New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-08

| OcEAVe
Antoine y. voisin, John J. Gdier-. Charles j
Levequ-, Leon MscCarthy, J. Martin villavaso an,
Gabriel de Ferict. al residing in the parish an,
city aforesaid, and also the several othr
parties whose names are hereto subscribed
who severally declared, that avanx th~mselyr
concerning he organization Of CORPORATIONS. ths,
! have cOvenanted aud agreed to form smanx them
selves. and that they do. by these prese.ts, form
| and constitute among themBelves aud such ut hrr
| ~ may hereafter become associated with them bI
| mutual consent and by subscription to these ar
ticlss or to the books Ut subscription Of the
corporation. under the general laws Of the State o.
Louisiana providing for 'the organization Of cor
| other purposes" and they do hereby declare the
following articles to be the constitution and char
! ter Ut said corporation:
| ARTICLE
SEorIoS !. TIE name. style and title of said cor
fONCIER ASSOCIATION. and the dolaicile of the
said corporation ~ hereby established in the city
| SIC. 3 1t shall commence business a. soon AZ one
| hundred thousand dollars shall have been sun
scribed for and shall exist for twenty tive years
from the date Of this act unless it's affairs should
| be sooner liquidated, OIL the vote and with the
consent Of three fourths of all the stock Of said
association, at any general meeting Of the stock
no dvrs thereof, to bs convened for that purOs..
after ninety day q notice i'll two OF the
! published IN the city OF New Orleans.
SIC J. L; shall have seal. and the device upon
the same shall Ie the coat OF arms OF the state
LSu,siana with the name of the association aud
| the date of this act upon the margin.
SEC. 4. The preSidrn ut OF this association or in
his absence. the secretary. hereby designated AZ
the proper o.icer whom citation and all other
legal process may be- served.
ARTICLE II.
The object and pur poses OF this association are
declared to be the following. to wit: To pure
III the name aud for account of said association
lands within the limits of the city Of New Orleans;
to subdivide the same: to build upon and improve
said lands and then to sell and convey the same Ia
such d manner to afford homes TO persons OF re
stricted means aud to enable them to become
owners thereof by maxim. small monthly pay
menfs equivalent to rent, III accordance with
the value Of the property, and i'll order to facli.
tate tho payment Ut 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 aud responsible ners Vt ands
in this city, and whenever convent, ut and aivis.
able for said association to do 50, build OH gu
lands for account OF said owners tile terms and
conditions hereiuabove granted to the purchasers
OF property belonging to said association.
ARTICLE III.
SECTION l. The capital stock Of the said sssoc
alton is hereby d x~d at TIE sum OF i've hundred
thousand dollars divided into ten thousand shares
OF nifty dollars each, said capital stock be i'll
vided for in section two of article four. be paid
for by the subscribers to this association by Install
ments not exceeding ten per cent at the time aud
i'll the manner hereinafter provided for.
SIC. ,. Ten per cent Of each share Of the stock
subscribed for shall b.. 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 nnal payment Of the stock sub,
SIC. ,. No certificate Of stock shall be issued
until the same is paid III full.
SIC. T. The association shall commence its
operations when one hundred thousand dollars
have been subscribed for. and the Two first Install
ments paid.
SIC. s. In case of nonpayment of or refusal to
pay any ;nstam-nt az provided for in section two
OF this article after due notice by the secretary
this association and without fui Their putting in
fht,tt
fusing to pay and all interest aud 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 10
tend, the term OF avment OF any installnent due
and called tor, should they deem il proper or eX
pe,ii-n', or 10 remit the forfeiture payment VI
the ins;al,meut due.
ARTICLE ".
