The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-01-07
CHARTER.

and deposited with the persons whose duty Il
may be TO make Of allow the transfer % be made
s"s or refusal tbs sGGn n
the stockholder, the number of shares he pro-
poses to- sell or transfer the full name. and resi-
dence of the proposed transferea. And tho price
Of the stock. all such written consents or refu-
sails shall be preserved among the archives Of the
corporation for future reference.
ARTICLE XII.
The original subscribers to the stock Of this
corporation shall Mt hlI times have the refusal Of
any and oil stock proposed to be sold or trans
ferred ut the proposed price and terms thereof
ana after the refusal or neglect Of the original
subscribers To become tho purchasers Of such
stock then those who have become subscribers
TO or owners of the stock subsequent to the for
nation Of this corporation, shall have the refil-
sal OF the stock proposed to DO sold. upon the
same terms.
ARTICLE XII.
The stock shall be transferred only ON the
books Ut the corporation. and Tho said stock or
the price thereof. sought to be transferred shall
be linble for oil demands of the CORPORATION of
what nature soever. whether .exigible or not
sell or transfer his stock the stock Of zach and
every ,stoekholder shall stand pledged 10 the cor
poration Tor oil demands or claims M hereinbo-
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 KILL
The corporation shall be managed governed,
IL
consisting Of five managers. to be taken from
among Tho stockholders No one can be a man
aget Unless he owns ono or iuorg full shares Of
stock of this corporation This Board Of Man
ayers shall elect ono out Of their own number as
President Of said board who shall hold his office
Tor one year unless sooner removed. A MAORI
W OF tho whole Dunhnr of managers may ut any
tiino remove their President and Immediately
elect another from thoir own number in his stead
The Board OF Managers shall have. tho right 10
enact such rules aud by-laws for their govern
inent ~ they may deem right and proper pro-
yided the same do not violate the provisions VI
tils charter, tho constitution and laws vi this
State or tho United States.
ARTICLE XIV.
Tho Board Of Managers may distribute tho
duties to be performed BY thom among their
own number rs they may deem right and proper
Tho said board may engage the services III euch
employee and subordinhtes. or either as they
may deem necessary and proper to carry on the
business u 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
all Of whom shall hold their respective positions
during tho pleasure OF said board.
ARTICLE XIV.
The Board Of Managers shall meet monthly
on such day and hour rs tho board may deaig-
nate. to transact the business Of tho corporation
And three members thereof shall constitute d
Quorum, J f2r business; maj9rlty Of whom shall
or any two members Of tho board, may call the
board together whenever they may deem II mo-
cessary and proper for the interest Of the cor
S'''O' y ARTICLE XVI.
Tho president Of The Board Of Managers, or
The person representing such president, shall be
tho proper party upon whom judicial process
and oil other notices shall be served.
ARTICLE XVII.
Should the president Of tho Board of Managers
be absent, sick, or otherwise disqualified to nt
tend 20 the, business Of tho CORPORATION then the
board shall designate sQmo other member Of
their body to net as president pro tempore.
ARTICLE XVIII.
A regular set OF books Of accounts shall be
kept, in which all the business Of tho corporation
receipts and vouchers Of tho corporation shall at
MI proper times be open 10 the inspection of any
stakeholder Of s0id corporation.
ARTICLE XIX.
All the funds OF the corporation on hand shall
be kept IN some Incorporated bank doing bust
ness IN this city. and no money shall be drawn
theIefro y, except upon the check Of The presi-
dent OF tho Board OF Managers. countersigned by
such person ~ the board may designate. The
surplus funds belonging to tho corporation shall
be loaned out on Interest, and secured by first
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
a q, , OF stock actually snbscIibed and taken
herein above stated may be declared whenever
q maiorit, Of tho whole number OF managers
90 500 b Ipr o ,v a 81 e p
clared until the whole amount IT stock shall be
made equal to par. and In aseertaiping the par
value % the tpes TIE d nTopey Of The
ti1nated at it's actual cash value and no more,
ARTICLE XXI
Receipts or vouchers shall be taken and care-
fully preserved for all moneys paid out Said
reeeipta shall contain the name and residence ~
tho person to whom the amount was paid, aud
also the purposes for which IL was paid.
ARTICLE XXI.
The following persons shall constitute The fret
Hoard Pi man"geTs g viz Warren Ba,,ieke
G. W, Ellis and Edward Booth. The said board
shall have power to fiji oil vacancies that may
vote II ,f three fourth Of bo whole numb humber y
any member Of their board may for
cause be espeed and the reasons for such OK
accused furnished With o duly eerfiaed iu COPY by
thereof The accused shall have fair aud ftlfl
trial. and every reasonable and proper opportu-
nifty OF defending himself.
ARTICLE KILL
Tho stockholders may by o vote Of minority
In number and amount Of the whole number ~
remove from Office all the managers
or member or members thereof. and elect n now
board or I'LL the places Of those removed.
ARTICLE XIV.
Tho said corporation through its managers
shall have the right to acquire all property. real,
personal and mixed, or either, which may DO
necessary TO enable it to carry on It's Legitimate
manner acquire property upon which the cor
poraton has ~ mortgages or lien rs 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
ita managers 30 mortgage. pledge or sell its
real personal and mixed.
ARTICLE XIV.
All meetings Of the stockholders shall be held
after twenty days advertisement In q conspicu-
pus part Of the paper published by the corpora
lion; In default of such paper, then in some
other paper Of general circulation In this city
stating the day, hour and place Of such meeting,
All meetings Of the stoekbolq ers shall be called
- order and presided over by tho President Of
he Board Of Managers. A majority Of the stock
holders shall constitute ~ quorum TO do busi-
ness In case Of u called meeting Of stoekhold-
,rs no transfer Of stock shall be made pending
said call. .
ARTICLE XVI.
The managers shall be elected by tho stock
holders, each stakeholder casting ono vote and
majority Of the votes cast shall elect Elections
or managers shall be held at tho office OF tho
corporation after due public notice, on the first
Monday Of October Of each and every year and
hey shall continue In Office for one year or until
heir successors are duly elected and Installed.
All officers and managers will hold over and
the duties OF their respective positions
lntil their successors shall take their places,
stockholders in number and amount: but no
allure to elect managers and other officers, or
,ither. shall dissolve the said corporation.
ARTICLE XVII.
Tn case Of failure or Insolvency Of this corpo-
'ation no stakeholder shall as stakeholder In
,aid corporation, be liable for any sum Whatever
except for such sum as may Still be unpaid ON