The herald. [volume] (New Orleans, La.) 1905-1953, 1922-01-26
CHARTER.

Withdraw from the society the full
amount paid in, with the aCcumuIattu
profits thereon. as shown AT the proceed
ing dividend time, less any charges ana
proportion of losses if any. upon Ming
written notice which shall b" registered
by the Secretary in the order OF thelF
receipt; and Withdrawing 3iar"holderS
shall be paid i'm rotation. as registered
out of the first unappropriated money i'll
the treasury.
. Provided: Whenever the proper
ton of receipts ordinarily made apph-
cable to the demands of Withdrawing
members by resolution of the Board OF
Directors il not sufficient to pay all Such
demands within sixty days from date OF
notice. One-half of the receipts shaH
thereafter he applied to the liquidation OF
the claims of Withdrawing members until
all deferred claims are paid. Any share
holder may he permitted To withdraw
part of the accumulation TO his or her
credit by reducing the number OF shares
held by him or her prOpOrtiOnately.
10. Should there be an over-accumula-
! ton of funds beyond the use of the
society, the Board shall have the right
To call in unpledged shares for redemp.
| ton; provided. that the full-paid shares
shall be called in first in the reverse
| order of their issue. and shall be re-.
! deemed for face value. plus interest, Tor
| the time intervening since last dividend,
| at the same rate as last dividend he
| clarrd: and should all full-paid shares
| be redeemed, the alphabetical, juvenile,
running ana tnlluftn SudEtS may w
called in. the oldest shares to be redeemed
| first, and at their withdrawal value, plus
| interest intervening since date or last
| dividend, at the same rate rs the last
| dividend.
IL On the death of member, not
! being in arrears his or her legal rep
| resentative shall be 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.
| T. All transfers of stock shall be
made on the books of the society on
| surrender of the certificate of stock. and
! in the presence of the Secretary; and
| such person to whom the stock il To be
| transferred must abide by the charter
| of this society.
- The Board of Directors shall Gauss
to he aScertain,d on January LIST. April
1>t. 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: CD set aside
! to the fund for contingent losses three
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
Board: 81 the balance of said earnings
shall be declared as Il dividend upon all
shares, as provided by law, based on the
value of the stock of each member at the
fffo.. linz lixri1 a Iara H
II. Dividends declared shall he entered
on the pass books of the members semi
annually, and dividends full-paid
shares shall be in cash on the LIST 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 a Board of
| Directors composed of at least ten and
not more than fifteen shareholders. each
of whom must own or be a subscriber
TO at least fifty shares of stock. for a
period of not less than twelve months
prior to his election. Said directors to
be elected at general meeting con
vened for that purpose on the first Tues
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
be entitled to one vote. Notice of such
meeting to be published in one of the
daily papers of this city for a space Of
ten days Immediately preceding said cleo
ton. The election shall be held at the
dOmicile of said corporation under 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 elect from their number a president.
| vice president, second vice-preSident and
| treasurer. Seven directors shall cOnsti-
tute quorum for the transaction of bus
| mess. The directors shall also elect
secretary, who shall not be member
of the Board; appoint an attorney. a
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 men,
bers Of committees. They shall have the
power to make bylaws. to select place
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
|
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 f. Moulin and
Lawrence @. BOdet, 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.
| l.. g. BODET,
| ALBERT f. MOULIN.
| PERCY S. BENEDICT
Notary Public
Recorded in the Mortgage Office of the
Parish of Orleans. January L.. 1922 i'm
book 1853, folio $50
A True Copy:
PERCY S. BENEDICT.
Notary Public
CHARTER OF AMERICAN BAITIC
| CHARTERING AND SHIPPING
CO., INC.
State OF Louisiana, Parish of Orleans.
City or New Orleans. Be IL known that
on this twentieth day of January in the
year one thousand nine hundred and
TWENTY-FIVE hpfora mo uIUIIANT