The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-08
CHARTER.


,ehalf of said ASSOCIATION by virtue Of resolu-
on adopted ut general meeting OF the stock
holders thereof convened at its office IN TINS CITY
on the day and date hereof which said appearers
declared in the ir said capacities, that alter due
and legal notices and publications in the news.
papers, q general meeting OF the stockholde OF
said Planters Cotton Tie Association was con-
ned an, held at the Office OF said association
4 this cit, on the day and d4te hereof, for the
purpose q making certain notifications, add
onS. alt. atoms and changes IN and TO the
riginal OF incor pOretion OF sald as 'oclation
assed befol the undersigned notary on the
uenty -fonrti day Of February last passed, ana
nat at sac general meeting. stockholders OF
aid ass. citation, or their duly authorized attor-
eys, re- reset, ting more than seven-e'ghts OF the
apital took OF said association, unanimously
sent and agreed that the aforesaid original
act Of incorporation should be altered and
amended so as to hereafter reaa and be as fol-
ARTICLE FIRST.
The name and style of this corporation shaM
be the Planters Cotton Tie Association, and its
place of business and legal domlcile shall be the
city of New Orleans, in the parish OF Orleans ano
the state of Louisiana.
ARTICLE SECOND.
The objects aud purposes fol- which this corpo-
ration ia established are declared to be the manu-
tacture or purchase and sale Of iron cotton ties
for baiing cotton and other merchandise, as well
as the manufacture and sale OF such other ar
ticles as it may deem proper. The President or
Se retary Of the Association shall be the proper
officer upon whom citations and other iegal pro-
cess may be served
ARTICLE THIRD.
The ~apital stock of this Assoclation is hereby
into sixteen thousand shares If fifty dollars each,
forty per centum of which shall be PAID IN CASH
at time OF subscription. and forty per centuM
within thir days til. reafter, making eighty per
shall be the duty Of the Board Of Directors, IL
case these two assessments shall nave peeA
promptly paid, to declare the sock thus SUP
scribed and paid for fully paid up, and cause the
same to issue to each subscriber as he may, IL
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 ana
receive new certificate for the same number o!
shares that he has heretofore subscribed and
p, id for. All other stock provided for IN SAID
ton, il hereby declared to be null and void.
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
IL ss than one share Of the capital stock shau De
made on the books Of the association.
ARTICLE FOURTH.
This Corporation shall have and enjoy success.
SION by it's corporate name for the period OF
| twenty live years from the date OF the original
Charter VIZ: February oath, 1874: shall contract,
sue and be sued; shall have power and authority
| to make and use . corporate seal, having Ior lie
device q scroll containing the fac simie OF q Cot
| ton Bale and for an inscription the name OF the
| Association. 1t shall hold mortgage, purchase,
| sell, and otherwise convey under It's corporate
name, property both real and personal mOveaDie
| and immOveable; shall name and appoint such
managers. directors and officers as Its interests
| and cow cnience may require. 1t shail make and
establish such by laws, rules and regulations Tor
| the proper management OF Its busln' 81 ana III,
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 ,hls q. ISOLATION shall be vested
| n a Board OF Directors, consisting or five stock
holders three of WHOM shall form q quorum for
the tralsa ton of business, VIII" shall be- elected
| annually on the first Monday in March, Ill each
year, by the stockholders, az such piac. IN the
city of New Orleans as may be designated, an:
after ten days advertisement OF the notice OF
such election in at least two newspap. r. pub
liz he'd in the city of New Orleans. SAID directors
to hold office tor one year, or u til their success
sOrs are elected. Any stockholder shall DO ELL
gible q director, pr'vhed That at least Ten
shares of stock Of the association are owned by
him. ALI elections III directors sha be by ballot
and held under the supervision OF a committee
Of three stockholders to be appointed for the
purpose by the Board OF Directors, and all thost
persons receiving . plurality Of votes shall Dt
considered duly elected. Every bona fide owner
OF at ok shall be entitled to one vote for ever.
share owned by him, her or them, provided tina
n no one shall be entitled to vote OH any share o.
shares o. stock that have not stood IN his, her o.
their name on the books Of the association for d
least sixty days prior to any such election
Proxies NAV vote when the authority is III wiring
Immediately upon the adoption OF tins amended
Charter the Board Of Directors appointed ny IT,
original Chartr shall cease to exist, AND IN.
stockholders assembled shall at once proceed T.
elect new Board OF Directors to serve until tn
first Monday in March. 1875
ARTICLE -IXrH.
The Board OF Directors shall elect annually
and at tn ir first regular meeting presiden
and such other officers, clerks Or agents, ~ sha
be necessary to carry IN the Operatl n and ODJeC
of this association, for such time AZ they ma
choose. They shall fix the salaries OF all officer,
and the amount OF Il. curity required from caci
The board sha II have power to fill vacancie
caused by death, resignation, ab+ence " II
solvency of its members.
ARTICLE SEVENTH.
Payments OF tie calls or assessments upon u
stock a. provided tor in Article Three, shall
made in ten days from the first puDllcati' ne
presentation OF the notice Of such call or asSes'
ment and stockholders who are denqut nts
heir payments, beyond the time thus specified
shall be subject to pay eight per cent. per annui
interest on the asst ssmeDt; and II they allow
~ sessment to re ain unpaid for thirty DAYS, tn
Board Of Directors may declare the stock, VII
all previous pay ments and accrued DIVIDEND
thereon, forfeited to the ASSOCIATION
ARTICLE EIGHTH.
No stockhOlder shall ever De liable for u
contracts or faults d the association or cOrpor
ton, in any flu, Their rum than the unpaid balan.
due to the association on the sha' es ownedt
him, nor shall any mere informality in organic
ton have the effect Of rendering this chart
null, or Of exposing stockho! Ter to any liabih
beyond the amount Of his stock.
ARTICLE NINTH.
Three-fourths OF the stockholders In capt.
represented at any general meeting convenedf
such purpose after thi ~ days notice in the new
papers, shall have the power 70 make any moo
ficxtions, additions or changes in this charter,
increa Q it's capital stock or TO dissolve the q
poration. - ,,-,,
At the expiration of the term Of this charter
} at its earlier termination, as provided In Arti
Ninth, the affairs Of the ASSOCIATION shall
, iquldated, its debts and other lisbilitr d;
and the balance Of its funds, Il any, shall
divided pro rata among the Stockholders, und
the charge and superintendence OF three = o.
mis- sioi,ers, to be appointed by the Board
Directors who sh al continue to act until
hnsinAas ~ the aasOcia n shall be entirely clos