New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-06
CORPORATIONS.
{ ,HARTER''''.'''::... . 'cHAhfhA'
STATE OF LOUIsIANA-CITY OF NEW ORLEANS

cenber in the wear of our Lord one thousand eigh
hundred and seventy-one, before me, george " II
and parish of Orleans, State of Louisiana, afore
said duly commissioned and quallhed person
ally came and appeared the parties whose hai1e'
are hereunto subscribed, and who respectively de
clared that awaiting themselves of the proylslonl
of the laws of Louisiana i'll such case mace AM
provided, they had cOvenanted and agreed
and do BY these presents covenant. agree
and bind themselves, and those whom they
represent, Ito form themselves into and con
sttute a corporation for the objects ana purposes
hereinafter specifically set forth, and to tnat eng
do make. agree upon and enter into the fO wing
articles of interpretations:
ARTICLE /.
The name and stvle of this association shal 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 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 It's cor
porate name for period of emit five years from
the date here f. to contract and he sued in its
corporate name; to make and use {. corporate seal;
to hold, receive, purchase, or otherwise acquire,
and to sell, mortgage or pledge or otherwise dls-
pose Of and TO convey, under its corporate name,
property, both real and personal: to loan money on
mort gage pledge of real estate or personal prop
erty; to name and appoint such managers, al
rectors and officers Its interest and convenience
may require and to make and establ sh such oy
laws for the proper management and 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
effect insurance on any property III whl' II
it may have an interest 20 maze adsances
ties to persons of limited means tor the purpose OF
building houses, thus enabling them to become
owners of comfortable homes Tor their families by
small cash payments, and terms of credit
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 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. 1t shall be
assessed to the extent OF twenty-five per cent,
upon the payment whereof the stock shall be de-
clared full paid and tificates of the 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 there on, 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 capita
stock shall be and is hereby reserved as the prop
erty of the three of this Association to
cover charges for their labor and expenses in or
ganizng the same, and the sIue is hereby declared
TO be full paid stock not liable to any contributions
or assessments.
ARTICLE V.
This Association may commence business so soon
as hundred Thousand dollars OF the capital
tOck shall have been subscribed for
ARTICLE VI.
All the corporate powers of this Association
shall be exercised and all its business managed by
a Board OF Directors. consisting of fifteen stock.
holders majority of whom shall constitute a
quorum for the transaction OF business.
ARTICLE VII
The following named stockholders shall consti.
tute the first Board of Directors, who shall hold
their Office until the first Wedne sday ia February,
1873, until their successors shall be duly elected
and qualified, 10 wit:
JOHN HUGHES, WILLIAM B. SCHMIDT
DAVIDSON HILL J; 5; G9PEs
|! hG J. WE E sTERN b + 7. R VENSARp
SAMUEL n: TODD, R. T. BEGINNER,
n. II. THOMAS.
And the following named person shall be the Off
GERS for the same period:
JOHN HUGHES, President.
j. DAVIDSON HILL, Vice President.
JOHN F. ELLIOTT, Secretary.
A. ALEXANDER, Treasurer.
H. J. LE0VY, Attorney.
ARTICLE VIII.
On the first Wednesday IN February 1873 and
annually thereafter, an election for Directors, by
the stockholders. shall be held at the office of the
Association, and plurality of votes counting one
vo for each share Of stock voted on shall be suf
hCleut to elect.
A failure to eject Directors on the day aforesaid
shall not dissolve the Association, but the President
shall cause another election 10 be held within ten
DAYS thereafter giving notice of the same by ad-
vertisement in of the daily newspapers pub
lished i'll English IN this city.
ARTICLE X
The Board shall, at their first meeting in 1873
and annually thereafter elect from their number
a President and Vice President and they shall also
elect Secretary, a Treasurer, an Attorney, and
such other officers as may be necessary for the
transaction of the business OF the Association The
Board shall have the power to supply any vacancy
that may occur in then body by death, resignation
otherwise as also to fix the compensation OF AL
Salaried officers and employees.
ARTICLE Y.
A transfers of stock shall be made on the books
of the Association. at its office i'll person or by
proxy, but while any ndeb tedness to the AssO-
citation exists the part of the holder unless with
the approval OF tie President or Board OF Directors
ARTICLE Xl.
Should any subscriber or stakeholder neglect OF
refuse to pay punctually his installments 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 be not made within
thirty DAYS after the specified time of payments
the Board of Directors shall have the right to cause
any shares on which nstallrnents may be due to be
sold at public auction, otherwise, after ten days
adv ertisement III any ewspaper published in Eng.
lish in the city OF New Orleans, or to recover by
suit at law the amount due
ARTICLE XII.
No stakeholder shall. in any event, be made liza
bic bey ond The amount of his subscription to the
capital stock or his indebtedness to the Association
nor shall any mere iufUrmahty i'll organization
have the effect OF rendering this CHATTER null OF
exposing stockhodcr to any ability beyond the
amount OF his stock.
ARTICLE XIII.
When this Association designs making contracts
for building tor materials it shall invite bids for
the same; and If upon opening SAID bids, 1t be
found that member OF the ASSOCIATION has offered
to do the work or supply material on terms as Ia
vorable any ether bidder the Board OF Directors
sLal have discreet onarv power to award the con
tract to such memaer. A similar course Will be
observed as to the patronizng 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 a preference
over non subscribers where the ASSOCIATION cal
not be PIE JUDGED by SO doing.
ARTICLE XIV.
The stockholders of the Association 'at gen
erai meeting to be convened for that purpose
after thirty days notice in one of the daily news
papers published III English in this city, may
make any notifications, additions or changes il
the act of incorporation, or may even dissolve the
same with the assent of three-tOurths 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, or sooner, j
ordered above, the affairs of this Associate
shall be Hquidated its debts i'd aud 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 stockholders, appointed by the Boart
of Directors for that purpose.
ARTICLE XVI.
The names of the stockholders their residence
and the number Qhares held by each, are de
clared to be such al Re subscribed to this act o
incorporation, and set opposite each of their name
respectively.
The United States internal revenue stamp o
five cents per sheet required by law for this &C
has been her, unto affixed and cancelled.
Tins dom. and ssad in NV office the cit