New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-10-30

petua1 succession, and be as such capabJe
to sue and be sued, to plead and be in
| pleaded, to acquire and possess real and
| personal property, and to dispose of the
| same: to make and adopt such constitution
and bylaws not inconsistent with the laws
of this State and of the United States; to
alter and amend or modify the same at
! pleasure.
| SEC. .. Be it further enacted, etc. That
| the object of this association shall be to Sc
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. to
be,paid iii five installments of twenty dol
lars on each share.
SEC. 3. Be it further enacted, etc, That
no 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 a sum in addition
equal to the amount already paid by mem
b2rs holding the number Of shares desired
by him, with the interest which has accrued
thereon up to the time of his application. so
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 president, vice president secretary and
treasurer, with five other persons, who TO-
gether shall constitute board of directors.
six OF whom shall constitute 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
~
TIE right to sue and be sued in behalf of said
association. The board of directors shall
have the right 20 fix such compensation as
they may deem necessary for such officers,
subject to the approval of the association
at stated meeting duly convened for that
purpose.
SEC. 5. Be it further enacted, ETC., That
this association shall meet quarterly. or 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 be pub
ished three days in paper having the
largest circulation in the city of New Orc
cans.
SEC. 6. Be it further enacted, etc, That
when land has been acquired and it is pro-
posed to distribute the same, the board Of
directors shall cause the same to be equally
divided among the members of the associa-
lon and shall lay the plan of distribution
hereof before a quarterly or special meet
ng, duly announced, in order that the plan
nay be ratified and carried into effect, or
uch other substituted as may seem best to.
he association.
SEC. 7. Be it further enacted; etc, Tha9
his act shall take effect from and after ies
assage.
(Signed) o. Il. BREWSTER,
peaker of the House OF Representatives.
(Signed) 2. B. S. PINCHBACK, =
lieutenant Governor and President of the
Senate
Approved April %. 1872
tSigned) H. C. WARMOTH.
Governor of the State of Louisiana
A true copy:
f. j. HEBRON,
Secretary of State.