New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-01-20
CORPORATIONS.
4 NHARTER...... ......'.....''... CdAhIEn'
STATE OF LOUISIANA-CITY OF NEW ORLEANS

hundred and seventy-one before me- George VIE
liam Chrsty, notary public in and for the clS
and parish of Orleans state of Louisiana, alore'
said duly commissioned and quallhed, per SUI
a.Iv came and appeared the parties whose names
are hersunto subscribed, and who respectively NC,
clared that awaiting themselves OF Tue pa pro, nd
of the laws of Louisiana in such ease SD a9reed
provided, they had cOvenanted anu asleoa'
and do by these presents covenant agree,
and bind themselves, and those Sh ona . cnI.
stitute a CORPORATION for the objects and purposes
hereinafte: spe cally set forth, ana TO tmat emo
do make, agree upon and enter liilo 'ho '''
articles of Incorporation:
ARTICLE I.
The name and STYLE of this association snail ne
tho CiTJZESS' MUTUAL LOAN AND BClLDlNd
ASSOCIATION and its domicile is hereby tslto-
lished in the city OF New Orleans, stat "a o. We We
iaua The President, or, in ms absence, the ;. loe
President or Secretary, shall be the proper onceT
upon whom to serve citation ana other iesai
process. .,r,c,pu
thorty TO enjoy and to have succession, by IT'S cor
porate name for period of twenty years ron
III. date here to contract sue and ne stled III itS
,ornorate name; to make and use corporate seal;
TO hold, receive, purchase or otherwise a.4u55:e'
and to sell, mortgage or pledge or nnrats name
property both real and PERSONAL to loan money I on
mortgage pledge Of real estate or personal PIo5E
.,rt,. TO name and appoint such managers III
rectors and officers as its interest and convenience
NAV require and to make and establ sh sucn pv,
laws for the proper management and reSui'oh VI
it's affairs may be necessary and proper
ARTICLE III.
The objects and purposes of this ASSOCIATION are
declared to Ice as follows ,,.:,
To buy acquire and own real estate; TO suDdislue
the same into lots; TO build upon, lhlp,u ,s :,
sell or otherwise dispose of, and 10 convey
the same; also TO take Insurance risks ana u
effect insurance on any properly III ar VIII
On real estate or other satisfactory securl.
ties TO persons of limited means tor the purpose oi
t.ni1diniS houses thus enabling them to become
rt.hl
small ash payments, and on terms OF creait
adapted their resources and at reasonapiS I
of interest And generally to do any and all pusl-
n.ss NOT herein provided for and which may be
necessary TO carry into full effect the ep]eets anu
purposes of this Association
ARTICLE ".
The capital stock of this Association shall be
ona million dollars divided into ten thousand
shares of one hundred dollars each. 1t shall be
ASSES ed to the extent of twenty-five per cent
upon the payment whereof the s!ock ia We Eli ai
ciar.d full paid and certificates OF the same siail
then be issued. Ten per cent of each SUBSCRIPTION
shall be payable at the time of subscribing, ana
other assessments shall be made from time 10 time
for the balance due thereon provided that not
more than ten per cent of such SUBSCRIPTION shai
nnce in ninety davis Five per cent of the capital
stock shall be and is hereby reserved as the prop,
-rty of the three orgnatOrs OF this ASSOCIATION "
cover charges for their labor and expenses IN or,
nanizing the same and the same is hereby declares
to be full paid stock, not liable to any contributions
assessments.
This Association may commence business 80 soon
az one 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 by
a Board OF Directors consisting OF hfteen STOCK
holders, majority OF whom snail constitute
quorum for the transaction OF business.
ARTICLE VII.
