New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-26
CORPORATIONS.


Be it known that on this thirtieth dav =.
cember in the year of our Lord one thousanSW ~
hundred and seventy one, before me, Georss ~
liam Christy, notary public IN AMI fer liz ~ ~
and parish Of Orleans, state Of Louisiana m
said. duly commissioned and qualified slaA
ally came and appeared the parties whose - -
are hereunto subscribed, and who respectiye1ss =
clared that, availing themselves of the prov;s@
of the laws of Louisiana, in such case ma. -
provided, they had covenanted and 80
and do by these presents covenant s s,s
Represent, Ito form themselves into AM w
stttute a corporation for the objects and NM
hereinafter specifically set forth, and to th.s =
do make agree upon and enter into the folosS9
articles Of interpretations:
ARTICLE I.
The name and style Of this association chan.
the CITIZENS MUTUAL y. ,o LOAN AND BUIDn
lished in the city OF New Orleans, State o. fsas
lana The President, or, in his absence. tn -
President or Secretary, shall be the proper ~
upon whom to serve citation and other ~
process.
This Association shall have power and
thority to enjoy and to have succession by II. J.
porate name, for period Of twenty five yesrs ~
the date here I; to contract, sue and he sued hs
corporate name; to make and use q corpora. s
to hold receive, purchase, or otherwise ac,rsS
and to sell, mortgage or pledge, or otherwieE
pose Of, and to convey, under it's corporate p,s.
",
mortgage or pledge Of real estate or personal ~
erty; to name and appoint such manager 4
rectOrs and officers as its interest and conven;s.
may require and to make and establ sh such y
laws for the proper management and repuist;o.y.
it's affairs as may be necessary and proper
ARTICLE III.
The objects and purposes of this Association A..
TO buy, acquire and own real estate; to subdivA.
the same into lots; to build upon, imnm,s
sell or otherwise dispose of, and to convs,
the same; also to take insurance nsks M
Il NAV have an interest; to make advsns.s.
on real estate or other satisfactory eeSs
ties to persons Of limited means, tor the purpose
buildiAg houses, Thus enabling them to beecr~.
owners of comfortable homes TOR their fsmiEss =
small lash payments, and On terms Of ere&
adapted to their resources, and at reasonable rsts
of interest. And generally to do any and All bns
ness not herein provided for, and which msvL
necessary carry into full effect the object, ~
purposes of this Association.
ARTICLE w.
The capital stock of this Association sh.nt
one million dollars, divided into ten tbous,s;
shares Of one hundred dollars each. 1t shall
assessed to the extent OF . twenty-five p,
clared full paid, and certificates Of the same shS
then be issued Ten per cent Of each subscrpdr
shall be payable at the time of subscribing u
other assessments shall be made from time q In
for the balance due thereon, provided that M
more than ten per cent of such subscription III
be called for at any one time, nor 0ftener tn
stock shall be and is hereby reserved a. the nm
erty of the three Originators of this Association
cover charges for their labor and expenses IN
ganizng the same, and the Same is hereby decaM
to be full paid stock, not liable to any c0ntrbunu
'''0>o ARTICLBv
This Association may commence businespw
as one hundred Thousand dollars of the cam
II hill how fon a lfAlnr Nd far
ARTICLE VI
All the corporate powers of this Asocxx
sha be exercised and all it's business manaedt
q Board of Directors, consisting OF fifteen nsi
holders, a majority of whom shall constitEs;
quorum for the transaction of business.
ARTICLE VII.
The following named stockholders shall cont
tute the first Board of Directors, who shall hi
their office until the first "Wednesday in Febrar
1873, or until their successors shall lie duly eeth
aud qualified, to wit:
JOHN HUGHES. WILLIAM B. SCHYM.
J. DAVIDSON HILL, J: s. COPIES,
LLOYD R. COLEMAN, E. 4. BRIDGE.
L. J. WEBSTER, b. T. vENNARD.
JOHN D. COBB. A. A. MAGINNIs,
SAMUEL N. TODD, r. T. BUCKNER,
J. Z. NORRIS, T.. l. KURSHEEDT,
" " NH THOMAS.
