New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-08-20
No. %.
AN ACT

! To incorporate the Louisiana Working.
mems Homestead Association.
| SECTION l. Be it enacted by the Senate
| and House of Representatives of the State
| Of Louisiana in General Assembly convened.
! That Alfred Jones, William II. Green,
| Green Curtis, L. knight, William Wallace.
| L. Kenner, S. Haywood, Charles Vigers
| John L. Brewer, James Lewis, Thomas Isa-
| belle, and all others who may associate
with them from time to time, are hereby
| created body corporate, under the name
and title of the Louisiana WOrkingmen's
Homestead Association. The dOmicile of
said body shall be in the city of New Or
leans, and shall enjoy under this title per
petual succession, and be as such capable
to sue and be sued, to plead and be i'm
pleaded, to acquire and possess real and
personal property, and to dispose of the
same; to make and adopt such constitution
and bylaws not inconsistent with the laws
of this State and of the United States: to
alter and amend or modify the same at
pleasure.
SEC. ,. Be it further enacted, etc. That
the object of this association shall be to Sc
cure by purchase or donation, land or lots
of ground in this State, and the same shall
be distributed in the following manner:
In shares of one hundred dollars each, to
be paid in five installments of twenty dol
lars on each share.
SEC. 3. Be it further enacted, etc, That
no member of this association shall hold
more than five shares, and each member on
each and every share of stock held by him.
shall pay to the treasurer the sum of twenty
dollars on each and every share held by
such member ANY member desiring more
shares within the number limited than he
at first held, shall pay a sum in addition
equal to the amount already paid by mem
bers holding the number of shares desired
by him, with the interest which has accrued
thereon up to the time of his application, so
as to make his entire payments pro rata
with the others.
SEC. 4. Be it further enacted, etc. That
the officers of the association shall consist
Of president, vice president, secretary and
treasurer, with five other persons. who to-
gether shall constitute a board of directors
SIX OF whom shall constitute a quorum; and
the above named persons shall be chosen
annually by ballot The said officers and
board of directors to be possessed of all
powers and duties incident to like officers
in similar corporations. The president of
said association shall be the president Of the
board of directors, and as such shall have
the right to sue and be sued in behalf of said
association. The board of directors shall
have the right to fix such compensation as
they may deem necessary for such officers
subject to the approval Of the association
at a stated meeting duly convened for that
purpose.
SEC. .. Be it further enacted, etc. That
this association shall meet quarterly. on the |
first Mondays of January, April. july and |
October Of each year, and Ottener if called !
together by the board, and notice of such |
quarterly or special meeting shall be pub |
ished three days in a paper having the |
largest circulation IN the city of New Or |
cans.
Sec. g. Be it further enacted. etc. That |
when land has been acquired and il ia pro- |
posed to distribute the same, the board of |
directors shall cause the same to be equally |
divided among the members Of the assOcis. !