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

expenses In the calculation of the gross
earnings of this association previous 10
dividend. interest due and unpaid Tor a
period longer than six months on debts
owing or credits outstanding, shall not De
included. All losses may be paid out OF
this contingent loss fund from time 10
time as they accrue, and when the SAID
fund falls below the two and one-hat
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 il again reaches
said amount. The dividends declared by
the board of directors shall not exceed
the portion of the profits earned ana WIN
drawable by the shares of this assocla-
ton.
All installment shares shall be duly
registered in a book kept for that pur-
pose by the secretary of this association,
and a pass book shall be issued TO the
member stakeholder setting forth the
number of shares subscribed to by the
said member. and the dates and amount
of payment on the said shares, and wheh-
ever the shares on any BOOK by reason OI
the payment of the inStallments on a
stock and the accumulation of dividends
thereon shall be worth the par value OF
one hundred (s1OO) dollars each, such
share shall thereby mature and shaH De
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
ISOLATION shall be represented by ccrtlh-
Gates issued to this class of stockholders
and shall not be withdrawable; they snail
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 snail
be paid for in cash in the manner and at
the time to be designated by the bylaws.
ha
! four per cent (4eo) 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 who
| shall form part of the appraisement com
mittee and shall have been further au-
| thoriZed by the majority of the board or
| 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 five per cent (15qo) 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
yestigation, and on a basis of seventy
five per cent $50 of the actual cash
|
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
ISOLATION who shall handle any of the
moneys thereof shall be bonded with
surety company to an amount which shall
be 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 review of its books made
J every three months by some competent
public accountant and the result of the
examination submitted to the board of di
rectors.
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
|, second Monday of January, 1928, and each
. 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 tC
, 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.
: ton, but the directors in office shall hold
! power until their successors are elected
, and qualified. The directors shall elect
| a hEnx
vice-presidents and a treasurer, an at
! torney and notary; five directors shall
! be quorum for the transaction of bust
ness. All vacancies shall be filled by th'
e remaining members of said board of di
rectors. The directors shall elect and ap
b. point secretary, and such other en-
g ployees as may be necessary, and shall
l have the right to stipulate their salaries
!. The directors shall have power to max,
5 bylaws, to select place for and max,
s the lease or rent offices for the business
purposes of this association, suspend an,
d and all officers and have general authority
e of this association.
g ARTICLE VIAL applications for mem
9 bership shall be subject to the approva
d Of the board of directors.
f ARTICLE VII-Until the election a
: explained in Article V, the officers Of thi
y corporation shall be: Felix p. Vaccaro
d president; Joseph vaccaro, first vice
: president; Salvador D'Antoni, third vice
: president; Charles Leftwich, treasurer
Il U. Marinoni, attorney, Charles V. Maca
e luso, notary; and the following shall con
n stitute the first board of directors: Fell
g p. Vaccaro, Joseph Vaccaro, Luca Vacca
r 70, Salvador D'Antoni, Charles Leftwicf
n U. Marinoni, Jr, Charles V. Macaluso Ro
e sario Graffagnini, Charles Roth, N. J
). Clesi, c. DAntoni, Jos. Chalona, John 30
l. nura, Albert j. Buja, Arturo Dellorto, G
l. Rossi, Angelo Glorroso. j. A. Dana,
= D., Philip Foto, A. Schiro
l. At the first meeting Of the said boar
: of directors they shall select and appoin
II a secretary and such other officers a
d shall be necessary, and they shall regu
= late the salary to be paid to the said sec
3, rotary and any other officers as shall b
Is necessary.
re ARTICLE vIII-All transfers Of stoc
l. shall be made on the books of the asso
'e citation provided the new stakeholder
n acceptable to the board of directors. An
u such member shall sign the charter as a
d ferred until after the payment of twenty
/ five cents (25c) by the transferee for eac
x share so transferred. Duplicate certif
Gates may be issued for lost certificates
n such manner as may be provided for
n the bylaws. No stakeholder shall eve
q be held liable for more than his unpai
8 balance on his stock, nor shall any mer
ii informality in organization have the effeI
e Of rendering this charter null or of e.
'e posing a stakeholder to any liability b,
" yond the amount of his stock.
|. ARTICLE IX-This charter can be a.
81 tered, amended or modified or this col
poration dissolved by a vote of three
4, fourths of the capital stock represente