New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-29
CORPORATIONS.
NHARTER. en- A
STATE OF LOUISIANA.
PARISH AND CITY OF NEW ORLEANS

tary public inand for the parish and &c civ ~ .
s Eew Orleans. State of Louisiana, duly commits
sonen ana qua'lhed and in the presence of the wit
nesses hereinafter named and undersigned, per
sonahy came and appeared the parties who's.
believing that the only means of resisting IN.
encIoachments of the present monopoly in the m an
and sale Of iron bale ties and Of freeing the
Coltoh producer from it's exactions is in a com
Dlned and cooperative effort on the part of plant
ers, factors and all interested agrtculturatly o,
commercially in the cotton crop by the formatjor
OF Joint Stock cooperative association; the dis
tIiDutlon OF the stock lat such prices as will place
IL IN the power of every planter to own one OF
more shsres) over the whole cotton producing
section; the purchase and operating Of the most
practical, strong and valid patents on bale ties AS
!ns incorporation Of an article in the charter OF
me association, providing that the stockholders
t1he buyers and users of the bands) shall at an
annual mteting, themselves fix the price at which
the association shall sell the bands and tes, and
the general management upon the co-operatv
and anti monopoly principle; they the said parties,
OF the State o. Louisiana relative to the organiza-
Ton OF corporations for works of public improve
ments and other purposes in the said State, have
'covenanted and agreed and do by these presents,
covenant and agree and bind themselves and those
wAom they represent, to form themselves into and
constitute corporation for the objects and under
the stipulations and articles following, to wit:
ARTICLE l.
The name and style of this corporation shall ba
the PLANTERS COTTON TIE ASSOCIATION, and
ito place of business and legal domicie shall be the
city of New Orleans, iii the parish of Orleans and
the State of Louisiana.
ARTICLE H.
The objects md purposes for which this corpo.
ration is established are declared to be the manu-.
facture purchase and sale of iron cotton ties
baling cotton and other mere andise, well as
the manufacture 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.
the capital stock of this association is hereby
fixed at two millions of dollars ivided 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 committee Of incorpOra-
ton, and are authorized 10 receive subscriptions
may deem expedient to enable them to organize
the assOcia ion 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
Lected with the organization of the association as
they may deem proper; provided that all deeds
and titles to patents purchased shall be taken IN
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 it shall be the duty of the Board OF Di-
rectors, when these two ssments 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 as he
NAV complete his payment thereon, as herein pro
vided.
The association nav from time to time dispose of
the remaining eight thousand shares of capital
stock, or any part thereof. in such manner and
upon 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
than the twelve thousand shares above referred
And with regard TO the above last mentioned
twenty thousand shares it is hereby declared
to be the purpose OF this association that
consistent with the best interests of the associa-
ton, to cotton planters and factors and other per
sons Interested agrculturally or commercially, in
the 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 authorized to
commence work as soon as two hundred shares of
the capital stock shall have been subscribed. No
certSca 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 ".
Said corporation shall have and enjoy succession |
by its corporate name for the period of twenty |
hse years; shall contract, sue and be sued; shall
have power and authority to make and use a cor |
porate seal having for its de vice scroll contain
Ing fac sme of cotton bale and for an sub |
scrptiOn 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 immo vable; sh all name
and appoint such managers, directors and officers |
as its interests and convenience may require. 1t |
shall make and establish such by avs rules and |
for the proper management of its bust
ness and affairs as may be necessary and proper,
and shall possess generally all such powers and |
privileges as are given by law Interpretations.
ARTICLE V.
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 be elected |
annually on the first Monday in March in each
1875 by the stockholders at such place in the city
OF New Orleans may be selected. and after ten |
shed in the city of New Orleans Said directors to
hold Office for year until their successors
elected. ANY stakeholder shall be eligible
director, provided that at least ten shares of the
stock of the association owned by him. All /
elections of directors shall be by ballot, and held |
Iuder the observation-disclosures OF a committee of
,nree stOck holders to be appointed for the pur.
pose by the Board of Directors
Every bona tide owner of stock shall be entitled
o one vote for every share owned by him, her or
hem, provided that no one shall be entitled to
7ote any share or shares of stock that have not
tood in his, her their name on the books of the
for at least sixty days prior to asy
uch election. Proxies may vote when authority
. III writing
A. the annual meeting of the stockholders to
lect directors, as provided for in article tive, it !
hall be the duty of the stockholders to ii the |
rice at which the bands and ties shall be sold for
he next ensuing season by committee of five |
MEMBERS to be elected at said meeting from |
.mong themselves, whose duty it shall be to care
uly investigate the probable cost of material and
he probable expenses of manufacture and sale, |
nd Fl x the selling price for the coming season, |
provided such selling price shall in no case be
xed at less than amount equal to the cost |
rice. as estimated. with twenty i've per cent ad.
tiona. And Immediately after the COMMITTEES
he duty of the secretary of the association to |
publish in one or more newspapers published in
lew Orleans the price fixed for the ensuing season
ARTICLE VII
The Board of Directors shall elect annually at
heir first regular meeting president and such |
0 carry on the operation and objects of said assO.
iation for such time as they NAV choose. They |
hall fix the salaries of all officers, and the
mount OF all security required for each. The
GARD shall have power to fill vacancies, caused by |
cath resignation, absence or insolvency of any of
q members and shall accept substitutes at the re-
nest Of any of its members who may desire to alb
ent himself provided the power to represent be in
'riting and delegated TO qualified stockhoider
he absence of a director without leave from three
regular meetings OF the board may
9 considered as resignation of said director
blowing named persons shall constitute the first
oard OF Directors, as provided in article hve,
nd they shall hold their once until the first Mon
ay in March, 1875 or until their successors shall
ave been elected and qualified in accordance
18th this charter, viz: Samuel p Parmly Henry
haw, John Hughes, Hiram J. Grover and W. Har.
ngton.
Payments of the calls assessments upon stock, |
provided for in article three, shall be made
ten dave from the first publication or presenta-
on of the notice of such call assessment and |
ockhoders who are delinquent in their pay
rents beyond the time thus specified shall be sub
ct to pay eight per cent per anuum interest on
he assessment and If they allsw one assessment
remain unpaid fer thirty days. the Board of Di-
,ctors may declare the stock, with all previous
" ments and accrued dividends thereon for
tied to the association.
ARTICLE TX.
No stock holder shall ever be liable for the con- |
acts or faults of the association or corporation in