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

States. The association shall be authorized to
commence work 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 on
the books Of the association.
ARTICLE ~
Said corporation shall have and enjoy succession
by It's corporate name for the period of twenty
Fl We years shall contract, sue and be sued; shall
have power and authority to make and USE cor
pUrate seal having for its de vice scroll contain
ing fac smile of cotton bale and for AN sub
scripton the name of the association. 1t shall
hold mortgage, purchase, sell and otherwise con
under its corporate name property both real
and personal, movable and immovaole; shah name
and appoint such managers, directors and officers
as its interests and convenience may require. 1t
shall make and establish such bylaws rules AMI
regulations for tie proper management of its bust
ness and affairs as may be necessary and proper,
and shall possess generally all such powers and
privileges as are given by law to corporations.
ARTICLE "
The powers OF the assoc iation shall be vested
in a BOARD Of Directors consistine of five stock
holders, three of whom shall form a quorum fer
the transaction OF business. who shall De elected
annual on the first Monday in March in each
wear beginning with the first Monday in March,
1875 by the stockholders at such place in the city
OF New Orleans may be selected and after ten
DAYS advertise Rlent in at least two pub
lshed in the city of New Orleans. Said directors
hold Office for one wear or until their successors
elected ANY stakeholder shall be eligible
director, provided that at least ten shares of the
stock of the association owned by him. All
elections of directors shall be by ballot and held
under the superintendent of 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 any share or shares of stock that have pot
stood in his, her or their name on the books of the
association for at least sixty days prior to ally
such election, Proxies vote when authority
is in writing.
A. tie annual meeting of the stockholders 70
elect directors as provided for in article i've, it
shall be the duty of the stockholders to fix the
price at which the bands aud ties shall b3 sold for
the next ensuing season by committee of five
members, to be elected at said meeting from
among themselves whose duty it shall be to care
fully investigate the probable cost of material and
the probable expenses of manufacture and sale,
and fix the selling price for the coming season,
provided such selling price shall in no case be
fixed at less than an amount equal to the cost
price, as estimated, with twenty -nve per cent adj
ditior&l. And imme Lately after the committee
shall have fixed the price as provided it shall be
the duty of the secretary of the association 10
publish in one or more newspapers published in
New Orleans the price ii xed for the ensuing season
ARTICLE VII.
The Board of Directors shall elect annually at
their first regular meeting, president aud such
other officers, clerks agents shall be necessary
TO carry on the operation and objects of said
citation for such time they NAV choose. They
shall fix the salaries of all officers, and he
amount OF all security required for each. The
board shall have power to fill vacancies, caused by
death, resignation, absence OF insolvency of any of
its members, and shall accept substitutes at the
quest of any OF its members who may desire to alb
sent himself provided the power to represent be in
writing and delegated 10 qualified stakeholder.
The absence OF adlrector without leave from three
consecutive regular meetings of the board may
De considered as resignation of said director
and his place shall be filled by the board. The
shall stir fha first
Board of Directors, as provided in article five,
and they shall mold their office until the first Mon.
day in March, 1879. or until their successors shall
have been elected and qualified in accordance
with this charter viz: Samuel P. Parmly. Henry
Shaw, John Hughes, Hiram J. Grover and ". Har-
rlngton.
Payments OF the calls or assessments upon stock,
as provided for in article three shall be made
in ten days from the first publication presenta
lion of the notice of such call or assessment, and
stockholders who are delinquent in their pay
ments beyond the time thus specified shall be sub
lect TO pay eight per cent per aunum interest on
the assessment, and if they allow one assessment
to remain unpaid for thirty days. the Board of Di-
rectors may declare the stock, with all previous
payments and accrued dividends thereon for
feited to the association.
ARTICLE TX.
No stock holder shall ever be liable for the cop-
tracts or faults Of the association corporation in
any further sum than the unpaid balance due to the
ASSOCIATION on the shares owned by him nor shall
any mere lnfornal1ty in organization have the eff
feet OF rendering this charter null or OF exposing
stockholder to any liability beyond the amount
OF his stock.
ARTICLE =
Threefourths of the stockholders in capital, at
general meeting 10 be convened for that purpose,
after thirty days notice in the newspapers, shall
have the power TO make any notifications, addi-
tons or changes in this act OF incorporation, TO
increase lis capItal stock TO dissolve the corpO
ration.
ARTICLE XI
AT the expiration of the term of this act of in
corporation, Or at its earlier termination as pro-
vlded IN artc ten, the affairs OF the association
shall be liquila,ed, its debts ID other liabilities
paid, and the balance of its funds if any, shall be
divided pro rata among the stockholders, under
the charge and superintendence of three commits
sioners to be appointed by the Board of Directors
who shall Continue to act until the business of the
association shall be entirely closed and quidated;