New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-25
CORPORATIONS.
QUARTER CHARTER.
STATE or LOUlSlANA-CrTY OF NBw ORLEANS.


and parish Of Orleans. state Of Louisiana aiSs.a-
a'v came and appeared the parties whose names
hereunto subscribed and who respectively de-
Of thu laws laws Of LOUISIANA IL such case made ami
provided, they had covenanted and agreed,
and do by these presents . covenant agree,
represent, ito form themselves into and con.
situte . corporation for the objects and purposes
hereinafter specifically set forth and to that end
articles Of incorporation:
ARTICLE T.
The name and style of this association shall be
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and it's domlcile is hereby rstnb-
lshed in the city OF New Orleans, State of Louis
lana The President. or, in his absence the wee
President or Secretary, shall be the proper oihcer
upon whom to serve citation and other legal
process.
This Association shall have power and au-
thority to enjoy and to have succession by ITS cor
porate maine, for period of twenty five years rom
the date here f to contract and he sued in its
corporate name to make and use Q corporate seai;
to hold 5sces en- Sr dis
pose Of, and to convey, under its corporate name,
property, both real and personals to loan money on
erty; to name aud appoint such managers, oi-
rectOrs and oficers interest and convenience
may require; and to make and establ sh sncn py-
laws for the proper management and regulation OF
it's affairs az may BIZ necessary and proper;
ARTICLE III.
The objects and purposes Of this Association are
declared to be as follows
TO buy acquire and real estate; to subdivide
the same into lots; to build upon, improve,
sell or otherwise dispose Of and to convey
the same; also to take insurance risks and
effect sars sn Gm o %aHe
Oh real estate other satisfactory securi.
Saidisp houses tnns enabling them to hecons
owners Of comfortable homes fOr their famlies oy
small ash payments, and en- terms OF creait
adapted 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 full effect the eDects anu
purposes Of this Association.
ARTICLg 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
npUn tho ns whereof the saa
cared full paid, aud certificates OF the same sinai
then be issued Ten per cent OF tacn supscrlP.o
other assessments shall be made from tmn r tune
| for the balance due there on, provided not
more than ten per cent OF such suoecr1ptlsn shall
be called for ut any time, nor oftener than
once in ninety days. Five per cent OF the capital
stock shall be and is hereby reserved as the prop
ery of the three of this Association 10
cover charges for their labor and expenses IN or,
ganizing the same t'.,i the same Is hereby dec4eu
to be full paid stock liable to contributions
ARTTCLRv.
This Association may commence business so seon
as hundred Thousand dollars Of the capital
stock shall have been subscribed for
ARTICLE vi.
sl.A BIZ exercised and all its business managed by
q Board of Directors, consisting Of fifteen stock
| hol,iel majority of whom shall constitute
| quorum fOr the transaction of business.
ARTICLE VII
| The following named stoc kholders shall const
| tute the rst Board OF Directors, who shall hold
their office until the first Wen- sday in February,
1873 until their SUCCESSORS shall bo duly elected
| AID qualified, to wit:
| JOHN HUGHES, WILLIAM B. SCHMIDT.
| J. DAVIDSON hill, J: s. COPIES
l.. j. WEBSTER. +. r. vENNARD,
JOHN .oBB. A. A. n,A6I SN
SA y s1k N SoDD' + T. t. k sHekHhki
| N. H. THOMAS.
And the following named persons shall be the OH
| GERS for the same period:
| JOHN HUGHES, President.
| J. DAVIDSON BILL Vice President.
JOHN +. ELLIOTT. Secretary.
A. ALEXANDBx, Treasurer.
, H. J. LEoVY, Attorney.
ARTICLE VIII.
| On the first Wednesday IN February. 1873. and
annually there after. an election for directors, BY
the stockholders shall be held at the office OF the
| Association, and plurality of votes, counting one
for each share Of stock voted on, shall Do sui
| 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 ths same by all
| vertlsement i'll one Of the daily newspapers pub
! lished in English in this city
ARTICLE TX.
| The Board shall at their first meeting in lB,3,
| and annually thereafter, elect from their number
a President and Vice President, and they shall also
| elect Secretary Treasurer, an Attorney, and
| such other officers as may be necessary for the
ransac ton of the business OF the AssOc The
Board shall have the power to supply any vacancy
that may occur in their body by death. resignation
otherwise, also to fix the compensation Of all
| salar.ed officers and employees.
ARTICLE Y.
| Al transfers of stock shall be made the books
of the Association. at its office III person or by
proxy. but not while any Indebtedness to the Asso-
cation exists the part OF the holder unless with
the approval OF the President or Board OF Directors
ARTICLE XII.
| Should any subscriber or steckholder neglect or
| refuse to pay puuctually his instaments as they
fall due, interest thereon shall be added at the rate
of eight per cent per annum from maturity til Ply
| thirty DAYS after the specified time OF pay ments,
the Boar OF Directors shall have the right to cause
auy shares ON which installnents may be- due to be
sold at public auction or otherwise, after ten days
advertisement, i'll any newspaper published in Eng
fish in tue city Of New Orleans, or 10 recover by
| suit at law the amount 0ue
ARTICLE Kill
No stoc holder shall, in any event. be made liza
bic beyond the amount of his subscription to the
caital stock his Indebtedness to the Association
nor shall amy mere intormalty in organization
have The effect OF rendering this char tor null or OF
exposing a 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 it, upon opening said bids it be
found that member Of the Assoc alton has offered
To do the work or supply material on terms as fa-
yorabe any other bidder, the Board of Directors
shall have discretionary power to award the con-
| tract to such mem0er. A similar course will be
observed to the patronzing of banks, insuI ance
| companies etc. In all accommodations as to loans
for building aud other purposes, preference
| Association. The Object and intent of this pro-
vision being 10 give to stockholders a preference
over non subscribers where the Association oan
not be pl JUDGED by so doing. a
ARTICLE XIV.
The stockholders OF The Association, at a gen.
eral meeting to be convened for that purpose,
after thirty days notice i'll one OF the daily news
papers published in English in this city. may
make any notifications, additions OF changes III
the act of Incorporation, or may even dissolve the
same with the assent of threeourths OF the
stock represented at such mee ting and any ana
all such qualifications additions changes or dis
ion, shall be recorded as required by law
ARTICLE XIV.
| At the "a Difation OF the charter. OF sooner, if
ordered a. above the affairs of this Association
shall be Uo,udated its debts p i'd and the balance
divided among the stockholders pro rata. on tho
amount held by each of paid ~ stocA, under Inc
charge and observation-disclosures OF the onInlsai0ners,
who shall be stockholders, appointed by the Roard
of Dir ectOrs for that purpose.
ARTICLE XVI.
H.. mamma of the ckholders, their r,si,lenee
| and TN. number of shares held by each are de-
| cared 10 b, such are subscribed to this act of
incorporation. and set opposite each of their
| The Unitcd States internal revenue stamp of