New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-16

Ries-rs Jose Antonio Fermalldez Octave HopkIn,
Antoine d. Voisin, John j. Gidiere. Charles j.
Leveq;le. Leon MacCarthv j. Martin Villay;so am,
Gabriel de- Ferret all residing in tn. parish aud
oity aforesaid, and also the several other
who severalIy declared, that awaiting Themselves
OF the general pro- isions OF the law Of this State
concerning the organization of corporations, they
have coyruanted and agreed to form among then,
selves, aud that they do. by these p,ese, Is form
and constitute among themselves, and such others
may hereafter become associated with them by
mutual consent and by subscription to these ar.
tclts, or 10 the books OF subscrpt ion the asso
cation. or by purchase transfer or SUCCESSION a
corporation, under the general laws of the State OF
Louisiana providing for the organization OF cor.
,rratiohs Tor works OF public Improvement and for
otner purposes, and they do hereby declare the
following articles TO be- the constitution and char.
~ D: said corporation:
ARTICLE I.
sH'TloN |. TT name. style and title OF So Il cor
porallon shall be THE NEW ORLEANS CREDIT
FoEcIER ASSOCIATION and the dornicil. o: the
said corporation is hereby established i'll the city of
New Orleans.
SEC 2. 1t shall commence business AS soon "A one
hundred Thousand dollars shall have been SUD
tcrbcd for, and shall exist for twenty-five years
from the dat. of this act unless its affairs snoul,i
be sooner ilquidated, on the vote and with the
consent of three fourths OF all the stock of said
;h,s1cit'i1n at any general meeting OF the stock
70 ders thereof, to be convened for that purpose
ifteI ninety days notice in two of the newspapers
published III the city of New Orleans.
SIC. 8. 1t shall have a seal. and the device upon
me sam" siati be The coat OF arms Of the state of
Lou siana, with the name of the association aud
me ctlt ol TINS ACT upon The margin
SEC. T. The preside OF this association, or. in
lts absence, the secretary, is hereby desi nated
The proper oincer on whom citation and al! other
'eg.! process may be served.
ARTICLE H.
IT, object and purposes of this ASSOCIATION are
decL.r.d to be tho following, to Wit: To purchase
II the name and Tor account of said association
ands within he limits OF the city of New Orleans:
to subdi>i.e the same TO build upon and improve
-aiL lands and then to sell and convey the same in
-uch . manner as TO afford homes to persons of re-
Afr fed d ham,
owners thereof by making small monthly pay
nents equivalent to IA rent, III accordance with
The value OF the property and III order TO facili-
tate tie pay nent of the purchase price, granting
them credit of not less than tive and not
more than ten years and also at the Ieaucst of
any good, solven" and responsible owners OF lands
n this city, and whenever COEyenit aud ad Wis.
aoIe Tor SAID association TO do So TO build on such
iads Tor account OF SAID owners on the terms and
conditions hcrtinabove granted to the purchasers
OF property beIongiug to said association
ARTICLE I'LL
SEcTIos |. The capital stock of the said associ-
alton Is hereby fixed at the sum OF 1--WE hundred
thousand dollars, div deu into ten thousand shares
OF tttE dollars each, said capital stock be in
creased to one million dollars. hereinafter pro
vided for III section two of article four to be paid
Tor by the subscribers 10 this association by Install
hents not exceeding ten per cent AT the time AID
II the manner hereinafter provided for.
SEC. 3 len per cent OF each share of the stock
subscribed for shall be- paid cash the trea sllrer of
this association at the time the Board OF Directors
Ehall determine and ten per cent additional shall
n pad cash respectively each and every following
month until the tual payment of the stock sub
SIC D. No certificate Of stock shall BE- issued
mn! the same is pali III full.
SEC. :. Tie association shall commence its
operations when one hundred thousand dollar,
nave been subscribed ioI and the two first INSTALL
lneits paid
Pay any lustalImentas provide d for in section two
OF this article after due notice bs the secretary
this assocIat OH, and without fui her putting in
default, the stock OF tie party neg Letting or
tusipg to pay, and all luttlest and benefit apper.
Gaining 10 The same shall be- forfeited to the said
ASSOCIATION. Nevertheless the Board of Directors
nay extend, ana they are hereby authorized to ex-
tend, III. term of pay nent OF any instailment due
and called Tor should They deem ii proper
ped.ut. or 10 remit the forfeiture pa rInet Of
tGe .2stallncEt due.
ARTICLE ".
