New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-12-19
CORPORATIONS.
QUARTER
,HARTER.
4 E0............ CHARTER.
UNITED STATES OF AMERICA STATE oR
LOUISIANA, PARISH OF ORLEANS CITY OP
new ORLEANS

month of November. in the year of onr Lard on.,
.hoGsand eight hundred and seventy one, and of
.he ihGtpendencc of the United States the ninety.
siNtl, before me- Gus:ave Le Gar,leur, Jr. a notary
IAo.c duly commissioned and sworn, in and for
we PARISH and city aforesaid therein residing and
l.. .t presence OF the witnesses hereinafter named
and undersigned. personally came and appeared
Aos. jose antonio fernandez Octave Hopkins
Leveque, Leon MacCarthy J. Martin Villayaso and
Gabriel de Ferret all residing in the parish and
city aforesaid. and also the several other
parties whose names are hereto subscribed
VINO severaliy declared, that availipg themselves
of the general provisions Of the laws of this Sta
concerning the organization OF corporations they
have cOvenanted and agreed to form among them.
Selves. and that they do, by these presents form
.aad constitute among themselves. aud such OF hers
A may hereafter become associated with them by
mutual consent and by subscription to these ar.
y, ~ .ne DOORS oi subscription OF the assO.
S.aioa, or by purchase, transfer or succession
corporation. under the general laws of the State OF
LOUISIANA providing for the organization OF cor.
rotatons for works of public improvement and for
other purposes" and they do hereby declare the
foHowIiig articles to be the constitution and char.
tet CT SAID corporation:
ARTICLE /.
sa II M Hk ' sFw and NE Of SAD COT
FcNCiER ASSOCIATION and the domcile of the
said corporation is hereby established in the city of
Sac ,. Ii shall commence business as soon az one
hundred Thousand dollars shall have been SUD.
seIao,I 81 foT and shall exist for twenty-five
from the date OF this act, unless its affairs should
be sooner liIuidated, The vote and with the.
consent OF three fOuIths OF all the stock of said
assoc iafinn, at any general meeting of the stock
no ders thereof, to be convened for that purpose
afte! ninety days notice i'll two OF the eUs,apers
published IN the city of New Orleans.
SEC. 3. 1t shall have a seal and the de vice upon
the same shall he the of arms OF the State of
louisiana, with the name of the association and
TIE date of this act upon the margin
So H. The preside Mt of this association or, in
ms absence the secretary. is hereby designated as
the proper officer on whom citation and all other
iegal process may be served.
ARTICLE H.
The object and purposes of this association are
declared to be the following, to Wit: To purchase
IL the name and for account of taid association
lands within the limits of the city of New Orleans;
to sIlbdiriie the same to build upon and improve
sad lands and then to sell and convey the same
sucl a manner as to afford homes to persons Of re-
s.-;cted means and to enable them to become
owners thereof by making small monthly pay
ments equivalent to rent, in accordance with
tae value Of the property and i'll order to faciii-
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
IN this city,, and whenever corvenit ut aud ad Wis.
abe for said association to do to build such
Lands for account Of said owners the terms and
conditions hereinabove granted to the purchasers
or property belonging to said association.
ARTICLE Ill.,
SscTIoy |. The capital stock of the said associ
a,.on Is hereby fixed at the sum of five hundred
thou sand dollars, divided into ten thousand shares
or htty dollars each. said capital stock to be in
creased to one million dollars. as hereinafter pyo. |
vded for i'll section two OF article four to he paid
for By the subscribers to this association by install
ments not exceeding ten per cent at the time aud |
IL the manner hereinafter provided for
SEC. z len per cent of each share of the stock |
soscribe for shall be paid cash to the treasurer OF
snail determine and ten per cent additional shall |
he paid cash respectively each and every following
month until the final pay ment OF the stock sub |
SEC 3. No certificate of stock shall be issued
Eatl the same is paid III full
SEC. I. Tie association shall commence IT'S
operations When one hundred thousand dollars
have been subscl ibed for. ami the two first Install
rnru'S paid.
SAc. ). In case of nonpsyment of or refusal to
ray any instalinentas provided for In section two
this association, and without further putting in
default, the stock of the party neaeciing or re-
f.sng to paw and all interest and benefit ann.r
tanning to the same, shall be- forfeited to the said
association Nevertheless the Boald OF Directors
may extend, and they are hereby authorized to ex-
and called tor, should they deem it proper or ex
pet:ent, or 10 remit the forfeiture Oh payment OF
the iastallment due.
