The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-15
CHARTER.
STATE OF LOUISIANA,
PARISH AND CITY OF NEW ORLEANS.

PARISH AND CII1 VI NEW WILLIAMS
de TT KNOWN, THAT ON THIS FIT
ID day Of September, in the year OF our Lor
one thousand eight hundred and seventy .foul
and OF the Independence OF the United states
America the ninety ninth, before me. Andre,
Hero, IT., q Notary Public In and for the paris
and city of New Orleans, State OF Louisians
duly commissioned and qualified. and in tn
presence of the witnesses hereinafter name
and undersigned, personally came ana appeares
scribed. being the Board Of Directors OF tn
PLANTERS COTTON TIE ASSOCIATION,
duly organized corporate body OF this State
domicied in this city, created by an act passe'
fourth day OF February last passed, and herell
acting in their said capacities and for and OF
behalf of said association by virtue of resolu
ton adopted at general meeting OF the stock
holders thereof, convened At its Office in this cit
on the day and date hereof. which said appearer,
declared in their said capacities, that after due
and legal notices and publications III the news
papers, general meeting OF the stockholders
said Planters Cotton Tie Association was con
vened and held at the Office Of said association
in this city on the day and date hereof Tor tht
purpose of making certain notifications, add
tions, alterations and changes In and to the
original act OF incorporation OF said association
passed before the undersigned notary on the
twenty-fourth day OF February last passed, and
that ut said general meeting, stockholders OF
said association. or their duly authorized attor'
neys, representing more than seven-eight5 OF the
capital stock Of said association, UNANIMOUSLY
assented and agreed that the aforesaid original
act of incorporation should be altered and
amended so as to hereafter read and be as fol.
lows, viz:
The name and style of this corporation shall
be the Planters Cotton Tie Association, and its
place of business and legal dOmicile 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-
ration is established are delared to be the manu-
facture or purchase and sale Of iron cotton ties
for baling cotton and other merchandise, as well
~ the manufacture and sale of such other ar
ticles as it may deem proper. The President or
Secretary of the Association shall be the proper
officer upon whom citations and other legal pro-
cess may he served.
ARTICLE THIRD.
The capital stock of this Association is hereby
fixed at eight hundred thousand dollars, divided
into sixteen thousand shares of 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 in ali, or forty dollars per share. And it
shall be the duty Of the Board OF Directors, in
promptly paid, to declare the stock thus sub
scribed 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 COmpletc DB payIueuJo tucTcOus
All outstanding certificates for stock issued
under the original Act of Incorporation, shall be
turned in and delivered to the association, and,
in lieu thereof, each stakeholder shall have and
receive 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, is 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
To hn f,,1lv mn NJ mr. afa If
less than one share Of the capital stock shall be
made on the books Of the association.
ARTICLE FOURTH.
This Corporation shall have and enjoy success.
sion by it's corporate name for the period.of
twenty-five years from the date of the original
Charter, viz: February Oath, 1874: shall contract,
sue ard be sued shall have power and authority
to MT T. and use corporate seal, having for its
devaxid scroll containing the fac simile Of Cot
ton ! =, and for an inscription the name Of the
sell, and otherwise convey under its corporate
name, property both real and personal, movable
and immoveable shall name and appoint such
mansders, directors and officers as its interests
establish such bylaws, rules and regulations for
the proper management of its business and af-
fairs as may be necessary and proper, and shall
possess generally all such powers and privileges
rs are given by Law to corporations.
ARTICLE FIFTH.
in Board OF Directors consisting OF five stock
holders, three of WHOM shall form quorum for
the transaction of business, who shall be elected
annually on the frs: Monday in March, in each
year, by the stockholders, at such place in the
city Of New Orleans as may be designated, and
after ton days advertisement Of the notice of
such election in at least two newspapers pub
lished in the city of New Orleans. Said directors
to hold office for one year, or until their success
sors are elected. Any stakeholder shall be ELI
gible as a director, provided that at least ten
shares of stock Of tile association are owned by
him. AL elections Of directors shall be by ballot
and hold under the supervision of a committee
Of three stockholders to be appointed for the
persona receiving a plurality Of votes shall be
considered duly elected. Every bona fide owner
Of stock shall be entitled to one vote for every
share owned by him, her or them, provided that
no ono shall be entitled to vote on any share or
shares OF stock that have not stood in his her or
their namo on the books of the association for at
least sixty days prior to any such election.
Proxies may vote when the authority is in writing.
Immediately upon the adoption of this amended
Charter the Board Of Directors appointed by the
original Charter shall cease to exist, and the
assembled shall at once proceed to
elect new Board of Directors to serve until the
FIRST Monday in March. 1875.
ARTICLE SIXTH.
The Board Of Directors shall elect annually, |
and at their first regular meeting, a president |
and such other officers clerks or agents, shall
be necessary to carry on the operation and object
Of THE association, for such time as they may
choose They shall fix the salaries Of all officers
and the amount Of security required from each. |
The board shall have power to fill vacancies
caused by death, resignation, absence or in
sOlyency Of its members.
ARTICLE SEVENTH.
Payments Of the calls or assessments upon the
stock, IS provided for in Article Three, shall be
made in ten days from the first publication or
presentation Of the notice of such call or assess.
ment, and stockholders who are delnquents IN
heir payments beyond the time thus specified,
shall be subject to pay eight per cent. per annum
interest on the assessment; and if they allow an
to remain unpaid for thirty days, the
Board of Directors may declare the stock, with
Ill previous payments and accrued dividends
thereon. forfeited to the association.
ARTICLE EIGHTH.
No stockholder shall ever be liable for the
contracts or faults OF the association corpora
ion, in any further cum than the unpaid balance
1ue to the association ON the shares owned by
him, nor shall any mere informality in organiza-
aon have the effect Of rendering this charter
49, Il ~: