The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-09
CHARTER.

I a
leans. as provided for in the bylaws,
! whereby the borrowing member STOCK
holders will be enabled to build or pro-
vide themselves with dwelling houses, 10
purchase building lots, or other real pro-
| perty or TO do such other things as tney
! NAV desire the said loans so made out OF
| the accumulated funds OF this corpora
ton shall be loaned to the MEMBER stoch-
holders of this association, but they may
! be employed for that purpose moneys re-
ceiyed from other classes of stock as may
be issued and hereafter designated.
ARTICLE IV-The capitar stock OF TINS
association shall be five million lSo,VoO.-
600 OOl dollars. divided into and represent
ed by fifty thousand (jO,OOO) shares OF
the par value Of one hundred tslOvJ uol-
lars each Said stock shall be divided IN
10 three classes to be known as current
or Installment Stock, Full Paid Win
drawable Stock, and Permanent Stock'
which may be issued as may be deter
mined by the directors. The current or
InstaIIment Stock shall be issued ana
Maid for in consecutive monthly install,
mpntS as hereinafter provided for. Al
shares shall be of the par value OF SlVo
each This association shall be a gong
concern and actively operate as soon as
ffty thousand (S5000OD dollars shall nave
been actually paid into the treasury OF
this association in cash.
Full Paid Shares shall be paid for in
ull ar the date of their issue.
Payments on Current or lnstallmeht
Stock and interest on loans shall be que
and PAYABLE at the office OF the assocla-
ton: the said installment stock being pald
for at the rate of twenty-five (2ocl Genus
prr week, and stockholders refusing or ne
/ gIecting to pay the installments OF dues
or interest by the last OF the month shail
he Judged in default and shall pay IN al
dition to the regular inStallment and IN
terrSt, a fine and premium as may De
provided for in the bylaws. lnStalIment
Shares may be converted into Fun fald
Withdrawable Shares by the holder pay.
InNW IN
value and the face value of such shares; OF
when such shares reach their face value
Installments on stock shall be non-for.
feitabe. but should any stockholder lh0I
having pledged his share for loan or al
vance5 refuse or neglect to pay his month
ly installments for period or nIe
months, the secretary shall notify MIN IN
writing, at his last given address ana
) request that he call and pay up his dues
and fines within thirty days of the notice;
and should the defaulting stakeholder fan
to make such settlement, the secretary
shall notify him to call and receive tne
amount of installments actually paid In
without any allowance for interest OF
profit Of any nature, and without deduct
ing for fines or expenses, ana alter III.
expiration of said thirty days notice snaIi
! cease to be member of this association
) The amount of installments paid by such
defaulting shareholder shall then be held
D TO his individual credit and be payable on
, demand and surrender of his certificate oil
instated IL done within three months, on
the payment of one dollar (sD per share
5 and double the amount due at the time
! Of such reinstatement. But, should tine
defaulting stakeholder be a borrower from
: this association, then the right of fore
: closure and executory process under M
) mortgage shall forthwith inure TO TINS
association.
Every loan on real estate shall be Sc
cured by vendors lien and first mortgage
: on unencumbered real estate accompanied
o by a pledge to this association or tn
o shares borrowed upon and declaration
8 of such pledge in an authentic act whicf
|. | shall create a full, valid and complete
(, pledge, and the fact OF such pledge shall
a be stipulated on the face of the certinc
: cate so pledged whenever such certihcat
II itself is not delivered to and held by thu
N association, and such vendors lien so re
% corded shall remain in full force and effec
n until the obligation is paid and extin
'e guished, provided that this association
% may make loans on real estate situated Ii
the Parishes Of st. Bernard and Jefferson
in accordance with the laws of the State
and may establish, conduct and operat
such branch Offices as may be designated
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
| in the same condition, or after improving
repairing or building upon the same, t
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 1t
stockholders for the purpose of enabling
them to purchase, improve, repair ant
build upon real estate, and to remove en-
cumbrances and mortgages therefrom, ant
for any other purpose; and shall hav
the further power to make all contract
and do all things necessary and proper Ii
connection Herewith.
Members not indebted to the association
may withdraw all, or any part, of the casl
a, value of their unpledged shares by giyini
Il notice In writing, which notice shall b
% duly filed in a book kept for that pun
:. pose by the secretary of this association
" anc the liability to pay dues, and tn
n. right to participate in the profits sha
=, cease with the notice of the Withdrawal
ai The member shall receive all installment
J; paid, and, If twelve monthly installment
- have been paid upon the stock, all divi
. dends credited thereto less any unpai
8. charges and pro rata share Of the losse.
To- IL any, In excess of the amount in tn
Nv contingent loss fund. Members maxim
partial Withdrawals shall forfeit all shar
no in the earnings since the last dividen
"a on the amount SO withdrawn. Notice {
withdrawal shall be registered and nun
bered in the order Of their filing and sha
be hquidated In rotation as registere
and pass book. If the withdrawal be tc
= tai, and upon the giving Of proper II
y ceipt II the withdrawal be partial, out
the first unapprOpriated money in tn
treasury, provided that not more tina
onehalf of the net receipts shall ever
used for the liquidation of withdrawn
. matured stock, unless there should be a
accumulation of funds that cannot /
. loaned In the ordinary course of bushes
= Full Paid Withdrawal Shares and m
: tured Installment Shares may be will
drawn In the same manner, but no fra
tional parts of shares can be withdraw
In case of the death of any non borrow
ing member, the notice Of his death wi
n operate as a notice Of withdrawal an
y his succession will be entitled to a sett
= ment as above provided for withdrawal
or the shares may be continued by h
= lawful representatives or by them may
transferred, provided notice of their intel
: ton to continue or to transfer shall l
given within six months after the deaf
of such deceased member. And, in case
the death Of any borrowing member h
heirs or representatives shall be entitlt
Il to succeed to all his rights and oblig;
u tons, provided Il be done within 81
u months after the death Of such member.
Should there be an over accumulate
= of the funds belonging to this associate
y and beyond its use. the board shall ha,
the right to call in any full paid shar,
n for redemption, provided that the fu
paid shares shall be called in first in Il
reverse order of their issue and shall
redeemed for face value plus interest Z,
the time intervening since the last div
dend and at the same rate as the la
dividend declared.
At the close Of each semi nnuai perio