ARTICLE ".
SscT.oS l. At the end of each fiscal year which
$ hereby hxed on the thrtieth day of September
Of each AND every year, the president shall cause
to te made statement OF the OIH rations of the as
ioc!ation, and shall cause the same to be published
a two of the newspapers of this city tor one
month; and at the end of the second fiscal year
siId OF each and every fiscal wear thereafter divi
lends the net profits of the association shall
De paid in the following manner to wit: Ten per
ext cash Oh each and every share, and the balance
u said profits shall BE- divided pro rata between
le soc kholters, and sclips Will be issued to each
''ock holtler for his proportion i'll the said balance
SIC. 2. Whenever the scrip TO be issued by the |
ssociation. as aforesaid, shall amount to the pi
a. subscribed for new issue OF certificate of
tock shall be made ami for every fifty dollars OF |
GRIP one new share shall be issued, and the certi:i
ate tor the same shall be delivered to the holder OF
.oders OF said scrlps On their returning to the
ssOC latiun the scrips held by them and repre-
cg said sum OF fifty dollars and said new stock,
hall be entitled to the dividend her.iua bow. con.
shall
er and time provided Tor in section one, of this
rticle And hereafter whenever the amount Of ,
he scrips to be issued, Aforesaid shall be equal
the capital subscribed for the rule shan be
Deserved until the association shall have increased
g capital stock to the sum of one million dollars,
> hereina5o'e contemplated in section one, article
Tree. :
tbs association shall have the power and a,., hor
purchase any lot or lots Incl may be offered
Il. at "A reasonable price, and pay Tor the same
o"k of the association; alsO,tO purchase lots al
lady improved with buildings thereon, prov ldtd
AID lots, with buildings thereon. shall not be val q
ed over three Thousand dollars, the apprasement
cokeIS. two stockholders and the architect of the
s7ociati"n and to sell transfer and convey such
i. and, also, to build en lands not b. lonsrg to the
5sec tion at the request OF the owners of such
,Cds
ARTICLE vi.
SECTION l. All the corporate powers of this asso-
at on shall he Xcrclsed by a Board of Directors
Id such other officers and clerks as they may ao-
lint.
SEC. 2. The Board OF Directors shall consist OF
GIT stockholders, five OF whom shall form "A
.OrUm for the transaction Of all the business OF Z
4 association. Vi
ssc B. The election of the Board of Directors a
al take place on the secoud Monday of October B
each and every year at the Office .f the assOcia r
IN in this city, after the first election, which c
al be held on the second Monday of October, | ~
-, of which the President shall cause at least | -
teen days previous notice to be given in two OF :
le newspapers published IN this city.
SEC. L. The Board of directors shall appoint three
The Stockholders OF the association commission, 90
B. and two tellers, to conduct, snperintend and -
port said election, and they shall certify under u
til to the correctness of their return. The Board -
Directors thus elected shall serve tor the tenn
one year, L" until their SUCCESSORS duly =
-cted and have qualified ia
SEC. S. The persons receiving plurality of votes
al be considered elected. In the event Of no d!
.ctiOn taking place on the day aforesaid the al
esident shall cause another election 10 take Al
see within ten days thereaf aud give notice c:
the same by advertisement i'll two of the VI "
pers of this city. 10
SIC 6. Each and every stOckhoder shall be en- sc
led at election either in pei son or by proxy. to
e vote On each and every share Of the capital II
,ck which he, she they may respectively hold, pt
{ not to vote any stock to him, her or them Bi
Inst-rred within thirty days previous to said IN
elton. n'
,sc : Transfers of stock shall be made on the de
oks of the association, at its office i'll the city Of al
ike. 8. The Board of Directors SHALL annually oh
their first meeting elect one OF their own MEM ~
rs as President who shall hold his Office until D,
successor is elected and has qualified. The re
ard of Directors shall also appoint all the other Of
GERS and clerks OF the association and shall nix w
, com pensatiOn Of the President and OF all the
GERS and clerks employed by said association
g President shall preside at all meetings OF the
srd of Directors, and at the meetings Of the
ckhOders of the association, and shall conduct -
business of the association. generally, under .
supervision Of the Board OF Directors: -
Kc. g. The books of subscription to the capital +
ok of the association shall bo kept opened by =
Board of Directors uutil whole capital ~ r.
OK Is taken up. in