New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-30
CORPORATIONS.
QUARTER. :..........CnARTER.
UNITED STATES OF AMERICA, STATE OF
LOUISIANA, PARISH OF ORLEANS, CITY OF
NEW ORLEANS
'HARTER.

| Onth OF November, III the year OF our Lord Ont
thousand eight hundred and seventy one, and o
the independence of the United States the binety
sixth, before me-, Gustave LIE Gardeur, Jr., notary
public duly commissioned and sworn, in and fol
the parish and city aforesaid, therein residing ant
i'll the presence of the witnesses hereinafter named
and Undersigned, personally came and appeared
Antoine d. Voisin, John J. Gidiere Charles j.
Leveque Leon MacCarthy, J. Martin vlavaso and
city aforesaid and also the several other
| parties whose names hereto subscribed
| who severally declared, that availing themselves
CT the general provisions OF the laws of this State
| concerning the organization OF corporations they
have covenanted and agreed to form among them
| selves and that they do by these prese: ts form
and constitute among themselves, and such OF hers
| as may hereafter become associated with them by
| mutual consent and by subscription to these ar
tices OF TO the books of subscription Of the assO-
| citation, or by purchase transfer succession a
corporation under the general laws of the State of
porations for works of public improvement and for
| other purposes, and they do hereby declare the
following articles to be the constitution and char
ter Ut said corporation:
| ARTICLEL
SEogIoS /. TIE name style and title of said cor
| poration shall be THE NEW ORLEANS CREDIT
| FONCIER ASSOCIATION, and the donicile of the
said corporation is hereby established i'll the city Of
New orleans
SEC. 2. 1t shall commence business as 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 llquiGated, the and with the
consent OF three tuurths of all the stock OF said
assoca'unt 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 III the city of New Orleans.
SEC ). 1t shall have seal. and the device upon
the same shall be the of arms of the State of
Lou isana with the name of the association and
the date of this act upon the margin.
SEc t. The president of this association, or, in
ms absene+ he secrelaIy is hereby desisnated as
le9a! process NAY be served.
ARTICLE 7;
The object and purposes Of tits association are
declared to be the following to wit: TO purchase
IN the name aud for account of said association
lands within the limits of the city OF New Orleans
to subdlvlde the same; to build upon and improve
said lands. and then to sell and convey the In
such a manner to afford homes to persons of re-
stricted means and to enable them to become
owners thereof by making small monthly pay
ments equivalent to a rent, in accordance with
the value OF the property, and in order to facili
tate the payment of 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 and responsible owners OF lands
III this city, aud whenever cOEvenit Mt and advs.
able for said association to do So to build on such
ahds Tor account or said owners On the terms and
conditions hereinabOve granted to the purchasers
OF property belonging to said association.
ARTICLE Ill
SECTION !. The capital stock of the said associ.
alton is hereby liked at the sum of five hundred
Thousand dollars, divided into ten thousand shares
OF hfty dollars each, said capital stock to be in
creased to one million dollars. as hereinafter pro-
for by the subscribers to this association by install
ments not exceeding ten per at the time and
In the manner hereinafter provided for.
SEC. q len per cent OF each share of the stock
subscribed for shall he paid cash to the 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 final payment OF the stock sub |
SEC 8. No certificate of stock shall be issued |
until the SANE is paid IN full
SEC. I. The association shall commence its |
0nEr. W han h.lttd I,IIn.
have been subscribed for. and the two first Install |
ments PAID
SCI. 5. In case OF non payment of refusal to |
pay any listallmtntas provided for Ill section two
OF this article after due notice by the secretary of
this association, and without further putting in
default, the stock OF the party neglcctng re-
fusnS 10 pay, and all interest and benefit apper-
tanning TO the same. shall BE- forfeited to the said
association. Nevertheless the bOar. of Directors
may extend, and they are hereby au horized to eX-
tend ne term OF payment OF any installment due
ana called 1oi, should they deem it proper eX
i'edit-nr. o. 10 remit the forfeiture payment OF
the lnsta lllnent due
ARTICLE "
SscToS / At the end OF each fiscal year which
is hereby fixed on the tLirtetu day OF S,pteuher
of each and every year, the president shall cause
TO be made statement OF the Ope rations the a.
and shall cause the same to be published
III Two OF the newspapers of this city for
month; and at the eilG of the second fiscal year,
aud OF each and every fiscal year thereafter divi.
lends from the net profits of the asSOcia ion shall
De paid i'll the following manner. to wit Ten per
cent cash OH each and every share and the balance
he 0cnhold.r, and scf;ns vii h. issuaJ ~ .aci
,tock older Tor uis pruoltion IN TN. said hal.nc.
II the net plohts
SEC 3 VI Whenever the s.r;, 10 he iss,ed nv tho
,ssoc!atlon As toless Shah n",nf 10 tb ~ CAM .,,t
al subs, l-d tu: :. new issue of certincate of
took shall ne made and for every fifty dollars of |
c ,jp ON. new share shall IN. ISSUED and no ca,,o
ate ion the slme sllai be delivered to he holder or
lodels OF sud scrip>, on their returning to the
association the sctips he'd by them and rtple sent
NC said sum of ttjv dollars and ,,id nv stocl
hall be entitled to he 'lividend hereinabove
tr and time provided 1or in section one of ,his
rticlt And hereafter whenever IN. amount Of |
he serips to be issued as aforesaid shall he enuai
o thu. capital subs, rihrd for the SANE rI,la sb. L
bstrvt.; until The as ,ocisti,u shall Ia -. ncr.aJ
raritaI ,t,cL m M, s'1n M nr,. ,,,;iI;.r mis-
= rreJ...oove ruutemu,t,t, in 5, elton one artic
hr-. 1870 ~
ARTICLEv
.I- ds1oc+1ti"n shall have the power and author
10 purchase a'tN 'ot or lots men may be offered
, 1t ~ a reasonable prize and pay the same in
rork OF the association; also TO purchase lots al
tady improved, Nl:h buildings thereon. provide
AID lois, Win buildings thereon shall not be val
eG over three ihousand dollars, the appraisement
ia valuation always to be mad. by two real estate
foHtiS Two stochhoders ana the architect of the
,soc!atioE and to sell, transfer and convey such
It aud also, TO h1id en land, not b longing to the
ss9ci' al 'He request vi the Owners OF such .
mus
ARTICLE VI
SECTION l. All the corporate powers of this asso | ,
atlur shall br -X.rc,,al hl :, En,,a of nir..,'o |
nd such other officers and clerks AS they may an
pint. ~
SEQ ,. The Board of Directors shall consist oe
gilt stockholders, 1Ivt of whom shall form a
orulu for he Transaction OF all The. business M
le ASSOCIATION. 9
SEC. 3. The election of the Board of Directors
iall take place on the secoud Monday of Orrober =
each ana every year. at the office If the associa ,
on, in this city, after the first election which
iall be held the second Monday of October
-, of winch the President shall cause At least
ftecn days previous notice to be riyen in tw"of 7
It liz " spaItrs published in this clty
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