New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-11
CORPORATIONS.
CHARTER........... ..CdAhTEH
STATE OF LOUISIANA
PARISH AND CITY OF NEW ORLEANS.


encroachments of the pre- mt monopoly in the
facture and sale of iron bale ties and Of freeing the
cotton producer from its eXactiOns, 10 III com
bined and cooperative effort the part of plant
| ere, factors and all interested agrculturany OF
comm ercaly in the cotton crop, by the formation
of joint stock cooperative association; the dls
trbution of the stock TAT such prices as will place
| it in the power of every planter to own one or
| more shares) the whole cotton producing
| section; the purchase and operating of the most
practical strong and valid patents bale ties, rs
in the opinion of the ncorporatOrs can be obtained;
the incorporation OF an article in the charter OF
the association, providing that the stockholders
(the buyers and users of the bands shall, at an
annual meeting, themselves fix the price at which
the association shall sell the bands and ties and
the general management upon the cooper alive
and anti monopoly principles they the said parties,
availing themselves OF the provisions of the laws
of the State Louisiana relative to the organza-
ton of corporations for works of public improve
ments and other purposes in the said State have
enanted and agreed. and do by these presents,
covenant and agree and bind themselves aud those
whom they represent. to form themselves into and
constitute a corporation for the objects and under
the stlpulatlOns and articles following, to Wit:
ARTICLE 1.
The name and style of this corporation shall bs
the PLANTERS COTTON TIE ASSOCIATION, and
its place Of business and legal domice 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 are de Jared to be the manu-.
facture purchase and sale iron cotton ties
baling cotton and other merchandise, well as
the manufacture and .ale of such other articles
it may deem proper. The president or secretary Of
the association shall be the proper officer upon
whom citations and other legal process may be
serveds
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 a committee of incorpOra-
ton, and are authorized to receive subscriptions
to this charter, and do such other things as they
may deem expedient to enable them to organize
the assOcia, ION 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-
they may deem proper; provided that all deeds
and titles to patents purchased shall be taken IN
the name OF the association, and that all such
rights and interests shall vest in 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 forty dollars per
share And it shall be the duty of the Board of Di-
rectOrs, Wien these two assessments shall have
beer paid, to declare the stock comprised in this
said twelve Thousand shares fully paid up and to
cause the same TO- 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 manner and
HpOn such terms and conditions as the stOckhold-
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 to the above last mentioned
twenty thousand shares, it is hereby declared
to be the purpose OF this association that
consistent with the best interests of the associa
ton, to cotton planters and factors and other per-
s s6as n e h or in
sales as wide a distribution as possible shall be-
made OF the stock throughout the cotton growing
States. The association shall be authorized to
commence 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 have 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
she books OF the association.
ARTICLE ".
Said corporation shall have and enjoy succession
by its corporate name for the period of twenty.
five years; shall contract, sue and be sued; shall
have power and authority to make ard
porate seal having for its de vice scroll contain
ing a fac simile of cotton bale and for an sub
scription the name of the association. 1t shall
hold mortgage purchase, sell and otherwise con-
vey under ITS corporate name property both real
and personal, movable and immovable; shall name
and appoint such managers, directors and officers
as its interests and convenience may require. 1t
shall make and establish such by la VS. rules and
regulations for the proper management of its bust
ness and affairs as may be necessary and proper,
and shall possess generally all such powers and
d
ARTICLE '.
The powers Of the assoc iaton shall be vested
in a Board of DIRECTORS consisting of five stock
holders, three of whom shall form a quorum fer
the transaction OF business. who shall be elected
annual y the first Monday in March in each
year beginning with the first Monday in March,
1875, by tae stockholders at such place in the city
OF No, Orleans AS may be selected. and after ten
DAYS advertisement in at least two newspapers pub
lished in the city of New Orleans Said directors to
hold office for year until their are
elected. Any stakeholder shall be eligible as a
director provided that at least ten shares of the
stock of the association are owned by him. All
elections of directors shall be by ballot and held
under the superinteudence of a committee OF
three stockholders, to be appointed for the pur-
pose by the Board of Directors.
Every bona fde owner of stock shall be entitled
them, provided that shall be entitled to
vote on any share OF shares of stock that have not
stood in his, her or their name the b. oks of the
association for at least sixty days prior to any
such election. Proxies may vote when authority
- III ~YitinS.
At che ANIMAL meeting Of the stoc khoders to
plect directors as provided for in article five it
shall be the duty of the STOCK olders to fix the
price at which the bands and ties shall be sold for
he next ensuing season by committee of tive
members, 30 be elected at said meeting rom
among themselves, whose duty it shall be to care
nlly investigate the probable cost of materia and
The probable expenses of manufacture and sale, |
md nix the selling price for the coming season, |
provided such selling price shall III no case be
liked at less than an amount equal to the cost |
price, as estimated, with twenty tive per cent adj
iltiOnai And Immediately after the cOmmi ttee |
shall have fixed the price provided, it shall be |
5he duty of the secretary of the association TO |
publish III ole or more newspapers pu hlished in |
New Orleans the price fixed for the ensuing season
ARTICLE VII. |
The Board of Directors shall elect annually at |
heir first regular meeting, a president and such |
,ther officers clerks agents shall be necessary
o carry on the operation and objects of said assO.
'atl0n LOT such time they IN phooSP They |
hall fix the salaries of all officers and the |
imotnt OF ali security required for each. The |
,oard shall have power to I'LL vacancies, caused by
leath resignation, absence insolvency of any of
rs members and shall acce pit substitutes at the re- |
quest of any of its members who may desire to alb
ent himself provided the power to represent be i'll
The absence of director without leave from three
regular meetings of the board may
'e considered as a resignation of said director
md his place shall be filled by the board. The
0lowing nam ed persons shall constitute the first
'Oard of Dire ctors. provided in article five
md they shall hold their office until the first Mon
lay III March, 1879, until their succe ssors shall
rave been ele cted and qualified in accordance
With this charter, viz: Samuel p Parmly Henry
haw, John dushes, Hiram J. Grover and W. Har-
1HSto&.
ARTICLE VIII.
Payments OF the calls or assessments upon stock
s provided for i'll article three shall be made
n ten DAYS from the first publication presenta-
ION OF the notice OF such call o assessment and
tockhoders who are delinquent in their pay
nents beyond the time thus specified shall be sub
tct 10 pay elSht per cent per annum interest On
he assessment and if they alew one assessment
o remain unpaid for thirty days the Board of Di-
ectors may declare the stock, with all previous
~ ments and accrued dividends thereon, Tor
cited 70 the association
ARTICLE *
No stakeholder shall ever be liable for the con. |
racts or faults of the association or corporation in
ny further sum han the unpaid bal ance due to the
ssoclatiOB on the shares owned by him nor shall |