New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-02
CORPORATIONS.
QUARTER. .....................-tH Ahihh'
STATE OF LOCISIANA-CITY OF NEW ORLEANS


hundred and seventyoue, before me, george II.
| liam Chrsty. notary public in and for the CITY
and parish of Orleans state of Louisiana, afore-
| said, duly commissioned and quail fled, person
| ally came and appeared the parties whose names
are hereunto subscribed, and who respectively de-
cared that awaiting themselves of the provisions
of the laws of Louisiana, in such ca Sc made and
provided, they had ccvenanted and agreed,
ana 40 by these presents + , as shr
represent, ito form themselves into and cen
stitute corporation for the objects and purposes
hereinafter specifically get forth and to that end
do make. agree upon and enter into the following
articles OF Incorporation:
ARTICLE l.
The name and stvle Of this association shall he
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its dom!cile is hereby estab
lished i'll 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 ami other legal
process.
THIS Association shah have power and
thorty to enjoy and 10 have success on by its cor
porate name, for period of twenty-five years from
the date here + 10 contract, and he sued in its
corporate name; TO make and use corporate seal;
70 hold, receive, purchase, otherwise acquire,
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
mOrtga or pledge of real estate or personal prop
erty; to name and appoint such managers, d.
rectors and officers as It's interest and convenience
may require; and TO make and estab sh such by
laws for the proper management and regulation OF
It's AFFAIRS may De necessary ana proper.
ARTICLE H.
The objects and purposes Of this Association
declared 10 be follows
TO buy, acquire and OWE rea! estate: to subdivide
tie same into lots; 20 build upon, improve,
sell or otherwise dispose of aid to convey
the same: also 20 take insurance risks and
erect insurance on any property i'll which
It may have an interest; to make advances
on real estate or other sd. sfactOry secUri
ties to persons OF limited means tor the purpose of
building houses, thus enabling them to become
owners OF comfortable homes rof their families by
small tash payments, and or terms OF credit
adapted to their Ources ard at reasonable rates
ness not herein provided for, and which may be
necessary 10 cary int" fnl! effect the objects and
purposes o. this ASSOCIATION.
ARTICLE ".
The capital stock Of this Association shall be
one million dollars, divided iLto 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 shan be de
clared full paid, aud certificates of the shall
then be issued. Ten per cent Of each subscription
shall be payable al the time of subscribing, and
other assessments shall be made from time to time
Tor TIE balance due thereon, provided that not
more than ten per cent Of snch subscription shall
he called for at any one time, nor oftener than
once in ninety DAYS Five per cent of the capital
stock shall be and is hereby reserved the prop
ery of the three oignators of this Association TO
cover charges for their labor and expenses in Or
ganzin2 the same, and the same is here by declared
TO be full paid so k not liable 10 any contributions
or assessments.
'.
This Association may commence business so soon
as one hundred Thousand dollars of the capitai
stock shall have teen subscribed for
ARTICLE II.
Al the corporate powers of this Association
slIa be exercised and all its business managed by
holders, a majority OF whom shall constitute Il
quorum for Tie transaction OF business.
ARTICLE VII.
Tie following named stockholders shall consti-
their office untl the first Wednesday in February
1873 until tLc!r successors shall bc duly elected
and qualified, to Wit:
JOHN HUGHES, WILLIAM B. SCHMIDT,
J. DAVIDSON HILL, }. s. COFtS,
LLOYD K. COLEMAN, E. A BRIDGE,
L. J. WEBSTER II. T. vENNARD,
JOHN D. COBB. A. A. NAGINNIS
SAMUEL N. TODD. +. T, BuCKNER,
J. {. MORRIS, r l. kURSHEEDT,
=. II. THOMAS.
And the following named persons shall lie tile Off
GERS for the same period
JOHN HUGHES, President.
