New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-11-02

petual succession, and be as such canaI,
to sue and be sued, to plead and bs ~
pleaded, to acquire and possess real VI
personal property, and to dispose If 4 =
same: to make and adopt such eonstitn+:aaSs
and bylaws not inconsistent with the 1s Sua
of this State and of the United States. y
alter and amend or modify the same y.
pleasure. ~
Sec. ?. Be it further enacted, ETC., THAI
the object of this association shall be to sa
cure by purchase or donation, land or lots
of ground in this State, and the same shall
be distributed in the following manner,
In shares of one hundred dollars each. IN
be.paid in five installments of twenty doi
lars on each share.
Sec. 3. Be it further enacted, etc, That
nc member of this association shall hold
more than five shares, and each member, on
each and every share of stock held by him,
shall pay to the treasurer the sum of twenty
dollars on each and every share held by
such member. Any member desiring more
shares within the number limited than he
at first held, shall pay q sum in addition
equal to the amount already paid by mem.
bers holding the number of shares desired
by him, with the interest which has accrued
thereon up to the time of his application. 80
as to make his entire payments pro rata
with the others.
SEC. 4. Be it further enacted, etc, That
the officers of the association shall consist
of a president. vice president, secretary and
treasurer, with five other persons, who to-
gether shall constitute a board of directors.
six Of whom shall constitute a quorum; and
the above named persons shall be chosen
annually by ballot. The said officers and
board of directors to be possessed of all
powers and duties incident to like officers
in similar corporations. The president of
said association shall be the president of the
board OF directors, and as suCh shall have
the right to sue and be sued in behalf of said
association. The board of directors shall
have the right TO fix such compensation as
they may deem necessary for such officers,
SUBJECT to the approval of the association
at a stated meeting duly convened for that
purpose.
SEC. 5. Be it further enacted, ETC., That
this association shall meet quarterly. on the
first Mondays of January, April, July and
October of each year, and oftener if called
together by the board, and notice of such
quarterly or special meeting shall De pub.
lished three days in a paper having the
largest circulation in the city of New Or
Sec. 6. Be it further enacted, etc, That
land has been acquired and it is pro-
posed to Distribute the same, the board of
directors shall aus the same to be equally
divided among the members of the a8socia-
5lon, and shall lay the plan of distribution
before a quarterly or special meet
ng, duly announced, in order that the plan
may be ratified and carried into effect, or
3uch other substituted as may seem best to
he association.
SEC. Z. Be it further enacted, etc, That
act shall take effect from and after its
passage.
(Signed) o. H. BREWSTER,
Of the House of Representatives.
(Signed) P. B. S.. PINCHBACK,
lieutenant Governor and President of the
Senate.
Approved April %, 1872.
(Signed) H. G. WARMOTH,
Governor of the State of Louisiana.
4 true copy:
+. j. HERON,
Secretary of State.