The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-09-25
CHARTER.
7ANsE AED CIly OF NEW ORLEANS.

| - day Of september, N tie year Of cur Lori
one Thousand eight hundred and seveDty-four
America the niDet7 -nlnth, before ne, Andrew
Eeros J1.. Notary Public Il and fo1 the parish
and city Of New Orlt ans State Of Louisia1s,
duly commissioned and qualified, and in the
presence Of the witnesses hereinafter named
and undersigned, personally came and appeared
the several persons whose names are hereto sub
! scribed, beng the Board of Directors of the
| PLANTERS COTTON TIE ASSOCIATION, a
duly organized corporate body Of this State,
domiciled in this city, created by an act passed
/ before the undersigned notary on the twenty
/ fourth day OF February last passed, and herein
acting il their said capacities and for and on
behalf OF said ASSOCIATION by virtue OF q resolu-
! ton adopted ut general meeting of the stock
holders thereof convened at its Office in this city
on the day and date hereof. which said appearers
declared i'll their said capacities, that after due
and legal notices and publications IN the news
! papers, general meeting OF the stockhblde s of
! said Planters Co ton lie Association was con-
We ned and held at the Office of said association
! in this city the day and date here OF for the
purpose of making certain notifications, add
IONS, alterations and changes III and to the
original act of moor poretiUn of said as location
passed before the undersig ned notary on the
| twenty-fourth day of February last passed. and
that at said general meeting. stockholders of
said association or their duly authorized attor-
neys, representing more than seven-eghts OF ihe
capital stock OF said association, unanimously
~
act of incorporation should be altered and
amended so as to hereafter READ and be as fol-
lows, viz:
ARTICLE FIRST.
The name and style of tins corporation shall
be the Planters Cotton Tie Association, and its
place of business and legal domlclle shall be the
city of New Orleans, in the parish of Orleans and
the State Of Louisiana.
ARTICLE SECOND.
The objects and purposes for which this corpO
4, Il
iacture or purchase and sale of iron cotton ties
Tor baing cotton and other merchandise, as well
as the manufacture and sale OF such other ar
ticles as it may deem proper The President or
Sc, rotary of the Association shall be the proper
officer upon whom citations and other legal pro-
Cess may be served.
ARTICLE THIRD.
The 0apital stock Of this Association is hereby
fixed at eight hundred thousand dollars, divided
into sixteen thousand shares IF fifty dollars each,
forty per centum of which shall be paid in cash
at time OF subscription. and forty per centum
within thirty days the reafter making eighty per
centum i'll all, or forty dollars per share. And it
shall be the duty OF the Board Of Directors, in
these two assessments shall have been
promptly paid to declare the sock thus sub
scfibed and paid for fully paid up, and cause the
same to issue to each subscriber as he may, in
accordance with the terms of this Article,
promptly complete bis payments thereon.
All outstanding certificates FIR stock issued
nndef the eflSlnal ACT Oh incorporation shall De
turned IN and delivered to the association, and
in lieu thereof, each stakeholder shall have and
receive a new certificate for the same number OF
shares that he has heretofore subscribed and
p id for. All other stock provided for in said
original Act of Incorporation of this associa-
ton, IL hereby declared to be null and void.
No certificate of stock shall be issued until the
same shall have been declared by the Board of
Directors to be fully paid up, and no transfer Of
IL IS than one share Of the capital stock shall be
do 4bxlL of nt,0y,
ARTICLE FOURTH.
This Corporation shall have and enjoy success
sion by its corporate name for the period of
twenty-five years from the date of the original
Charter VIZ: February oath, 1874: shall contract,
sue and be sued; shall have power and authority
to make and use a corporate seal, having tor il
device a SCI oil containing the fac smile of a Cot
ton Bale. and for an inscription the name of tho
Association. 1t shall hold, mortgage, purchase,
SELL and otherwise convey under Its corporate
name property both real and personal movable
and immoveable; shall name and appoln6 such
directors and officers its interests
and COW -nlence may require. 1t slla make and
establish such bylaws, rules and regulations for
,he proper management OF its busint and af
fairs may be necessary and proper and shall
possess generally all such powers and privileges
as are given by law to corporations.
ARTICLE FIFTH
The powers OF ihls association shall be vested
Board OF Directors, consisting OF five stock
holders three oil W'tO'i shall form quorum FOL
the tratsa ton of business who shall be elected |
annually on the first Monday in March, in each |
wear, by the stockholders, at such plac. in the !
city OF New Orleans as may be designated, and |
alter ten days advertisement OF the notice OF |
such election in at least two newspapers pub |
lie he'd III the city OF New Orleans. Said directors
to hold Office for one year, uotil their success
sors are elected. Any stakeholder shall be ELI |
gible as a d rector, provlced that at least ten |
shares OF stock OF the association are owned by
am. All elections OF directors sha be by ballot,
md held under the supervision of committee |
)f three stockholders to be appointed for the |
purpose by the Board of Directors, and all those
persons receiving a plurality of votes shall be
duly elected. Every bona tide owner
II st ok shall be entitled to one vote for every
share owned by him, her or them, provided that
10 one shall be entitled to vote any share or
shares OF stock that have not stood in his, her or
heir name on the books OF the association for at
east sixty days prior to any such election.
'roXIeS may vote when the authority is in wiring. |
immediately upon the adoption OF this amended
jharter the Board OF Directors appointed by the
Nginal Charter shall cease to exist and the
tocbholdcrs assembled shall at once proceed to
lect "a new Board of Directors to serve until the
rst Monday in March. 1875
ARTICLE sixth
The Board of Directors shall elect annually
nd at their first regular meeting. a president
nd such other officers, clerks agents, as shall
e necessary to carry on the operation and object
luis dSSucldtiUn, IOT suCn Time rs they NAV
hoose. They shall fix the salaries of all officers
nd the amount OF security required from EACH
he board shall have power to fill vacancies
aused by death, resignation, absence or in
DveDcy OF its members. ,
ARTICLE SEVENTH.
Payments OF the calls or assessments upon the
took, provided for i'll Article Three, shall be
lade in ten days from the first publicati, II or ,
resenation of the notice of such call or assess. :
tent, aud stockholders who are dellnquents IN
leir payments, beyond the time thus specified,
lali be subject 10 pay eight per cent. per annum
lterest on the asse ssment; and it they allow N
assessment to re"ain unpaid for thirty days, the
oaid of Directors may declare the stock, with
IL previous payments and accrued dividends :
leIeon, forfeited to the ASSOCIATION.
ARTICLE EIGHTH.
No stakeholder shall ever be liable for the
'ntracts or faults of the association or corpora
on, IL any FIJI, Their rum than the unpaid balance
ne to the ASSOCIATION on the shal es owned by !
IN, nor shall any mere ormality in organiza-
on have the effect of rendering this charter
Ill, or OF exposing stockhol Ter to any liability
-yOnd the amount Of his stock.
ARTICLE NINTH.
hrQo- fDt1y-f he Of ~. \.