The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-09-24
CHARTER.
STATE OF LOUISIANA,
PARISH AND CITY OF NEW ORLEANS

ID day OF September il the year Of our LORD
Thousand eight hu Idred and severtv-four,
and OF the lldepcnd. ice Of the United States o.
im.rIca the ninety nlnth, before me, Andrew
Hero, Jr., Notary Public IN and for the parisi
and city Of New Orl. ans, State of Louislans
duly commissioned and quallti. d. and in Tho
preScuce Of the witnesses hereinafter nance
At undersigned, personally came and appea,ed
he several persons whose name. are hereto sub
-cribed being the Board Of Directors Of the
PLANTERS COTTON L L ASSOCIATION, a
ulv oiganized corporate body Of this State
/. miced i'll this city, created by an yet passed
| before the Undersign,d notary ON the twenty
fourth day Of February last passed and herein
acting in their SAID capacities and for and
behalf OF said ASSOCIATION by virtue Of a resolu-
tIon adopted at general meeting OF the och
holders thereof. convened at its office III this city
| on the day and date hereof which said appearers
declared in their sad capacities, that alter due
and legal notices aud publications III the news
papers, a general meeting o the stockh ode ) OF
said Planters Co ton lie Association was con
V. ned and held at the office of said assoca ton
III this city Oh the day and d to her of, Tor the
purpose of making raln notifications, addi
! llons alterations and changes i'll aud to the
orig nal act moor ,oreton Of SAID as .ociatiou
| passed before the undersigned notary on the
| tw nty-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-e, gifts Of he
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 rcaa and be as fol-
lows, viz:
| ARTICLE FIRST.
| The name and style of this corporation shall
| be the Planters Cotton Tie Association md its
place Of business and legal domlcle shall be the
city OF New Orleans, III the parish OF Orleans and
the State Of Louisiana.
ARTICLE SECOND.
| The objects and purposes fol which this corpo-
ration is established ar declared to be the manu-
| tacturc or purchase and sale of iron cotton tics
| Tor bail 6 cott,n and other merchandise, well
as the manufacture and sale OF such other az
| ticles it may Dc EN- proper The President OF
Sc rotary Of the Association shall be the proper
| officer upon whom citations and other legal pro-
cess may be served.
ARTICLE THIRD.
The apital stock If tn : ASSOCIATION is hereby
fixed at eight hundred thousand jliars divided
into sixteen thousand shares If fifty dollars each,
forty per centlm OF which shall be paid III cash
at time of subscription and forty per centun
within thir days TIN reafter, making eighty per
centum III all, forty dollars per share. And 1t
shall be the duty of the Board of Directors, in
case these TWO assessments shalt have been
promptly paid, to declare the ock thus sub +!
scllued and pare for fully pad up, and cause the
same to issue to each subscriber he may, III
accordance With the terms OF this Article. |
promptly complete hls payments thereon.
All outstanding certificates = stock issued |
under the original Act OF incorporation, sha be |
III hen theret I. each stuckiiodr shall have and I
r, G, I've ce' tllicate for the same number uf |
shares that he las heretofore subscribed and
I id tor. All other stock provided for Ill sala /
orlgluai Act IF lncprp ration al this assOcla- |
tioD, IL htreby declared to be null and void.
No certificate of stock shall be issued until the |
same shal have been de 'arcd by the Board OF |
Dire ctors to be fully pad up, ard no transfer OF
ss 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 its corporate name for the period OF
twenty-five year from the date OF the original
Char,er, VIZ Feb uary oath, 1874. shall contract,
sre and be sued; shall have power and authority
to make and use corporate seal, having tor lis
device SCI oil containing the fac smile of Cot
ton Bale, and for all inscription the name of the
Association. 1t shall hold, mortgage, purchase,
sell, and otherwise convey under its corporate
name, property both real and personal, movable
and immOveabie: shall name and appOlnC such
managers. directors and officers as its interests
and COW -nlencc may require. 1t shall make and
establish such bylaws, rules and regulations for
he proper management OF its busint ss and af-
fairs as ma! be necessary and proper, and shall
p ssess generally ali such powers and privileges
as are given by law to corporations.
ARTIt LIE fifth.
The pc RS of lhls sociatioii shall be vested
Board OF Directors consisting OF FIVE ST. OK
holders, three OF wiiuii shall form quorum for
the tlatsa ton OF business, who shall be elected
on the first Monday IN March in each
YEAR, by the stockholders, az such piac IN the
city OF New Orleans may be designated, ana
aits r ten days advertisement of the notice of
such Gle ton in at least two newspap /, pub
Il he, in the city Of New Orleans. SAID directors
to hold office tor one veal or Il til their success
surs are elected. Any stakeholder shall be ELI
Slble q d rector, pr cd that at least ten
eh.r, ) of ST. cA Of tie association are owned 10y
ANN. All elections 1T directors sha he by ballot,
aud held under the 81 per,islon OF comm tce
Il Nam, tt4yj
pm pore by The Board OF Directors and all those
PERSONS Receiving a piuralty IF votes shall be
considered duh els eted E.ery bona hdt owner
# st Ok eh Ill be entitled to one vote for every
SHARE Owned bV lini, her or item, provided thai
10 one shall he entitled to vote oi, any share or
slaits ~ OK that have not stood in +, her or
iher name on the books of the cation for st
east sixty DAYS prior to any such election
t'rpXies NAV vote nhen the authority is III wri u4
immediately upon the adoption OF tins amend, d
Charter the Boa,d Of Directors appointed 10y the
,iiGinal Cllartr shal! cease to exist, and tie
''o' khodcrs assembled shall at once proceed to
elect IA new Board OF Directors to serve until the
irst Monday IN March. 1875.
ARTICLE ,IXrH
The BOARD of Directors shall elect annually, I
and at tn II first regular meeting. president
and such other uitc, rs, clerks or agents, as shall
be necessary to carry On the operat and object
If Thu ASSOCIATION, for such time as they NAV
cho' Whey shall fix the salaries OF all off ers,
md the amount OF Sc curity required tlom ZACH. :
The board shall have power to fill vacancies
caused by death. resignation, absence or ID
solveucy Of its membcLs
ARTICLE SEVENTH.
Payments OF the calls or assessments upon the ,
stock, as provided tor Ill Article Three. shall be |
made in ten days from the first pubIcatl, n er
D esenlason Of the notice OF such call or ASSESS
nent, and stockholders who denqu MS IN /
heir payments, beyond the time thus specified t
shall be subject 10 pay eight per cent. per annum
interest on the ass ssment; and II they allow an
Ii sessm. nj to re ain unpaid for thirty da,s, the
Boa of Directors may declai the stock, with
III previous payments aud accrued dividends 7
hel con, fort. Ited to the ASSOCIATION. 5
ARTICLE EIGHTH j
No stakeholder shall ever ue liable for the :
contracts or faults Of the association or corpora
ion, III any tur Their -un than the unpaid balance
liie to the ASSOCIATION on the sha es owned by $
i'm, nor snail any mere informality in organiza-
ion have the effect of rendering this cnarter I
lull, or OF exposing stockhol Ter to any liability
icy ond the amount Of his stock.
ARTICLE NINTH.
Three-fourths Of the stockholders in capital
,t.1 az 4