New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-16
CORPORATIONS,
CHARTER...... CHARTER.
STATE OF LOUISlANA-CITY OF NEW ORLEANS.

Be it known that on this thrtieth day of De
cember, in the year of our Lord thousand eight
hundred and seventy -one, before me, George VII
Lam Christy, notary public in and Tor tne Guy
and parish Of Orleans State Of LoHisana afo1e
ally came and appeared the parties whose names
are hereuntO subscribed, and who respectively de
Clared that, avalng themselves OF the PROVISIONS
OF the laws of Louisiana in such case made and
provided, they had cOvenanted and agreed
and bind themselves. and those whom they
represent, ito form themselves into and con
stitute q corporation for the objects ana purposes
hereinafter specifically set forth and to that end
do make agree upon and enter into the Ing
articles of incorporation:
ARTICLE l..
The name and STYLE of this association shall be
ASSOCIATION and its dOmicile is hereby estab
IIshed in the city New Orleans State of Louis
lana. The President, or, in his absence, the Vice
President or Secretary, shall be the proper officer
upon whom to serve citation and other legal
process.
This Association shall have power and au.
nority to enjoy and to have succession, by it's
porate NAME for period of twenty five years from
the date here to contract sue and he sued IN IT'S
to hold, receive, purchase, or otherwise acquire
and to sell, mortgage or pledge, or otherwise dis
property both real and personal; to loan money on
mortgage pledge of real estate or personal prop
rectors and officers as its interest and convenience
may require; and to make and establ sh such by.
laws for the proper management and regulation OF
It's affairs as may be necessary and proper
ARTICLE III.
The objects and purposes of this Association are
declared to be as follows:
To buy acquire and own real estate; to subdivide
the same into lots; to build upon improve,
sell or otherwise dispose Of and to convey
the same; also to take insurance risks and
feG NAV 'n haTe an interest; to make advances
ON real estate other satisfactory securi-
ties 70 persons of limited means Tor the purpose OF
hnnaa I'M
owners of comfortable homes TOR their families BY
small ash payments, and en- terms Of credit
OF interest. And generally to do any and all bust
not herein provided for and wv which may be
purposes of this Association.
ARTICLE "
The capital stock of this Association shall be
one million dollars, divided into ten thousand
shares OF one hundred dollars each. 1t shall be
assessed to the extent of twenty-five per cent,
upOn the payment whereof the stock shail be de-
Ciared full paid, and certificates OF the same shall
then be issued. Ten per cent of each subscription
shall be payable at the time of subscribing, and
other assessments shall be made from time to time
tor the balance due thereon, provided that not
be called for at any one time, nor ottener than
once in ninety days. Five per cent of the capital
rty of the three of this Association to
cover charges for their labor and expenses IN OF,
gauizng the same and the saIue Is hereby declared
10 be fall paid stock not liable to any Contributions
or assessments.
ARTICLE V.
This Association may commence business so soon
as one hundred thousand dollars OF the capital
stock shall have been subscribed for.
ARTICLE vi.
All the corporate powers of this Association
shall be exercised and all its business managed BY
a Board OF Directors, consisting, of fifteen stock
holders a majority of whom shall constitute
quorum for the transaction OF business
ARTICLE VII.
Tho f,'lowinp named stOc holders shall consti-
tite the first Board of Directors who shall held
their office until the first Wedn. sday in February,
1873 until their successors shall be duly elected
aud qualified, to wit:
JOHN HUGHES WILLIAM B. SCHMIDT,
:, DAVIDSON HILL J; s; G S1i%::p
LLGi WE 4 sTEkAAS' b. + +. S SENSARD.
JOHN D. COBB. A. A. MAGINNIs,
SAMUEL ELS u TODD, TT R k STGkNEk
o. " N. H. THOMAS
And the following named persons shall De the iii
Gers for the same period:
JOHN HUGHES, President.
J. DAVIDSON BILL, Vice President.
JOHN +. ELLIOTT Secretary
A. ALEXANDER, Treasurer.
H. J. LE0VY, Attorney.
ARTICLE VIII
On the first Wednesday IN February, 1875 and
annually thereafter an election TOR Dlrsctors by
Association, and plurality of votes, counting one
for each share of stock voted on, shall be sui
failure to eject Directors on the day aforesaid
shall not dissolve the Association but the President
days thereafter, giving notice OF the same by adj
vertisement in of the daily newspapers pub
lshed in English in this city.
ARTICLE TX.
The Board shall at their first meeting IN 1873
and annually thereafter, elect from their number
a President and Vice President and they shall also
eject Secretary, "a Treasurer, an Attorney, anG
such other officers as may be necessary Tor the
of ha main
Board shall have the power to supply any vacancy
that may occur in their body by death resignation
or otherwise as also to nix the compensation o. al
salaried officers and employees.
ARTICLE X.
A transfers of stock shall be made on the book
of the Association at its office. III person or by
proxy but not while any Indebtedness to the Asso
citation exists the part of the holder unless with
the approval Of the President or Board OF Directors
ARTICLE XI.
Should any subscriber or stakeholder neglect o.
refuse to pay punctually his installments as they
fall due interest thereon shall be added at the rat
of eight per cent per annum from maturity w pay
ment; and if said payments be not made "lthii
thirty DAYS after the specified time OF payments
the Board of Directors shall have the right to caust
any shares which instaments may be due to b
sold at public auction or otherwise after ten day
advertisement i'll any newspaper publlshei II Eng
llsh in the city of New Orleans, or to recoTer b,
suit at law the amount due.
ARTICLE XII.
bic beyond the amount of bis subscription TO th'
capital stock his Indebtedness to the Association
shall any mere informaiity IN organization
have the effect of rendering this charter null. or o
exposing a stakeholder to any ability beyond tht
amount of his stock.
ARTICLE XIII
When this Association designs making contracts
for building for materials 1t shall invite bids To-
the same; and if, upon opening said bids, it b
found that member of the Association has Offered
to do the work or supply material on terms as ia
vorable as any other bidder the Board OF Director
shall have discretionary power to award the con
tract to such member. A similar will b
observed to the patronizng Of banks insurance
companies, etc. In all ACCOMMODATIONS as 70 loan
shall always be given to the members of thi
Association. The object and intent OF this pro
vision being to give to stockholders preference
over non. subscribers where the Association ca
cot be piejudced by 30 doing.
ARTICLE XIV.
The stockholders of the Association, at gen
eral meeting to be convened for that purpose
after thirty days notice in one of the daily new:
make any notifications, additions or changes |
the act of incorporation, or may even dissolSe On
stock represented at such NEE ting and any an
all such notifications additions changes or d
solution, shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter. sooner.
ordered as above, the affairs of this AssOciato
shall be Inundated its debts paid, and the balanC
diyidedsamOng the stockholders. pro rata on Tn
amount held by each OF paid up stock, under IN
charge and superintendent OF the commissioner
who shall be stockholders, appointed by TIE Boar
of Directors for that purpose.
ARTICLE XVI.
The names of the stockholders. their res;dent
and the number of shares held by each, are d
clared to be such are subscribed to this act
incorporatiOn and set opposite each OF their name
hs IIpitcd States internal revenue stamp
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