New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-13
CORPORATIONS.
QUARTER. ....................C CHARTER.
| UNITED STATES OF AMERICA, STATE OF
LOUISIANA, PARISH or ORLEANS CITY OF
NEW ORLEANS.
QUARTER
CHARTER.

public duly commissioned and sworn, IN and II
the parish and City aforesaid therein residing, an
i'll the presence OF the witnesses hereinafter nan
and undersigned. personally came and appear ed
Antoine d. Voiein' john J. titliere' CHARLES
Leveque, Leon MacCarthy, J. Martin Viliavaso an
Gabriel de Ferret, all residing in the PARISH an
parties whose hereto subscribed
who severaliy declared, that awaiting theInselve
| concerning the organization of corporations, the
| have cOvenanted and agreed to form among them
selves, and that they do, by these i,r.se.ts form
and constitute among Themselves, aud suCh Gt her
as may hereafter become associated with them b
mutual consent aud by subscription to these ar
ticles, the books of Subscription of the n $50
citation, or by purchase, transfer s-ion
corporation under the general laws of the State 0
Louisiana providing for the organization of cor
| pOratiOns for works of public improven cnt and fo
| other purposes" and they do hereby declare tn.
| following articles to be the constitution and char
| ter Of said corporations:
ARTICLE l.
Ss,rIoE J. TIE name, style and title OF said cor
| pOraton shall be THE NEW ORLEANS CREDIT
| FONCIER AS OCIATlON, and the doIicil. OF I'll,
said corporation is hereby established in the city OF
SKC. 2 1t shall commence business as soon as on.
| hundred thousand dollars shall have been SUP
scribed for and shall exist for twenty-five Years
from the date of this act unless its affairs should
| be sooner liIuidated, on the vote and will 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 pur pos.
after ninety days notice in two OF the newspapers
published the city of New Orleans
SEC. 3. 1t shall have seal and the de vice. upon
the same shall lie the coat of Of the State of
Louisiana, with the name OF the association and
| the date of this act upon the margin.
SEC !. The preside ut of this association or in
his absence, the secretary. is hereby DIES M
the proper officer on whom citation and ii. other
legal process may be served.
ARTICLE II.
The object and purposes of this assoclat on are
declared to be the following to wit: To p.rchase
in the name and for account Of said assoc 1ion
lands within he limits Of the city of New ORR. ans
to subdlvldf the same; to build upon and improve
said lands AID then to sell and convey the same IN
such manner AS TO afford homes persons of re
stricted means and 10 enable them to b+come
owners thereof by making small monthly pay
men's equivalent to a rent, in accordance with
the value OF the property, and i'll order to facili-
them credit of not less than five and not
more than ten years. and also at the request of
any gooo, solvent and responsible owners OF lands
IN thls clty, ana Whenever CONVENE Mt and adv Wis
able for said association to do So to build on such
lands Tor account Of said owners on the terms and
OF property belonging to said association
ARTICLE ILL.,
SKCTIoN !. The capital stock Of the said sssoci.
alton is hereby liked at the sum OF five hundred
thousand dollars, divided into ten Thousand shares
OF NIFTY dollars each, said capital stock to b. in
creased TO one mil II dollars. as hereinafter pro
ylded for i'll section two of article four. to be paid
for by the subscribers TO this association ny INSTALL
mtnts not exceeding ten per cent at the time and
III The manner hereinafter provided for
SEC 2 Ten per cent of each share of the stock
subscribed for 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 spectively each and every following
month until the hia payment of the stock kuh-
scrlbed Tor.
SEC. 3. No certificate of stock shall be ISSUED
unit! the same is paid III fun.
SEC. 4. The association shall commence its
operations when one hundred thousand dollars
have been subscribed for. and the two ,irs, stall
ments paid.
SEC. 5. In case of non payment of refusal to
pay any instalneit as provided for in se'1t", two
OF this article after due notice b. the SECRETARY ct
tins association, and without further purtihg 1T
default the stock OF tie party neglectlu. or IT.
ftising pay and all interest and benetiI app.,-
tanning 10 the same, shall be forfeited to said
association. Nevertheless the Board OF Directors
may extend and they are hereby authoriz.d eN-
a1id called TOR, should they deem il proper eN
pedient, or to remit the forfeiture On payment OF
the lnstallmeut due.
