New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-05
CORPORATIONS.
QUARTER. CHARTER.
STATE OF LOvISIAYA-CITrY OF NEW ORLEANS.

STATE OF LOUISIANa-CITY OF NEW ORLEAs;
| BE it known that Oh this thirieth day Of d,
cenrber, il the year Of cur Lord one thousand 9Th
| hundred and seventv-one, before me George u
| liam Christy, notary public in and for the CIT
| and parish of Orleans, State Of Louisiana. afoft
| said daily commissioned and qualified, person
| a'v came and appeared the parties whose name
are hereGnto subscribed, and who respectively de
clared that, availing themselves OF the provision
| OF the laws of Louisiana, il such case made an,
provided they had covenanted and agreed
| and do by these presents covenant agree
! and bind themselves, and those whom the.
| represent ito form themselves into and con
! stltute corporation for the objects aud purpose
| hereinafter specifically set forth aud 10 that tnt
do make, agree upon and enter into the following
articles vi interpretations
ARTICLE l.
| The name aud style of this association shah b,
| the CITIZENS' MUTUAL LOAN AND BUILDING
ASSOC IArION, and its domIclie is hereby estab
iished in the city OF New Orleans, state of Louis
lana The President, or, III his absence, the Vice
President or Secretary, shall be the proper officer
upon whom t. serve citation and other legal
process.
ARTICLE II.
This Association sl'au have power and an.
thnI.tv to enjoy and TO have succession, by lis cor
porate name for period of twenty i've years from
the date here f. 10 contract and lie sncd Ill its
corporate rane; to make and use a corporate seal;
to hold, receive, purchase, or otherwise acquire,
and 10 sell, mortgage or pledge or otherwise dis
pose Of and TO convey, under its corporate name,
property bot real and pc reoHal TO loan money on
mort gage or pledge Of real estate personal prop
ertN; 10 name and appon such managers, dl-
rCtorS ana officers as MS interest and convenience
may require and to make aud establ sh such by.
laws t"l thc proper arrangement and regulation of
lis affairs as may be neces saTl and proper.
ARTICLE III.
The objects and purposes Of this Association are
declared 10 tie a. follows:
To bay, acquire and own real estate; to subdivide
the same into lots; to build upon. IMPROVE
SCI or otherwise dispose Of ana to convey
the same also 10 take insurance risks and
insurance
II may have an Interest; TO make advances
on real estate or othe satisfactory securi-
ties to persons of limited l.caus, Tor The purpose of
building houses thus enabling thegn to become
owners OF comfortable homes thrl. families by
small cash payments and on terms OF credit
adapted to thtr lesources and at reasonable rates
Uf interest. And generally to do any and all bust
ness not herein PROVIDED for, and which may he
necessary TO into full effect the AFFECTS and
purposes OF THIS ASSOCIATION.
ARTICLE "
The capital stock OF this Association shall be
million dollars. divided iutD ten Thousand
shares Of one hundred dollars each. Ii shall he
asstssed to the extent OF twenty per cent,
upon the payment whereof the stock snail be dc.
clared fan paid and certificates OF tAe same shall
then be issued. Ten per cent of -ac subscription
shall be payable at the time Of subscribing. and
other asst sstnts shall be made from time to tine
for the balance due thereon, provided that not
more than ten per cent OF s"ch subscription shall
be called for at any one time nor ottener than
once III ninety days. Five per cent of the capital
stock shall be and is hereby reserved as the prop
erty OF the three orgnators of this Association to
cover charges for their labor and expenses in
4aniZng the same. and the same is hereby declared
10 De- iuli paid stock not liable to any contributions
or 3ostS olAtntS.
ARTlCLEy.
This Association may commence business so soon
as one handled thousand dollars of tue capital
81 uck shall have been subscribed for.
ARTICLE VI.
AL the corporate powers OF this Associat ion
shat b" exercised and all its business managed By
a Board OF Directors, consisting of fifteen stock
holders, a majority OF whom Shall constitute a
quorum for the transaction 0: business.
ARTICLE VII.
