New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-19
CORPORATIONS,
STATE or LOUISIANA.
PARISH OF ORLEANS, CITY OF NEW ORLEANS.

/
| Tempe IN the year OF our Lord Thousand eight
nuharea and seventy three, and of the indepen.
eighth before me, William Joseph Castefl Q notary
| Puelc IN ana for the parish Of Orleans, State OF
the presence of the Witnesses hereinafter named
| and undersigned, personally came and appeared
the parties whose names are hereunto subscribed
| who declared that awaiting themselves of the
provisions of the statutes Of Louisiana reis
| tive to the Organization of corporations
themselves. and those who NAV herea SsT
become members Of this corporation, to form them
selves into and constitute a corporation for tho
| objects and purposes and under the stipulatio
| following, to wit:
That the name stvle and title of this corpOratior
| shall be THE NEW ORLEANS HOMESTEAD ASSO-
CITATION. 1t shall be domiced in the city of New.
Orleans, and have and enjoy succession in its
porate name for twelve years. 1t NAV sue and be
sued and the president of the association Ia desig
] mated as the officer upon whom citation shall be
| served
It's object shall be the accumulation and disburse
ment OF fund sufficient to enable the stockholders
tate within the city of New Orleans, and also that
| of Carrollton, 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.
ARTICLE w.
| The capital stock of this association shall he
| five hundred thousand dollars, divided into $500
| shares, of 5000 each. The stock shall be paid as
follows A first payment of fifty cents on each
| share, and every succeeding week thereafter n
| payment Of twenty-five cents on each share; this
method of payin. to continue until the sum paid
III by installments, with al profits added thereto,
! shah amount to $500 for each share.
| ARTICLEv
| In any stockhoider shall neglect or refuse
| to pay his weekly installmepts often the
same shall be payable such stoc khOlder so neglect
ing refusing shall forfeit and pay, for each
elect CT refusal, an additional of five cents
| for each share of stock by him held Any stock
holder having effected loan his stock, who
M or on sae Pay hs b wssk
ceived a loan shall pay an additional sum of 1--we
| cents on each share on which loan has been of
| fected. Each and every weekly refusal neglect
TO pay his nstallment or interest shall be charged
| to his account These fines may be avoided by
paying in advance for certain time, during which
period, it being covered by a prepayment. no fines
| ARTICLE VI.
| Each stakeholder, for each share of stock that
he may hold in the association shall be entitled to
receive from the funds of the association loan of
| $20o-less the premium offered. Whenever the
funds in the treasury shall warrant, one OF more
loans shall be disposed of to the stakeholder offer
| ing the highest voluntary premium. in such man
| ner as the Board Of Directors may determine.
Should he so wish, any stakeholder having a plu
rahty Of shares, by making the came known at the
O. H Ds at thee 10
per loan. to the funsmount his shares enttle him
provided he snail not receive more than ITO loan
loan on more than thirty shares: No stakeholder
shall be entitled to loan who is in arrears to the
association. Stockholders taking loans shall pay
| interest thereon ION nominal lOan) by weekly pay
ments at the rate of eight per centum per annur.
| ARTICLE VII.
| Whenever stakeholder shall be declared emit
| Quoted the premium offered by him for the same
and before receiving the same he shall secure the
gage and transfer policy Of FIRE insurance to the
association and If there be any due. receipt for
paid up State, parish and municipal taxes. In case
Of failure to give satisfactory security for such
loan within three months 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 associs-
ARTICLE VIII.
! Stockholders having taken loan and wishing
to withdraw from the association; shall be 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 stakeholder having taken one or 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 yeap
after the organization of this assoeiation, theirs
shall be refunded to said borrower one.twelfth Of
the premium paid for every one of the said twelve
years then une xpired. Stockholders having takeIi
loans will also be permitted to withdraw from the
association, provided they shall have sold all their
interest in the association, and that their vendee
| in such sales shall have applied to- and by vots
majority OF the Board OF Directors Shall have
been admitted and approved member of thc4
association, and substituted for. and admitted to
I all the rights ana 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 Directors OF such
| intention Upon the death of member who had
| not received loan or loans. his heirs or Legal
representatives, wishing 10 withdraw, shall be en-
| titled to receive from the association such de-
ceased members full interest thereon, first de-
Quoting his fines and arreara.es and his portion of
losses sustained.
ARTICLE TX.
| Ifthe interest remains unpaid for one year, the
Board of Directors may compel payment OF the
principal and interest of any loan by ordering pro
ceedings to be instituted the bond and RnTtgage
according to law. In this case Of recovery Of
loans by law all fines foreitures, losses, interest.
| principal and legal costs shall be footed up and
charged to the party causing such course of action
| to be pursued by the association, end II tn.
| amount recovered exceed the nominal loan .ra
interest Tor the time such loan was used, the g
shall be gwen the defaultiDg party. ia l45a
any stakeholder tIOt having taken "a iosn) cha
Leglec. refuse 20 pay his weekly install mems
and fines for the space OF one year, such stOo :.
holder negleeting refusing, shall receive iroi;
the treasurer the amount OF dues actually paid III
| by him, without any allowance for interest, first
| deducting all fines and fOrfeitures that may be
charged against him, and aso a portion of all the
losses incurred, ard from that time cease to be
member OF the association.
| ARTICLE K.
| All the corporate powers of this Association shall
be managed and exercised by Board of Directors
| to consist Of thirteen stockholders, and majority
ARTICLE XI
| The following named gentlemen shall constitute
the first Board OF Directors, who shall bo their
Office until the second Monday of January, 1874.
until their successors shall be duly elected and
| qualified as Directors MessTs. Edward Sweeney
thomas c. Walsh. Z. NJ. Birmingham, John Me-
Caffrey. John J. Finney, ?. T. Curley, Martin A.
Alleyn J. &. Mahonev, DR.. L. T. Sheppard Thomss
/ McKendrick, ?. a. Fnney, A. Leo and j. 7. =.
aRrICLE XII
! On The second Monday of January 1874, afS ATE
nuay thereafter, an election for directors by tts5
stockholders of the association shall be held at tho.
Office OF the SAID ASSOCIATION; and a plurality OF
votes, counting vote for each share of stock
voted OIL, shall be sufficient to elect; and at this
meeting detailed exhibit of the trsnsactiO OF
this association for the year proceeding shall be
submitted to the stock holders. failure to eecr
on the day aforesaid shall not dissolve the Assocs
ton, but the president shall cause another election
| to be held within thirty days thereafter giving
notice of the same in a daily newspaper published
in English in New Orleans The Board of Directors
shall have power to supply any vacancy that mag
occur an their body by death resignation or Other
wise.
ARTICLE XIII.
All transfer of stock shall be made on the books
of the association IN person or by proxy, but not
while any Indebtedness 10 the association exists
unless with the consent OF the Board OF Directors
| ARTICLE XIV.
| No stakeholder shall II any event he made liable
beyond the amount of his subscription to the CAPT
tai stock of the association bis Indebtedness q
| the same.
| The stockholders Of the association at a general
| meeting convened Tor that purpose by the Board
of Directors by the president at the written
quest Of fifteen stockholders, after thirty days
| notice in a daily ewspaper Published in Engliss
in the city of New Orleans NAV make any msdltie
cations additions and changes in this act of ncor-
poratiOn charter, With the assent of the repre-
sentatives OF three.fe r-ns OF the total stock co
ARTICLE XVI.