New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-03-10
CORPORATIONS.
OHARTER,.
.CBARTER
STATE OF LOUISIANA
PARISH AND CITY OF NEW ORLEANS.

> names are subscribed hereto, who declared tina
| believing that the only means OF resisting thu
entertainments of the prese MT monopoly in the man
facture and sale of iron bale ties and Of freeing thu
| cotton producer from its exaciioDs, is in q com
bned and cooperative effort on the part of plant
ers, factors and all interested agnculturally o.
commercially in the cotton crop, BY the formation
of a joint stock co operative association the dis
tributon of the stock lat such prices as will place
1t IN the power of every planter to own one OF
| section; the purchase and operating Of the most
practical strong and valid patents on bale ties, as
In the opinion OF the ncOrpOrat0rs can be obtained
| the incorporation Of article in the charter OF
me ne association providing that the stockholders
| annual meeting themselves Il K the price at which
the association shall sell the bands and ties, and
the general manage ment upon the cooper alive
and anti monopoly principle; they the said parties
avaling themselves of the provisions of the laws
Of the State o. Louisiana relative to the organiza.
ton Of corporations for works Of public improve
ments aud other purposes in the said state have
| 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 stipulations and articles following. to wit:
ARTICLBL
| The name and style of this corporation shall bs
the PLANTERS COTTON TIE ASSOCIATION, and
its place of business and leg al domice shall be The
| city of New Orleans, il the parish Of Orleans and
| the State Of Louisiana
! ARTICLE II.
The objects and purposes for which this corpo
ration Ia established are de clared to be the manu-
|
| baiing cotton and other merc hsndise as well IS
the manufacture and .ale of such other articles
the association shall be the proper officer UPON
| whom citations and other legal process MAJ be
| served.
ARTICLE ILL.,
| The capital stock Of this association ia hereby
| hxed at two millions of dollars. divided In forty
Thousand shares of fifty dollars each immediately
% ron OF na the
Issued to the first three subscribers hereof, who
are hereby constituted q committee of incorpora-
lon, and are authorized to receive subscriptions
to this charter, and do such other things as they
may deem expecient to enable them to organize
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 con-
nected with the organization of the association as
they may deem proper; provided that all deeds
and titles to pate nts purchased shall be taken IN
rights and interests shall vest In it alone OF the
remaining twenty thousand shares of the capital
stock Twelve thousand shares shall be sold upon
the loiloWing terms OF payment, viz: Forty per
cent to be paid at the date of subscIl pton, and
forty per cent more within thirty days thereafter
lsakl IN ali eighty per cent or forty dollars per
share. And it shall be the duty of the Board of Di-
Tectors, 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 "a he
may complete his payment thereon, as herein pro-
The association may from time to time dispose Of
the remaining eight thousand shares of capital
upon such terms and conditions as the stockhold.
ers may decide upon at any regular meeting, pro-
vlded that 1t shall not be sold for any lees amount
than the twelve thousand shares above referred to-
And with regard to the above last mentioned
=. haS bnousana ehafes' II Is hereby declaIed
preference shall be given so far as may be
consistent with the best interests OF the associa
tlon TO cotton planters and factors and other per-
sons fntere stsd. agriculturaly commercially in
the use of iron bale ties; and also, that in such
sales as wide a distribution "a possibla shal ha
Ia vino
States The association shall be author zed to
commence con work as soon as two hundred shares of
the capital stock ahall have been subscribed No
certificate of stock shall be issued until the same
shall have been declared by the Board of Directors |
one share of the capital STOCK shall be made on
the books of the association
ARTICLE ".
Said corporation shall have and enjoy succe salon |
BY it's corporate name for the period of twenty |
i've years; shall COZ tract, and be sued shall |
nave power and au' horny to make 81 use a cor.
porae seal, having for it's d. vice scroll contain.
ing fac simile of a cotton bale. and for an sub
hold mortgage purchase, sell and otherwise con |
vey under its corporate name property both real |
and personal, movable and immovabe; shall pame
and appoint such managers. directors and officers
as Its interests and convenience may require. It.
shall make and esta blish such by laws rules and |
regulations Tor the proper management of its bust
ness and affairs as may be necessary and proper
and shall possess generally all such powers and |
privileges AZ are given by law to corporations.
