New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-17
CORPORATIONS.

VVxb4 UNA 44VIyOu
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thousand shares of full paid capital stock shall b0
issued to the first three subscribers hereof who
ton. and are authorized to receive subscriptions
to this charter, and 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 tho
name of the association of patents for bale ties,
nected with the organization of the association as
they may deem proper; provided that all deeds
and titles to patents purchased shall DO taken N
the name of the association. and that all such
rights and interests shall vest in 1t alone VI tno
remaining twenty thousand shares Of the capital
stock twelve thousand shares shall be sold upon
the following terms Of payment. VIZ: Forty per
cent to be paid at the date of subscription and
fSs.y per cent within thirty
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 to issue to each subscriber, as h6
may complete his payment thereon as herein pro-
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 as the stOckhold-
ers may decide upon at any regular meeting, pro-
vded that 1t shall not be sold for any less amount
than the twelve thousand shares above referred to-
And with regard to the above last mentioned
to be the purpose of this association that
preference shall be given far as may be
interests
tion to cotton planters and factors and other per.
sons interested, agriculturally commercially, in
the use of iron bale ties; and also, that in such
sales as wide distribution as possible shall ba
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
shall have been declared by the Board Of Directors
to be fully paid up, and 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
tive years; shall contract, sue and be sued; shall
porate seal having for it's d. vice scroll contain
ing fac smile OF a cotton bale. and for an 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. It
shall make and establish such bylaws, rules and
regulations for the proper management Of its bust
and shall possess generally all such powers and
privileges as are given by law to corporations
ARTICLE v.
The powers Of the assoc istion shall be vested
in Board of Directors consisting of five stock
holders, three of whom shall form quorum fer
annually on the first Monday in March in each
year beginning with the first Monday in March,
1875 by the stockholders at such place in the city
OF New Orleans may b selected. and after ten
DAYS advertise ment in at least two newspapers pub
lished in the city of New Orleans. Said directorsts
hold office for one year until their successors arc
elected. Any stakeholder shall be eligible
director provided that at least ten shares of the
stock Of the association are owned by him. Al
elections Of directors shall be by ballot, and held
under the superintendent OF committee Of
three stockholders, to be appointed for the pur-
pose by the Board of Directors.
Every bona tide owner of stock shall be entitled
to one vote for every share owned by him, her or
them, provided that no one shall be entitled to
vote any share or shares Of stock that have hot
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 authority
- "'''' ARTICLE w.
At the annual meeting of the stockholders to
elect directors. provided for in article five, 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 i've
members, to be elected at said meeting from
among themselves, whose duty it shall be to care
fully Investigate the probable cost OF materal ana
the probable expenses of manufacture and sale,
and fix the selling price for the coming season,
provided such selling price shall in no case be-
price, estimated, with twenty live per cent adj
ditional And 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 in 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 and such
other officers clerks or agents as shall be necessary
to carry the operation and objects of said asso-
citation 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 to I'LL vacancies, caused by
death resignation, absence insolvency of any of
its members and shall accept substitutes at the
quest of any of its members who may desire to alb
sent himself provided the power to represent be in
writing and delegated to qualified stockholder.
ohsop aaofa1 w
consecutive regular meetings of the board may
be considered as resignation of said director
and his place shall be filled by the board. The
following named persons shall constitute the first
Board of Directors, as provided in article five.
day in March, 1873, until their shall
have been elected and qualified in accordance
with this chatter, viz Samuel P. Parmly. Henry
Shaw, John Hughes Hiram J. Grover and W. Har-
rlngtOn.
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 assessment, and
stockholders who are delinquent in their pay
ments beyond the time thus specified shall be sub
iect to pay eight per cent per annum interest on
the assessment, and If they allew one assessment
to remain unpaid fer thirty days the Board OF Di-
rectors may declare the stock, with all previous
| payments and accrued dividends thereon, for
| feited to the association.
ARTICLE TX
| No stock holder shall ever be liable for the COR
tracts faults of the association corporation in
any further than the unpaid balance due to the
association the shares owned by him. nor shall
any mere infOrmality in organization have the eff
feet of rendering this charter null or of exposing
| a stakeholder to any liability beyond the amount
| OF his stock.
| ARTICLE X.
Three.fourths of the stockholders in capital, at q
| general meeting to be convened for that purpose
| after thirty days notice in the newspapers shall
| have the power to make any notifications, add
tons or changes in this act Of incorporation, to
increase it's capital stock, dissolve the cOrpo
! ration. -
| ARTICLE XI
At the expiration of the term of this act of in
| corporation, at its earlier termination as pro
vided in artc ten, the affairs OF the association
shall be liqudaied its debts ID other liabilities
paid and the balance of its funds il any, shall be
divided pro rata among the stockholders under
the charge and superintendent of three commits
soners to be appointed by the Board Of Directors.
who shall continue to act until the business Of the
association shall be entirely closed and hquidated
| and in case of the death OF either or two q
| them, the survivor survivors shall act
| Thus done and passed in my office at New Or
| leans, aforesaid in the presence of George Cenas
| and Paul A. Conand witnesses, both Of this city
| wi O hef euntO apn their uau.es with the ties