New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-23
CORPORATIONS.
QUARTER ''''''':...:.:''''''''c CHARTER
STATE OF LoU1sIANA-CITY OF NEW ORLEANS.

STATE OF Lou1slANA-C1rY OF NEW ORLEANS.
Be it known that on this thirtieth day of De.
cember in the year of our Lord one thousand eight
liam Christy, notary public in and for the city
and parish of Orleans, State of LOUISIANA, aIoIe-
said duly commissioned and aual,iseo: pe ass
are hereunto subscribed, and who respectively de-
clared that, avslng themselves OF the PROVISIONS
of the laws of Louisiana in such case MADE ana
provided, they had covenanted and agreed.
and do by these presents , cosena ho ag ghaa
represent ITO form themselves into and con-
stitute corporation for the objects and purposes
hereinafter specifically set forth and 10 tnat emo
do make. agree upon and enter INTO the iono""s
articles of Incorporation:
ARTICLE T.
The name and style of this association shall be
the CITIZENS MUTUAL LOAN AND BUILDING
ASSOCIATION, and its domicile is hereby estab-
shed int .he sx in his the
President Secretary, shall be the proper officer
upon whom to serve citation and other legal
process.
thorty enjoy and to have succession by its cor
porate name, for a period of twenty.fv years from
corporate name to make and use corporate SEAL
to hold, receive purchase, or otherwise acquire
and to sell MORTGAGE or pledge or u,s
property both real and personal; to loan money on
mortgage pledge Of real estate or personal prop
rectors and officers as 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 aud own real estate; to subdivide
the same into lots; to build upon, improve
sell or otherwise dispose of, and to convey
the same; also to take insurance risks and
effect insurance on any property IN av ~ni.n
it m qss Estate an or ethsF Satisfactory
ties persons of limited means for the purpose Oh
building houses, thus enabling them to become me
owners of comfortable homes for their families Dy
small cash payments, and en- terms OF credit
adapted to their resources and at reasonable rates
mesa not herein provided for, and which may be
necessary to carry into full effect the ep]ects anu
purposes Of this Association.
ARTICLE w.
The capital stock of this Association shall be
one million dollars, divided into ten Thousand no
shares Of one hundred dollars each. 1t shall Do
assessed to the extent of twenty-five per cent,
upon the payment whereof the stock snail be de-
then be issued. Ten per cent Of each subscription
shall be payable at the time OF suoscriDlns, anu
other assessments shall be made from time 20
for the balance due thereon, provided tnat NOT
more than ten per cent of such subscription ehall
be called for at any one time, nor oftener sn sa1
once in ninety days Five per cent OF the eaPta s'
stock shall be and is hereby reserved as the prop
erty of the three originators of this Association to
charges for tnsf t ia declared
to he full paid stock, not liable 10 any
or assessments.
This Association may commence business so soon
"a Que hundred thousand dollars OF the capital
stock shall have been subscribed Tor
ARTICLE VI
All the corporate powers of this Association
shall be exercised and all its business managed ~
Board OF Directors, consisting OF niteen stock !.
holders, a majority OF whom snail constitute d
quorum for the transaction OF business.
ARTICLE VII.
The following named stockholders shall consti.
t1te the fret Board of Directors who shall held
their office until the first Wednrsday IN i feofua .:
and qualified, to wit:
t1 14EI :. eSL H,Is 8 a. G ssipar
L. J. WEBSTER h. T. VENNARD,
JoNT p S 6 aepp 4 4 4 4. s MASiSE
sG MORRIS. Il. /. KURSHEEDT,
~ n H. THOMAS.
And the following named persons shall be the off
GERS for the same period
JOHN HUGHES President.
j. DAVIDSON HILL, Vice President.
JOHN +. ELLIOTT Secretary
A. ALEXANDER, Treasurer.
Ii. J. LEOvY, Attorney.
ARTICLE VIII
On the first Wednesday in February, 1879 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
for each share Of stock voted OIL, snail De SUI
failure to eject Directors on the day aforesaid
shall not dissolve the Association but the President
shall cause another election to be held WITHIN te L
days thereafter, giving notice OF the same by al.
vertisement in of the daily newspapers pub
llshed in English in this city.
ARTICLE TX.
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, all Attorney, ant
such other officers 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 reslsnatioi
or otherwise as also to nix the compensation VI a.
salaried officers and employees.
ARTICLE x.
A transfers of stock shall be made on the book!
of the Association, at its office. in person or by
proxy but not while any Indebtedness to the Asso
cation exists the part OF the holder unless WIN
the approval of the President or Board OF directors
ARTICLE Xi.
Sbould any subscriber or stakeholder neglect OF
refuse to pay punctually his installments as they
fall due interest thereon shall be added at the rate
of eight per cent per annum from maturity I'LL
ment; and if said payments 0e not niaae Will.
the Board of Directors shall have the 20 Gauss
apy shares on " hch instalments may be due to b'
advertisement in any newspaper published in Eng
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
HE beyond the amount OF his subscription to TIT
capital stock his indebtedness to the Association
nor shall any mere informality i'll organization
have the effect of rendering this charter null or
exposing a stakeholder to any ability beyond tht
amount of his stock.
ARTICLE KILL
When this Association designs making contracts
for building for materials 1t shall invite bids fo
the same and if, upon opening said bids, lt On
found that member of the Association has Offered
to do the work or supply material on terms as IA
vorable as any other bidder the Board OF Direction
shall have discretionary power to award the con
tract to such member. A similar course will b.
observed as to the patrOnizng OF banks, insurance
companies, etc. In all accommodations as to loan
for building and other purposes, prefereuc
shall ALWAYS be given to the members OF thl
Association. The object and intent OF this pro
vision being to give to stockh1lders pieferenc
over non subscribers where the ASSOCIATION ca
not be piejudced 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 daiy new:
papers published in English IN TINS Guy, ma
make any notifications additions or changes !
the act Of incorporation, or may even oissolve IN
same with the assent OF three-fOurtns OF I'll
stock represented At such NEE ting, ana any an az
solution, shall be recorded as required by law.
ARTICLE XIV.
At the expiration of the charter. or sooner
ordered as above, the affairs of this Associatlo
shall be liqmdated, its debts AID, ana tne oaiaut
divided among the stockholders. pro rata, on "
amount held by each of paid up stock, under u u
charge and superintendent of the commissioner
who shall be stockholders, appointed ny tne 1oai
of Directors for that purpose.