New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-04
CORPORATIONS.
{ HARTER''''''''.........''' CHARTER
STATE OF LoUIs1ANA.CITY OF NEW ORLEANS


hundred and seventy-one before me, George WI.
liam Christy. notary public in and for the city
and parish of Orleans state Of Lon,slana, anore
ally came and appeared the parties whose names
hereunto subscribed, and who respectively de-
clared that, availing themselves OF the PROVISIONS
of the laws of Louisiana, in such case made and
provided they had covenanted and agreed,
and do by these presents covenant. agree,
ana bind thers lives, and those whom they
represent ito form themselves into and con
stitute corporation for the objects and purposes
hereinafter specifically set forth, and TO that end
do make. agree upon and enter into the following
articles Of interpretations
ARTICLE I.
The name ind STYLE of this association shall be
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its domicile is hereby estab-
lished in the city of 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 slajl have power and au-
thoritT enjoy and to have succession, by its cor
poratt name, for ptriOd of twenty five years from
the date here f. to contract, and he sued in its
corporate name; to make and use corporate seal;
to i0d receive, purchase, or otherwise acquire,
and to sell, mortgage or pledge, or otherwise dis
pose of, and to convey, under its corporate name,
property, both real and personals to loan money on
mortgage pledge of real estate personal prop
erty; to name and appoint such managers, d.
rectors and officers as Its interest and convenience
may require; and to make and estab sh such by.
laws tor the proper management and regulation OF
its affairs 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 subdivlde
the same into LOTS to build upon, improve,
cell or otherwise dispose OF, and to convey
effect iusu rance any property in which
it may have interest; to make advances
ties to persons of limited means for the purpose of
building houses, thus enabling them to become
owners of comfortable homes Tor their families by
small ash payments, and on terms OF credit
adapted to their resources. and at reasonable rates
OF interest. And generally to do any and all bust
ness not herein provided for, and which may be
necessary to carry into fun effect the effects and
purposes OF this Association.
ARTICLE "
The capital stock of this Association shall be
million dollars, divided into ten thousand
assessed to the extent of twenty-five per cent,
upon the payment whereof the stock shall be de-
cared 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
for the balance due thereon, provided that not
more than ten per cent of such subscription shall
be called for at any one time, nor oftener than
stock shall be and is hereby reserved as the prop
ery Of the three originators of this Association to
cover charges for their LABOR and expenses IN Or
gauizing the same and the same is hereby declared
10 be ful paid stock, not Liable to any contributions
or assessments.
ARTICLE V.
This Association may commence business soon
hundred thousand dollars OF the capital
stock shall have been subscribed for.
ARTICLE VI.
A. the corporate powers of this Association
sha De exercised and all its business managed by
Board OF Directors, consisting. OF fifteen stock
holders, a majority of whom shall constitute
quorum tor the transaction OF business.
ARTICLE VII.
The frIioyyiOr named stOc holders shall cOnsti.
tutc the first Board OF Directors, who shall hold
their Office until the first Wetne SHAY in February,
and qualified, to wit:
JOHN HUGHES WILLIAM E. SCHMIDT,
J. , DAyIBso OK, H tIL;. ! $ G nn,.,
L. J. WEBSTER, r. T. VENNARD,
JOHN D, COBB. 4. \. MAGINNIS
SA !! HIM. n ToD7 + + T K BTfkNEk
n H. THOMAS.
And the following named persons shall be the Off
ctis for the same period:
JOHN HUGHES President.
J. DAVIDSON hILL, Vice President.
JOHN F ELLIOTr. Secretary.
:, ALEXANDER, Treasurer.
Il. J. LE0FY, Attorney.
ARTICLE VIII.
on the first Wednesday III February, 1873, and
annually thereafter, an election for Directors, by
the stockholders shall be held at the office OF the
Association, and a plurality of votes, counting one
Z tor each share of stock voted on, shall be suf
iCient to elect
A faurt to eject Directors on the day aforesaid
shall not dissolve the Associations but the President
shall cause another election 10 be held within te Il
days thereafter, giving notice of the same by a'i-
vcIti~ement in one OF the daily newspapers pub
E>i.cd II Eng l!7h III tins city.
ARTICLE TX
The Board shall, at their first meeting in 1873
and ANNUALLY thereafter, eject from their number
a President and Vice President and they shall also
elect Secretary, a Treasurer, an Attorney, and
such other officers may be necessary for the
Board shall have the power to supply any vacancy
that may occur in their body by death resignation
otherwise, as also 10 fix the compensation of 4
s.laritd officers and employees.
ARTICLE X
4 transfers of stock shall be made or the books
OF the AS-ociat ION at its Office, in person by
cation exists the part OF the holder, unless with
the approval o. the President Board OF Directors
ARTICLE Xf.
Should any subscriber or stockholder neglect or
REFUSE TO pay puIctuallv his nstallments as they
tai due interest thereon shall be added at the rate
Of eight per cent per aunum from maturity till pay
ment; aud if said payments be not made within
thirty days after the specified time of payments,
any shares on which ms tallnentS may be due to be
sold at public auction, or otherwise after ten days
adyertisemcnt IN any newspaper published in Eng
liah i'll tie city OF New Orleans, or to recover by
sJIt at law the amount due.
ARTICLE NIL
No stakeholder shall, in any event, be made LA
Die hey ond the amount OF his subscription 10 the
capital stock his Indebtedness to the Association
nor shall any mere intormality in organization
have the effect of rendering this chan ter null OF
exposing a stoci>holder to any ability beyond the
amount OF his stock
ARTICLE XIII.
When this Association designs making contracts
for building for materials, 1t shall invite bids for
the sane; and II, upon opening sad bids, it be
found that a member of the Assoc alton has offered
do the work supply material on terms as IA
VUrable either bidder, the Board OF Directors
shall have discretionary power to award the con-
tract to such member. similar course will be
observed as to the patronzing of banks, insurance
companies, etc. In all accommodations as to loans
for building and other purposes, preference
snail always be given to the members OF this
vision being TO give to stockholders preference
over uou.s subscribers where the Association
not be pIeiudiced by so doing.
ARTICLE XIV.
The stockholders of the Association, at a gen
eral meeting to be convened Tor that purpose,
after thirty DAYS notice Ill OF the daily
papers published in English i'll this city, may
make any notifications, additions changes in
the act of Incorporation or NAV even dissolve the
same with the assent of three -fourths of the
stock represented at such NEE ting and any and
all such notifications additions, changes dis
solution, shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter or sooner if
ordered as above. the affairs of this Association
shall be Hquidated, its debts paid, and the balance
divided among the stockholders, pro rata, the
amount held by each of paid up stock under the
charge and superintendent OF the commissioners,
" no shall be stockholders, appointed by the Beard
OF Directors tor that purpose.
ARTICLE XVI
The names of the stockholders, their residence
and the number of shares held by each, de-
caret to be such IS are subscribed to this act of
Incorporation, and set opposite each OF their names
The United States internal revenue stamp of