New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-07
CORPORATIONS,
Z. CHARTER,
UNITED STATES OF AMERICA, STATE OF
LOUISIANA, PARISH OF ORLEANS, CITY OF
NEW ORLEANS.

Be it known that on this eighteenth DAY of tn
| n onth OF November, in the year of our Lord or
| thousand eight hundred and seventy one and ,
! the independence Of the United States the met,
| sixth. before me, Gus:ave LIE Gar.leur Jr, nOtar
| public duly com issiOhed and sworn IN and ff
the parish and city aforesaid, therein residing an
| and undersigned, personally came and appeared
Messrs Jose Antonio Fernandez, Octave Hopkins
Antoine .. vc,sin John J. Gdere: Charles .
! Gabriel de Ferict, all residing in the pa: .sh an
city aforesaid and also the several otil-
| parties whose names are hereto subscribed
who severaly declared, that awaiting themselve
Of the general provisions OF the laws of this stat
concerning the organization Of corporations, the
selves, and that they do, by these prese. t. forL
aud constitute among themselves and such OF her
as may hereafter become associated with them b
mutual consent and by subscription to these al
ticles or to the books Of subscription Of the asso
citation, OF by purchase, transfer or succession
corporation under the general laws OF the State q
Louisiana providing for 1.-The organization of col
pOIatiOns for works of public mpro ement and 70
other purposes aud they do hereby declare thu
following articles TO be the constitution and char
ter OF said corporation
ARTICLEI
SECTION ]. IT name. style and title OF sad cor
pOration shall be THE NEW ORLEANS CREDIT
FOSCIER ASSOCIATION and the doinicile OF tn,
said corporation is hereby established IN the city
New Orleans.
SKC. Z. 1t shall commence business as soon as one
hundred thousand dollars shall have been suu
6cTlUtG IOT anu snail exist Tor TWENTY-FIVE
from the date Of this act unless it's affairs should
be sooner liluidated on 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 ne vspaIer
published III the city Of New Orleans.
SEC. 3. 1t shall have seal, and the device upon
the same shall b the coat of arms of the State OF
Louisiana, with the name of the association and
the date Of this act upon the margin.
SEC. :. The preside Mt of this ASSOCIATION or in
his absence, the secretary is hereby designated as
the proper officer on whom citation and a., other
legal process may be 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 said assoc ion
lands within the limits of the city of New Orleans;
to snbdi, ide the same: to BULL! upon and improve
said lands, and then to sell and convey the
such u manner AS TO afford homes to persons OF re-
stricted means and TO enable them to become
owners thereof by making small monthly paw
ments equivalent to rent in accordance with
the value OF the property, and in order to facili-
tate the payment Of the purchase price granting
more than ten years, and also at the request of
any COCO solvent and responsible owners of lands
in tins city, and whenever convent. 1T and advis-
able for said association to do to build ON sue h
lands for account OF said owners the terms and
conditions herenabove granted to the purch ss- rs
of property belonging to said association.
ARTICLE ILL.,
SECTION :. The capital stock of the said assoc
IL
thousand dollars, divided into ten thousand shares
OF fifty doiiais each, said capital stock to be in
creased TO one million dollars. as hereinafter pH
vided for III section two of article four to be paid
for by the subscribers to tins iatOn by nst all
nients not exceeding ten per cent at the time and
in the manner hereinafter provided for.
SEC T. Ten per cent OF each share of the stock
su described for shall be- paid cash 10 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 tine final payment Of the stock sub
scrlbed
SEC. ,. No certificate OF stock shall te issued
unit! the same is paid IN full
SIC. 1. The association shall commence its
ope iations when one Hundred thousand dollars
have been subs bed for. and II. two first Install
mtnts paid
SEC. :. In case Of non payment OF or refusal 10
pay any installment provided for III
Ut this article, after due notice by the secretary of
this association, and without further putting IN
default, the stock of the party neslectins or re-
fuslng to pay, and all interest and benefit apper.
tanning to the same shall be forfeited 70 the SAID
association. Nevertheless the Board OF Directors
may eXtend, aud they hereby authorized 10 eN-
tend the term Of pay Ieut of any installnent due
and called Tor should they deem it proper ex
pedient. to Hemlt the forfeiture pay ulent of
the lnstallment due.
