The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1875-12-23


to the party Wishing to purchase The consent
aud Deposited with the persons whose duty n
| on the books of tho corporation. Such written
consent 9r refusal mnst contain the full name OF
poses to sell or transfer, the full name and resi-
dence Of the proposed transferec. And the price
Of the stock. all such written consents or refu-
sails ahal be preserved among the archives Of the
corporation for future reference.
ARTICLE XJ
The original subscribers to the stock Of this
corporation shall at all times have tho refusal OF
any and all stock proposed to be sold or trans
ierred nj the proposed price and terms thereof
and after the refusal or neglect of the original
Subscribers to become. the purchasers Of such
s,9k snsn sSsi n whG have saesfr9e
nation Of this corporation, shall have tho refu-
eal of the stock proposed TO be sold, upon the
'''''' - ''' ARTICLE XII.
The stock shall be transferred only on the
books OF the corporation. and tho said stock. or
the price thereof, sought to be transferred, shall
what nature soever. whether exigible or not.
against any and every etockholder proposing to
every stocRhoder shall stand pledged to the corr .
porntion for all demands or claims as hereinbe-
fore stated. which the corporation may have or
hold against each and every stockholder. and the
substance Of this article shall BIZ written. or
printed on tho face OF each certificate Of stock.
ARTICLE KILL
Tho corporation shall be managed governed
controlled carried on and conducted by u board
consisting of 1--WE managers. to be taken from
among the Stockholders. No one can be u man
ager unless he owns ono or more full shares or
ayers Hhatl elect one out of their own number an
President OF said board, who shall hold his office
for ono year, unless sooner removed. A majori-
ty OF tho whole number Of managers may ut any
time remove their President and Immediately
elect nnother from their own number II his stead.
The Board Of Managers shall have the right to
ment IA they may deem right and proper. pro-
yided tho same do not violate the provisions 81
thig charter, tho constitution and laws Of this
State or tho United States.
ARTICLE XIV.
The Board Of Managers may distribute tho
duties TO be performed by them among their
own number az they may deem right and proper.
Tho said board may cngnge the services Of ench
employee and subordinates. or either IA they
may deem necessary and proper to carry on tho
be known by such names as the Board Of Mana.
gers may assign 10 them or each Of them, and
all Of whom shall hold their respective positions
during tho pleasure OF said board.
ARTICLE XIV.
Tho Board Of Managers shall meet monthly.
on such day and hour as the board may deei9-
nate to transact the business OF the corporation.
And three members thereof shall constitute q
quorum Tor business. majority Of whom shall
control. Tho president Of the Board Of Managers,
or any two members OF the. board may call tho
board together whenever they may deem II me-
ccesary and proper for the interest OF the cor
poration TO do 80.
ARTICLE XVI.
The president of the Board of Managers. or
the person representing such president, shall be
the proper party upon whom judicial process
and all other notices shall be served.
ARTICLE XVII.
Should the president OF the Board Of Managers
be absent, sick, OF otherwise disqualified to at
board shall designate some other member OF
their body TO act IA president pro tempore.
ARTICLE XVIII.
A regular act of books OF accounts shall be
kept, in which all the business Of the corporation
shall bc regularly entered. Said books and all
receipts aud vouchers of the corporation shall at
stockholder Of said corporation.
ARTICLE XIX.
All The funds Of the corporation on hand shall
be kept In some Incorporated bank doing busi-
ness in this city. and no money shall be drawn
dent oi The Board Of Managers. countersgned by
such person IN the board may Designate Tho
surplus funds belonging to the corporation shall
special mortgage on well improved rcal estate
located In this city. worth double the amount
loaned
No dividend less than Ave per, cent upon the
amount Of stock actually subscribed and taken
shall ever be made dividend not less than
herein above stated may be- declared whenever
n nlaorit, Of the whole number Of managers
may consider 1t for the interest of the corpora
ton TO do 49, but no dividend shall eyer be de,
made equal to par. and in aScert0tntng the par
value Of the stock. the property OF the corpora
tion, real. personal and mixed. shall be es-
timated at its actual cash value and no more.
ARTICLE XXI.
Reeeips or vouehers shall BIO taken and care.
fully preserved for all moneys paid out Said
rocoipts shall contain the name and residence o!
the person TO whom the amount was paid. and
aso the purposes for which It was psid.
ARTICLE XXII
The following persons shall constitute the ilra
Board Of Managers, viz: y. warren Brckcil
Henry 2. Ogden Eugene Waggaman. Ihomas
shall have power TO I'LL all vacancies that mAy
occur therein. except MS hereinafter stated. ~
"a vote of tbree-fourths OF the whole number o.
managers any member OF their board may foi
cause DO expelled. and the reasons Tor such tx
pusion must he assigned ~ writing; md tn.
Tbs aesuseS g sha hase lair and III
trial. and every reasonable and proper opportu
| nitv OF defending himself.
ARTICLE XIII.
The stockholders may by,avote q MAJORITY
| etockholders remove from Office oil the manager
| or member or members thereof. and elect a new
board or fill the places OF those removed.
ARTICLE xXIv.
| The said corporation through Its managers
shall have tho right TO acquire oil property. real
personal and mixed, or either. which may b
necessary to enable it to carry on its Legitimate
| manner acquire property upon Which tne cor
poration has mortgage or lien az security
| otherwise. in order thus to protect and secur
i the interest of said corporation. Ana tne SAL
| corporation shall also have the right, through
/ its managers, 10 mortgage. pledge or sell II
property. real, personal ana mlxeu.
ARTICLE XIV.
All meetings of the stockholders shall be bel
after twenty days advertisement in q conspicu
ous part Of the paper published by tho corpora
ton; i'm default of such paper, then IN som
other paper of general circulation in this cit
stating the day, hour and place OF such meeting
All meetings Of the stockholders shall De Gale
the Board OF Managers. A majority OF the stool
holders shall constitute q quorum TO DO bus
| ness. In case of IA called meeting OF stockholt
ers. no transfer Of stock shall be made pendin
said COLL. x,x.,,,
The managers shall be elected by the stool
holders, each stakeholder casting one vote. az
/, for managers shall be held ut the Office OF u
corporation, after duo pubic notice, on tne Ut
! Monday OF October of each and every year. al
they shall continue in Office Tor one year. or uh
their successors are duly elected and 1nstale
All officers and managers Will hold over ~
G until their successors shall take their place
unless otherwise decreed by q majority OF U
stockholders In number and amount: put
, failure TO elect managers and other o1ioers'
Il either shall dissolve the said corporation.
!, i ARTICLE XVII.
!; Tn case of failure or insolvency OF this corr
= ration. no stockholder shall. as stocknQi1er
e said corporation. be liable for any sum whAtev
n The stoek Of the corporation held by him.
NH, -or,tinn NAV be dissolved BY a vote