New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-10
CORPORATIONS.
QUARTER.
CHARTER.

CHARTER .............CHARTER
UNITED STATES OF AMERICA, STATE O
LOUISIANA, PARISH OF ORLEANS, CITY O
NEW ORLEANS.
Be it known that ON this eighteenth day of til
n Onth OF November in the wear OF our Lord on
thousand eight hundred and seventy one, and q
the Independence Of the United States the Linety
sixth, bt fore me- Gus:sve LIE Gardeur, Jr., notar
| public duly com missiOned and sworn, in aud to
the parish and city aforesaid therein residing,
in the presence of the witnesses hereinafter
Mrssrs Jose Antonio Fernando. octave Hopkins
Antoine b. V0isin, John J. Gid!ere. Charles j
Leveque Leon MacCarthy, J. Martin ViDavasO an,
Gabriel de Ferret, all residing in the parish ant
city aforesaid and also the several othe
parties whose names hereto subscribed
who severally declared, that availing themselve.
of the general prov siOns OF the laws OF this STATE
concerning the organization of corporations, the,
| have covenanted and agreed to form amt ns them
aud constitute among themselves, and such othe
! as may hereafter become Oci.lt+d with them by
tcles, TO the books of subscription of the assp
citation, or by purchase transfer or succession q
corporation Ule the gene raj laws OF the State OF
Louisiana providing for the organization of cor.
poratiOns for works of public improY cement and for
other purposes, and they do hereby declare the
following art CieS to be the COust tut iOu and cha
ter Of said corporation:
ARTICLE :!
SsoTtoy !. TT e name style and title of said cor
pOraton shall be THE NEW ORLEANS CREDIT
fONCIER ASSOCIATION, and the .iv1niciIe of tho
said corporation IS here established in the city Of
New Orleans.
SEC. 2 1t shall commence business as soon as one
hundred thousand dollars shall have been sun
scribed for and shall exist for tweuty.tiye y.ars
from the dat. OF this act unl- its affairs Should
be sooner lI4 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
ate nli.tty days notice in two OF the uewspap pens
SEC. 3. II shall have seal, and the device uoon
the same shall be the of Of the state Of
Lou slana NUN the name OF the association and
the date OF this act upon the margin.
SEC a. The president of this assoc alton or in
ms ~Ds.ner me secretary is HEREBY designated
leGal proce 81 may be served.
ARTICLE H.
The object and purposes Of tbs assocla alton are
declared to be the following, 70 wit: To purchase
III the name and for account of said assOca Ton
lands within the limits OF the city of New Orleans:
to alIbdi ide the same to build upon and improve
SAID lands. and then to sell ard convey the same IN
such manner AZ to afford homes persons Of re-
strcted means and TO enable them to become
owners thereof by making small monthly pay.
nents eI"i. .,eht to "a rent in accordance with
the valllc OF the property and i'll order to f,ciIi.
tate the payment Of the pure base price, granting
them credit Of not less than five and not
more than ten years and also at the request OF
any SooG solvent and responsible owners ut lands
IN this lily, and whenever convent. mt and adyis.
able TOR said association to do to build such
conditions hereinabOve granted to the purchasers
OF property belonging to said assoc ion
ARTICLE III
SKcToS l. The capital stock Of the said associ.
alton Is hereby fixed at TIE sum Of i've hundred
Thousand dollars divided into ten tho sand shares
OF fifty dollars each. said capital stock to be in
creased TO one million dollars. as hereinafter DO
vlded for n section two of article four, he paid
Tor by the subscribers to this association by INSTALL
ments not exceeding ten per cent at the time ant,
III the manner hereinafter provided for.
SIC z. len per cent OF each share of the stock
SUI described for shall l+ paid cash to the treasurer of
this association AT the time the Board OF Directors
Stall determine and ten per cent additional Shall
be paid cash respectively each and every fellow ing
month until the final payment OF the stock sub
SEC. .. No certificate o. stock Shall be ISSUED
unit! the same is paid III full.
