New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-31
CORPORATIONS.
THARTER.... .CHA8TE1s
STATE OF LOUISIANA-CITY OF NEW ORLEANS

L VhA6ANO
Be it known that on this thirtieth day Of De:
cember, in the year of our Lord one thousand eight
hundred and seventy-0ne, before me, George VIII
and parish Of Orleans, State Of Louisiana, afore'
and the
are hereunto subscribed, and who respectively de.
clared that a:ailing themselves Of the provision,
provided, they had covenanted and agreed,
and do by these presents covenant. agree.
rm snd
stitute corporation for the objects and purposes
hereinafter specifically set forth, and to that end
do make agree upon and enter into the following
articles OF incorporation:
ARTICLE I.
The name and style Of this association shah be
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its donnie lie is hereby estab-
lana. The President, or, in his absence, the Vice
President Secretary, shall he the proper office!
upon whom to serve citation and other legal
process.
This Association shall have power and au-
thOrity to enjoy and to have succession, by its cor
porate name for period Of twentyf five years from
the date hereof to contract, and he sued in it's
corporate rame; to make and . corporate seal;
and to sell mortgage or pledge, OF otherwise dis
pose Of and to convey, under its corporate name,
property, both real and PERSONAL to loan money ON
mortgage pledge of real estate or personal prop
erty; to name and appoint such managers, di-
rectors and officers its interest and convenience
may require; and to make and ESTABLISH such by
laws for the proper management and regulation Of
its affairs as may be necessary and proper
ARTICLE III.
The objects and purposes of this Association are
declared to be as follows
the same into lots to build upon, improve,
sell or otherwise dispose of, and to convey
the same; also to take insurance risks and
hars an an Paie
on real estate or other satisfactory securi.
persons Of limited MEANS for the purpose Of
building houses, thus enabling them to become
owners Of comfortable homes for their families ~
small sash paymsats and on terms Oh q c req
OF interest Aud generally to do any and oil busl-
ness not herein provided for and which may De
purposes OF this Association.
ARTICLE w.
The capital stock of this Association shall be
one million dollars, divided into ten thousand
shares Of one hundred dollars each: 1t shall be
assessed to the extent Of twenty-five per cent,
upon the payment whereof the stock shall be de.
olared full paid, and certificates of the same shall
then be issued. Ten per cent of each subscription
shall be- payable at The time of subscribing, and
other assessments shall be made from time to time
for the balance due thereon provided that not
more than ten per cent Of such subscription shall
be called for at any one time, nor 0ftener than
once in ninety days. Five per cent Of the capital
ery of the three originatOrs Of this Association to
cover charges for their labor and expenses in or
ganiZEg the same and the same ia hereby declared
to be full paid stock not liable to any contributions
or assessments.
ARTICLE
This Association may commence business so soon
as hundred Thousand dollars OF the capital
stock shall have been subscribed for.
ARTICLE vi.
AL tie corporate powers of this Association
shall be exercised and all its business managed by
a Board OF Directors, consisting of fifteen stock
holders, a majority Of whom shall constitute a
MN, f.ay fray1 aRtIn nfh 1rSi
ARTICLE VII.
The following named stockholders shall consti-
tute the first Board of Directors, who shall hold
THEN office until the first Wednesday in February
1873, or until their successors shall be duly elected
and qualified, to Wit:
JOHN HUGHES, WILLIAM B. SCHMIDT,
J. DAVIDSON HILL. j. $. COPIES,
LL9i D R. GDLEMAS, Z. A A BRIDGE BRYCE
JOHN D. COBB. A. A. MAGINNIs.
SAMUEL S n. TODD 3. 7. BTGKXEk
j. T. A'SS4S' y H. r + ASkSHhhDr'
And tie following named persons shall be the OFT.
Gers FOX the same period
JOHN HUGHES President.
j. DAVIDSON BILL Vice President.
JOHN F. ELLlOTT. Secretary
A. ALEXANDER, Treasurer.
H. ]. LEoVY. Attorney.
ARTICLE VIII.
On the first Wednesday IN February, 1873 and
annually thereafter. an election for Directors, by
the stockholders, shall be held at the Office of the
Association and plurality of votes, counting one
voe for each share of stock voted shall be suf
Ecient to elect.
failure to eject Directors on the day aforesaid
shall not dissolve the Association, but the President
shall cause another election to be held within te II
days thereafter, giving notice Of the same by ad.
verrisement II one Of the daily newspapers pub
lisl.ei il English in this city.
ARTICLE TX
The Board shall, at their first meeting in 1873
and annually thereafter, elect from their number
}..Y1t and zba f1a1a
eject Secretary. Treasurer, an Attorney, and
such other officers as may be necessary for the
transaction of the business OF the Association The
Board shall have the power to supply any vacancy
that may in their body by death, resignation
Or otherwise as also TO fix the compensation OF all
STARRED officers and employees.
ARTICLE X.
transfers of stock shall be made on the books
OF the ASSOCIATION at its Office, in person OF by
proxy. b,:t not while any indebtedness to the Asso.
citation exists on the part of the holder unless with
the approval OF the President Board Of Directors
ARTICLE xJ.
Should any subscriber or stakeholder neglect or
re.ise 10 pay pU.ctualy his installments they
fall due interest thereon shall be added at the rate
Of eight per cent per annum from maturity till pay
ment; and if said payments be NOT made within
thirty days after the specified time of payments,
the Board of Directors shall have the right
any shares on which installments may be due to be
advertisement in any newspaper published in Eng
l:sh in the city OF New Orleans to recover by
suit at law the amount due.
ARTICLE XII.
No socklolGer shall, in any event, be made la.
bic beyond the amount of his subscription to the
capital stock his Indebtedness to the Association,
nor shall any lnformality id organization
have the effect of rendering this charter null OF Of
exposing stockholder to any ability beyond the
amount of his stock.
ARTICLE XIII
When this Association designs making contracts
Tor building for materials, 1T shall invite bids
the same and il, upon opening said bids, it be
found that member of the Association has offered
to do the work or supply material terms as IA
vorabe as any other bidder the Board of Directors
shall have discretionary power to award the CON
tract to such member. similar course will be
observed as to the patronizng Of banks, insurance
Tor building and other purposes, a preference
shall always be given to the members of this
Association The object and intent Of this pro-
vision being to give to stockholders preference
over non subscribers where the Association can
not be pre- udiced by so doing.
ARTICLE XIV.
The stockholders of the Association. at a gen.
eIai meeting to be convened for that purpose
after thirty days notice in one of the daily news.
papers published in English in this city, NAV
make any notifications, additions or changes in
the act OF incorporation, or may even dissolve the
same with the assent OF tbree.f0urths of the
stock represented at such NEE ting and any and
all such notifications additions, changes or dis.
solution shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter, OF sooner, if
ordered as above the affairs of this Association
shall be ii4uidated its debts paid aud the balance
divided among the stockholders pro rata on the
amount held by each Of paid up stock, under the
charge and superintendent Of the commissioners,
who shall be stockholders, appointed by the Board
OF Directors for that purpose.
ARTICLE XVI
The names of the stockholders their residence