New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-31
CORPORATIONS.
1.u.Drpp CHARTER.
STCArR or LOUISIANA-C1TY OF NEW ORLEANS.

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4 CHARTER. .....................On A~'
: rArR or LOUISlANA-CITY OF NEW ORLEANS.
Ee it known that on this thirtieth day OF De.
oa,her in the wear of our Lord one thousand eignI
Kindred and seventy -One, before mt, George WI.
liam Christy, a notary public in ami TOT the ciy
aud parish of Orleans Sta snS o. onsied person.
q Iv came aud appeared the parties whose NAMES
are hereuntO subscribed, and who respectIseis uo
aio raJ that availing themselves OF the provisions
~ the laws of Louisiana, in such case MADE anu
nrovided they had cOvenanted ana aSreeu'
and do BY these presents those cSsen whom they
ranresent Ito form themselves into anu con.
stitute a corporation for the objects ana pur 5
hereinafter specifically Get forth, ana 10 .ia
10 make agree upOn and enter into the following
articles of incorporation:
ARTICLE I.
The name and stvle of this association shall be
the CITIZENS MUTUAL LOAN AND BulLD!N"
ASSOCIATION, and its dOmIcile Is nereDN Ts,a ;
lished in the city OF New Orleans, STATE ~ hV W;
lana The President or, in his absence, the vice
President or Secretary, shall be the proper oce I
upon whom to serve citation and other ies"
process. ,u,c,,u
This Association shall have power and au'
thonty to enjoy and to have succession by us col
porate name, for period OF twehtynse yea veal IN its
H. date here. f to contract, sue and ne slled III ts
corporate name; to make and use corpor;tte std
to hold receive, purchase, or otherwise acIu1!e
ault
pose Of and to convey, under its corporate mav
property both real and personal; 10 loan no1S III
mortgage or pledge OF real estate OF p pei H.
ert.. 10 name and appoint such managers, u
actors and officers as it's interest and convenience
NAV require: and to make and establ sh such oy.
laws for the proper management ana REPUTATION vi
it's affairs as may be necessary ana prooei'
ARTICLE III.
The objects and purposes of this Association are
no Inv .cauIre and own real estate; to subdlvide
the same into lots; to buila upon, i,p pn~'y
sell or otherwise dispose of, ana 10 convey
fbn same: also to take insurance risks and
effect insurance on any properly III 5anna.
it may have All interest TO l1ahe sernri'
ties In persons of limited means Tor the puIposeo
building houses, thus enabling them 10 become
owners Of comfortable MONIES 'or tnu Of credit
small ash payments, and on Ie terms " rstn
adapted to their resources, and at reasonapT ATS
of interest. And generally TO do any anu an Jus
ness not herein provided for, and when may %
necessary to carry into full effect the op)ects anu
purposes of this Association.
ARTICLE ".
The canital stock of this Association shall DO
one million dollars, divided into ten Thousand
shares OF one hundred dollars each. 1t shall oe
asses. ed to the extent of twenty-five per cent
unon the payment whereof the stock snail De de-
ciared full paid, and certificates OF the same snai
then be issued Ten per cent OF acn d
shall he payable at the time of subscribing, anu
other assessments shall be made from time 10 tine
for the balance due there on, provided that hCt
be called for at any time, nor oftener than
once in ninety days. Five per cent OF inc capita
stock shall be and is hereby reserved as me prop
erty of the three OrgnatOrs of this Association 10
cover charges for their labor and expenses IN OF
canizng the same, and the same is here by declared
to be full paid stock not liable to any Contributions
u "''' ARTICLEv.
This Association may commence business so soon
as one hundred thousand dollars of the capita
st ock shall have been subscribed for
ARTICLE VI
All the corporate powers of this Association
shall be exercised and all its business managed 10y
a Board of Directors, consisting of fifteen stock
holders "a majority of whom shall constitute a
quorum for the transaction Of business
ARTICLE VII.
The following named stock holders shall consti-
tute the first Board OF Directors, who shall held
their office until the first Wednt sday in February:
1873 until their successors shall be duly elected
aud qualified to wit
JOHN HUGHES. WILLIAM B. SCHMIDT,
j. DAVIDSON HILL, J. S. COPIES,
LLOYD R. COLEMAN, E. A A R EkxSs,
SAMUEL i: TODD, R. 7. BTckNEk;
j. &. NORRIS, f. l. kCRSHEEDi,
n. II. THOMAS.
And the following named persons shall se the oiii-
GERS for the same period:
JOHN HUGHES. President.
J. DAVIDSON FILL, Vice President
JOHN +. ELLIOTT. Secretary.
A. ALEXANDEa, Treasurer.
II. J. LEOVY, Attorney.
ARTICLE VIII
On the first Wednesday IN February 1873. and
annually thereafter. election for directors, by
the ockhoiders, shall be held at the Office OF the
Association and plurality of votes, counting one
for each share of stock voted ou shall be sui
hcient to elect.
A failure to eject Directors on the day aforesaid
shall dissolve the Association, but the President
shall cause another election to be held within te Il
days thereafter, giving notice of the same by adj
veTtisement in of the daily newspapers pub
lished i'll English i'll this city.
ARTICLE TX.
The Board shall, at their first meeting in 1879
and annually thereafter elect from their number
President aud Vice President and they shall also
elect a Secretary, Treasurer, au 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 their body by death, Resignation
otherwise, as also to fix the compensation of All
salar;ed officers and empl Eyes.
ARTICLE Y.
A transfers of stock shall be made on the books
of the Association, at its office. i'll person by
proxy but not while any Indebtedness to the Asso-
cation exists on the part of the holder unless with
the approval Of the President Board OF Directors
ARTICLE XII
Should any subscriber or stock holder neglect OF
refuse to pay punctually his installments they
fall due interest thereon shall be added at the rate
|
ment and if said payments be not made within
thirty days after the specified time of pay meuts
the Board of Directors shall have the right TO cause
any shares on which instalnents may be due TO be
sold at public auction or otherwise after ten days
advertisement in any newspaper published in Eng
lish in tue city of New Orleans or 10 recover b.
| suit at law the amount due.
ARTICLE XII
No stakeholder shall, in any event, be made liza
BILE beyond the amount of his subscription TO tn,
capital stock or his Indebtedness the Association
| nor shall any mere intOrmality i'll organization
have the effect of rendering this charter NULL or Vi
! exposing stoc khOlder to any ability beyoud the
amount OF his stock.
ARTICLE XIII
| When this Association designs making contracts
tor building or for materials, 1t shall invite bids for
the saDe; and If, upon opening said bids ii bs
found that member of the Association has offered
TO do the work or supply material terms as ia
NofaDe as any other bidder the Board OF Director.
shaii nave discretionary power to award the con
tract TO such member A similar course will be
observed as to the patrOniZing of banks insurance
companies, etc. In all accommodations as to loans
lOr building and other purposes a preferepc t
snail always be given to the members of this
ASSOCIATION. The object and intent of this pro
over non subscribers where the Association car
! not be ltjudced by so doing.
ARTICLE XIV.
The stockholders of The Association. at a gen.
after thirty days notice in one of the daily new
| papers published in English in this city MAY
make any nouhcatlons additions OF changes in
'he act OF incorporation, or may even dissolve the
same win the assent of three-fourths of the
STOCK represented at such NEE ting and any ana
all such notifications additions chances 81 dis
soiutioh' snail be recorded as required by law.
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