ARTICLE "
SECTION |. At the end of each fiscal year winch
is hereby liked on the thrtittn da. OF September
OF each and every year, the president shall cause
to be- made statement OF the operations of the as
soclatiou and shall cause the same to be pussh-d
III two of the newspapers of this city Tor one
month: and at the end OF the second nscal wear
and OF each AID every fiscal year thereafter dvi-
bends from the net profits of the association shall
be paid IN the following manner. to wit: Ten per
ssh each and every share and the balance
the stockholders, and scrips Will be issued 20 each
stoc kholder for his proportion i'll the sad oe.ance
OF the net pionts
SIC. 2 Whenever the scrip to be issued by the |
association as aforesaid. shall amount to the CAPT
tai subscribed tor, u new issue OF certificate OF
stock shall be made, and for every fifty dollars
scrip one Few share sii be issued and the c.ri--
cate for the same shah ht delivered to the holder
holders OF SAID sclIps. on their returning II the
the scrlps held by them aud rtiltst4t-
ne s:tld sum OF my dollars and said new stock,
shall be entitled 10 the dividend hereinabove con
einpiated and shall be paid the il the nan
ltr and time provided Tor III section ont o1 this
article. And. hereafter, whenever the amount OF
he scHps TO be issued, aforesaid, shall ue equal
q the capita subsci bed for the sane rule shall be-
Observed uhll the association shat. have Increased
is capital stock 70 the sum of million collars
y heiclla3ose contemplated III section arIiele
hree.
ARTICLEv.
This association shall have the rowe, and (hnr-
" 10 purchase any lot or lots which MAY he offered
o It, at a reasonable price and pay tor the in
took OF the association; also. to purchase .os al
eady improved, with buildings thereon, prov id.d
aid lots, with buildings thereon. shall not be val
led over three thousand dollars the appraiser
md valuation always to be made by two real estate
brokers', two stockholders and the architect Of the
association and to sell transfer and convey such
OF. and also. to build lands not be long the
al the request OF the owners OF such |
ands.
ARTICLE VI.
SECTION l. All the cor Iorate powers of tins asso-
ation shah be eAercstd by IA Board of rr.rrors
nd such other officers and CLERK. as they may ap-
'oint
SEC. 2. The Board of Directors shall go, sst Of
light stockholders tive OF whom shall form a
Quorum tor the transaction of AL the business of
lie association.
SEC. 3. The election of the Board of Directors
hall take place the second Monday Of October
II eac and every year at the office OF the assoca.
ION, III this city, after the first election wht II
hall be held on the second Monday of October, |
1913 OF which the President shall d, least |
fifteen days previous notice to be given il. two OF
he newspapers published i'll this city
SEC 4. The Board of directors shall appoint three
# the stockholders of the ion on-
rs, and two ttl!ers, to conduct, supe,intend and
eport said election, and they shall certltv under
ath to the correctness of their return. TIE Board
II Directors thus elected shall serve tor The term
# one year until their successors are duly
lect-d and have qualified.
SIC. s. The persons receiving plurality Of votes
hall be considered elected. In the event Of Io
lection taking place the dav aOrts d. the
lace within ten days thereafter and Civ. I.otic.-
t the same by advertisement i'll two OF the Jews
aptrS OF this city
SEc 8. Each and every stockholde' shall be en-
II led at election either III person or by proxy,
lie vote each and every share of the G. pltai
took which h., she or they may respective " Rod.
ut not to vote on stock to HIM. her or them
transferred within thirty days previous sad
lection.
SEC. :. Transfers OF stock shall he made or the
ouks of the association its Office in tie ci,Y 0.
CIV Orleans only.
SEC. 8. The Board of directors shall Annually
their first meeting t.ct one OF th,-ir III
ers President, who shall hold ms ut,ire until
GARD of Directors shall also appoint ali the other
.hctrs and clerks OF TN. association. and sual ii |
ne compensation of the President and OF AL the
cers and clerks employed by said assoc. atlH!. |
he President shall preside at all meetings of The
card OF Directors, and at the meetinc. of The
toe holders OF the association, and shall coAdict
re business of the association, generally, inter
~ super. ision OF the Board of Directors.