The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1875-12-28


to the party wishing to purchase. The consent
on refusal Of the managers must be in writing
nu be TO MAKE win VII sa s whose duty q
OH the books OF the corporation. such written
consent Or refusal must contain tho full name OF
the stockholder the number Of shares he pro-
poses to sell OF transfer the full name and resi-
dence Of the proposed transferee. And the price
OF me stock y, al such written consents rcfu
corporation Tor future reference.
ARTICLE XI
The original subscribers to the stock OF this
corporation shall Mt all times have the refusal OF
any and all stock proposed to be sold or trans
ferred at the proposed price and terms thereof:
and after the refusal or neglect of the original
subscribers 70 become the purchasers of such
TO or owners Of the stock subsequent TO the for
nation Of this corporation, shall have the refu-
sal OF the stock proposed 10 be sold. upon the
ARTICLE XII.
The stock shall be transferred only on tho
books of the corporation. aud the said stock or
the price thereof sought to be transferred. shall
be liable for all dem6nds Of the corporation OF
what nature soeyer. whether exigibe OF not.
against any and every stakeholder proposing to
every stakeholder shall stand pledged to the cor
poratton for all demands or claims as hereinbe-
fore stated. which the corporation may have or
hold against each and every stakeholder, and the
substance Of this article shall be written or
printed on the face Of each certificate Of stock.
ARTICLE XIII.
The corporation shall be managed, governed.
controlled. carried on and conducted by a board
consisting Of five managers. to be taken from
among the stockholders. No one can BIO a man
ager unless he owns one o.. more full shares OF
ayers shall elect one out OF their own number ~
President Of said board who shall hold his Office
for one year. unless sooner removed. A majori-
ty OF the whole number Of managers may mt any
time remove their President. and Immediately
elect another from their own number In his stead.
The Board OF Managers shall have tho right To
enact such ruIp9 and hV-upya fort bair
ment as they may deem right and proper pro-
xded the same do not violate the provisions II
State OF the United States
ARTICLE XIV.
The Board Of Managers may distribute tho
duties to be performed by them among their
2 si, number =, az they may deem right and proper
employees and SNlordiDates. or either. as they
may deem necessary and proper to carry on tho
business Of the corporation, all OF whom Shall
be known by such names as the Board Of Mana
gers may assign to them or each Of them and
I'll 81 whom shall hold their respective positions
during the pleasure of said board.
ARTICLE Xv.
The Board OF Managers shall meet monthly.
on such day and hour rs the board may desiu-
nate to transact the business of the corporation.
And three members thereof shall constitute n
quorum for business amalority Of whom shall
control. The president Of the Board Of Managers.
or any two members of the, board. may call the
cessary and proper for the interest Of the corr
poration to do so.
ARTICLE XVI.
The president of the Board Of Managers. or
the person representing such president shali 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. or otherwise disqualified to at
tend 10 the business OF the corporations then tho
board shall designate some other member Of
their body TO act ~ president pro tempore.
ARTICLE XVIII.
A regular set Of books OF accounts shall be-
shall bc regularly entered. Said books and oil
Receipts aud vouchers Of the corporation shall ut
all proper times be open to tho inspection Of anv
stakeholder OF said corporation.
ARTICLE XIX.
All the funds Of the corporation on hand shall
be kept in some Incorporated bank doing busl-
ness IN this city. and no money shall be drawn
dent Of The Board Of Managers eonntarsienrad ~
such person Ms the board may designate Tho
surplus funds belonging to the corporation shall
special mortgage on well improved real estate
located in this city. worth double the amount
loaned.
ARTICLE Xxx.
No dividend less than five per cent upon tho
amount Of stock actually subscribed and taken
shall ever be made. dividend not less than
herein above stated may be declared whenever
majority Of the whole number Of managers
may consider II for the interest of the eorpora-
ton to do 50. but no dividend shall ever be de-
clared until the whole amount OF stock shall ba
made equal to par. aud in ascertaiping the par
value of the stock the property Of tho corpora-
ton. real. personal and mixed shall be es-
tim,,ted ut its actual cash value and no more.
ARTICLE XXI
Receipts or vouchers shall bs taken ant, care-
fully preserved for all moneys paid out. Said
receipts shall contain the name and residence Of
the person to whom tho amount was paid, and
also the purposes for which II was paid.
ARTICLE XXI.
The following persons shall constitute the first
Board Of Managers, viz: y. Warren Brickell,
Henry p; Ogden, Eugene Wagganian. Jhomas
q w Eis ana E q 1 B9otn mhe said board
occur therein. except as hereinafter stated BY
a vote Of three -fourths of the whole number II
cause be expelled and the reasons for such OK
pulson must be assigned In writing and tho
accused furnished with . duly certified copy
thereof. The accused shall have a fair and full
trial. and every reasonable and proper opportu-
nifty OF defending himself.
ARTICLE XIII.
The stockholders NAV by o vote Of u majority
In number and amount Of the whole number Of
remove from office all the managers
or member or members thereof. and elesta new
board OF fill the places Of those removed
ARTICLE XIV.
The said corporation. through It's managers
shall hayo the right TO acquire all property. real.
personal and mixed, or eitbU, which may be
necessary to enable it to carr von its Legitimate,
business operations. and it may IN the same
manner acquire property upon which the cor
poration has - mortgages or lien as security or
otherwise in order thus to protect and secure
the interest Of said corporation. And the said
corporation shall also have the right, through
its managers. TO mortgage. pledge or sell It's
property. real. personal and mixed.
ARTICLE XIV.
All meetings of the stockholders shall be held
Gus part of the paper published by the corpora
ton, In default Of such paper. then ia some