J. DAVIDSON BILL, Vice President.
JOHN +. ELLIOTT. Secretary.
a. ALEXANDER, Treasure
H. J. LEpFI. Attorney.
ARTICLE VIII.
On the first Wednesday IN February 1873 and
annually thereafter an election or Directors, by |
the stockholders, shan he held at he office of the
Association, and plurality OF votes counting |
vo for each ~AaTe of stock voted on shall be sat
tcient 20 elect.
failure TO eject Directors the Gay aforesaid |
shall not dissolve the ASSOCIATION, but the President
shall cause another election 10 be held within |
DAYS thereafter giving notice of III same by adj
vertsemeut III one ot the daily newspapers pub- |
4s!el IL Eng ISL II ;His q :.
ARTICLE TX
The Board shall at their first meeting in 1873,
and ANNUALLY thereafter. eject from their number
Il President and wee President ard they shall also
elect Secretary. a Treasurer, an Attorney, and |
such other officers may be necessary for the |
transaction of tine business OF the Association. The
Board SNAIL have tie power to supply any vacancy
that MAY III TIER body by death resignation |
OF otherwise. also to fix the com pensaton OF al
STARRED officers aid employees.
ARTICLE X
\ transfers Of stock shall be ale on the books
of the Association. at its office, III person or bv
proxy, bat rot willie any Indebtedness the AssO-
cation exists ON the part of the holder unless with
the approval OF the President or Board of Directors
ARTICLE X.
should any subscriber or stock holder neglect or
refuse TO pay pUuctua!ly his ins ments they
fall due, interest thereon shall be I'D at the rate
OF eight per cent per annum from Slturity till pay
thirty DAYS after the specified time of payments
the Board OF Directors shall have the right cause
any shares on which installments may be due to he
sold at public auction on otherwise, after ten days
ad ertisemtnt ii any newspaper published i'll Eng
hsh in thc CITY OF sew Orleans, OF TO recover by
suit at law the amount due.
ARTICLE XII.
No stockl older shall, IN any event, be made LA
capital stock his Indebtedness 10 the Association
uot shall any mere informllity in organization
ha the effect of rendering this charter null OF
e&r's'ng stocEiolGtr 70 any ability beyond the
amount OF ms So =.
ARTICLE XIII.
When this ASSOCIATION designs making contracts
for budiIg :uv materials II shall invite bids for
the same; aud IT, upon opening said bids, il be
found that :; member OF the AssI alton has offered
to do the work o. supply material Ga terms as ia
yor@be as aey other bidder, the Board of Directors
shall have secret lonaly power 10 award the con
tract 70 such membcr. similar course will be
observed as 10 the patrnuzlng o. banks insurance
companies, etc. III all accommodations as 10 loans
tor building and otEcr purposes, Il preference
shall always be- gwen to the members Ut this
Association The oij-ct and intent OF this pro-
ls!on being to give 10 stockholders Il preference
over non subscribers where the Association can
not be PIE JUDGED by SO doing.
ARTICLE XIV.
The stockholders Of the Assocfation.-a- a gen
-ral meeting 70 be convened Tor that purpose,
after Thirty days notice IN OF the daily news
papers published English in this city, NAV
make any notifications, addlt ions OF changes In
The act of Incorporation, may even dissolve the
same with the assent of three-fourths of the
stock represented at such NEE ting, and any and
all such notifications additions, changes OF dis
solution, shall! lie I, corded equired by Ia ".
ARTICLE XIV
At the expiration of the charter. or sooner if
ordered as above the affairs of this Association
shall he Hqu.dattd its debt, p nd and the balance
Ii vided among the Stockholders pro rata, on the
amount held by each OF paid up stock, under the
'hargc and superlntrudclIce OF the commissioners,
" Lo shall he stockholders, appointed 10y the Board
" Directors for that purpose.
ARTICLE XVI.
The names of the stockholders their residence
md the number of shares held by each. de
AIRED to be such y subscribed to this act of
Incorporation, and set opposite each OF their names