New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-04-05
CORPORATIONS.
SOAoA S40A 4Oy0o
CHARTER. Cu.prrD
STATE OF LOUISIANA.
PARISH AND CITY OF NEW ORLEANS

soned ana qualhed, and in the presence of the vii
Eesses hereinafter named and UNDERSIGNED ne,
sonaliy came and appeared the parties who's
lanes are subscribed hereto, who declared tina
beheving that the only means of resisting III
encT0achments of the prese MT u,Opopoy in tine m
lacture and sale Of iron bale ties and Of freeing tb
cotton producer from its exactious is in q com
bned and cooperative effort ON the part of plani
ers, factors and All interested agricultu1afy O
OF joint stock cooperative ASSOCIATION: the Il :
Tibnt19n OF the stock lat such prices as viii place
more sfs power Of every planter to own one
section; the purchase and operating of the mos
pfs . strong and valid patents on bale ties
m the opinion OF the incOrpOrators be obtained
me incorporation OF an article in the charter o
fhe association providing that the stockhoder
annual meeting, themselves fix the price at wbicf
the association shall sell the bands and ties and
ana anti monopoly princDle they the said parties
avaI.ine themselves of the provisions Of the law.
ION of corporations for works of public improve
nents and other purposes in the said State, have
covenant and agree and bind themselves and those
"hom they REPRESENT to form themselves into and
constitute corporation for the objects and under
The stpulations and articles following to wit
ARTICLE l.
The name ard style of this CORPORATION shall he
The PLANTERS COTTON TIE ASSOCIATION and
.ts place of business and legal domice shall be the
city of New Orleans, ia the parish of Orleans and
he State OF Louisiana.
ARTICLE H.
ration Is established are declared to be the mai!u-
tacture purchase and sale OF iron cotton ties for
The manufacture and eale of such other articles as
tmay deem prop+r. The president or secretary of
The association shall be the proper officer upon
whom citations and other legal process ma, be-
served.
The capital stock of this association is hereby
fixed at two millions of dollars, divided in forty
thousand shares of fry dollars each. immediately
Upon the incorporation of the association, twenty
ssued to the fist three subscribers hereof, who
are hereby constituted committee of incOrpOra-
10 this charter, aud do such other things as they
may deem expedient to enable them to organize
the association; 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.
Lected with the organization of the association
and titles to patents purchased shall be taken IN
rights and interests shall vest in it alone. OF the
remaining twenty thousand shares Of the capital
stock twelve Thousand ehares shall be sold upon
the following terms Of payment, viz: Forty per
cent 10 be paid at the date of subscription, and
making in al eighty per cent. or forty dollars per
share And it shall be the duty of the Board of Di
rectors, when these two assessments shall have
been paid, to declare the stock comprised in this
said twelve thousand shares fully paid up, and to
cause the same 10 issue to each subscriber, 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 a manner and
spoh 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
shan the twelve thousand shares above referred to-
And with regard to the above last mentioned
twenty thousand shares, it is hereby declared
70 ,.t be the P purpose ct this association that
consistent with the best interests of the associa
ton to cotton planters and factors and other per-
sons intere sted agriculturally commercially in
she use of iron bale ties; and also that in such
sales as wide a distribution possible shall be
made OF the stock throughout the cotton growing
States The association shall be aut horned to |
commence work as soon as two hundred shares of
certificate of stock shall be issued until the same
shall have been declared by the Board of Directors
share Of the capital stock shall be made On |
cue books OF the association
ARTICLE w.
Said corporation shall have and enjoy succession
ny lis corporate name for the period OF twenty
i've years; shall contract, and be sued; shall
porate seal having for its device a scroll contain.
lng a fac smile of a cotton bale, and for an sub
scriptlon 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 laws rules and |
regulations for the proper management of it's busi
Less aud affairs as may be necessary and proper, |
and shall possess generally all such powers and |
privileges as are given by law to corporations,
AnAANAh |
The powers of the assoc iation shall be vested
~ Board of Directors, consisting of five stock
holders three Of whom shall form a quorum for
the transaction OF business whe shall be elected
annual Y 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
ct New Orleans as may be selected. and after ten |
days advertisement in at least two wspapers pub.
.shed il the city of New Orleans Said directors to
elected. ANY stakeholder shall be eligible as |
director, provided that at least shares of the
elections of directors shall be by ballot and held |
under the supernteudence Of committee of
pose by the Board of Directors
Every bona tide owner of stock shall be entitled /
t6em provided thai no one shall Se entitled to-
vote on any share or shares of stock that have not
association for at least sixty days prior to aRy {
ouch election. Proxies may vote when Authority
. = "'i'ihs' ARTICLE W.
81 the annual meeting of the stockholders 20
eject directors provided for in article five it
shall be the duty of the stockolders to fix the | ,
~ &c at which the bands and ties shall be sold for
The next ensuing season by committee OF five !
members TO be elected at said meeting rom | :
July investigate the probable cost of material and
she probable expenses of manufacture and sale, | :
and ~ the selling price for the coming season
fixed at less than an amount equal to the
price as estimated with TWENTY-FIVE psr cent ad-
q uonaL Aud immediately after the commi ttee |
shall have fixed the price as provided it shall be
the duty OF the secretary of the association to |
publish III one or more newspapers publ shed in =
New Orleans the price fixed for the ensuing season
ARTICLE VII. {
The Board of Directors shall elect annually at | a
eheir first regular meeting, president and such u
other officers clerks or agents shall be necessary a
10 carry the operation and objects of said asso Ii
cation for such time as they NAV choose They Z
shall fix the salaries Of all officers, and the Il
anount of all security required for each The ci
board shall have power to ill vacancies caused by
eeath, resignation, absence insolvency of any Of
ss members, and shall accept substitutes at the
quest OF any of its members who may desire to alb "
'snt himself provided the power to represent be in
writing and delegated q qualified stockholder II
shs absence OF adrectOr without leave from three
consecutive regular meetings of the board may | st
pf considered as resignation of said director I
and his place shall be filed by the board. The l e,
following named persons shall constitute the first eli
md they shall hold their office until the first Mon OF
Jay IN March, 1875 or until their successors shall HI
eave been elected and qualified in accord ance Al
with this chatter, viz: samuel r. Parmly Henry in
Shaw, JOHN Hughes, Hiram J. Grover xaS ~ Hsr- ar
'ggtSts Iil
Payments of she calls or assessments roe stock M
10 provided for in article three. shall be made ~
= ten DAYS from the first publication or presenta- Gu
ION of the notice of such call assessment and u
zoe kholders who delinquent in their paw. | nc
nents beyond the time thus specified shall be sub-
eci 70 pay eight per cent per annum interest on pt
Re assessment and If they alew assessment I no
remain unpaid fer thirty days, the Board u Di. lei
eetors may declare the stock with sli previou. fe,
ments and accrued dlvpdends slsrssp. Sor. !
r.G IN lp