New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-15
CORPORATIONS,
(IHARTEK.

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{ HARTEh .........CHARTER
UNITED STATES OF AMERICA, STATE OF
LOUISIANA, PARISH OF ORLEANS, CITY Oh
NEW ORLEANS,
Be i known that this eighteenth day of the
1orth of November in the year of Lord on.
thousand eight hundred and seventy one, and O
the independence of the United States the ninety
sixth. before Gus:ave LIE Gardeur, Jr, notary
public duly commissioned and sworn in and fol
The parish and city aforesaid therein residing anC
Il the presence of the witnesses hereinafter named
md und rsisned. personally came and appeared
Antoine d. Voisin John J.. Gidiere. Charles j
Leveq,r, Leon Mace rhy, J. Martin villavaso anG
Gabriel de Ferret all residing in the parish ant
city aforesaid, and also the several Othel
Iart!e, whose names are hereto subscribed
who severally declared, that availing themselves
of the general provisions Of the laws of this State
concerning The organization OF corporations, they
nave covtnanted and agreed to form among them
selves, and that they do. by these presents, 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
Ciaton, or by purchase, transfer or succession a
corporation. under the general laws OF the State OF
.o'Isiana providing for "the organization of cor
porations for works OF public improvement and fol
other purposes and they do hereby declare the
following articles to be the constitution and char
Ter OF sad corporation:
ARTECLEI.
SETON |. TIE name; style and title OF sad cor
i,Oration shall br THE NEW ORLEANS CREDIT
tONCiER ASSOCIATION, and the doraicile of the
eaid corporation is hereby estab lised in the city
SRC. ,. 1t shall commence business as soon as one
hundred thousand dollars shall have been SUD-
scribe, for. aud shall exist for twenty-five years
from the date OF this act unless its affairs should
no sooner liquidated on the vote and with the
consent of three tourths of all tine stock of said
ASSOCIATION, at any general meeting of the stock
Ilo ders thereof to be convened for that purpose
after ninety day notice in two OF the newspapers
SIC 3 ii shall have seal and the device upon
tie same shall be the coat of arms of the State of
Lou siana, with the name Of the association and
The date NJ TINS act upon the margin.
SIX. 4. The president OF This association, or in
s absence, the secretary, is hereby designated IS
he proper officer on whom citation and All other
e-a. process MAY be served.
ARTICLE IT,
lie object and purposes of this association are
declared to be the following, to wit: To purchase
a the name and for account of raid associa.ion
lands within the limits of the city of New Orleans
to subdivide the same: to build upon and improve
ssd lands, and then to sell and convey the in
such manner AS to afford homes to persons Of
stricted means and to enabls them to become
thereof by making small monthly pay.
the value of the property, and in order to faciii.
tate the payment Ut 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 ands
III this city, and whenever convent. Mt and al Wis
able for said association to do to build such
lands for account of said owners the terms and
conditions hereinabOve granted to the purCh
OF property belonging to said association.
ARTICLE Ill.,
SE,'T:ov |. The capital stock Of the said assoc
alton Is hereby fixed at the OF Il sc hundred
thousand dollars, divided into ten thousand shares
of fifty dollars each. said capital stock to be in
v;ded fer in section two of article four. be paid
for by the subscribers this association by install
IneGts not exceeding ten per cent at the time and
IL the manner hereinafter provided for.
sEc z len per cent Vt each share Of the stock
subscribed for shall be paid cash to the treasurer of
this association at the time che Board OF Directors
soall determine aud ten per cent additional shall
be paid cash respectively each and every follD~ ing
month until the final pay luent Of the stock sub
scribed or
SEC. ,. No certificate Of stock shall be issued
until the same 10 paid IN full
SEC. I. The association shall commence its
operat when hundred thousand dollars
have been Subscribed for and the Two first Install
ucnts paid
SIG. 5. In case of nOn-payment of or refusal to
pay any installmentas provided for in section two
OF this article after due notice bv the secretary OF
his association, and without flu Their putting i'll
default, the stock Of the party neslectng
using to pay, and all interest and benefit apper-
LainInS 10 he same shall be forfeited to the said
ASSOCIATION. Nevertheless the board of Directors
may extend. and they hereby authorized to ex-
.end the term Of paw ment of any installment due
and called Tor, should they deem it proper or ex
ped:ent. or 10 remit the forfeiture on payment of
me .iI,tdlIuieLt due.
