New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-13
CORPORATIONS.
CHARTER. CHARTER.
STATE OF LOUISIANA CITY OF NBw ORLEANS.


| NEUTRALITY-SUSPICIOUS.. CHARTER.
STATE OF LouIslANA-CITY OF NBw ORLEANS.
cember in the year of our Lord thousand eight
| hundred and seventy-one, before me, George Will
and parish of Orleans, State Of Louisiana, afore-
| said. duly commissioned and qualified, person
are hereunto subscribed and who respectively de-
cared that. awaiting 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,
and bind themselves, and those whom , they
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 incorporation:
ARTICLR T.
The name and style of this association shall be
the CITIZENS MUTUAL LOAN AND BUILDING
h ana S ITS dSm rn Is s hereby fssao
lana The President, or. in his absence, the Vice
President Secretary. shall be the proper officer
upon whom to serve citation and other legal
process.
This Association shall have power and au-
thorty to enjoy and to have succession, by its cor
pOrate name for a period of twenty five years from
the date hereof to contract and he sued IN it's
corporate name; to make and use corporate seal;
to hold, receive, purchase, otherwise acquire,
and to sell, mortgage or pledge. or otherwise dis
pose OF, and to convey under ITS corporate name,
mortgage pledge of real estate or personal prop
erty; to name and appoint such managers, di-
rectOrs and officers as its interest and convenience
may require; and to make and establish such by
laws for the proper management AID regulation OF
its 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 otherwise dispose of, and to convey
the same; also to take insurance risks and
may m Gn e s. in
on real estate other satisfactory securi-
ties to persons OF limited means Tor the purpose OF
owners of comfortable homes tor their families by
small cash payments, and en- terms OF credit
adapted to their resources and at reasonable rates
of interest. And generally to do any and all BUSH
ness not herein provided Of for and which may be
purposes of this Association.
ARTICLE w.
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 shall be de-
cared full paid, and certificates of the same shall
shall be payable at the time Of subscribing, and
other assessments shall be made from time to time
more than ten per cent of such subscription shall
be called for at any one time, nor 0ftener than
once IN ninety Gays Eve per cent o. ' me- eapan
erty of the three originatOrs Of this Association to
cover charges for their labor and expenses in or
ganizng the same, and the same il hereby declared
to be full paid stock, not iableto any contributions
or assessments.
ARTICLRv.
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
holders, majority of whom shall constitute
quorum for the transaction of business.
ARTICLE VII.
The following named stockholders shall consti-
tute the first Board Of Directors, who shall held
their office until the first Wednesday in February,
1873, until their successors shall be duly elected
and qualified, to wit:
JOHN HUGHES. WILLIAM B. SCHMIDT
LLoYp :: COLEMAN. i. 4: BRIDGE,
L. J. WEBSTER, b. 7. vENNARD,
SAMUEL y: TODD, T. >. BTcKSEKi
j. C. NORRIS NJ H. r # ! kSksAEsDr'
And the following named persons shall be the OIL
GERS for the same period
JOHN HUGHES President.
J. DAVIDSON bill, Vice President.
JOHN F. BLLIOTT, Secretary.
A. ALEXANDER, Treasurer
II. j. LEOvY, Attorney.
ARTICLE VIII.
On the first Wednesday III February, 1873, and
annually thereafter. an election for Directors by
the STOCKHOLDERS, snail De neiQ at the once OF the
Association, and plurality of votes counting one
vote for each share of stock voted on shall be suf
hcient to elect.
failure to eject Directors on the day aforesaid
shall not dissolve the Association but the President
shall cause another election to be held within ten
days thereafter, giving notice of the same by ad-
vertisement in one 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
n m ah a n
elect Secretary, Treasurer, an Attorney and
such other officers as may be necessary for the
Board shall have the power to supply any vacancy
that may occur in their body by DEATH resignation
or otherwise also to fl the compensation Of all
salaried officers and employees.
ARTICLE X.
A transfers of stock shall be made on the books
of the Association, at its office. in person or by
proxy but not while any Indebtedness to the Asso
citation exists on the part of the holder, unless with
the approval of the President Board of Directors,
ARTICLE XII
Should any subscriber or steck holder neglect or
refuse to pay punctualy his installments as they
fall due interest thereon shall be added at the rate
of eight per cent per annum from maturity till pay
ment and If said payments BIS not made within
thirty days after the specified time of payments
the Board of Directors shall have the right to
any shares which instalments may be due to be .
sold at public auction, otherwise, after ten days
advertisement i'll any newspaper published in Eng
lish in the city of New Orleans, or to recover BY
suit at law the amount due.
ARTICLE XII
No stoc kholder shall, in any event, be made liza
Bile beyond the amount of his subscription to the
capital stock his Indebtedness to the Association
nor shall any mere intOrmaity in organization
have the effect of rendering this charter null of
exposing a stakeholder to any Liability beyond the
amount of his stock.
ARTICLE XIII.
When this Association designs making contracts
FOR building for materials, 1t shall invite bids for
the same; and if, upon opening said bids, it be
found that member of the Association has offered
to do the work or supply material terms IA
vorable any other 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 patrOniZing of banks, insurance
companies, etc. In all accommodations as to loans
for building and other purposes, preference
shall always be given to the members of this
Association The object and intent of this pro-
vision being to give to stockholders preference
over non subscribers where the Association can
not be pIejudiced by SO doing.
ARTICLE XIV.
The stockholders of the Association 'at a gen.
eral meeting to be- convened for that purpose
after thirty days notice in one of the daily news
papers published in English in this city, may
make any notifications, additions or changes in
same with the assent of threefourths of the
stock represented at such NEE ting, and any and
all such notifications. additions, changes or dis
solution, shall be recorded as required by law
ARTICLE XIV.
At the expiration of the charter, sooner, if
ordered above the affairs of this Association
shall be Hquidated its debts paid and the balance
divided among the stockholders. pro rata, on the
amount held by each of paid up stock under the
who shall be stockholders, appointed by the Board
of Directors for that purpose.
ARTICLExv1
The names of the stockholders. their residence
and the number of shares held by each. are de,