New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-20
CORPORATIONS,

in the opinion Of the incorporators can be obtained
the incorporation of an article in the charter OF
1.-THE BUYERS and users Of the bands) shall, at an
annual meeting themselves ii X the price at which
the association shall sell the bands and ties and
the general management upon the cooper alive
and anti monopoly principle; they the said parties
availing themselves of the provisions of the laws
Of the State Of Louisiana relative to the organiza-
ments and other purposes in the said State, have
covenanted and agreed. and do by these presents
whom they represent to form themselves into and
constitute corporation for the objects and under
The stipulations and articles following, to wit:
ARTICLE 1.
The name and style of this corporation shall ba
the PLANTERS COTTON TIE ASSOCIATION, and
its place Of business and legal domcile shall be the
city of New Orleans, i'll the parish OF Orleans and
the State of Louisiana.
ARTICLE II.
The objects and purposes for which this corpo.
ration is established declared TO be the manu-
purchase and sale Of iron cotton ties for
the manufacture and eae of such other articles as
itmay deem proper, The president or secretary of
the association shall be the proper officer upon
whom citations and other legal process may be
served.
ARTICLE III.
The capital stock of this association is hereby
fixed at two millions of dollars. divided in forty
Thousand shares of fifty dollars each. Immediately
upon the incorporation of the association, twenty
thousand shares of full paid capital stock shall be
issued to the first three subscribers hereof who
are hereby constituted committee of incorpora-
tor, and are authorized to receive Subscriptions
TO this charter, and do such other things they
may deem expedient to enable them to organize
the associations; said stock to be used by them and
wholly at their discretion for the purchase, in the
name of the association, OF patents for bale ties
and for such other purposes and expenses con
Lected with the organization of the association as
they may deem proper; provided that all deeds
ana titles to patents purchased shall be taken IN
the name OF the association, and that all such
rights and interests shall vest 10 it alone. OF the
remaining twenty thousand shares of the capital
stock twelve thousand shares shall be sold upon
the following terms of payment viz: Forty per
cent TO be paid at the date of subscription, and
forty per cent more within thirty days thereafter,
making in all eighty per cent or forty dollars per
share. And it shall be the duty of the Board of Di
rectors VIXEN these two assessments shall have
been paid, to declare the stock comprised in this
said twelve thousand shares fully paid up, and to
cause the same 10 issue TO each subscriber, as he
may complete his payment thereon, as herein pro
vided.
The association may from time to time dispose of
the remaining eight thousand shares of capital
stock, or any part thereof, in such a manner and
upon such terms and conditions as the stockhod-
ers may decide upon at any regular meeting pro-
vided that it shall not be sold for any less amount
than the twelve thousand shares above referred to-
And with regard 10 the above last mentioned
twenty thousand ehares, it is hereby declared
to be the purpose OF this association that
preference shall be given far as NAV be
consistent with the best interests of the associa-
tiOH to cotton planters and factors and other per-
sons interested, agriculturally or commercially in
the use of non bale ties; and also, that in such
sales wide distribution as possible shall be
made of the stock Throughout the cotton growing
States. The association shall be authorized to
comm ence work as soon as two hundred shares Of
the capital stock shall have been subscribed. No
certificate of stock shall be issued until the same
shall nave been declared by the Board Of Directors
to be fully paid up, and no transfer of less than
one share OF the capital stock shall be made on
the books Of the association.