SECTION |. At the end of each fiscal year, which
is hereby nxed On the thirteti day of September
OF each and every year, the president shall
to be- made statement OF the OPT rarions Of the
sociation. and shall cause the same to be published
IN two OF the newspapers Of this city for one
month, and at the end Of the second fiscal year,
and oi each And every fiscal thereafter, div
bends from the net profits OF the association shall
be paid in the following manner. to wit: Ten per
cent cash On each aud every share and the balance
OF said profits shall be- divided pro rata between
the chholders and scIps will be issued to each
stakeholder for his proportion i'll the said balance
Of the net profits.
SkC. ,. Whenever the scrip to be issued by the
association. as aforesaid shall amount to the capt
tai subscribed for, a new issue OF certificate OF
stock shall be made, and for every tfty dollars OF
scrip new share shall be issued and the certiti-
cate tor the same shall De delivered to the holder
holders OF said scrips. on their returning to the
association the scris held by them and represent
ing said sum of fifty dollars and said new stock.
shall be entitled to the dividend herenabove con
tenplafe'l, and shall be paid the same in the
her and time provided tor in section one, Of this
article. And hereafter, whenever the amount of
the scrps to be- issued aforesaid shall be equal
TO the capital subscii for. tire rule shall be-
observed until the association shall have Increased
its capital stock to the Of one million dollars
as hcreina5ove contemplated in section one, article
three.
ARTICLE
This association shall have the power and aut hor-
ity 10 purchase lot or lots which may he offered
to IT at a reasonable price, and pay tor the
stock of the association also. to purchase lots al
ready improved, with buildings thereon, provided
said lots, with buildings thereon shall not be val
utd over three thousand dollars, the appraisement
and valuation always to I've made by two real estate
brokers' two Stockholders and the architect of thu.
association, and TO sell, transfer and convey such
lot and, also TO build lands not b. lOngl ~ to the
association, at the request OF the owners vi such
lands.
ARTICLE VI.
SECTION l. All the corporate powers of this asso-
ciSti"n shall be exercised by Board Of Directors
and such other officers and clerks they may ap
point.
SEC. ?. The Board of Directors shall consist of
eight Stockholders, five of whom shall form IA
quorum for the transaction Of all the business OF
The association.
shall take place on the second Monday OF October |
OF each and every year at the office of the assOca-
shall be held on the second Monday OF October. !
1873 OF which the President shall cause at least
fifteen days previous notice to be given in two Of
the newspapers published in this city.
SRC. \. The Board Of Directors shall appoint three
Of the stockholders of the association commission
trs, and two t-llers, to conduct, superintend and
report said election, and they shall certify under
oath to the correctness OF their return. The Board
Of Directors thus elected shall for the term
elected and have qualified.
SEC s. The persons receiving plurality of votes
shall be considered elected. In the event OF no
election taking place on the day Aforesaid, the
president shall cause another election to take
place within ten days thereafter, ant, give notice
u me same by advertisement in two OF the news
SEC. .. Zach and every stockholder shall be
Tiled at election either in person Or by proxy. to
'tock which he, she they may respectively hold,
tut not to vote on any stock to him. her them
transferred within thirty days previous to said
election.
SkC. !. Transfers of stock shall he made on the
looks OF the association at it's office i'll the city OF
<ew Orleans only.
See. 3. The Board of Directors shall, annually
II their first meeting elect one OF their own mem-
'ers as President, who shall hold his office until
rs successor is elected and has qualified. The
ioard OF Directors shall also appoint all the other
ulcers and clerks OF the association, and shall nix
he compensation Of the President and of all the
ihctrs and clerks employed by said association.
he President shall preside at all meetings of the
'osrd Of Directors. and at the meetings of the
lbs business Of the ASSOCIATION, generally, under
he supervision of the Board of Directors.
SEC. 9. The books of subscription to the capital
tOck OF the association shall he kept opened by
he Board OF Directors Until whole capital
took is taken up.
SEC. lo. NO stakeholder snail in any event be
la,e liable tor the losses of the association be-
on his, her or their subscription to TIE capital
took.
ARTICLE VII.
S,..r u |
ght, and they are hereby fully authorized to pur-
lase lands. situated in the city of New Orleans,