The following named stockholders shall consti-
tute the first Board of Directors, who shall hold
tn il Office until the FIRST Weiut stlay In February
1873, until their successors shall duly elected
dLu quaIlutd, 10 Wit:
JOHN HUGHES WILLIAM 3 SCHMIDT
LL9l - R :, 81 III biA;', :. A BR!nGE;
JOHN h. COBB. \. A. MAGINNIS
SAMUEL NJ. TODD, r. 7. BuCKNEK
n. II. THOMAS.
And the following named persons sLal! it the off
CTS for the same period:
JOHN HTGHES. President.
}. DAVIDSON ELL, Vice Pre- tileu7
JOHN +. ELLIOTT, Secretary.
a. ALEXANDRA, Treasurer.
Ii. J. LE0El, Attorney.
ARTICLE VIII
on the first Wednesday III February, 1873 and
ANNUALLY Their, after, election for Directors, by
tie stockholders Shall he held at the Office OF the
Association, and Z plurality Of votes counting one
vo for each eaore Of stock voted on, shall lie SUI,
ECcilt to elect.
a failure to eject Directors or the day aforesaid
shall not dissolve the Association, but the President
shall cause another ce elton TO he held within ten
days theteaIter, gi11nt notice OF tn, same by al
vert. ,mcHj ~ one OF the daily newspapers pub
lsLed IL III = ii IA this cIfy.
ARTICLE X.
Tie RraTi sna.l. at heir irst meeting in 1873,
ana annual. u .lrGttcr eject from tacir number
a trrs !,' 81 i ce President and they shall also
elect 4 Secretary. a Treasurer. Attorney. and
such oi..r o.-grr7 as may he necessary for the
OK il!t BUSH OF the A-sOciat ion The
Board sht.!i have the power to supply any vacancy
That may occur IA heir body by death resi- -mation
or u-crNi sc also 10 Fix the compensation OF al
a@..iigd nilCcio and employees
ARTICLE Y
i transfers of stock shall he made on the books
OF the AssoCs1tIon, III its office, i'll person by
calnu rNIss on the part OF the holder, unlcss with
the apr val vi TIE President Board of Directors
ARTICLE Y.
should any subscriber or stakeholder neglect or
:, fuse 10 pay punCtuaily his ustaliments thcy
tail due, interest thereon shall be added at the rate
OF eight per cent per annum from maturity TIL pay
mcnt and II said payments be not made within
thirty DAYS after the specified lime of PAYMENTS
the Board OF Directors shall have the right TO cause
AMY shares ON which instamcnts may be due to he
sod at pUnhe auction, OF otherwise after ten days
l3sH III the city OF New Orleans. 10 recover by
suit ~ law HE amount due.
ARTICLE MI.
No s'otlh"ler shall. in any event he made LA
Die ucyo..d IHe amoUlt ct his subscription to the
apltiti stock his iude bcurss the Association
nor shan any mere mtuTriIiitY in organization
.tyc Tie effect OF rendering this cAtrttr null or OF
NpoSing stock de- 10 ANY ability be, out th,
amount OF hI, STOCK.
ARTICLE XII
When n : Association designs making CONTACTS
for buldIu@ OF tor materials, 1t shall invt" rs for
he stutt; and if, upon opening SAID bids ii hr
found that member OF the Association has offered
to do The WORK OF supply mat nal on terms IA
vOrtbc dHv other bidder, the Board OF directors
sLatl have discretionary power to award the con
tract 10 such HIcmter. similar course will he
observed as to the pdtroulzing of banks Insurance.
com Lnirs etc. II al! accommodations 10 loans
tor building and other purposes, a preference
! association. The Object and intent Of this pro-
' islou being to give to Stockholders preference
over non subscribers where the Association can ]
not bc p. ejudiccd by so doing.
ARTICLE NV.
The sto"khnidors of the Association at Il gen
rTal meeting 10 be cOuN cucd for that purpose.
alter Thirty days uotrc one OF the daily news
papers published i'll English i'll this city, may
make any mouItiCatIunS, additions changes in
the act OF iucuipoIation or may even dissolve the
ISS nt Ia