New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-06-15

CORPORATIONS.


for the term of twenty-five years from this date,
unless sooner dissolved 10y a vote OF tLreefourths
of the stockholders thereof.
ARTuUE H.
The president, or in his'absence, the secretary
81 the company, shall be the proper person on
whom to serve Citations OF all other legal docu-
nents or writs in all suits against the company.
ARTICLE III.
The objects and purposes of said association are
hereby declared to be the establishment of race
course for the advancement of racing and the i'm
,proyement of the breed of horses; the establish
ment of clubhouse for the social enjoyment of
its members and such other purposes in connec
ton Herewith may be designated by the Board
of Directors.
The capital stock of the said association is fixed
at the sum of one hundred thousand dollars divid.
ed into shares of one hundred dollars each which
capital stock may be increased to an amount not
to exceed two hundred and fifty thousand dollars
by vote Of two-thirds of the stock holders there
OF. Payments on the capital stock of said com
pany shall be made as follows, viz ten per cent on
subscription and the balance in such instslments
as the directors from time t. tin e, may call in,
giving at least fifteen DAYS notice thereof in two
newspapers published in the city of New Orleans,
and on the failure Of any subscriber to pay the
same within fifteen days after becoming due as
aforesaid, the stock and any payments made
thereon may be declared forfeited by a vote of
the Board of Directors.
H ARTICLE V. t le....
The association may go into operation as soon as
NIFTY Thousand dollars OF the stock shall have been
subscribed.
ARTICLE W.
For the purpose of carrying out it's objects the
association shall have the right TO purchase or
lease kwhatever grounds and buildings may be
ARTICLE VII.
There shall be elected annually, on the second
Monday of May, a Board of Directors consisting
of twenty one members, who shall be chosen by
the stockholders from their number at such place
in the city of New orleans as may be selected
after ten days ed advertisement, in two of the news
papers published in this city, and shall hold office
until their successors elected and qualified
The board thus elected shall at their first meeting
elect such offic-rs as they may think proper and
shall make such bylaws, rules and regulations for
the governmentef the association and the election
OF members as they may deem necessary. 1t shall
require majority of the stock voting to constitute
election of the board, each share being entitled
TO one vote.
ARTICLE VIII.
The STOCKHOLDERS shall not be responsible for
lesses or damage incurred by said association be-
yond the amount of capital stock held and owned
by him or them respectively.
ARTICLE TX.
All the powers of the said association shall be
vested in the Board of Directors thereof who shall
have power to suIs,ly any vacancy that may occur
in the board or otherwise. The said board shall be
authorized to receive further subscriptions until
the amount subscribed shall have reached the
aforesaid sum of One Hundred Thousand Dollars.
ARTICLE "
The following named stockholders, elected on
the eighth instant hereby constituted the first
Board OF Directors, and invested with all the rights
and powers herein specified, viz:
e.. A BreauX, J. o. Nixon
{. H. Slocomb, K. NJ. Montgomery,
c. T. Howard. Z. Solomon
L. E Lemarie, H. B. Foley,