partial Withdrawals shall forfeit all share
n the earnings since the last dividend
IN the amount so withdrawn. Notice Of
shall be registered and num-
'ered In the order Of their filing and shall
'e hquidated In rotation as registered
pom the return Of the certificate Of stock
no pass book, IL the withdrawal be to-
al, and upon the giving of proper re-
eipt II the withdrawal be partial, out of
ne nrst unappropriated money in the
reasury, provided that not more than
e,hair OF the net receipts shall ever be
sed for the liquidation Of withdrawn or
iatured stock, unless there should be an
ccumuiation Of funds that cannot be
,aned In the ordinary course of business
uil Paid Withdrawal Shares and ma. !
lred installment Shares may be with
rawh In the same manner, but no frac-
onal parts of shares can be withdrawn.
In case OF the death Of any non- borrow {
perate as notice Of withdrawal. and !
Is succession will be entitled to settle /
ent as above provided for Withdrawals. +
the shares' may be continued by his r
wrui representatives or by them NAV be
ansferred. provided notice of their inten 6
on TO continue or to transfer shall be G
ven within six months after the death a
such deceased member. And, In case OF !
e death OF any borrowing member his 0
succeed to all his rights and obliga- Il
ons; provided 1t be done within six !
onths after the death of such member q
should there be an over accumulation 5
tne FUNDS belonging to this association r
10 beyond Its use, the board shall have h
e right to call In any full paid shares b
z redemption. provided that the full 1,
I'd shares shall be called in first in the o
verse order OF their issue and shall be n
e time intervening since the last diyi.
nd and at the same rate % tha lie, |