New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-07
n o.
AN ACT

| ID. L. hlduCudIu, W. H. hidSoh, D. E'
Warren, r. N. Johnston, George Thomas.
| Charles Fl. Fox, William Vigers, T. E. Du-
| mas. julius G. Badenhausen and others,
| their successors and assigns, are hereby
| created body polite under the name and
title OF the Economy Hotel Joint Stock
| Company of New Orleans, with the powers
and rights as set forth in the following ar
| ticles, viz:
Article I. The name and title of this cor
| poration shall be the Economy Hotel joint
| Stock Company of New Orleans, and its
domicil is hereby established il the city OF
| New Orleans. IL shall commence business
| as soon as five thousand dollars shall have
| been subscribed, and shall exist for term
| OF twenty-five years, to date from the pas
| sage OF this act, unless sooner dissolved IN
| the manner hereinafter specified. 1t shall
| have power to contract, sue and be sued, to
| hold, receive. purchase, lease, convey and
| mortgage, both real and personal property,
| and to hold i'll pledge personal property,
| including baggage; aud shall make aud use
= common seal, with device, which shall
| be a Pelican; to name and appoint such
managers, directors and officers as its III.
| tereet and Conveniences require; and to
| create and establish such bylaws and rules
! tor the proper government and management
OF its affairs in all its corporate capacity;
| provided, that no such rules snail make
! any discrimination On account OF color or
| race.
Art. II. The object and purposes of said
corporation are to establish one or more
hotels in this State, and if practicable TO
establish one or more hotels at some water
ing place in the State of Mississippi. Tor the
accommodation OF guests at reasonable
| rate, and to perform generally the business
| pertaining to hotels, restaurants, confec-
dictionaries and bar.rooms. All citations,
notices and Other legal process shall be
| served on the president, who shall be APP
| pointed in the manner hereinafter provided
| for.
art. III. The capital of said company
| shall be ten thousand dollars, represented
| By four hundred shares, at twenty
five dollars each, TO be paid for at
| the time and in the manner following, viz:
| The subscribers to said corporation shall
| pay into the hands OF the president upon
It's organization for business, the sum of
| five per cent of the amount subscribed by
! them, and the balance to be paid IN the man
ner to be hereafter provided for by the
| Board Of Directors; provided, that not
| more than ten per cent shall be called for
! AT any one time, and not oftener than once
| IN sixty days, OF which at least thirty days
notice shall BE- given by the president ard
| secretary in two newspapers published in the
| city OF New Orleans. The capital stock
| may be increased 1T any amount not eX-
| ceeding one hundred thousand dollars by
| third vote OF all the stockholders.
| Art. ". All the corporate powers Of said
| company shall be exercised by board OF
| directors, 10 be composed of five share
| holders, each of whom shall own at least
| twenty shares OF the capital stock of the
| corporation, three OF whom shall constitute
| quorum for transaction of business over
which the president shall preside, and i'll
| case OF his absence or inability to act, the
| board shall elect one OF their mum Der as pres
| ionf rrI tom hn hall t,ilT rar
Of the president for the time being; in case
| of tie vote the president shall have the
| casting vote. The following named
! stockholders are hereby constituted
the first Board Of Directors, and are in
vested with ali the rights and privileges
| herein specified, to wit: William Ii. Penn
| berton. 4. G. Barber. P. II. Williams, James
| Isabelle, B. p. Blanchard.
The Board of Directors shall fix the
amount of compensation OF all officers,
| clerks and employees OF the association;
| they shall make and adopt bylaws, rules
and regulations for the proper government
| of the same, and the transaction Of lis
| affairs, aud alter and change the same st
| pleasure: provided the same do not conflict
| with the laws of this State, or the true in
! terest and meaning OF this act; they shall
| have full power TO do and perform al acts
| and things not herein provided for, which
may be necessary to carry into effect the o.
| iect and purpose Of said association: they
| shall also have power to elect, from time to
| time, a president, secretary and all other
necessary officers and employees OF said cor
| pOration, and may remove them at pleasure.
! Art. Y. The term and service of the
| aforesaid directors shall expire on the sec
| ond Monday in JANUARY, one thousand eight
hundred and seVenty-One, and annually
| thereafter, two weeks before which an cleo
| ton shall be held TOR five directors for the
40 I,ll .,1-- -
| twelve o'clock NJ. the day the term of their
| predecessors shall expire, Or as soon there
| after as practicable. At least fifteen days
notice shall be given IN two newspapers pub
| lished in the City of New Orleans, of all
| elections to be held by this association, for
| which the Board of Directors shall appoint
| three commissioners from the stock
| holders, not directors, who shall super
| intend and conduct the same; and
IN case any person appointed de-
cline or fail to attend, the president shall
| appoint others to fill tue vacancy. Nothing
! in this act shall be go construed as to render
any director ineligible to said Office of
director. Those receiving a majority
| of the votes cast shall be considered
| duly elected, and shall take their seats
| on the second Monday after the election,
and shall hold the same until Others are
elected in their stead. In the event of no
election taking place on the day fixed, the
president shall cause an election to be held
within ten days thereafter, and shall give
notice thereof by advertisement in two
newspapers published in the city Of New
Orleans, one in French and in the English
| language, repeating the same, if necessary.
until an election is effected.
Art, VI. No stock shall be transferred
unless such transfer be made in the books
of the association, al their place of busi-
ness, in the city of New Dreams, and 70
transfer shall be made while any indebted.
ness to the corporation exists on the part of
such stockholders. But stakeholder wish
ing to transfer stock, may be permitted to
do so by substituting the obligation of the
party to whom the stock is transferred;
Provided, always, That the obligation pro.
respect satisfactory to the Board of
Directors, and the said Board of Directors
shall at any time, have the right to require
additional bond or security on the deferred
payment insufficient. The stockholders
shall not be responsible for loss or damage
| incurred by said corporation beyond the
amount of capital stock held and owned by
him or them respectively.
Art. VII. This corporation may be dis
solved at any time by vote of two-thiTds
of the stockholders, after thirty days notice
of the same has been given in two news
papers published in the city of New Or
leans. In such case three shareholders
shall be elected by the stockholders, who
shall form commission to iiQuidate the
affairs OF the corporation. And in case of q
failure to select q commission, as provided,
the president shall appoint them from
among the stockholders and directors.
SEC. 2. Be it further enacted eic. That