New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-14
CORPORATIONS.
QUARTER.

( HARTER. ....CHARTER
UNITED STATES OF AMERICA, STATE OF
| LOUISIANA, PARISH OF ORLEANS, CITY OF
NEW ORLEANS.
| Be it known that this eighteenth day of tn
n Onth of November III the year OF oar Lord one
thousand eight hundred and seventy one, and o
the ind pendtncc Of the United states the hlnety
| public duly commissioned and sworn, III and fol
the parish and city aforesaid, therein residing ans
ill the presence of the witnesses hereinafter nance
! and undersigned. personally came and appeared
Messrs. Jose ANTONIO Fernandez, Octave Hopkins
ANTOINE D. vH,sn John :. Gdiere E;,, Charles J., ),
Gabriel de FERRET al residing in the parish and
city aforesaid, and also the several other
| who severally declared, that avaing themselves
of the general provisions OF the laws of this state
concerning the organization Of corporations, they
have cOvenanttd and agreed to form among them
selves and that they do, by these presents, form
and constitute among themselves aud >Ic Others
may hereafter become associated with them by
mutual consent and by subscription to these ar
tces or to the books OF subscription of the asso-
ciation or by purchase, transfer OF succession, a
corporation, under TIE general laws OF the State of
Louisiana providing for "the organization of cor
porations for works Of public improvement and for
other purposes and they do hereby declare the
tol owing articles to be the constitution and char
tee OF said corporation.
ARTlCLEI
SECTION !. II name, style and title of sa ID cor
poration shall be THE NEW ORLEANS CREDIT
fONCIER ASSOCIATION and the du,nicile of .he
sad corporal is hereby established III city of
New Orleans.
SEC. 2. 1t shall commence business as soon AZ one
hundred Thousand dollars shall have been SUB
scribed tor. and shall exist for TWENTY-FIVE wears
from the date OF this act, unless its affairs snOuld
be sooner lil Undated, on the vote and with the
consent of three fourths Of all the stock of said
association at any general meetin. of the stOc h
no ders thereof, 70 be convened for that purpose
after ninety days notice in two of the newspapers
published IN the city of New Orleans.
SEC. s. II shall Lave a seal, and the device upon
the SAME shall be The coat of arms of the State OF
Lou s1ana, with the name of the association and
the date OF this act upon the margin
SIC !. The president Of this association, o., in
the proper officer whom citation and ali other
legal process may be served
ARTICLEH
] he object and purposes of this assoc alton are
declared TO be the following, to wit: To purchase
the and for account of said assoc iar ion
lands within The limits of the city of New Orleans
to subdiN ide the same: to build upun and improve
SAID lands, and then to sell and convey the
such a manner as 10 AFFORD homes to persons of re-
str1cted means aud 70 enable them to become
owners thereof by making small monthly pay
lntnts equivalent to d rent, i'll accordance with
the vallie OF The property and i'll order to fa,ciL-
tate the pay nent OF the purchase price, granting
them credit Ct not less than five and not
more than ten Years. and also at the request of
any good solvent and responsible owners of lands
in this city, and whenever cOEvenit Ut and advis
able for said association to So to h,,ild on such
lands for account of said owners the terms and
conditions herelIabove granted to the purchasers
OF property belonging to said association.
ARTICLE ILL.,
SECTION J. The capital stock Of the said associ-
alton is hereby fixed at the sum Of five hundred
Thousand dollars divided into ten thousand shares
of fifty dollars each, said capital stock to he Ill
creased to one hi lion dollars. hereinafter pro-
vlded for in section two of article four be paid
for ny the subscribers to this association by install
fneuts not exceeding ten per cent at the time and
Ill the d amer hereinafter provided for.
z z ItT ctY n rac Of SIR
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 respectively each and every following
month until the nhal payment OF the stock sub
scrlbed Tor.
SEC. ;. No certificate of stock shall be issued
unti! the same is pad i'll full
SEC. l. Tie association shall cOmmepcc its
operat ions when one hundred thousand dollars
have been subscribed for and the Two first install
ments paid.
