New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-07
CORPORATIONS.
{ HARTER...... CHARTER.
STATE OF LOUIsIANA-CITY OF NEW ORLEANS.

| hundred and seventv-e before me- George " lie
| liam Christy, notary public in and for the city
and parish Of Orleans, State Of Louisiana, afore-
said, duly commissioned and qualified, person
| ally came and appeared the parties whose names
| are hereunto subscribed. and who respectively de-
clared that awaiting themselves of the provisions
| of the laws of Louisiana, in such case made and
| and do by these presents covenant agree,
aud bind themselves, and those whom they
| represent, Ito form themselves into and con
stitute corporation foS the objects and purposes
hereinafter specifically Set forth and to thas end
| do make agree upon and enter into the following
| articles OF incorporation:
ARTICLE I.
The name and style of this association shall be
| the CITIZENS MUTUAL LOAN AND BUILDING
| ASSOCIATION and its domicl!e is hereby estab-
lished in the city of New Orleans, State of Louis
lana. The President, or, i'll his absence, the Vice
President Secretary shall be the proper officer
upon whom to serve citation and other legal
process.
This Association shall have power and
thoritv to enjoy and to have succession, by its cor
porate name for period OF twenty five years from
the date here T. to contract, and he sued in its
corporate name; to make and use corporate seal;
to hold, receive purchase, or otherwise acquire,
and to sell, mortgage or pledge, or otherwise dis
pose of, and to'coIvey under its corporate name,
property both real and personal to loan money on
mortgage or pledge of real estate or personal prop
erty; to name and appoint such managers, d.
| may require; and to make and establ sh such by
laws for the proper management and regulation OF
its affairs as may be necessary and proper
ARTICLE H.
The objects and purposes OF this Association are
declared to be a. follows:
To buy acquire and own real estate; to.subdivide
the same into lots; to build upon, improve,
sell or otherwise dispose OF ard to convey
the same: also to take insurance risks and
effect insurance on any property in which
j, may have an interest; TO make advances
on real estate other satisfactory securl-
ties to persons of limited means, Tor the purpose OF
| building houses, thus enabling them 10 become
| owners of comfortable homes for their families by
all
adapted to their resources, and az reasonable rates
Of interest And generally to do auy 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 "
| The capital stock of this Association shall be
| ole 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 snail be de-
cared full paid, and certificates OF the same shall
| hen 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 not
more than ten per cent of such subscription shall
| be called for at any time, oftener than
once in ninety DAYS Five per cent of the capital
stock shall be and il hereby reserved as the prop
errv of tb three oriciuators 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 contributions
| or assessments.
| ARTICLE V.
This Association may commence business so soon
one hundred thousand dollars of the capital
| stock shall have been subscribed Tor.
| ARTICLE VI.
All the corporate powers Of this Association
shah be exercised and all its business managed by
| Board OF Directors, consisting Of fifteen stock
| holders majority of whom shall constitute q
| quorum for the transaction Of business.
ARTICLE VII.
| The following named stockholders shall consti-
tute the first Board of Directors, who shall hold
their Office until the first Wednesday in February,
1873, until their successors shall be duly elected
| and qualified, to wit:
! JOHN HUGHES, WILLIAM B. SCHMIDT,
LLOYD ERacI41lLLlENAS , {. A 4, R RRHS,l;,
SaHrEL I; TODD, { !: BTSkSEk;
J. C. MORRIS \ II r +: !; hSRshhkDT'
And the following named persons shall be the Off
! GERS for the same period:
| JOHN HUGHES President.
| J. DAVIDSON BILL, Vice President.
| JOHN T. ELLIOTT Secretary
! 4. ALEXANDER, Treasurer.
| Il. j. LE0VY, Attorney.
ARTICLE VIII
| On the first Wednesday February, 1878, and
annually thereafter an election for Directors, by
the Stockholders shall be held at the oice of the
| Association. and plurality OF votes, counting
VOC for each share OF stock voted on, shall be sur
| failure to eject Directors on the day aforesaid
shall not dissolve the Association, but the President
|
| days thereafter, giving notice Of the same by ad-
| vertiscment in one of the daily newspapers pub
| hshed in English in this city.
ARTICLE TX
| The Board shall, at their first meeting in 1875
| and annually thereafter elect from their number
President and Vice President, and they shall also
! elect a secretary. Treasurer 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 NAV occur in their body by death resignation
aT OF he I Ia
| SdlaTIed officers and employees
ARTICLE X.
A transfers of stock shall he made on the books
| of the Association, at its office. 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 or Board of Directors.
ARTICLE Xl.
Should any subscriber or stec khoIder neglect or
| refuse to pay punctuallv his installments they
fall due thereon shall he added the rate
OF eight per cent per annum from maturity till pay
| ment and if said payments be not made within
thirty DAYS after the specified time of PAYMENTS.
| the Board of Directors shall have the right 10
any shares on which installments may be due to be
sod at public auction, or otherwise, after ten days
| advertisement i'll any newspaper published in Eng
! fish in tue city of New Orleans or to recover by
| suit at law the amount due.
ARTICLE MI.
! No stakeholder shall. in any event, be made liza
bic be vond the amount of his subscription TO the
capital stock Or his indebtedness TO the Association,
! nor shall any informllity III organization
have the effect 0f rendering this charter null OF of
| exposing stakeholder 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 if, upon opening said bids, it be
| found that mem Der Of the Association has offered
! 10 do the work supply material terms as ia
vorahlc any other bidder the Board of Directors
| shall have discretionary power to award the CON
| tract to such member. similar course viii be
| observed as tothe patroni2ius Of banks insurance
companies, etc. III all accommodations as to loans
| for bdldn9 and other purposes, d preference
| shah always be given to the members of this
| Association. The object and intent of this pro-
| vision being to give to stockholders preference
! over non.subscrIbers where the Association can
| not be pTejudiCtd by So doing.
ARTICLE XIV.
| The stockholders of the Association, Eat a gen
| eral meeting to be convened for that purpose,
after thirty days' notice in one OF the daily news
| papers published i'll English i'll this city, may
| make any notifications, additions or changes III
the act of Incorporation, or may even dissolve the
| stock represt nted at such NEE ting, and any ana
all such notifications additions, changes or dis
solution shall be recorded as required by law
ARTICLE XIV.
| At the expiration of the charter, sooner, il
| ordered above, the affairs of this Association
divided among the stockholders. pro rata on the
! amount held by each of paid up stock under the
charge and superintendent OF the comInlssiqners
who shall be stockholders, appointed ny the Board
| of Directors t0r that purpose.
ARTICLE XVI
| The names of the stockholders their residence
| and the number Of shares held by each, are de
| clared to be such subscribed to this act of
incorporation, and set opposite each OF their names
| The United States internal revenue stamp of
| five cents per sheet required by law tor this act
| has been hercuuto affixed and cancelled.
| IN E z