New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-25

GAA8ZRR - .CIlART4R..
UNITED srArRs OF AMERICA, STATE OF
LOUISIANA, PARISH 81 ORLEANS, CITY OF
NEW ORLEANS. .t

| ontn o, November, in the year Of our Lord on
the Independence Of the United ststss the ninety
nxth, before me, Gustave Le GardenF. j., notar.
the parish and city Aforesaid therein residing an,
in the presence of the witnesses hereinafter name,
and andersigned. personally came aud appeared
Leveque Leon HacCarthy, j. Martin viliavaso an,
re sss hs s several
parties whose names are hereto subscribed
who severally declared, that awaiting themselves
concerning the organization Of corporations, the,
have covenanted aud agreed to form among them
and constitute among themselves aud such ether
40 may hereafter become associated with them b;
mutual consent and by subscription to these az
ucles or to the books OF subscription Of the ass0
citation, or by purchase, transfer or succession, 9
corporation, under the general laws Of the State Of
poratons fSr works Of public Improvement and 70,
other purposes" and they do hereby declare the
following articles to be the constitution and char
! ter OF said corporations:
| ARTICLEI
81 THk a oRLEsss
fONCIER ASSOCIATION and the domice of the
said corporation is hereby established in TIE city oi
SEC. ,. 1t shall commence business as soon az one
| hundred thousand dollars shall have been SUD
scribed for. and shall exist for twenty five years
from the date of this act. unless its affairs should
be sooner iq Undated, On the vote and with the
consent Of three fOurths Of all 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 in two OF the newspapers
published in the city of New Orleans.
SIC. g. 1t shall have a seal, and the device upon
the same shall be the coat of arms of the State of
Leu siana with the name of the association aud
the date Of this act upon the margin.
SIC. 4. The president of this association or in
ms absence, the secretary is hereby designated as
the proper officer on whom citation and all other
legal process may be served.
ARTICLE H.
The object and purposes of this association are
declared to be the following, to wit: To purchase
IN the name and for account of said assoc ticn
lands within the limits OF the city of New Dreams
to subdivide the same: to build upon and improve
said lands, and then to sell and convey the same in
such manner Is to afford homes to persons of re-
owners thereof by making small monthly pay
ments equivalent to a rent. in accordance with
the, e y t o. the property ana in order to fae
them q credit of not less than live and not
more than ten years. and also at the request Of
any COED solvent and responsible owners OF lands
i'll this city, and whenever eni. mt and al Wis.
able for said association to do to build on such
lands for account Of said owners on the terms and
conditions hereinabOve granted to the pure hasers
OF property belonging to said association
ARTICLE ILL.,
SKcr1OS l. The capital stock Of the said associ.
alton is hereby fixed at TIE sum of five hundred
thousand dollars divided into ten thousand shares
of nifty dollars each, said capital stock to be
creased to one million dollars. hereinafter pro-
vided for in section two of article four. to DO paid
for by the subscribers this association by Install
ments 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
month until the final payment Of the stock sub
scribed Or.
SEC. D. No certificate of stock shall be issued
until the same Is paid in full.
SEC 4. The association shall commence its
operations when one hundred thousand dollars
have been subscribed fox. and the two frs. install
ments paid.
SIC S. In case OF non payment of or refusal 10
pay any installment as provided for in section two
of this article after due notice by the secretary OF
this association, and without further putting IN
default, tine stock of the party negectIng OF re-
fusns 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 installmeDt DIE
and called tor should they deem it proper or ex
pcdlent, OF to remit the forfeiture payuer. Of
the instaiment due.
PARTICLE ".
SRcrloN !. At the end of each fiscal year which |
is hereby fixed on the thirtieth day OF September |
Of each and every year, the president shall cause
to be made statement of the operations of the as.
,OciatOn, and shall cause the be published
N two of the newspapers OF this city for one |
month; and at the end of the second fiscal year |
and OF each and every fiscal year thereafter divi.
lends from the profits of the ASSOCIATION shall
De paid in the following manner to wit Ten Der
cent cash on each and every share and the balance
,f said profits shall be divided pro rata between
he sfoc khOlders aud scrps will be- issued each
for his proportion in the said balance
If the net profits.
SEC. 2. Whenever the scrip to be issued BY the
as aforesaid shall amount to the cap
al subscribed for, new issue Of certificate of
stock shall be made, and for every fftv dollars of
scrip one ne share shall be Issued. and the certi
ate for the shall be delivered to the holder or
lo!aers OF SAD scrlps on their returning to the
ng said sum of fifty dollars and said stock
hall be entitled to the dividend hereinabove con
emplated, aud shall be paid ne same IN the man
Ter and time provided Tor in section one of this
rtlcle. And. hereafter, whenever the amount OF
he scrips to be issued as aforesaid shall he enrai
o the capital subscribed for the rule SHAH be
Deserved until the association shall have increased
;s capital stock to the SUN OF one million dollars
- hereIraoove contemplated il section ore. article
lree
ARTICLEv.
This associat ON shall have the poYr er and ho--
!. 20 purchase any lot or at. wint may De offered
IT at a Ieasonab.e price and pay tor the same il
eady improved, with buildings thereon. provided
aid lots with buildings thereon snail not be val
ed over three thousand dollars, TIE appraisemeut |
nd valuation always to be made by two real estate
rockers two stockholders and the arcllitec. or the
ssociation ard to sell transfer and convey such
II, amt Also TO build lands not belonging to the
ssocia iiol at the request of the owners OF such
Auds.
ARTICLE VI.
SRcrIoS /: All the corporate powers OF this asso
|
nd such other officers and clerks at they NAV a1 |
Oint.
SEC. 2. The Board of Directors shall consist of
ght stockholders i've Of whom shall form !. |
UNI for the transaction OF all the business of |
le association
SEC. 3. The election of the Board of Directors
laIl take place ON the second Monday of October
each and every year at the office Of the assOcia.
on in this city, after the first election which 7
lall be held OH the second Monday of October
~, Of which the President shall cause at least
fteen days previous notice to be given in two of
q n - ina A&rl M had IN
SEC 4. The Board OF Directors shall appoint three
the stockholders of the association commission.
port said election, and they shall certify under
nh to the correctne of their return. Tie Board
Directors thus elected shall serve for the term l
one year, or until their successors are duly :
ected, and have qualified.
SEC ). The persons receiving plurality of votes !
all be considered elected In the event of no y
esident shall cause another election to take U
ace within ten days thereafter, and give notice
pers OF this city.
SEC. g. Each and every stOckhoIder shall be en- :,
led at election, either i'll person or by p.oxy, to
Q vote on each and every share of the capital :
)ek which he she or they may respectively hold,
Il not to vote on any stock to him. her them ]
ansfersed within thirty days previous to said .
'sc :: Transfers of stock shall be made on the IL
oks OF the association, at its Office in the city of
W Orleans only Il
SIC 8. The Board of Directors shall, annually .
their hrst meeting elect one OF their own mem Il
10 DO IHcoiueut, " NO snail nOl0 nlS once until u
) successor is elected and has qualified. The e
ard OF Directors shall also appoint all the other
cers and clerks OF the association, and shall Il
3 compensation of the President and of all the il
[cers and clerks employed by said association Il
9 President shall preside at all meetings Of the II
ard of Directors, and at the meetings of the al
cknOlders of the association, and shall conduct
, business Of the association. generally, under 81
, supervision of the Board OF Directors. d
nc. 8. The books of subscription to the capital j
ok OF the association shall l,e kept opened by | Fl
Board of Directors uutl " whole capital | d.
ok is taken up. Ell