ARTICLE "
Ssc7.oS /. At the END OF each fiscal year VII eli
of each AND every year. the president shall cause
70 be made statement Ofthe ope rations of the as
rociation, and shall cause the same to be published
n TWO OF the newspapers OF this city for one
month; aud at the end OF the second fiscal year
AID o; each and every fiscal year thereafter divi
iends from the net profits OF the association shall
he PAID in the following manner. to wit: Ten per
cent cash on each and every share and the balance
OF said profits shall tie divided pro rata between
The stock holders aud scrips will be issued to each
r'ockhold.r tor ais proportion III the said balance
Gf the net ptofts
SIC. ?. Whenever the scrip to be issued by the
association. aforesaid shall amount TO the capi
a! subscilb- for, II new issue OF certificate OF
stock shall b. made, aud for tftv dollars OF
scrip new share shall be issued and the cerif
cate for the shall be acve,ed to the holder
holders OF sad scrps, on their returning to the
association the scIips held by them, aud pre-
1ng said sum of fifty dollars and said stock
shall be entitled 10 the dividend hereinabove con
-mpattd. and shall be paid the same i'll the
Icr aud time provided Tor in section one, of this
article. And hereafter Whenever the amount of
he scrIps to be issued AS ut rc>ad ehall be equal
20 the capita suO.c hed for. the rule shall be-
observed until the association shall have increased
IS capital stock to th- of million dollars
rs htFtaoo'e contemplated IN section one art lcle
.hree.
ARTICLE
This association shall have the power and author
To purci any lot or lots hich NAV be offered
il at reasonable prize, and pay the i'll
H-ock of the association also, to purchase lots al
eaGy .mprOv ed, wl:h buildings thereon provided
said lots with buildings thereon, shall not be val.
:..d over three thousand dollars, the appI.s.ment
md valuation always I" be ma by two real estate |
association, aud to sell, transfer and convey such
Of and also TO build lands not b. Ion giE to the
assoc IA ,ion at the request OF the owners Of sch |
lUG,.
ARTICLE Vi,
SsoT:oS l. All the corporate powers OF this asso- /
C ,ation shall De. x.rcistd by "a Board OF Directors
lnd such other officers and clerks they NAV au-
point.
SKI. 3 The Board Of Directors shall consist of |
q ght stockholders, tive OF whom shall form a |
quorum for the transaction of all the business of !
the association.
SEC. j. The election of the Board of Directors
a. AL take place the second Monday of October
Of each and every year AT the office " the associa
ION. III this city, AFTER the first election, whHh
shall be held on the second Monday of October, |
S7s OF which the Pr. sideht shall cause at least
If'etn davs previou, notice 10 be given in two Of
The new pspcrs published II thi, city.
SKC. 4. TIE Board Of Directors slla appoint three
Of the stOc khUders OF the assGcai ion commission
report said election and they shall certify under
oath to the Of their teiurn. The Board
81 Directors thus ell, cted shall for the term
Of enc year. c. until their successors duly |
elected aud have qualified
SEC S. The pers.is receiving q plurality of votes
shall be considered elected In the event of
SECTION taking place the day aforesaid the
president shall cause another election to take
place within ten days thereafter and give not ice
If the same by advertisement i'll two Of the uews.
papers OF this city.
SEC. +. Each and every stOckhOlde shall be en-
tilted At eiectI IL, htr III person or by prOXy, to
,ne vote each aud every share of the capital |
tock hich he. she or the, may respectively hold |
tut not to vote ON ANY stock TO him. her or them |
transferred within thirty days previous to said
lection.
Sac. :. Transfers of stock shall be made on the |
looks of the association, ut it's office in the city of
lew Orleans only.
SIC. y. The BTsrd OF Directors shall annually
& their first meeting elect their III |