New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-18
CORPORATIONS.
{ HARTER...'............. ...CHARTEh'
STATE OF LOUISIANA-CITY OF NEW ORLEANS.

cember in the year of our Lord one thousand eigh
hundred and seventy-one, before me aeotge w !,
aud parish OF Orleans, State of Louisiana, afore
said duly commissioned and qualified, person
are hereunto subscribed, and who respectively de
clared that. availng themselves OF the proyisioni
provided they had covenanted and agreed
and do by these presents covenant. agree
and bind as esos into Snd
sttute a corporation for the objects and purpose.
hereinafter specifically set forth, and to that enc
do make, agree upon ana enter INTO the FOLLOWING
articles of incorporation:
ARTICLE l.
The name and style of this association shall be
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its domicile is hereby estab
Isbed in the city OF New Orleans State of Louis
lana. The President, or, in his absence, the Vice
President Secretary, shall he the proper Officer
upon whom to serve citation and other lesa
process.
This Association shall have power and au
thority to enjoy and to have succession by its
porate name for a period of twenty five years from
the date here f; to contract and he sued in its
corporate name; to make and use corporate seal
and to sell, mortgage or pledge or otherwise dis
pose of, and to convey, under its corporate name
property, both real and PERSONAL to loan money on
mort gage pledge of real estate personal prop
erty: to name and appoint such managers, di
recors and officers as its interest and convenience
may require; and TO make and estaol sh such Dy'
laws for the proper management and regulation OF
its fairs 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 subdivde
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 in which
it may have an Interest," to make advances
on real estate other satisfactory securi-
ties persons of limited means, the purpose OF
building houses, thus enabling them to become
owners of comfortable homes Tor their families by
small lash payments, and on terms or credit
adapted to 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 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
assessed to the extent of twenty-five per cent,
upon the payment whereof the stock stall be de-
cared full paid and certificates of the same 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 thereon, provided that moi moi
more than ten per cent OF such subscription sha,,
oe ~ 10. - any Se nnr cent of the capI1ai
stock shall be and is hereby reserved as the prop
erty of the three Orgnators of this Association TO
cover charges for their labor and expenses IN or,
ganizing the same and the same is hereby declared
to be full paid stock not liable to any
or assessments .RT1CLEy
This Association may commence business so soon
as one hundred thousand dollars of the capital
ST Ock shall have been subscribed for.
ARTICLE vi.
All the corporate powers of this Association
shall be exercised and all its business managed by
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 stockholders shall consti-
10 rf vnkn hall bald
their office until the first Wednesday in February,
1875 or until their shall be duly elected
and qualified, to wit:
JOHN HUGHES. WILLIAM B. SCHMIDT,
LLOYD R. COLEMAN, E. A. BRIDGE
L. J. WEBSTER, +. 7. VENNARD,
JOHN ID. COBB. A. A. MAGINNIS,
SAMUEL NJ TODD, R. T. BUCKNER,
&c. NORRIS, =, + l. kuRsHEEDT,
And the following named persons shall be the Off
GERS for the same period
JOHN HUGHES President.
J. DAVIDSON BILL, Vice President
JOHN +. ELLIOTT, Secretary.
A. ALEXANDER, Treasurer.
H. J. LE0Vl, Attorney
ARTICLE VIII
annually thereafter. 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 be suf-
fcient to elect.
failure to eject Directors on the day aforesaid
shall dissolve the Association, but the President
shall cause another election to be held within tie n
days thereafter, giving notice Of the same by ad'
vertisement i'll of the daily newspapers pup
lshed 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
elect Secretary, a Treasurer, an Attorney, and
such other ot1cers as may De necessary 1or IN Inc
transaction of the business OF the Association The
that mavOccur in their body by death resign alton
otherwise, also to fix the compensation vi all
salaried officers and employees.
ARTICLE X
Al transfers of stock shall be made on the books
of the Association, at its office: IL person or by
citation exists the part of the holder unless with
the approval OF the President or Board OF Directors
ARTICLE XII
Should any subscriber or stakeholder neglect or
refuse to pay punctually his installments as they
fall due interest thereon shall be added at the rate
of eight per per annum from maturity till pay
ment; and if said payments be not made within
thirty days after the specified time OF payments,
any shares which installments may be due to be
sold at public auction, or otherwise after ten days
lsh 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 beyond the amount of his subscription to the
capital stock his Indebtedness to the Association,
nor shall any infOrmality in organization
have the effect of rendering this charter null or OF
exposing a stockhOlder to any ability beyond the
amount OF his stock.
ARTICLE XIII.
When this Association designs making contracts
for building for materials, it shall invite bids for
the same; and it, upon opening said bids, it be
found that member of the Association has offered
to do the work supply material on terms as ia.
10 auyn fhprb he ard Of
shall have discretionary power to award the con:
tract to such member. similar will be
observed to the patrOnizins of banks, insurance
companies, etc. In all accommodations as to loans
for building and other purposes, a preference
shall always be given to the members of this
Association. The object and intent of this pro-
over nor. Subscribers where the Association can
not be pIejudiced by so doing.
ARTICLE XIV.
The Stockholders of the Association, at a gen.
.eral meeting to be convened for that purpose
after thirty days notice in one OF the daily news
papers published in English in this city, may
make any notifications, additions or changes IL
the act of Incorporation or may even dissolve tht
same with the assent of threefOurtis OF the
stock represented at such NEE ting and any ant
all such notifications. additions changes or dis
solution shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter, sooner,
ordered as above the affairs of this Association
shall be liquIdated its debts paid, and the balance
divided among the stockholders. pro rata on tn
amount held by each of paid up stock, under thu
charge and superintendent OF the commissioners
who shall be stockholders, appointed by the Boar
of Directors for that purpose.
ARTICLE XVI.
The names of the stockholders their residence
and the number of shares held by each, are de
ciared to be such as subscribed to this act 0
incorporation, and set opposite each OF their name
~ United States internal revenue stamp O