The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-23
CHARTER.

u.
cident TO a loan paid by the borrower
shall not be deemed a part of the current
expenses. In the calculation of the gross
earnings of this association previous TO a
dividend, interest due and unpaid for q
period longer than six months on debts
owing or credits outstanding, shall not be
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-h ali
per cent of the loans in force, by reason
of loans, or otherwise. ii 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 and with
drawable by the shares of this associa-
ton.
All installment shares shall be duly
registered in 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 when
ever the shares on any book by reason OF
the payment of the installments on a
stock and the accumulation Of dividends
thereon shall be worth the par value of
one hundred (S100) dollars each. such
share shall thereby mature and shall be
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
sociation shall be represented by certifi-
catrs issued to this class of stockholders
and shall not be withdrawable; they shall
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 instalment
stock. but dividends on full paid with
drawable stock. or permanent stock, shall
he paid for in cash in the manner and at
the time to be designated by the bylaws.
The dividends shall not be greater than
four per cent az semi-annually.
No loan on real estate shall be made
except after having been approved and
recommended in writing by two competent
and diSlntereSted 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 OF
directors at any regular called meeting
of the said board, and shall only be made
upon furnishing and filing of a report by
the attorney that the property upon which
the loan Is desired has a clear, valid and
unencumbered title. And no loan shall
be made on real estate for more than
seventy five per cent (15T) 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
Nestigation. and on a basis of seventy
five per cent (15fo) of the actual cash
current market value thereof, and a pledge
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
a nf 1fa a Il.
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 a
surety company to an amount which shall
be equal to the estimated amount of
moneys belonging to this association and
@ Umihs n into his hands during three
ton shall have review OF its books made
every three months by some competent
public accountant and the result of the
examination submitted to the board of di. F.!
rectors.
ARTICLE v-An the powers Of this |
corporation shall be exercised by a board
OF directors composed of twenty stock |
holders owning each at least twenty (2O) |
shares OF stock OF the association said |
iirectors TO De 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 |
u the domicile Of this corporation under
ne supervision of three commissioner
appointed by the board of di-
'ectors at the last preceding meeting.
Each share of stock shall be entitled to
me vote and the stockholders receiving
ne majority of the votes shall be elected.
allure to hold an election on the date
pecifed shall not dissolve this CORPORA
ion, but the directors in office shall hold
power until their successors are elected
md qualified. The directors shall elect
rom their number a president, three
and treasurer, an at
e quorum for the transaction of bust
ess. All vacancies shall be filed by the
emaining members Of said board Of di-
ectors. The directors shall elect and ap-
'loyeei as may be necessary, and shall
ave the right to stipulate their salaries
ne directors shall have power to make
y laws. TO select :. place for and make
urpOses Of this association. suspend any
nd all officers and have general authority
Q carry out the obligations and business
this association.
ARTICLE Wan applications for mem
ership shall be subject to the approval
I the board of directors.
ARTICLE vII-Until the election as
In Article V, the officers of this
orporation shall be: Felix p. vaccaro.
resident; Joseph vaccaro, first vice
resident; Luca Vaccaro, second vice
resident; Salvador D'Antoni, third vice
resident; Charles Leftwich, treasurer:
. Marinoni. attorney, Charles V. Maca-
$50, notary and the following shall con.
titute the first board of directors: Felix
. taccaro, Joseph Vaccaro, Luca Vacca.
D, Salvador DAntOni, Charles Leftwich,
Marinonl, Jr Charles v. Macaluso, Ro-
irio Graffagnini. Charles Roth, N. J.
lesi' Z; DAntoni, Jos. Chalona, John Bo-
ossi. Angelo Glorroso, J. A. Dana. NJ.
=, Philip Foto, A. Schiro
Az the hrst meeting of the said board :
directors they shall select and appoint
secretary and such other officers as
laii be necessary, and they shall regu-
te the salary to be paid to the said sec. 4
tary and any other officers as shall be O
ARTICLE vIII-All transfers of stock I
lail be made on the books Of the assoc a
alton provided the new stakeholder is s
ceptable to the board of directors Any Z
ch member shall sign the charter as an a
1ginal member. No share shall be trans q
rred until after the payment of twenty a
e cents (2oc) by the transferee for each n
ties may be issued for lost Certificates in q
en- manner as may be provided for in d
e bylaws. No stakeholder shall ever q
held liable for more than his unpaid q
lance on his stock, nor shall any mere u
formality In organization have the effect ii
rendering this charter null or of ex g.
sing stakeholder to any liability be- ii
nd The amount of his stock G
ARTICLE IX-This charter can be AL n
red, amended or modified or this COZ | N