New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-12
CORPORATIONS.

CORPORATIONS.
practical strong and valid patents on bale ties
IN the opinion Of the incorporators be obtained
the association, providing that the stockholders
1.-THE buyers snd users Of the bsnds) shall 1t 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 principle they the said parties
of the State Of Louisiana relative to the organize
ton of corporations for works of public improve
covenanted and agreed. and do by these presents
covenant and agree and bind themselves and those
whom they represent. to form themselves into and
constitute corporation for the objects and under
the stipuiations and articles following. to wit:
ARTICLE l.
The name and STYLE of this corporation shall bA
the PLANTERS' COTTON TIE ASSOCIATION, and
its place of business and legal docile shall be the
city of New Orleans, ia the PARISH of Orleans and
the State Of Louisiana.
ARTICLE H.
The objects and purposes for which this corpo
ration is established de clared to be the manu-
acture purchase and sale OF iron cotton ties for
baiing cotton and other merchandise, as well as
the manufac ure and sale 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
served.
ARTICLE III
> The capital stock of this association is hereby
fixei 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 eXpedent 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 tho association of patents for bale ties,
and for such other purposes and expenses con
nected with the organization of the association
they may deem proper; provided that all deeds
and titles to patents purchased shall be taken
the name OF the association, and that all such
rights and interests shall vest 10 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
forty per cent more within thirty days thereafter,
making in all eighty per cent. forty dollars per
share. And II shall be the duty of the Board of Di-
rectOrs, Wien 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 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 a manner and
upon such terms and conditions the stockhod
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-
twenty thousand shares it is hereby declared
to bn the purpose OF this association that
preference shall be given so far as may be
ton, to cotton planters and factors and other per-
sons intere sted, agricuturally or commerciay,' n
the use OF iron bale ties and Also that in such
sales as wide d distribution 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
ball hov, hansx laal.
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 success
by its corporate name for the period of twenty
five years; shall contract, sue and be sued shall
have power and authority to make and use a
porate seal, having for its de vice scroll contain
ing fac smile of a cotton bale. and for 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 laws, rules and
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 consisting of five stock
holders three of whom shall form quorum for
the transaction OF business who shall ne elected
annual on the first Monday in March in each
year, beginning with the first Monday in March,
1875, by the stoc kholders such place in the city
OF New Orleans as may be selected and after ten
DAYS advertise ment in at least tw" newspapers pub
lshed in the city of New Orleans. Said directors to
hold office for year until their successors
elected. Any stakeholder shall be eligible a
director provided that at least ten shares of the
elections of directors shall be by ballot and held
under the supernteudence of committee of
three stockholders to DO appointed for the pur-
Every bona fide owner of stock shall be entitled
to one vote for every share owned by him, her or
them, provided that shall be entitled to
vote any share shares of stock that have not
stood in his, her their the b, oks of the
association foT at least sixty days prior to ANY
such election. PrSXies may vote when authority
ARTICLE VI
At the anntlai meeting of the stockholders to
elect directors, PROVIDED for in article fl We, it
shall be the duty of the stockholders to fix the
price 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 from
among themselves. whose duty it shall be to care
fully investigate the probable cost of materia and
the probable expenses of manufacture and sale,
and ii 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-Five per cent adj
ditiOnal And Immediately after the COMM ttee
shall have fixed the price provided, it shall be
the duty of the secretary of the association to
publish in one or more newspapers published in
New Orleans the price fixed 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
cation for such time they NAV choose. They
shall fix the salaries of all officers and the
amount of all security required for each. The
board shall have power to I'LL vacancies, caused by
DEATH resignation absence or insolvency of any of
cI,ntl
quest of any of its members who may desire to alb
sent himself provided the power to represent be in
The absence of director without leave from three
consecutive regular meetings of the board may
be considered as Il resignation of said dire ctor
and his place shall be filled by the board The
following named pers ons shall constitute the first
Board OF Directors, as provided in article five,
and they shall hold their Office until the first Mon
dav in March, 1875 until their succe sh all
have been elected and qualified in accord ance
with this charter, viz: Samuel P. Parmly. Henry
Shaw. John Hughes, Hiram j. Grover and w. Har
rIngtOn.
Payments Of the calls assessments upon stock,
as provided for in article three, shall be made
in ten days from the first publication presenta-
ton of the notice of such Call or assessment, and
stockholders who delinquent in their pay
ments beyond the time thus specified shall be sub
Ject TO pay eight per cent per annum interest on
the assessment and II they allew one assessment
to remain unpaid for thirty days the Board of Di-
rectors may declare the stock with all previous
pay ments and accrued dividends thereon, for
teited to the association.
ARTICLE TX
No stocs holder shall ever be liable for the cor.
tracts 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 inlOrmality in organization have the ef-
feet OF rendering this charter null, of exposing
a stakeholder to any liability beyond the amount
OF his stock.
ARTICLE X.
Three -fourths of the stockholders in capital at a
general neeting to De convened for that purpose
after thirty days notice in the newspapers shall
have the power TO make any mod fcatious addi-
tons or changes in this act of Incorporation to
al at