New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-26
CORPORATIONS.
CHARTER
STATE a. LOUISIANA
PARISH OF ORLEANS CITY OF NEW ORLEANS.
QUARTER.

Louisiana duly commissioned and onsii6sa AND IL.
the presence OF the witnesses hereinafter named
the parties whose names are hereunto subscribed,
who declared that awaiting themselves of the
live to the organization Of Corporations
in this State, they covenant, agree and bind
become members Of this corporation. to form then.
selves into and constitute corporation for tho
objects and purposes and under the stipulations
following, to wit:
That the name style and title of this corporatioI
shall be THE NEW ORLEANS HOMESTEAD Assoc
Orleans and have and enjoy succession in its core
pOrate name for twelve years. 1t NAV sue and be
sued and the president OF the association Is desig-
mated as the officer upon whom citation shall be
served
ARTICLE II.
Pts object shall be the accumulation and disburaes
ment OF q fund suftc to enable the stockholders
to build, or purchase for themselves such real es
tate within the city Of New Orleans. and also tf4t
OF Carrolton, as they may deem advantageous.
ARTICLE III.
TIE members of this association must be resi-
dents of Louisiana. Minors may hold stock
through their tutors, and women in their own
right,
ARTICLR ".
The capital stock of this association shall be
FIVE hundred Thousand dollars, divided into 25oc
shares, Of $500 each. The stock shall be paid
follows: A first payment Of fifty cents on eacts
share and every succeeding week thereafter a
payment Of twenty-five cents on each share; this
method of paying to continue until the sum paid
in by installments with all profits added theretou
shall amount to 500 for each share.
ARTICLEv
In case any stakeholder shall neglect or refuse
to pay his weekly installments as often as the
same shall be payable, such kholder so neglece
ing or refusing shall forfeit and pay, for each
glect or refusal, an additional sum of five cents
for each share Of stock by him held Any stock
shall neglect or refuse to pay the weekly portion
of the interest on each share for which he has
cents each share ON which a loan has been ef-
tected Each and every weekly refusal or neglect
to pay his instalment or interest shall be charged
to his account. These fines may be avoided by
paying in advance for a certain time, during which
period, it being covered by prepayment, no fines
can be levei.
Each stakeholder, for each share of stock that
he may hold in the association shall be entitled 10
S200-less the premium offered. Whenever the
funds in the treasury shall warrant, one or more
loans shall be disposed Of to the stakeholder 6fferS
ing the highest voluntary premium, in such mans
ner the Board Of Directors may determine.
Should he 30 wish. any stakeholder having plu
rality Of shares, by making the same known ut the
time of offering. shall be entitled to succeeding
loans. offered at that time. at the same premium
provided he shall not receive more than 5 l7O loan
% each share. No stakeholder shall be entitled to
loan Oh more than thirty shares: No stakeholder
shall be entitled to loan who 10 in to the
association. Stockholders taking loans shall pay
interest thereon ION nominal loanl by weekly pay
Ineuub, al VIC VI elsut poI CcAtum pei
ARTICLE VII
Whenever a stockh shall be declared entis
tied 10 a loan loans he shall allow to be dee
Quoted the premium offered by him for the same,
payment thereof to the association by act Of mort
gage and transfer Of policy Of fire insurance to the
paid up state, parish and municipal taxes In case
of failure to give satisfactory security for such
loan within three mohths from the date Of pur-
chase. the interest, together with all costs and
charges or expenses attending the examination OF
titles and searches shall be charged to such pur-
chaser, and the money revert back to the associa-
ton.
Stockholders having taken no loan and wishing
to withdraw from the association; shall DO entitled
to receive from the treasurer the amount Of dues
actually paid in by them first deducting all fines
and forfeitures, and portion Of all losses incurred
ANY stOckhOder having taken one more loans
desiring to withdraw will be permitted to do so,
provided he shall have repaid said loan. which he
may do at any time; and in case Of the repayment
thereof before the expiration OF the twelfth year
after the organization OF this association, there
shall be refunded TO said borrower one-twefth of
the premium paid fer every one of the said twelve
wears then unexpired. Stockholders having taken
loans will also be permitted to withdraw from the
interest in the real estate. together with all their
interest in the association, and that their vendee
Of majority Of the Board Of Directors shall have
been admitted and approved as a member Of tho
association, and substituted for, and admitted to
all the rights and liabilities OF the retiring mem
Der in and to the same; provided always, that
stockholders wishing to withdraw shall give one
months notice to the Board of Direct OF such
intention. Upon the death OF q member who had
not received a loan or loans, ms heirs or legal
wshhs TO ati ss cb DC sa.
ceased members full interest thereon, first de-
Quoting MS lines ana afrealaees ana MS portion VI
losses sustained
AH4ioLH Ia.
If the interest remains unpaid for one year, the
Board of Directors may compel payment OF the
principal and interest OF any loan by ordering pro
mos n "a ed the bOnl and mortgage
according to law. In this case or recovery or
loans by law all hnes forfeltuIes losses interest;
principal ana legal costs Snail % rooted up ana
charged to the party causing such course of action
to be pursued py the association anu II the
amount retuFelea t@'te,i tls Lolnlh1. 'oan =
interest Tor thr time eu'h ioah wa used tne r
cess shal % Eiteh t'H aeiauitLa5 par, ~ g.
any stoek Aoi!et (lot having tahtI i9'.Hl III.
neglect or 55tihr TO pay Ms weekly -E7'a. lpieH
and fines for ne space OF one IsaIE secl et2,
holder 90 HtEIeetin or iellsihg sndii receive nou
~ nm Mi.. ny ga any "a tfi,r os M ~ t
charged against him. and also a portion of ali the
f 80 o,ssrr.S I'D frnn lat tine caas. 70 he a
,Us1p Ia ~ IF the assoc;atian 'AA' A-o
'--~
HifNNh a.
All tie corporate powers OF TINS Association shaS
De managed ana exercised py boaId OF Dlrectots'
70 cunhis. "a I'M ,ee.i So, 81" s th ~
Ao''oh u D'S''nes' ARTICLE x1.
-.,
Inc 1oiIo~ihs named Rentemen snau CONSUME t
once untI the second MqnGay Oh January, io,t. OF
until ther s4coessole snaa NC Hay eioSteu ano"
Iuailneo as DIenuoI Haessas, nuMaIu Tweensy
1hohias =. dsh; o. ~ DC Spnn AZ ~
Canfey' '0hR .. Kinney, q r. STnfy, martin g
n M u, H. -. % piry.. Ip al "
MchehuflcKs 70 a. rHHeS' a. Leu anu ). 10 60
ARTICLE VII
o.,. ooo, u.,ao,, 80 I,u. ,o-, 30 90
on ny hof, ~ ~ ~ 49,, 80, az" h a. =
Oh tle ASSOCIATION snail DC heu a. tne
W. a,., y, nn,ir nr 81, ~ "a h sbarp nS st6cn