New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-29
. CORPORATIONS.
CHARTER. ..........CHARTER.
UNITED STATES OF AMERICA, STATE OF
LOUISIANA, PARISH OF ORLEANS, CITY OF
NEW ORLEANS
QUARTER.

sixth, before me- Gustave LIE Gardeur, Jr., notary
public duly commissioned and sworn i'll and for
the parish and city aforesaid therein residing and
in the presence of the witnesses hereinafter named
| and undersigned, personally came and appeared {:
Antoine d. VOisin, John J. Gidiere. Charles j..
| Leveque Leon MacCarthy j. Martin villavasO and
cty Aforesaid and also The ~ s sS pafSa other
parties whose names are hereto subscribed,
who severally declared, that awaiting themselves
Of the general provisions OF the laws of this state
concerning the organization of corporations, they
have cOvenanted and agreed to form among them
selves, and that they do by these presents, form
as may hereafter become associated with them by
mutual consent aud by subscription to these ar
citation, or by purchase. transfer succession,
corporation, under the general laws of the State OF
poratons for works Of public improvement and for
other purposes and they do hereby declare the
following articles TO be the constitution and char
tel OF said corporation:
ARTICLE I.
sEcr.oS |. TIE name. stye and title of said cor
poration shall he THE NEW ORLEANS CREDIT
FONCIER ASSOCIATION and the doMice OF the
said corporation is hereby established III the city OF
New Orleans.
SEC. 2 1t shall commence business as soon as
hundred thous:nd dollars shall have been SUD-
scribe,i for and shall exist for twentyt five years
from the date of this unless its affairs should
be sooner liquidated, on the vote and with the
consent of three tourths of ali the stock of said
association. at any general meeting Of the stock
ho ders thereof, to be convened for that purpose
after ninety days notice i'll two of the wspapers
published III the city OF New Orleans.
SEC. :. 1t shall have seal. and the device upOn
the same shall be the coat of arms OF the state of
Louisiana, with the name of the association and
the date OF this act Upon the margin.
SEC. L. The preside ut of this association, or in
his absence the secretary is hereby designated as
the proper officer on whom citation and all other
legal process may be served.
ARTICLE II.
The object and purposes of this association are
declared To be the following to wit: To purchase
in the and for account of said association
lands wit hin the limits OF the city of New Orleans;
to subdiv idle the same: 10 build upon and improve
sad lands and then to sell and convey the same in
such manner as to afford homes to persons of re-
owners thereof by making small monthly pay
ments equivalent to rent, in accordance with
tate the payment of the purchase price granting
them credit OF not less than five and not
more than ten years, and also at the request of
any good, solvent and responsible owners Of lands
i'll this city, and whenever cOcvenit Mt and advis
able for said association to DO so. to build such
lands for account OF said owners on the terms and
conditions herenabOve granted to the purchasers
Of property belonging to said association.
ARTICLE III.
SEcTIoN l. The capital stock of the said associ-
alton is hereby fixed az the of five hundred
thousand dollars, divided into ten thousand shares
of fifty dollars each, said capital stock to be in
creased to one million dollars hereinafter pro-
vided for in section two of article four to be paid
for by the subscribers to this association by Install
ments not exceeding ten per cent at the time and
in the manner hereinafter provided for.
SEC. ,. Ten per cert OF each share of the stock
subscribed shall be paid cash to the treasurer of
this association at the time the Board of Directors
shall determine, and ten per cent additional shall
be paid cash respectively each and every following
month until the final payment OF the stock sub
scrbed 'or.
SEC. 3. No certificate of stock shall be issued
UNI! the SAME Is PAID III f'ii..
SEC. +. The association shall commence its
operations when one hundred thousand dollars
have been subscribed for. and the two first install
ments paid.
SIC. 5. In case OF noD-payment of or refusal to
pay ANY iustamelt provided for in section Two
of this article after due notice by the secretary OF
this association and without further putting in
default the stock of the party neslectins or re-
flising to pay and all interest and benefit apper-
tanning to the same, shall be forfeited to the said
association. Nevertheless the Board of Directors
may extend and they are hereby authorized to eX-
tend the term of payment OF any installnent due
and called tor, should they deem it proper
pedient, or TO remit the forfeiture Oh payment OF
the allment due.
