The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-09
CHARTER.

sociation shall be represented by certih-
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
period shall be then entered on the pass
books of the members holding installment
stock. but dividends on full paid with.
drawable stock, or permanent stock, shall
be paid for in cash in the manner ana at
the time to be designated by the bylaws.
The dividends shall not be greater than
four per cent (4Go) semi-annually.
No loan on real estate shall be made
except after having been approved and
recommended in writing by two competent
and disinterested real estate experts VINO
shall form part of the appratSement COM
mittee and shall have been further au-
thoriZed by the majority of the board OF
directors at any regular called meeting
of the said board. and shall only be made
upon furnishing and filing of report by
the attorney that the property upon which
the loan is desired has a clear, valid and
unencumbered title. And no loan shall
be made on real estate for more than
seventy-five per cent $3.50 of its actual
current cash market value. Loans on
shares of stock of this association may
be made TO members up to the amount
actually paid by them on said shares, and
no other loan shall be made by this as
vestigation. and on basis of seventy
five per cent (159o) of the actual cash
current market value thereof and a pledge
of the security to the said association
provided that this association may at any
time have the right to call for additional
security on any loan made to any of its
member stockholders.
All other rules and regulations affecting
the operation of this homestead assOcia-
ton or of the loans to its members, shall
be enacted in the bylaws to be provided
for and adopted.
Every officer and employee of this as
sOciatiOn who shall handle any of the
moneys thereof shall be bonded with a
surety company to an amount which shall
De equal to the estimated amount of
moneys belonging to this association and
coming into his hands during three
months period, provided that this associa-
ton shall have a review of its books made
every three months by some competent
public accountant and the result of the
examination submitted to the board of di-
rectors.N
ARTICLE V-All the powers Of this
corporation shall be exercised by board
of directors composed of twenty stock
holders owning each at least twenty (20)
shares of stock of the association; said
directors to be elected at a general meet
ing convened for that purpose on the
succeeding year. Notice of such meeting
shall be published in one of the daily
newspapers of this city for the space of
ten days immediately preceding said
election. Said election shall be by ballot
at the domicile of this corporation under
, the supervision of three commissioner
stockholders appointed by the board of di-
rectors at the last preceding meeting.
Each share of stock shall be entitled to
one vote and the stockholders receiving
the majority of the votes shall be elected.
Failure to hold an election on the date
specified shall not dissolve this corpora
fhn nfAr In on hall hAlI
power until their successors are elected
and qualified. The directors shall elect
from their number president, three
| vice-presidents and treasurer, an at
| be a quorum for the Transaction of bust
ness. All vacancies shall be filled by the
| remaining members of said board Of di-
| rectOrs. The directors shall elect and ap-
ployees as may be necessary, and shall
| have the right to stipulate their salaries
The directors shall have power to make
| bylaws, to select a place for and make
purposes of this association, suspend any
and all officers and have general authority
to carry out the obligations and business
of this association.
! ARTICLE vI-AIl applications for mem
bership shall be subject to the approval
| of the board of directors.
/ ARTICLE VII-Until the election, as
explained in Article V, the officers of this
| r.
president; Joseph vaccaro, first vice.
president; Luca Vaccaro, second vice
president; Salvador D'Antoni, third vice
president; Charles Leftwich, treasurer
U. Marinoni, attorney, Charles Y. Maca
stitute the first board Of directors: Felix
p. vaccaro, Joseph vaccaro, Luca Vacca
70, Salvador D'AntOni, Charles Leftwich
U. Marinoni, Jr., Charles v. Macaluso, Ro
sario Graffagnini, Charles Roth, N. J
Clesi, c. D'Antoni, Jos. Chalona, John Bo.
nura, Albert j. Buja, Arturo DellortO, q
Rossi, Angelo Glorroso, j. A. Dana, NJ
d., Philip Foto, A. Schiro.
of directors they shall select and appoint
i q secretary and such other officers a,
shall be necessary, and they shall regu
late the salary to be paid to the said sec
rotary and any other officers as shall b,
ARTICLE vIII-All transfers Of stool
shall be made on the books of the asso'
citation provided the new stakeholder !,
| acceptable to the board of directors Any
| original member. No share shall be trans
ferred until after the payment of twenty
| five cents (25c) by the transferee for each
share so transferred. Duplicate certiti
Gates may be issued for lost certificates In
| such manner as may be provided for In
| the bylaws. No stakeholder shall evel
be held liable for more than his unpaid
balance on his stock, nor shall any mere
|
| of rendering this charter null or of ex
posing stakeholder to any liability be
yond the amount of his stock.
| ARTICLE IX-This charter can be al
| tered, amended or modified. or this cor
poration dissolved by a vote of three
| fourths Of the capital stock represented
at a general meeting convened for that
| purpose, after ten days notice published
in one Of the daily newspapers Of this
| city. If at such meeting three-fourths OF
| the capital stock voting and rppresented
shall so select to dissolve this corpora
ton, then the stockholders present, or by
proxy, shall elect three liquidators from
among the said stockholders who shall
have full charge of the liquidation of this
association in such manner as provided
in the by laws, and upon giving due Sc
| curity.
ARTICLE Especial meetings of the
| stockholders shall be convened ut the re
quest in writing of ten stockholders, stat
ing the time and object Of such meeting
All laws in force in the State Of Louis
| lana relative to the organization and
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