ARTICLE v.
The powers or the assoc ion shall be vested |
IN Board of Directors, consisting of f We stock
holders, three of whom shall foI m Quorum for |
the transaction OF business whe shall be elected
annual on tho first Monday in March in each
year beginning with the first Monday in March,
1872 by the STOCKHOLDERS at such place in the city |
OF New Orleans as may be- selected. and after ten |
days advertise nen in at least two wspapers pub
hold office for one year until their successors are
elected. Any stakeholder shall be eligible as q |
d rector. provided that at least ten shares of the
STOCK OF the association are owned by him. All |
elections Of directors shall be by ballot and held
under the superlnteudence Of a committee Of
three stock holders to be appointed for the pur.
pose by the Board of Directors.
Every bona fde owner of stock shall be entitled
70 one vote for every share owned by him. her or
them. provided that shall be entitled to
Eote on any share OF shares of stock that have not
stood in his, her their name on the books of the
association for at least sixty DAYS prior to- apy |
'uch election. Proxies may vote when authority
"''' ARTICLE w.
At the annual meeting of the stockholders to
hall be the duty of the stock lders to fix The |
,rlce at which the bands and ties shall be sold for
ne next ensuing season by committee of Fl We |
members. TO be elected at said meeting from |
mons themselves, whose duty it shall be to care !
he probable expenses of manufacture and sale |
nd hx the selling price tor the coming season,
rovided such selling price shall in case be- |
xed at less than an amount equal to the cost |
rice, as estimated, with twenty live per cent adj
,tiohaI. ana Immediately after the committee |
nail have fixed the price az provided, it shall be
he duty of the secretary Of the association to |
ublish in one or more newspapers published in | ,
ew Orleans the price ixed for the uing season
ARTICLE VII
The Board Of Directors shall elect Annually At
helr mist regular meeting, president and such
tner omcers cleI ks or agents shall be necessary
carry on the operation and objects Of said assO.
alton for such time as they may choose. They
hall tx the salaries of all officers, and the |
mount OF all security required for each. The
DaIa sha nave power to fill vacancies. caused by
eaeh, resignation absence Insolvency of apv Of
members, and shall acce pit substitutes at the re
nest OF any Of its members who may desire to alb 3
mt himself provided the power to represent be in q
riting and delegated to qualified stoc kbolder | :
ne absence Of director without leave from three
,nsecutiye regular meetings Of the board may | r
, considered as resignation OF said director | :
ID his place shall be filled by the board The |
flowing nam ed persons shall constitute the frat I
oard of Dire ct0rs, provided in article five. | +
I'd they shall hold their ofc until the irst Mon
~ In March, 1875, until their succe ssors ahall
I'VE ~. been Gle cited and QUALIFIED in accordance L
ith this charter, viz: Samuel P. Parmly Henry |
law. John Hughes. Hiram J. Grover and w. Har. |
ngton. | =
ARTICLE VIII.
of tho calls OF assessments upon stock. |
provided for in article three shall be made |
yen Gays from the fret publication or presenta-
,n OF tne notice OF such call assessment, and |
&C kh0iders who are delinquent in their paw. | r
ems beyond the time thus specified shall be sub
~ ~ pay eignt per cent per snnum interest Oh
. assessment, and II they allsw assessment L
remain unpaid for thirty days, the Board of Di. d
ctors may clare the stock with all pre- yioua | 4
y menus and accrued dividends thereon, for | ID
ted to the association. u
ARTICLE TX. D
10 stock hOider shall ever be liable for the cor, o
icts OF faults OF the association corporation in
furtRer sum than the unpaid balance due To the q
location on the shares owned by him nor shaU | G.
y mere informslity in organization have the Of n