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

Il
expenses In tie calculation of the gross
earnings. of this association previous 10
dividend interest due and unpaid IOT d
period longer than six months on deOtS
owing or credits outstanding, shall not De
included All losses may be paid out or
this contingent loss fund from time 10
time as they accrue, ana wheh the Sdlu
fund falls below the two and one-haH
per cent of the loans in force by reason
of loans or otherwise, it shall be re
plenished by regular appropriations out
of the net earnings until II again reaches
said amount. The dixidends declared py
the board of directors shall not exceed
the portion of the profits earned and With
drawable by the shares of this associa-
ton.
registered in a book kept for that pur-
pose by the secretary of this ASSOCIATION
and a pass book shall be issued 10 the
member stakeholder setting forth the
number of shares subscribed TO by the
/ said member. and the dates and amount
I of payment on the said shares, and when
ever the shares on any book by reason OF
the payment of the installments on a
stock and the accumulation of dividends
thereon shall be worth the par value OF
one hundred (S100) 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
soriation shall be represented by certln-
. Gates issued tn 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, nut 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 tnstallment
/ stock, but dividends on full paid with
J drawable stock, or permanent stock, snail
/ he paid for in cash in the manner and at
the time to be designated by the bylaws.
The dividends shall not be greater than
four per cent (ico) 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 appraiSement 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 clear, valid and
unencumbered title. And no loan shall
be made on real estate for more than
seventy-tve per cent (IjT) 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
sociation except after full report and in
vestigatiOn. and on a basis of seventy
five per cent C15Gc) OF the actual cash
current market value thereof, and a pledg C
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
/ MI m hal han Of
, moneys thereof shall be bonded with
, surety company to an amount which shall
, be equal to the estimated amount o
moneys belonging to this association anC
: coming into his hands during a thre,
months period, provided that this assOcia
tion shall have a review Of its books made
: every three months by some competen
public accountant and the result of tn
. examination submitted to the board of di
l rectors.
, ARTICLE V-All the powers of thi
! corporation shall be exercised by a boarC
\ of directors composed of twenty stock
holders owning each at least twenty GO
a shares Of stock of the association; sai'
! directors to be elected at a general meet
ing convened for that purpose on tn
second Monday of January, 1923. and eacl
succeeding year. Notice of such meetin,
shall be published in one of the dali!
newspapers of this city for the space o
: ten days Immediately preceding sait
I, election. Said election shall be by ballo
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 Z
one vote and the stockholders receiving
the majority of the votes shall be elected
q Failure to hold an election on the dat
, specified shall not dissolve this corpora
= ton. but the directors in office shall hol
power until their Successors are electe
; and qualified. The directors shall cleo
u from their number president, tire
| vice-presidents and treasurer, an at
n tOrney and a notary; five directors shal
h be quorum for the transaction of busi
& ness. All vacancies shall be filled by tn
e remaining members of said board of di
? rectors. The directors shall elect and ap
4, point secretary, and such other EN-
10 ployees as may be necessary, and sha
ii have the right to stipulate their salaries
l. The directors shall have power to max
IS bylaws, to select a place for and max
Is the lease or rent Offices for the bushes
ID and all officers and have general authorit
$, to carry out the obligations and bushes
he of this association.
lg ARTICLE VI-All applications for men
re bership shall be subject to the approvi
Id of the board of directors.
Of ARTICLE NII-Until the election
n explained in Article v, the officers of tn
Ill corporation shall be: Felix p. vaccar
ed president; Joseph Vaccaro, first vic
* president; Luca VaccarO, second vic
o. president; Salvador D'Antoni, third vic
e. president; CHARLES LeftW1ch, Treasures
of L. MarinOni. attorney, Charles V. Mac
he luso, notary; and the following shall co
an stitute the first board of directors: Eel
be p. Iaccaro, Joseph Vaccaro. Luca Waco
or 70, Salvador D'Antoni, Charles Leftwic
IN L. Marinoni, Jr:, Charles V. Macaluso. r.
be sario Graffagnini Charles Roth, n.
IS. Clesi, c. D'Antoni. Jos. Chalona, John B.
IA nura Albert j. Buja, Arturo Dellorto,
h Rossi. Angelo GlorrosO, J. A. Dana,
&C. d., Philip Foto, A. Schiro.
n. At the first meeting of the said boar
" of directors they shall select and appoii
Ill secretary and such other officers
nd shall be necessary, and they shall reg
e- late the salary to be paid to the said Sc
Is, rotary and any other officers as shall
lis necessary.
be ARTICLE vIII-AI transfers of stot
n shall be made on the books of the ass
be citation provided the new stakeholder
tn acceptable to the board of directors. Al
of such member shall sign the charter as
lis original member. No share shall be tran
ed ferred until after the payment of twent
"a hye cents (2oc) by the transferee for ea'
TX share so transferred. Duplicate certi
Gates may be issued for lost certificates
on such manner as may be provided for
on the bylaws. No stakeholder shall ev
We be held liable for more than his unpa
es balance on his stock, nor shall any me
Ill informality in organization have the effe
ne OF rendering this charter null or of e
be posing a stakeholder to any liability b
or yOnd the amount of his stock.
VI ARTICLE IX-This charter can be
list tered. amended or modified. or this CO
poratiOn dissolved by a vote of thre
ID. fourths Of the capital stock represent
tn ! at q general meeting convened for III