The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-10-22
CHARTER.

| CHARTER.
STATE OF LOUISIANA,
PARISH AND CITY OF NEW ORLEANS.
DE TT KNOWN, THAT ON THIS FIFTH
ID day Of September, in the year Of our Lord
one thousand eight hundred and seventy -four,
and of the independence of the United States OF
America the ninety ninth, before me, Andrew
Hero, Jr.. Notary Public IN and for the parish
and city of New Orleans, State OF Louisiana,
duly commissioned and qualified. and in the
and undersigned, personally came and appeared
the several persons whose names are hereto SUBJ
scribed, being the Board Of Directors OF the
PLANTERS COTTON TIE ASSOCIATION, q
duly organized corporate body OF this State,
domiciled in this city, created by an act passed
before the undersigned notary on the twenty
fourth day Ct February last passed, and herein
acting in their said capacities ard for and on
behalf of said association by virtue OF resoiu-
ton adopted at general meeting OF the stock
holders thereof convened at its Office in this city
on the day and date hereof. which said appearers
declared in their said capacities, that after due
and legal notices and publications IL TIE news,
papers, general meeting OF the stockh Dlde,s Oh
said Planters Cotton Tie Associa ton was con.
yened 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-
lions, alterations and changes in and to the
original act Of incorporation OF said as ISOLATION
passed before the undersigned notary on the
twenty-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-eights OF the
capital stock of said association, unanimously
assented and agreed that the aforesaid original
act of incorporation should be altered and
amended 80 as to hereafter read and be as fol-
ARTICLE FIRST.
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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-
facture or purchase and sale Of iron cotton ties
for balng 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 stock 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 new certificate for the same number OF
shares that he has heretofore subscribed and
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original Act Of Incorporation OF this associa-
ton, is 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
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 by its corporate name for the period OF
twenty-five years from the date Of the original
Charter, viz February 24th, 1874: 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 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 immOyeable; shall name and appoint such
managers, directors and officers as its interests
and conv enience may require. 1t shall make and
establish such bylaws, rules and regulations for
the proper management Oh ltS DuSlutSS anu Ill
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
in Board OF Directors, consisting of five stock
holders, three of whoai shall form quorum for
the transaction Of business, who shall be elected
annually on the first Monday in March, in each
year, by the stockholders, at such place in the
city of New Orleans may be designated, and
after ten days advertisement of the notice OF
such election in at least two newspapers pub
lished in the city Of New Orleans. Said directors
to hold Office for one year, until their success
sors are elected. Any stakeholder shall be elll-
gible as director, provided that at least ten
shares of stock OF the association are owned by
him. AL elections of directors shall 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
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 OF stock that have not stood in his her or
their name on the books Of the association for at
least sixty days prior to any such election.
Proxies may vote when the authority is in writing.
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
first Monday in March. 1875.
ARTICLE SIXTH.
The Board of Directors shall elect annually,
and at their first regular meeting, president
and such other officers, clerks agents, shall
be necessary to carry on the operation and object
of this association, for such time as they may
choose. They shall fix the salaries of all officers,
and the amount Of security required from each.
The board shall have power to fill vacancies
caused by death, resignation, absence or in
solvency Of its members.
ARTICLE SEVENTH.
Payments of the calls or assessments upon the
stock, as provided for in Article Three, shall be
made in ten days from the first publication or
presentation Of the notice of such call or assess
ment, and stockholders who are delinquents IN
their payments, beyond the time thus specified,
shall be subject to pay eight per cent. per annum
interest on the assessment; and il they allow an
assessment to remain unpaid for thirty days, the
Board of Directors may declare the stock, with
all previous payments and accrued dividends