The following named stockholders shall consti:
tut.. the first Board of Directors, who shall held
their office until the first Wednt sday IN February;
1873 or until their shall be duly elected
aud qualified, to wit:
JOHN HUGHES WILLIAM B. SCHMIDT,
!. DAVIDSON HILL j. $. COPIES,
LLOYD R. COLEMAN, +. a: BRIDGE,
h. J. WEBSTER, b. I. NENNARD,
SAMUEL NJ. TODD, R. 7. BuCk ,II
}. c. NORRIS II r H;l ~ hshhhDi'
And the following named persons shall be the OH
for the same period:
JOHN HUGHES, President.
j. DAVIDSON BILL, Vice President
JOHN F. ELLIOTT. Secretary.
A. ALEXANDEa, Treasurer.
H. J. LE0VY, Attorney.
ARTICLE VIII.
On the first Wednesday IN February, 1873, and
annually thereafter election for Directors, by
the stockholders, shall be held at the office OF the
Associations and plurality OF votes, counting one
for each share of stock voted on snail De SUI
ticeut TO elect.
A
shall dissolve the Association, but the presldtn,
shall cause another election TO be held within te
days thereafter giving notice OF the same by ad-
yertisement in one OF the daily newspapers pup
lished in English in this city.
ARTICLE TX.
The Board shall at their first meeting in 1878
and annually thereafter, elect from their number
President and Vice President and they shall ais'
elect a Secretary, a Treasurer, an Attorney, ant
such other officers as may be necessary for the
transaction of the business OF the Association. Thu
that NAV occur in their body by death, resignation
or otherwise, also to tiy the compensation of al
saaried officers and employees
ARTICLE Y.
transfers of stock shall be made on the book
of the Association, at its oftce; III person OF d.
proxy. but not while any Indebtedness TO the Asso
clation exists the part of the holder unless with
the approval of the President or Board OF Directors
ARTICLE Xf.
Sbould auy subscriber or stakeholder neglect o
refuse to pay punctualy his nstallments as the
fall due interest thereon shall be added at me rat
of eight per cent per annum from maturity till pay
ment; and if said payments be not made "lthii
thirty DAYS after the specified time OF payments
the Board of Directors shall have the right to cause
any shares on which insrallments may be due to b
sold at public auction, or otherwise after ten Gay
Ish in tue city of New Orleans or to recover b,
suit at law the amount due.
ARTICLE XII.
ble-beyond the amount of his subscription TO TIM
capital stock his Indebtedness to the Association
nor shall any lnformality i'll organization
have the effect of rendering this charter null or
exposing stakeholder TO any ability beyond th'
amount of his stock.
ARTICLE XIII.
When this Association designs making contracts
for building for materials, 1t shall invite bids TO
the same; and if, upon opening said bids, it b
found that member of the Assoc alton has otere
to do the work supply material on terms as ia
of her Board
shall have discretionary power to award the con
tract to such member. similar course Will b.
observed as to the patrOnzing of banks, insurance
companies etc. In all accommodations as TO loan
shall always he given to the members OF thu
Association. The object and intent OF this pro
vision being to give to stockholders preferenc
over Inconsistencies where the Association ca
not be pre- JUDGED by SO doing
ARTICLE XIV
The stockholders of the Association, at a ger
eral meeting to be convened for that purpos
after thirty days notice in one OF the daliy ne"
papers published in English in this city, ma
make any notifications, additions o. changes
the act of incorporation, or may even dssolve u
stock represented at such NEE ting, and any an
all such notifications additions, changes or Oil
solution, shall be recorded as required by law
ARTICLE XIV.
At the expiration of the charter OF sooner,
ordered as above, the affairs of this Associate
shall be liquidated its debts paid, and the balan
divided among the stockholders. pro rata, on Il
amount held by each of paid up stock under Il
charge and superintendent of the commissions
who shall be stockholders, appointed by the Boa
of Directors for that purpose.
ARTICLE XVI.
rb. rames of the stockholders their residen
and the number of shares held by each, are q
tlared to be such as are subscribed to TINS ACT
inc.rporation and set opposite each OF their nam
respectively. ..-,o, ,,o s+orr