ARTICLE II.
Ssc7IoS l. At the end of each fiscal year. which
is hereby fxed OH the thirteth day of September
OF "a. and every wear the president shall cause
to Oe made statement of the ope ratiOns of the
ISOLATION. and shall cause the same to be published
in two of the newspapers Of this city for one
month: and at the eId OF the second tiscal wear
Gends from the net profits of the association shall
be paid in the following manner, to wit: Ten per
cent cash on each ard every share and the balance
OF said lrohts shall be divided pro rata between
the stock holders and scrips will be issued each
OF the net profits.
SEc ,. Whenever the scrip 10 be issued by the
association aforesaid shall amount to the CAPT
tai subscribed tor, new ISSUE of certificate of
stock shah be made ans, for every fifty dollars of
scrip share shall be issued, and the certiti-
for the shall De delivered to he holder
holders o. sad serips, their returning to the |
iatIon the sCrps held by them and represent.
ing said slim of fifty dollars and said new stock |
shall be entitled to the dividend hereinabOve
templated, and shall be paid the same in the
ner and time provided Tor IN section one, of this
article. And hereafter, whenever the amount Of |
the scrips to be issued aforesaid, shall be equal
To the capital subscribed for the rule shall he
observed until the association shall have increased
lis capita stock TO the sum OF one million dollars.
three ~ l = - ~ VIVA '-''' ''''e
ARTICLE V.
This association shal, ha re the power and author.
tY TO purchase any lot or lots whlc n may be offered
10 IL at reasonable price, and pay the in
5to' OF the association $50 to purchase lots al
ready improved with buildings thereon provided |
said lots with buildings thereon shall not be val.
ued over three thousand dollars, the appraisement |
and valuation always 10 be made by two real estate
brokers, two stockholders and the architect of the
association. aud to sell transfer and convey such
lot and also, to build lands not b, longing to the |
ass!eiation at tie reqest OF the owners of such
lands
SECTioS l. All the corporate powers of this asso.
CATION shall bt exercised. by Board of Directors
ana such other officers aIC clerks they aD-
point.
SIC ,. The Board OF Directors shall consist of
Quorum tor the transaction OF all the business of
the association.
SEC. 3. The election of the Board of Directors
shall take place on the sec0ld Monday of October
of each and every year at the Office OF the assOcia.
lion n this city, after the first election, which
1878, of which the President shall cause at least
fifteen days previous notice TO be given in two of
tne newspapers published in this city.
SEC 4. The Board OF Directors shall appoint three
Of the stOI holders of the association commission
Frs, and two tellels, to conduct superintend and
report said election, and they shall certify under
path TO the correctness OF their return. The Board
If Directors thus elected shall serve tor the term
u one year, or until their successors duly
elected, and have qualified
SEC. 5. The person, receiving plurality of votes |
shall be considered elected. Ia the event of no
takaE plae. on the day the
place within ten days thereafter, and give notice
IF the same by advertisement in two Of the news.
papers OF this city.
SEC. 8. Each and every stockholder shall he en-
titled at election, either i'll person or by proxy To
me vote on each and every share of the Ca pita
stock which he, she OF they may respectively hold
tut not to vote on any stock to him, her or them |
transferred within thirty days previous to said
Sac. :. Transfers of stock shall be made IN tba
looks Of the association at its office in the city of
View Orleans only.
SEC. 8. The Board of Directors shall appuau, |
Vt their first meeting elect one OF their own mem !
'ers as President who shall hold his office until
'oardof Directors shall also appoint all the other
ticers and clerks of the association and shall tix
he compensation of the President and of all the
Ulcers and clerks employed by said association
The President shall preside at all meetings of the
'oard Of Directors. and at the meetings of the |
stockholders of the association and shall condmc1
he business OF the association, generally, under
he supervision OF the Board OF Directors
SIC. .: Inc BOOKS OF subscription to the CAPITAL
took OF the association shall be kept openei bv
he Board of Directors uut;l who'll c.~;tS, !
took is taken up. o"p'"i
SKc TO- No stakeholder snail IN any event hs
made liable for the losses OF the association ha |
ond his, ler or their subscription to tue canit.l |
took o capital |