New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-19
CORPORATIONS,
QUARTER 800 CHARTER.
STATE OF LOUIsIANA-CITY OF NEW ORLEANS


hundred and seventy -One before me- George VII
am Chrsty, a notary public in and for the cit.
aud parish OF Orleans, State of Louisiana afOre
sad, duly commissioned and qualified, person
ally came and appeared the parties whose name
are hereunto subscribed, and who respectively de
Ciared that, awaiting themselves of tine provision
OF the laws of Louis ana, in such case made ant
provided they had covenanted and agreed
and do by these presents covenant. agree
and bind themselves, and those whom fhey
represent Ito form themselves into and con
stttute corporation for the objects and purposes
hereinafter specifically set forth and to that emo
do make, agree upon and enter into the folio in,
attiCes of Incorporation:
ARTICLE l.
The name and style of this association shall bt
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its domicile is hereby estab
lshed in the city OF New Orleans, State of Louis
lana The President, or, in his absence the Vic,
President Secretary, shall be the proper office
npOl whom to serve citation and other lega
process.
This Association shall have power and All
tiortv to enjoy and to have succession by its cor
porate name for period of twenty five years from
tie date here to contract, sue and he sued in its
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 porate name
property, both real and personal; to loan money on
mortgage or pledge of real estate or personal prop
ertr; to name and appoint such managers di
rscors and officers as It's interest and Convenient
rlav require; and to make and establ sh such by.
Laws for the proper management and regulation OF
is affairs as may De 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 subd vide
tie same into lots; to build upon improve,
sell or otherwise dispose of, and to convey
tue same also to take insurance risks and
eheG SaT. an ON in wh
on real estate or other satisfactory securi-
ties to persons Of limited means Tor the purpose OF
bading houses, thus enabling them to become
owners of comfortable homes for their families by
small cash payments, and on terms of credit
ADAPTED to their resources and at reasonable rate
OF interest. And generally to do any and all bust
not herein provided for, and which may be
necessary to carry into full effect the objects and
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 II 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
ben 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
more than ten per cent of such subscription shall
be called for at any one time, nor oftener than
once in ninety days. Five per cent of the capital
stock shall be and is hereby reserved as the prop
ertv of the three O1iginators of this Association to
cover charges for their labor and expenses in or
gsnizng the same, and the same is hereby declared
to be full paid stock not liable to any contributions
or assessments.
This Association may commence business so soon
az hundred thousand dollars OF the capital
stock shall have been subscribed for.
ARTICLE VI.
All the corporate powers of this Association
snail be exercised and all its business managed by
a Board of Directors, consisting of fifteen stock
holders, IA majority OF whom shall constitute
quorum for the transaction Of business
ARTICLE VII.
The following named stockholders shall consti.
t.tt the first Board of Directors who shall held
their Office until the first Wedn-s day in February,
I373 or until their shall be duly elected
acd qualified, to wit
JOHN HUGHES. WILLIAM B. SCHMIDT,
J. DAVIDSON HILL, J; ). COPIES,
l.. J. WEBSTER. b. T. vENNARD,
JOHN d. COBB. A. A. MAGINNIS,
SAMUEL A.! EhE n. TODD + T K BTckNkR
d " "oNNi'' n. H. THOMAS. N'nhh0i'
Aad the following named persons shall be the OFF,
GERS for the same period:
JOHN HUGHES, President.
J. DAVIDSON 50 81, ELL, Vice President
A. ALEXANDE9, Treasurer.
Ii. j. LEovf, Attorney
ARTICLE VIII.
On the first Wednesday IN February, 1873, aad
annually thereafter. election for Directors, by
the stOc khollers shall be held at the Office OF the
Association, and plurality of votes, counting one
for each share of stock voted on, shall be suf
hc;ent 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 tie
days thereafter, giving notice of the same BY ad-
vertisement in of the daily wspapers pub
lsled in English in this city.
ARTICLE TX.
The Board shall, at their first meeting in 1873,
and annually thereafter elect from their number
President and Vice President, and they shall also
eect a Secretary, Treasurer, an Attorney, and
such other officers as may be necessary for the
transaction of the business OF the Association The
that may occur in their body by death, resignation
o. otherwise, also to iii the compensation OF al
ga aired officers and employees.
ARTICLE Y.
4 transfers of stock shall be made on the books
of the Association, at its office, in person by
proxy. but not while any Indebtedness to the AssO
cation exists the part of the holder, unless with
tle approval of the President or Board OF Directors
ARTICLE XL
Should any subscriber or stakeholder neglect or
refuse to pay punctualy his instalments as they
fall due interest thereon shall be added at the rate
OF eight per cent per annum from maturity till pay
rnent; and if said payments be not made within
thirty DAYS after the specified time OF payments
the Board of Directors shall have the right to
any shart,l which installments may be due to be
sold at public auction, otherwise, after ten days
advertisement in any newspaper published in Eng.
lish in the city OF New Orleans, or to recover by
s-:t at law the amount due
ARTICLE XII.
No stakeholder shall, in any event, be made liza,
be beyond the amount OF his subscription to the
capital stock or his Indebtedness to the Association,
shall any mere lnformality i'll organization
have the effect of rendering this char ter null, of
exposing stakeholder 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 same; and if, upon opening said bids it be
found that member of the AssOc lation has offered
TO do the work or supply material on terms as IA
vorable other bidder, the Board OF Directors
SHALL have discretionary power to award the CON
tract to such mem5er. similar course will be
observed as to the patronizlns 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
Association. The object and intent of this pro-
over non. subscribers where the Association can
rot be pIeudiced by so doing.
ARTICLE XIV.
The stockholders of the Association, at gen
e-al meeting to be convened for that purpose,
after thirty days notice in of the daily news
papers published in English in this city. may
make any notifications, additions or changes IN
the act of Incorporation or may even dissolve the
etock represented at such NEE ting and any ana
all such notifications additions changes or DIS
solution, shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter OF sooner, If
ordered as above the affairs of this Association
shall be lqudated its debts paid, and the balance
divided among the stockholders. pro rata, on the
amount held by each of paid up stock under the
charge and superintendent OF the commissioners,
who shall be stockhold appointed by the Board
of Directors for that purpose
ARTICLE XVI.
The names of the stockholders. their residence
and the number of shares held by each, are de.
G Jared to be such subscribed to this act OF
incorporation, and set opposite each OF their names
The United States internal revenue stamp of