ARTICLE ".
SECTION !. At the end of each fiscal year, which
g hereby fixed on the thrtleti day OF September
II each and every year, the president SHAH
% be- made statement of the OIt ra1ious OF the as
ISOLATION, and shall case the TO he published
II two OF the ewspapers of this city Tor one
Month; and at the end of the second fiscal year.
md Of each and every fiscal year thereafter divi-
lends from the net pIUfts of the association shall
'e paid IN the following manner. to wit: Ten per
cent cash on each and every share. and the balance
II sand protts shal! he divided pr" rata between
he stockholders. and scrlps VIII be issu-d each
tOckliuldtr Tor his proportion III the SAID balance
u the net pToilts.
SEC. :. Whenever the scrip TO be issued by the
as aforesaid, shall amount L. the CAPT
al subscribed Tor, lew issue OF certificate. OF
took shall be made. and for every fiftv dollars OF
Grip one new share shall be Issued, and the certl-
ate for the same shall be delivered to the holder or
odeIs OF SAID scrps, on their returning To the
association the srrips held by them, aud represent
nS said of tifly dollars and said new stock
hall be entitled to the dividend hereiIIabove con
einplated, and shall be paid the same in the man
tr and time provided Tor in section one, of this
rtlrie. And hereafter, whenever the amount of
he scrlps to b. issued, aforesaid shall be equal
. the capital subsci bed for the same rule shall be
bserved until the association shall have increased
g capital stock to the sum OF one million doIais |
hereina5ove contemplated i'll section enc, artic.
lree.
ARTICLE v
This association shall have the power and author
y TO purchas. any lot or lots Ic h NAV b., offered
it. at reasonable price and pay tor the same i'll
took Of the association; also to purchase lots al
,ady improved, with buildings thereon. provided |
AID lots, with buildings thereon, shall not be val
ed over three thousand dollars the appraisement |
nd valuation always to be made by two real estate
rokers two stockholders and the architect Of the
ssOciation, and to sell. transfer and convey such
i, and also to build Oh lands not BE- longing to the |
ssociatlon. at the request OF the owners Of such |
Inds.
ARTICLE vi.
SECTION !. All the corporate powers of tits ssso-
latlon shall be exercised by Board OF Directors,
nd such other officers and clerks they may ap-
lint.
SKC. 2. The Board of Directors shall consist of
ght stockholders, five of whom shall form a |
iorum for the transaction of all the business OF
IL association
SEC. 3. The election of the Board of Directors
lall take place on the second Monday of October
each and every year, at the office Of the asscca-
on, Ill this city, after the first election which
lall be held OIL the second Monday of October
q, OF which the President shall cause ut least
fteen day previous notice to he given in two of
re newspapers published i'll this city.
SIC. 4. The Board Of Directors shall appoint three
the stockholders of the association commission.
g. and two tellers, to conduct superintend and
port said election, and they shall certify under
It'll to the correctness of their return. The Board
Directors thus elected shall for the term
one year, until their successors are duly
rcted, and have qualified.
SEC. ). The persons receiving plurality of votes
all be considered elected. In the event of no
tction taking place the day aforesaid the
esldenf shall cause another election to take
ace within ten days thereafter, and give notice
the same by advertisement in two of the news
pers OF this city.
SEC. 6. Bach and every stakeholder shall be en-
led at election, cit her in person or by proxy, to
e vote on each and every share of the capital
Dck which he, she or they may respectively hold
t not to vote on any stock to him, her or them
snsttrred within thirty days previous TO said
.ctiOn.
SEC. T. Transfers of stock shall be made OF the
oks OF the association at its Office in the CITY of
W Orleans only.
SEC. g. The Board of Directors shall annually |
theiI first meeting elx't one OF their own mem
rs as President vino shall hold his Office until |
J successor is elected and has qualified The
ard OF Directors shall aleO appoint ali the other
ictrs and clerks of the association and shall fix |
compensation of the President and of all tie
ictrs and clerks employed by said association.
e President shall preside at all meetings of the !
ard CT Directors, and at the meetings of the |
'ckholders of the association, and shall conduct |
. business Of the association, generally under
supervision of the Board OF Directors. |
KC. g. The books of subscription to the capital |
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