ION /. AT the end of each fiscal GEAR which
hereby tiAcd Ga the thirtleth day Of SeptrE.iber
OF ca II and every year the president shall cause
20 be made statement OF the OPP rations OF the
rociaton, and shall cause he same to be published
n Two OF the newspapers OF this city tor one
month: and Ak TIN. the second fiscal year
and o; each and every lis, al year thereafter, dv
cends from tie net pIohia Of the association shall
be pad III the folio "ins manner. to wit: Ten per
cent cash on each and every share and the balance
of said profits shall nr divided Pio rata between
the stoc kho d-rs ad scrps Will be isstied to each
s,ockhoder Tor Las proportion III the SAID balance
of the net plohts
SEC. ?. Whenever the scrip be Issued bv the |
ASSOCIATION, aforesaid, shall amount 10 the pi
tai eubscI Ibeu tor, a certificate of |
stock shall be made and for every titv dollars OF
scrip one share shall be ISSUED, and the certIti-
cate for the sane sal! he delivered 10 the holder
holdcls OF r"d scrip7, on thtr returning to the |
association tie ecills he'd by them, AID represent
ing said OF my dollars and said stock. |
snail be- emitted 10 the dividend hereinabove con
templateG al d shall b- paid The same in the
,ler and time provided Tor i'll sscIion one, OF this
article. And, hereafter, whene' er the amount of |
the scrips 10 b. ISSUED, af r-eaid, eha be- equal
the capita subhc bed for the rule shan be
observed until th- association shall have Increased |
Jts capital stock TO thu slIu OF million dollars.
IS h-r.iua3o'c coit-ni plated III section one, article
three.
hi. association shall have the power and author
" pur, haSe any lot or lots Inch mag BE- offered
1t, AT a reasonable price, and pay the
stock OF the associa' also to purchase lots al
ready improved With buildings thereon, provided
said lots with buildings TIN r.ou sha.l not b. val
aed over three tho dssnd dollars tie app aisrneI.t
aud valuation always t.. b- ma 10y two real estate
brokers', tw" stocsho der aud the architect OF the
ot and, also. TO build ldrie not longing TO the
4ssociat ion IA, the request OF the o"Iers OF eueh
aud.
S4cr!oS l. All the corporate powers OF this
ciat ION slal b.' x-rcIs-d by IA Board of Directors
and such otuer Officers "a cierA as they may ap
point.
SEC ?. The Board of Directors shall consist of
:, gilt stockholders. five OF Whom shall form
lie association.
SEC 3. TIE lection Of the Board Of Directors
shall take place on the -ecoud Monday Of October
If each and c,ery year. al the Office II the assoca
ion, this city, al er H. first election. which
shall be lie the second Monday OF October, |
'315. OF which the Pr sd.nt shan cause at least
I'it-n DAYS pi-viOu notice 10 be gwen IN two OF
the ntwsIap rs published II this city.
SEC 4, Tive Board of directors shall appoint three
Of the stocL hold, rs of the as.ociaii commissions
AI-, and two t-li.rs, to condu, superintend and
report SAID election, aud they shall certify under
oath to the corecties sn their eturn Tie Board
Of Directors thus Fl cted shall serve for the term
IL one year - untu their successors are duly
elected. and have qualiii.
SIC 5. The ptrs H. receiving plurality of votes
shall be co"slde;t" 'leetrd. In the event OF no
election taking il CO On the day aforesaid. the
president shan cause another ectIOn to take
place within ten days thereafter and give notice
u the same by advertisement in two Of the news-
papers OF tins cltt.
SEC. .. + ch and every stockh"lde shall BIZ en-
titled at eltctl II, tLer i'll pea or by ptOxy TO
)ne vote each aud every share OF the capital
stock which he. she or the may respectively hold |
,ut not to vot on auN St ok to him her or them
y transferred within thirty dal previous to said |
SECTION.
Src. !. Transfers OF stock shall be made on the |
BOOKS of the association. ut lis office in the OF
Sew Orleans only"
SIC. 3. TIE B"ard OF Directors shall annually
Vt their first ting elect one th ir mem
)ers AS President, no shall hold HE office until |
5oaid OF Dire o's shall al o appoint al the other
,fcers and cierks OF thr association and shall
he com ptusIti"n OF the Pr. edeHt and of all tine
ulcers and CLERKS emp owed b, said association.
rhe President eliza pa size AT all uierthSs OF the
SOald of Directors. AID 1T the nertinSs of the
toe holders u l)le shall conduct
h. business OF the u to latIun, generally, under
he supervisors of III B"aru If i'ir,ctO's
SEC. 9. I he took. OF subscription to the capital
took of the t.-ocia i"l stinIl oc Kept opened by
he Board of Directors uutii whole capital |
took is taken up. |
SEC 10. o sro khoi''r snail IN AIRY event be
made liable. for the r. uf the association be- |
oud his, ger or tncl' subscription to tie capital
took.
ART1CLK VII.
SECTION The B.,arh of Directors shall have the
;gl, and they ar. .repy tally authorized to pur
.St |