The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-01
CHARTER.

!
STATE OF LOUISIANA,
PARISH AND CITY OF NEW ORLEANS.
DE IT KNOWN, THAT ON THIS FIFTH
! ID day of September, III the year OF our Lord
! one Thousand eight hundred aud seventy-fOur,
! and OF the lndepende nee OF the United States OF
! an, rica the lnety-n.nth, before me, Andrew
/ Hero j.. a Notary Public III and for the parish
| and city Of New Orleans, State OF Louisana,
duly commissioned and qualified, and in the
presence Of the witnesses hereinafter named
and undersigned, persona ly came and appeared
| the several persons whose names are hereto sub
scribed, being the Board of Directors Of the
PLANTERS COTTON TIE ASSOCIATION,
duly organized corporate body OF this State.
dcmiciled i'll this city, created by an act passed
before the undersigned notary on the twenty
fourth day Of February last passed, and herein
acting in their SAID capacities and for and on
! behalf Of said ASSOCIATION by virtue Of resoiu-
| ton adopted at a general meeting OF the stock
holders thereof convened at its office i'll this city
| or the day and date hereof which said appearers
declared i'll their said capacities, that after due
and legal notices and publications III the news
! papers, general meeting OF the stockholde OF
| said Planters Coton Tie Association was con-
V. ned and held at the Office Of said association
in this city ON the day and date hereof, for the
purpose of making certain notifications, addi-
! ions, alterations and changes IN and to the
original act OF incor poretion OF said ASSOCIATION
passed before the undersigned notary on the
| twentv-fourth day OF February last passed, and
that at said general meeting. stockholders OF
said association, or their duly authorized attOr-
news representing more than seven-elShts OF the
capital stock Of raid 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 snail
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-
facturc or purchase and sale OF iron cotton ties
| for baling cotton and other merchandise. as well
| as 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 be 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 thereafter, making eighty per
centum in all, or forty dollars per share. And it
shall be the duty of the Board OF Directors, In
case these two assessments shall have been
promptly paid, to declare the sock 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 complete his payments thereon.
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 a new cen tiiicate for the same number Of
shares that he has heretofore subscribed and
p4 id for. Al other stock provided for ID said
/ original Act of Incorporation Of this sssocia-
J b..raI ,y-1 ,lpa rtft tn he
| 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 FOURTH.
| This Corporation shall have and enjoy success.
sion BIZ its corporate name for the period Of
twenty-i years from the date OF the original
Charter, viz: February Oath, 1871: shall contract
| sue and be sued; shall have power and authority
| to make and use corporate seal, having for its
device scroll containing the fac simile OF a Cot
ton Bale, and for an 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 immoyeabe; shall name and appoint such
managers, directors and officers as Its interests
and convenience may require 1t shall make ana
establish such bylaws, rules and regulations for
| the proper management Of its busine So and at
| fairs as may be necessary and proper, and shall
possess generally all such powers and privileges
| as are given by law to corporations.
ARTICLE FIFTH.
| The powers Of this association shall be vested
N Board OF Directors, consisting OF five stock
holders, three Of Whoa; shall form quorum for
the trausa ction Of business, who shall be elected
| annually on the first Monday in March, in each
wear, by the stockholders, at such place IN the
city of New Orleans may be designated, ana
| after ten days advertisement OF the notice OF
| such election in at least two newspapers pub
h-hed in the city Of New Orleans. Said directors
to hold Office Tor year, or until their Success
sors are elected. Any stakeholder shall be ELI
| gible as director, provided that at least ten
shares of stock OF the association are owned by
him. All elections of directors sha be by ballot,
and held under the supervision OF committee
! Of three stockholders to be appointed for the
purpose by the Board of Directors, and all those
persons receiving plurality OF votes shall be
considered duly elected. Every bona tide owner
of STICK shall be entitled to one vote for every
share owned by him. her or them, provided that
no one shall be entitled to vote on any share or
shares o; stock that have not stood IL his, her or
their name on the books of the association for at
least sixty DAYS prior, to any such election.
| Immediately upon the adoption of this amended
Charter the Board Of Directors appointed by the
! original Charter shall cease to exist, and the
stockholders assembled shall at once proceed to
elect new Board of Directors to serve until the
first Monday in March. 1873.
ARTICLE SIXTH.
The Board OF Directors shall elect annually,
and at their first regular meeting. president
and such other officers, clerks or agents, as shall
be necessary to carry on the operation and object
of this association, for such time they may
choose They shall fix the salaries OF ali officers
and the amount Of security required from each.
The board shall have power to till vacancies
caused by death, resignation, absence or i1
solvency of it's members.
ARTICLE SEVENTH.
Payments Of the calls assessments upon IL Z
stock, as provided for in Article Three. shall
made in ten days from the first publication
presentation OF the notice OF such call or asse
ment, and stockholders who are delinquents
their payments, beyond the time thus specif hpi
shall be subject to pay eight per cent. per ann
interest on the assessment; and il they allow1
assessment to rerain unpaid for thirty days, Is
no"Iu ~ n", ny aao,, .nJ ben
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