SIC. S. In case of non-payment of or refusal to
pay any instalnent;s provided for III section two
of this article after due notice bv the secretary Of
this association, and without further putting in
default the stock OF the party ne.lecting or re-
fuslng to pay, and all interest and benefit apper
tanning TO TIE shall be forfeited TO the said
may extend and they are hereby authorized TO eA
tend the term of payment Of any installnent due
aud called Tor. should they deem it proper or ex
pedient, " to remit the forfeiture payment Of
the iustallmeut due.
ARTICLE ".
SECTION !. ii the end of each fiscal year. which |
IS hereby fixed Oh the thirtieth day of September |
IF each and every year, the president shall cause
70 be made statement of the OIe rations OF the
ISOLATION. and shall cause the same to be published
Il two OF the newspapers OF this city tor |
month; and al the end of the second fiscal year.
iud Ot each and every fiscal wear thereafter, di,i-
lends from the net profits of the association shall
'e paid IL the following manner, to wit: Ten per
If said profits shall lie divided pro rata bet weea
he sock holders. aud scrips will be issued 70 each
toe kholdtr for MS proportion III the sad balance
SEC. ,. Whenever the scrip to be issued Nv tie
sscciation, as Aforesaid snail amount To the eap
took shall he made and for every fifty dollars Of
Grip one new share shall be- issued, and the certi
ate for tie SANE shall he delivered to the holder
.odeIs OF SAID scrps, their returning to the
ssociaion the scrils held by them, and represent
ng SAID sum OF thy dollar. and said new stock.
Ilall he entitled TO the dividend hereinabov+ con
EN- slated. and shall be paid the III the man |
Ell and ;Inla provided ior in section one, of tins
rticle. Aud, hereafter whenever the amount of
he scrlis TO he .s,ued aforesaid, shah be eqaai
the capita subsci bed for the same rule shan be
bserved unit! TIE association shall have increased
IS capita stock to the sum OF one million doais.
: hereinaouvt contemplated IN section one, article
lItt.
ARTICLE "
This assocat or shall have the pOwe. and au hor-
y torurc!lase aLy lot or lots which may Ia. offered
, it, at reasonable price, and pay tor the III
took of the association; also, to purchase lots al
tady improved, with buildings thereon, provided
aid lots. with buildings thereon sha not be val
ed over tAar4e thousanj dollars NO an,,aisaman,
nd valuation always to be made by two real estate
rockers two stockholders and the architect OF the
ssociatlUE. and TO sell, transfer and such
It, and also to bald on lands rot b. longing to The
ssocia zion, at the request Of the owners Of Auch
luds.
ARTICLE Vi.
SECTION l. All the corporate powers OF 4 is asso-
latIon shall be exercised by Board OF Directors,
nj such other officers and clerks as they may ap-
oint.
SEC. 2. The Board of Directors shall consist of
ght stockholders, five of whom shall form a
uoIum for the transaction Of all the business OF
le association.
SEC. 3. Tie election of the Board of Directors
hall take place on the second Monday of October
each and every year, at the office vi the assOcia
on, in this city, after the first election, which
'.3 of which the President shall cause at least |
fteen days previous notice to be given in two OF |
lie newspapers published in this city.
SEC. !. The Board OF Directors shall appoint three
the stockholders of the association commission
IS, and two telers, to conduct supeIiutcnd and |
port said election, and they shall certify under
ith to the correctness OF their return. The Board |
Directors thus elected shall serve tor the term
enc year, c" until their successors duly
cited ard have qualified.
SEC. 5. The persons receiving a plurality of votes |
lall he considered elected. In the event of 40
ectIon taking place on the day aforesaid, the
resident shall cause another election to take
ace within ten days thereafter, and Civ. notice
the same by advertisement in two Of the news
lptIs of this Citv.
Sc 6. Each and every stockholde~ shall be en-
ted at election, either in person or by proxy to
re vote on each and every share OF the capital |
ock which he, she or they may respectively hold |
Il Lot to vote on any stock TO him, her them
ansfeued within thirty days plevIoUs to SAID
,ctOn.
SIC. :. Transfers of stock sha, he made on the
'oks OF the cation, at its Office III the OF
w Orleans only.
>pC. 8. Tie Board Of Directors shall, annually !
their first meeting elect II their own mem |