And the following named persons shall be thst
GERS for the same period:
JOHN HUGHES, President.
j. DAVIDSON BILL, Vice President.
JOHN +. ELLIOTT. Secretary.
A. ALEXANDER, Treasurer.
II. J. LEOVY, Attorney.
ARTICLE VIII.
On the first Wednesday IN February, 1891
annually thereafter. an election for direction
the stockholders, shall be held at the Office Oft
Association, and plurality of votes, counting
vo e for each share of stock voted on, shall beE
ficient to elect.
A failure to eject Directors on the day aforesa
shall not dissolve the Association, but the PRESIDE
shall cause another election to be held WITHIN
days thereafter giving notice of the same a.
vertisement in one of the daily newspapers pas
lished in English in this city.
ARTICLE TX.
The Board shall, at their first meeting III
and annually thereafter, elect from their nunoe
President and Vice President and they shall as
elect q Secretary, a Treasurer an Attorney ~
such other officers as may be necessary or ~
transaction of the business OF the Association liz
Board shall have the power to supply any saeslei
that may occur in their body by death resisnsta
or otherwise, as also to FIX the compensation @%
salaried officers and employees
ARTICLE Y
Al transfers of stock shall be made on the Mel.
of the Association at its office, i'll person or!
proxy but not while any Indebtedness TO the Ass
citation exists the part of the holder unless VIZ
the approval OF the President or Board OF nisc@'
ARTICLE II.
I Should any subscriber or stakeholder negeeass
refuse to pay punctually his instalmensn@s
| fall due, interest thereon shall be added o. uM
| of eight per cent per annum from matullY uE
| ment; and if said payments be not maoe vs..
| thirty DAYS after the specified time Of paymes
| the Board of Directors shall have the rgnt
any shares on which installments may W eue
| sold at public auction, or otherwise aitsl era
| advertisement in any newspaper pupiisaea
| lish in the city Of New Orleans, or 10 rec'''
suit at law the amount due.
ARTICLE XII.
No stakeholder shall, in any event, be msos
bic beyond the amount OF his subscrption W
capital stock or his indebtedness TO the AssoS.s-
| nor shall any mere informally IN oIsaIMr
| have the effect of rendering this charter nun
| exposing a stOckhOlder to any ability oe!ouS
| amount of his stock.
| ARTICLE XIII.
When this Association designs making eo ls't
for building or for materials, 1t shali ~, Va
| the same and if, upon opening sald mSrs
found that member of the ASSOCIATION d nsO y.
| to do the work or supply material on y n;rsm
| shall have discretionary power to a"au
| tract to such member. similar course Saws
| observed as to the patrOnizng OF oanAs' astok
| companies, etc. In all Accommodations nrsssrs
for building and other purposes pref
| shall always be given to the meMoos ,bss
Association. The object and Intent u n, ,
| VISION being 10 give TO stocknoiue. .aotat;ouf
| over uOn-subscrlbers where the Assoei"'
not be prejudiced by so doing.
ARTICLE XIV.
The stockholders of the Assoclatlo9n. mrs
eral meeting to be convened for th aa,lr NJ
after thirty days notice in one OF the aamt
papers published in English IN tnis ebsnsa
make any notifications, additions Oh SESAME
the act Of incorporation, or may even nus. aS Of
same with the assent of threeIoud snvs
stock represented at such NEE ting, ana ori
all such notifications additions, chansS. law
solution, shall be recorded as requireu "
ARTICLE XIV.
At the expiration of the charter VI .ssoca
| ordered as above, the affairs OF ths .Ts haE
shall be liquidated its debts paid, anu rsts ouf
divided among the STOCKHOLDERS pro to- updds
amount held by each of paid up s.oponn,n,issQ@
charge and superintendent OF the coi hr The E
who shall be stockholders, appointeo W
of Directors for that purpose.
ARTICLE XVI.
The names of the stockholders; the aacb srs
IL. ,1,.,,, feln