New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-21
CORPORATIONS,
rHARrRR III I'm Ap~..
UNITED STAIRS OF AMERICA, STATE OF
LOUISIANA, PARISH OF ORLEANS, CITY OF
NEW ORLEANS

O8Y
onth Of November, in the year of our Lord on,
Thousand eight hundred and seventy one, and o
the Independence Of the United States the ninety
public duly commissioned and swOrn, in and fol
the parish and city aforesaid, therein residing ani
In the presence of the witnesses hereinafter named
Messrs. Jose Antonio FERNANDEZ, Octave HppSin Hopkins
Antoine D. vcisin John J. Gidiere: Charles )
Gabriel de Ferret. ali residing in the parish ana
| city Aforesaid, and also the several othel
who severaliy declared, that availine themselve'
Of the general provisions of the laws Of this stat
concerning the organization Of corporations they
selves and that they DO. by these preser e. form
and constitute among themselves. aud such other
a. may hereafter become associated with them By
ticlee. OF to the books Of subscription Of the 1850
citation, or by purchase, transfer or succession,
Louisiana providing for the organization Of cor
porations for works Of public improvement and fol-
other purposes; !" and they do hereby declare the
ter Of haid corporation
ARTICLE l.
pora,ion shall be THE new ORLEANS CsR III
fUNCIER ASSOCIATIONS, and the dolpicle Of the
ea.d COOPERATION 10 hereby establsh. in the city o.
SkC. 2. 1t shall commence business - soon a. one
sclibed for and shall exist for twenty five year.
from the date Of this act, unless its affairs should
be sooner liquidated, the vote and with the
consent Of three fourths Of all the stock of said
association, at any general meeting of the stock
no ders thereof, to be convened for that purpose
after ninety days notice in two Of the newspspera
published In the city of New Orleans.
SEC. J. 1t shall have seal. and the device upon
the same shall be the coat of arms Of the Mate Of
Lou slAna, with tho name Of the association and
the date Of this act upon the margin.
SEC 4. The preside mt of this association. or, In
his absence the secretary is hereby designated -
legal process may he served.
ARTICLE II.
The object and purposes Of this association are
declared to be the following, to wit: To purchase
in the name and for account of eaid association
to subdivide the same: to build upon and improve
said lands, and then to sell and convey the same
such manner 40 to afford homes to persons Of re
stricted means and to enable them to become
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 Iequest Of
in this city, and whenever convent. mt aud advis
able for said association TO do so, to build such
conditions hereinabOve granted to the purchasers
Of property belonging to said association.
ARTICLE III.
SKcr1oS l. The capital stock of the said associ.
alton is hereby liked at the sum OF five hundred
thousand dollars divided into ten thousand shares
Of Hfty dollars each. said capital stock to be I'M.
creased to one million dollars as hereinafter pro-
vided for in section two Of article four to be paid
ments not exceeding ten per cent ut the time and
in the manner hereinafter provided for
SEC 2. Ten per cent Of each share OF the stock
subscribed for shall 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 aud every following
month until the final pay ment Of the stock sub
scrbed 'Or.
SEC. 3. No certificate Of stock shall be issued
ia maid full
SKC. 4. 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 non-payment of or refusal to
pay any installment Is provided for in section two
this association, and without fur Their putting in
default the stock Of the party neglecting or re.
;aSg - pay an% an M am Sen n, appeI
association. Nevertheless the Board of Directors
may ~4tend and they are hereby authorized to ex.
aud called for, should they deem it proper or ex
pedient, or to remit the forfeiture on payment of
the installment due.
ARTICLE ".
SECTION !. At the end of each fiscal wear which
is hereby fixed on the thirti-th day Of September
OF each and every year, the president shall cause
to be made statement Of the ope ratiOns Of the as
sOciatiOn and shall cause the to W published
i'll two Of the newspapers Of this city for one
month; and vt the end Of the second fiscal year.
and Of each and every fiscal year thereafter divi
be paid in the following manner to wit Ten per
cent cash each and every share, and the balance
the stockholders aud scrips will be issued to each
stockholdrr for his proportion in the said balance
Of the net profits.
association as Aforesaid, shall amount to the CAPT
tai subscribed for, . new issue OF certificate of
scrip one new share shall Be- issued and the ceriS
cate for the same shall be delivered to the holder
holders OF said scripe on their returning to the
init vaGlH
ing said sum Of fifty dollars and said new stock,
shall he entitled to the dividend hereinabove con-
SnG Inc IN the
article. And, hereafter, whenever the amount Of
the scrips to be issued aforesaid shall be equal
to the capital subscribed for the same rule shall be
observed until the association shall have increased
its capital stock to the of million dollars
hereuabOve contemplated in section one, article
three.
This association shall have the power and author.
ty 10 purchase any lot or lots which may be offered
stock of the association; alsO to purchase lots al
ready improved with buildings thereon, provided
said lots with buildings thereon. shall not be val
ned over three thousand dollars the appraisement
and valuation always to be made by two real estate
brokers', two stockholders and the architect Of the
Ot aud, also, to build lands not b. longing to the
associa .ion at the request Of the owners If such
ands.
ARTICLE ",
10
cation shall be Exercised BY Board Of Directors
md such other officers and clerks they may ap-
Joint.
SEC 2 The Board of Directors shall consist of |
light stockholders, five Of whom shall form a |
quorum for the transaction Of all tho business Of
he association.
SEC. 3. The election of the Board of Directors
hall take place on the second Monday Of October
4 each and every year, At the office vi the assOcia.
iOn in this city, after the first election, which
hall be held on the second Monday Of October
1913, Of which the President shall cause 1t least
fifteen days previous notice to be given in two Of
lie newspapers published in this city.
SIC 4. The Board of Directors shall appoint three
f the stockholders of the association commission.
rs, and two tellers, to conduct, superintend and
ath to the correctness Of their return. The Board
I Directors thus elected shall serve for the term
one year, or until their successors are duly
SEC. S. The persons receiving plurality Of votes
hall be considered elected. In the event Of no |
taking place on the day The
lace within ten days thereafter, and give notice
the same by advertisement in two Of the news
SIC s. zach and every stockholde- shall be en-.
tied at election, either in person or by proxy, to
NJ vote OH each and every share Of the capital
Ut mot to vote on any stock to him, her OF them
ansferred within thirty days previous to said
Sac. T. Transfers of stock shall he made on the
Doks Of the association, at its Office in the city Of
SIC g. The Board Of Directors shall, annually
BIS as President, who shall hold his Office until
10 successor 10 elected and has qualified. The
oard Of Directors shall alko appoint all the other
le compensation Of the President and of all the
licers and clerks employed by said association.
he President shall preside at oil meetings Of the
Ock b0lders Of the association, and shall conduct
N business Of the association, generally. under
e supervision Of tho Board Of Directors