SEC. 1. The association shall commence its |
operat ions when one hundred thousand dollars |
have been subscribed for. aud tie ~ first INSTALL
mtnts pad.
SIC. s. In case of nonpaymeat of or refusal to |
pay any iisfalIinent as provided for in section
VI this article after due notice BY tie secretary of
this association, and without Their putting in |
ieiault, the stock Of the party nesect1ng
[uslnS to pay, and all interest and benefit apptr.
tanning to the same, shall be- forfeited to the said
Nevertheless the Board OF Directors
;iN extend. and they are hereby aut horzed to ex-
eni, the term OF pa. nlent Of any iustament due
aud called TOR, should they deem it proper w ex
,sedtnt or 10 remit the forfeiture Oh payment OF
lie ,ns,allment due.
ARTICLE II
|
$ hereby fixed on the thirtieth day OF September
II each and every year, the president shall cause
o be made statement OF the ope rations of the as
ociaion ana shall cause the same to be- publ shed
two OF the newspapers OF this city for one |
month; and at the end of the second fiscal year
md vi each and every fiscal wear thereafter ,Iiyi. |
lends from the net profits of the association shall
e pad IN the following luanuer, to wit Ten per
ent cash u: ea.l and every share and the bal..ller
! said profts shall be divided pro rata b. tween
he siockhoders, and scrll,s will be issued 10 each
tockh"der for MS proportion Ill the SAID balance
I the net profits.
>kC. 2. Whenever the scrip to be issued by the
ssocaton. as aforesaid shall alnount.to the capi.
Al 7dosriIoed for. new ISSUE OF certificate OF
tock snail be made. and for every tiftv dollars
crlp one new share shall be ISSUED and the certii-
ate Tor the same shall be- delivered to the holder or
oldels OF said scrips on their returning TO rh-
ssoc lat on the scr,s held bv them aud r.. ore sent
iS said sum OF fifty d,Iar- and SAID new stock
1ali be entitled 70 the dividend hereinabove con
-InPated. and shall be paid the same in the man.
er aud TINE provided Tor in section one of this
rtIcle. And. hereafter. whenever the amount of
~ scrlps TO be ssied, aforesaid, shall be equal
, the capital subscribed for l- rule shall be-
,served until the association shall have increased !
: capital stock to the sum of million doHaIs
> herelhaaoHe contemplated in section one, article
iree
ARTICLE
This assoc iation shall have the power nj author.
20 purchase any lot or lots which may be- offered
1t at "a reasonable price, and pay the same in
ock of the associations also. to pure base lots al
ady improved. With buildings thereon, provided
id lots with buildings thereon shall nor Ir val.
ID over three thousand dollars tie app,ai,-meut
I'd valuation always to be mace by two real estate
okers two stockholders and the architect OF th,
sociation, and to sell, transfer and convey such
and also 20 build Oh la u'is not BE- longn. to the
socia tor. at the request OF the owners OF sucu ,
ids.
ARTICLE VI.
SECTION All the corporate powers of this ssso '
alton shall be exercised by Board OF Directors I
vi such other officers aud clerks as they NAV APP L
int
SKc. 2. The Board of Directors shall consist of , F
ght stockholders five of whom shall form a
forum for the transaction of all the business OF
t assoc latIou.
SEC 3. The election of the Board of Directors =
all take place on the second Monday Of October
each and every year. at the office Of the associa-
IN III this city, after the first election which
al! be held on the second Monday of October,
-, OF which the President shall cause ar least
teen days previous notice to be given i'll two OF
e newspapers published IN this city. i
>KC =. The Board of Directors shall appoint three II
the stockholders of the association commissions r
), and Two tellers TO conduct superiEttnd and o
port saI" election and they shall certify ,!itrr a
IN to the correctness OF their .eturn. TIE Board e
Directors thus elected shall serve tor the term a
one YEAR, c. until their successors are duly I!
cted, and have qualified o
'Er. D. The ptrsOn> receiving plurality of votes
all be considered elected In the event ny, ~, il