The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-02
AMENDMENT TO CHATTER OF THE
EUREKA HOMESTEAD SOCIETY.


on this the 10th day of January, in the
year of our Lord, 1922, before me, PERCY
5. BENEDICT, Notary Public duly
qualified and commissioned in and for
the parish and state aforesaid, and in
the presence of the two undersigned COM
petent witnesses, personally came and
appeared Joseph W. LennOx, Esq, and
Robert j. Palfrey, Esq, respectively the
President and Secretary of the Eureka
Homestead Society, a legal corporation
of this parish and state, which said ap-
bearers declared to me, Notary, and the
undersigned witnesses. that at a meet
ing Of the stockholders of said Eureka
Homestead Society, held on the third
day of the month of January, 1922, at
its domicile, No. 451 Camp street, in this
city, and after all legal prerequisites had
been observed, there appeared, either In
person or by proxy, 1880 shares or
alton. out of a total of 76SiS shares,
and by unanimous vote of the st0ckhOld-
ers present or represented, in accordance
with the general laws of this state and
Of the exising charter Of the said com
pany. Articles III, " and V of the said
charter were amended and re-enacted so
as to read follows, tO-wit:
ARTICLE III.
The objects and purposes of said cor
poration shall he the accumulation of a
fund from the sale of full-paid stock.
and from the monthly installments paid
on account Of subscriptions to the run
ming stock of this society, from rentals.
from premiums, and from interest on
loans. The funds so accumulated shall
be used for the purchase of real estate.
the building and renting of homesteads.
and the lending of money upon mort
cages in the city of New Orleans and
adjoining parishes, or stock of this
society, as provided in the bylaws. No
loans upon other than real estate security
or stock of this society shall be made
without the consent OF at least two-thirds
of the Board of Directors.
ARTICLE Nv.
/. The capital stock of this society
shall be Twelve Million Dollars (S12,O00.-
100000, which may be issued in running
$4,000 each, or children's shares OF
Twenty five Dollars ($25.OO) each. The
| outstanding alphabetical and juvenile
shares, when withdrawn, matured, re-
| tired or cancelled, may be issued to like
| amounts in above classes. Running
| shares and childrens shares shall be paid
| for at the rate of Twenty-Five Cents per
share per month.
2. On shares pledged as additional
| security for real estate loans, the monthly
interest due on such loans shall be first
| deducted from each such payment, and
the difference entered as payments on
stock; provided, additional payments
may be made at any time or in any
amount, at the option of the shareholder
3. Full-paid shares shall be paid fol-
| in full at the date of their issue. Run
| ming shares may be converted into full
| paid shares by the holder paying the
| difference between the present value and
the face value of such shares, or when
| such shares reach their face value; pro-
| vided, that certificates of nll-paid stock
| shall be issued only when authorized by
as the Board of Directors may prescribe
| Alphabetical and juvenile shares shall
enjoy the same privileges and be sub
| ject to the same conditions.
4. Running shares and children's shares
| shall be issued in such manner as may
| be provided by the bylaws.
8 Minors may subscribe for, hold
| transfer, withdraw and surrender stock
| without the authorization of their par
| ents, tutors or other persons; and mar
| transfer or surrender stock without the
consent or authorization of their hus-
bands. as provided by law.
8. Payments on running shares, install
ments and interest shall be due and paya-
BILE monthly, by the tenth Of each current
month. at the office of the society; and
all payments shall be imputed: Otto the
settlement Of interest due; (2) to install
moneys paid for account of sharehold
ers; provided. that this order Of impu
| tation may be changed at the discretion
Of the Board of Directors.
| Z. Any borrowing shareholder falling
| to make the payments required during
the current month, shall pay as a pen
| atty therefor One Cent on each share held
| by him or her, or for each such failure
| which shall be charged against such share
holder; provided, any shareholder thu.
In default may have the penalty Thereon
remitted by paying twice the amour
which he or she owes at the time of set
Element.
g. Shareholders Of running and chill
| dren's shares shall have the right T.
withdraw from the society the full
amount paid in, with the accumulated
profits thereon, as shown at the preced
proportion Of losses, IL any. upon film,
written notice. which shall be registere,
by the Secretary In the order of thei
receipt: and Withdrawing shareholder
shall be paid In rotation, as registered
out Of the first unappropriated money il
the treasury.
8. Provided: Whenever the proper
cable to the demands Of withdrawn,
members by resolution of the Board o
| Directors is not sufficient to pay all sucl
demands within sixty days from date O
notice, one-half Of the receipts shall
thereafter be applied to the liquidation o
the claims Of withdrawing members unit
| all deferred claims are paid. Any share
part Of the accumulation to his or he
credit by reducing the number of shares
| held by him or her proportionately.
10. Should there be an over accumuIa
ton Of funds beyond the use of tn,
| society, the Board shall have the RICH
to call in unpledged shares for redemp
ton: provided, that the full-paid share.
order Of their issue, and shall be re
deemed for face value. plus interest. fol
the time intervening since last dividend
at the same rate as last dividend de-