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

| shall not be deemed a part of the current
| expenses. In the calculation of the gross
| earnings of this association previous 10 q
dividend. interest due and unpaid for a
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-half
per cent of the loans in force, by reason
| of loans or otherwise, il 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 Win
! drawable by the shares or 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
1 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 or
| the payment of the installmentS on a
stock and the accumulation of dividends
/ thereon shall be worth the par value OF
one hundred ($1O0) 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-
Gates 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 installment
stock, but dividends on full paid with
drawable stock, or permanent stock, shall
be 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 tico) 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 of
directors ut 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-tiye 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
sOciatiOn except after full report and in
vestigatiOn. and on a basis of seventy
five per cent (I5co) of the actual cash
current market value thereof and pledge
or 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 q
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
every three months by some competent
public accountant and the result of the
examination submitted to the board of di-
rectOrs.
ARTICLE v-All the powers of this
corporation shall be exercised by a board
of directors composed of twenty stock
holders owning each at least twenty (2Ol
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, 1923. 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
az 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 to
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
MT fhAsr
and qualified. The directors shall elect
from their number president, three
vlce-presidents and treasurer, an at
torney and a notary; five directors shall
De quorum for the transaction of bust
ness. All vacancies shall be filled by the
remaining members of said board of di-
rectors. The directors shall elect and ap-
point secretary, and such other en-
pIoyees as may be necessary, and shall
have the right to stipulate their salaries.
The directors shall have power to make
bylaws, to select place for and make
the lease or rent offices for the business
purposes OF this association, suspend any
and all officers and have general authority
to carry out the obligations and business
Of this association.
ARTICLE vI-All applications for mem
bership shall be subject to the approval
Of the board of directors.
ARTICLE vII-Until the election as
explained in Article V, the officers of this
corporation shall be: Felix p. Vaccaro
president; Joseph vaccaro, first vice
president; Luca Vaccaro, second vice
president; Salvador D'Antoni, third vice
president; Charles Leftwich, treasurer;
U. Mar1noni, attorney, Charles V. Maca-
iuso, notary; and the following shall con.
stitute the first board of directors: Felix
Z. vaccaro, Joseph Vaccaro. Luca vacca.
no, Salvador DAntoni, Charles Leftwich,
U. Marinoni, Jr., Charles V. Macaluso, Ro-
sario Graffagnini, Charles Roth, ~ J.
Clesi, Z. DAntoni, Jos. Chalona, John Bo-
nura, Albert j. Buja, Arturo Dellorto, G.
Rossi Angelo Glorroso, j. A. Dana NJ
d., Philip Foto, A. Schiro
AT the first meeting of the said board
Of directors they shall select and appoint
a secretary and such other officers as
shall be necessary, and they shall regu-
rotary and any other officers as shah be
ARTICLE VIII-All transfers of stock
snail be made on the books of the assoc |
ciation provided the new stakeholder is
acceptable to the board of directors Any
such member shall sign the charter as an
original member. No share shall be trans
ferred until after the payment of twenty
hve cents (2oc) by the transferee for each
share so transferred. Duplicate certii- |
Gates may be issued for lost certificates in
such manner as may be provided for in |
the bylaws. No stakeholder shall ever !
be held liable for more than his unnaid
balance on his stock, nor shall any mere
informality In organization have the effect
OF rendering this charter null or of ex. |
posing stakeholder to any liability he. |
yond the amount Of his stock
ARTICLE 1X-This charter can be al |
tered, amended or modified. or this cor |
poration dissolved by a vote of three |