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

be redeemed, the alphabetical Juvenile,
running and children's shares may be
called in the oldest shares 10 be redeemed
first and at their withdrawal value, plus
interest intervening since date OF last
dividend, at the same rate as the last
dividend.
IL on the death of a member. not
being in arrears, his or her legal rep
resentative shall he entitled to receive IN
cash the withdrawal value of the stock
at the time of the past payment made
by such deceased or said representative
shall be entitled to transfer said stock
to Others or TO continue the membership
by payment of the monthly installmentS'
provided. nevertheless. that the position
of the deceased member and such repre-
sentative be determined as regards this
society, in ninety days next following
, such death.
made on the books of the society on
surrender of the certificate of stock. and
in the presence of the Secretary; ana
such person to whom the stock Is 10 he
transferred must abide by the chartef
of this society.
IL. The Board of Directors shall cause
to be ascertained on January LIST. April
| lSt. July LIST and October LIST of each
year the earnings of all shares for the
preceding three months. and out of such
earnings there shall % be deducted all
expenses of the society for such time at
tributable to such shares; 60 set aside
/
per cent of the net earnings AT any divi-
dend period, until such contingent fund
equals two and One-half per cent of the
outstanding loans. and the Board OF
Directors may set aside an additional
three per cent of net earnings at any
dividend period for reserve fund. until
such fund reaches two and One-half per
cent of outstanding loans, which fund
shall be invested as directed by the
Board: 90 the balance of said earnings
shall be declared as a dividend upon all
shares, as provided by law, based on the
value of the stock of each member at the
time preceding dividend was declared.
II. Dividends declared shall be entered
on the pass books of the members semi
annually, and dividends on full-paid
shares shall be in cash on the 1st of jan
uary, April, July and October of each
year. or as provided in bylaws.
ARTICLE V
All the corporate powers Of this So
ciety shall be exercised by n Board OF
Directors composed of at least ten and
not more than fifteen shareholders, each
to at least fifty shares of stock. for Il
period of not less than twelve months
prior to his election. Said directors TO
be elected at general meeting con-
day in January, 1887. and .on the first
/ Tuesday in January of each succeeding
! year. Each share of stock represented
at such meeting and not in default shall
|
meeting to be published in one of the
daily papers of this city for space OF
ten days Immediately preceding said elec-
| ton. The election shall be held at the
/ supervision Of three stockholders ap.
| pointed for that purpose by the Board
| of Directors at the last preceding meet
| ing thereof; the stockholders receiving
| the majority of the votes shall be de-
clared elected. Failure to hold an cleo
ton on the day specified shall not dis
solve the corporation, but the directors
in office shall hold over until an election
be held, after ten days notice OF the
time and place thereof. The directors
shall el.ct from their number a president
vice resident, second vice-presdent. and
treasurer. Seven directors shall cOnsti-
tute quorum for the transaction of bus
| mess. The directors shall also elect a
| secretary, who shall not be member
of the Board; appoint an attorney, 4
| notary, and such other officers and EN-
ployes as shall be necessary, and fix and
determine the compensation to the Off
GERS and employees of the society, and
fees to be allowed the directors and mem
bers of committees. They shall have tn,
power to make bylaws. to select place
for meetings, to suspend or discharge
any and all officers, and have general
| authority to carry out the objects and
business of the society.
They shall have the power to authorize
| the president or other officers, in their
discretion, to purchase real estate and
to contract for loans and pledge its
assets in the furtherance of the usual and
proper business of the society. At the
| November meeting the directors shall
| name committee of three members OF
the society to nominate the directors for
the ensuing year. Any five members in
| good standing may put in nomination
| any other ticket they may unite upon
providing such nominees are eligible.
In faith whereof, the said appearers
have signed these presents in the pres
ence of Messrs. Albert +. Moulin and
| Lawrence q. Bofet. competent witnesses
| who hereunto sign their names with the
said appearers and me. Notary, after due
reading of the whole.
Original Signed)
| JOS. W. LENNON,
President.
ROBT. J. PALFREY.
Secretary.
Witnesses:
l.. G. BODET,
ALBERT f. MOULIN.
PERCY s. BENEDICT.
Notary Public
Recorded in the Mortgage Office Of thu
Parish of Orleans, January IL, 1922, II
book 1868, folio $50.
True Copy:
, PERCY S. BENEDICT.
Notary Public.