The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-16
CHARTER.


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 themselves with dwelling houses, TO
purchase building lots, or other real pro-
perry. 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 capital stock of this
association shall be five million (S0,UVO,
900 OO) dollars divided into and represent
ed by fifty thousand (5OOOO) shares OF
the par value of one hundred lSlOO) doi-
lars each. Said stock shall be divided IN
to three classes to be known as current
or Installment Stock, run fald Win
drawable Stock. and Permanent Stock,
which may be issued as may be deter
mined by the directors. The Current or
InstaIlment 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
fifty thousand ($50.OO0) dollars shall have
been actually paid into the treasury OF
this association in cash.
Full Paid Shares shall be paid for in
full at the date of their issue.
Payments on Current or lnstallment
Stock and interest on loans shall De que
and payable at the office of the assOcla-
ti0n: the said installment stock being paid
for at the rate of twenty-five (2Jc) cents
per week, and stockholders refusing or ne
glecting to pay the instruments OF dues,
or interest by the last of the month shall
he Judged in default and shall pay in ad-
dition to the regular installment and in
terest, a fine and premium as may De
provided for in the bylaws. lnstallnent
shares NAV be converted into Fun falu
Withdrawable Shares by the holder pay.
ing the difference between the present
value and the face value of such shares, or
when such shares reach their face value
Installments on stock shall be MONITOR
feitable. but should any stakeholder (not
having pledged his share for loan or ad-
vance, refuse or neglect to pay his month
ly installments for period or nVe
months. the secretary shall notify him IN
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 a 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 If done within three months. on
the payment of one dollar (SD 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 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 certiic-
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.
1t shall be lawful for this association
to purchase from any stakeholder or other
person any real estate, improved or unim-
proved, and to sell or dispose of the same
in the same condition, or after improving
repairing or building upon the same to
any member stakeholder, provided that
this 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-
h a nd M rto thar
for any other purpose; and shall have
the further power to make all contracts
and do all things necessary and proper in
connection Herewith.
Members not indebted to the association
may withdraw. all, or any part of the cash
value of their unpledged shares by giving
notice In writing, which notice shall be
duly filed in a book kept for that pur.
pose by the secretary of this association,
ana the liability to pay dues, and the
rlght TO participate In the profits shall
lease with the notice of the withdrawal.
Inc member shall receive all installments
paid, and. II twelve monthly installments
have been paid upon the stock all diyi-
bends credited thereto less any unpaid
charges and pro rata share of the losses,
III any, In excess Of the amount in the
contingent loss fund. Members making
partial Withdrawals shall forfeit all share
In the earnings since the last dividend
on the amount so withdrawn. Notice of
Withdrawal shall be registered and num-
Dered In the order of their filing and shall
De hquidated in rotation as registered
upon the return of the certificate of stock
ana pass book, IL the withdrawal be to-
tai, and upon the giving of proper re-
ceipt II the withdrawal be partial, out of
the hrst unappropriated money in the
treasury, provided that not more than
one-hah OF the net receipts shall ever be
used for the liquidation of withdrawn or
matured stock, unless there should be an
accumulation of funds that cannot be
loaned In the ordinary course of business.
FUN Paid Withdrawal Shares and ma.
tured lnstallment Shares may be with
drawn la the same manner but no frac-
tionai parts OF shares can be withdrawn.
In case OF the death Of any non-borrow-
ing member, the notice of his death will
operate as notice Of withdrawal, and
his succession Will be entitled to a settle
ment as above provided for withdrawaIs
or the shares may be continued by his
lawful representatives or by them may be
transferred, provided notice Of their inten-
ton TO continue or to transfer shall be
OF such deceased member. And, in case OF
the death OF any borrowing member his
heirs or representatives shall be entitled
20 succeed to all his rights and obliga-
ions, provided IL be done within six
months after the death of such member.
should there be an over accumulation
OK the funds belonging to this association
and beyond its use, the board shall have
the right to call In any full paid shares
for redemption, provided that the full
paid shares shall be called in first in the
reverse order of their issue and shall be
redeemed for face value plus interest for
the time intervening since the last divi-
dividend declared.
A. h.