The New Orleans Democrat. (New Orleans, La.) 1875-1876, 1876-01-05
CHARTER.

or refusal Of the managers must be In wriunG
and deposited with the persons whose duty 4
on the books of the corporatlon. Such written
consent or refusal must contain the full name 81
the stockh9lder, the number VI shares he pro-
dence Of the proposed tfansferee. And the price
Of the stock. all such written consents or refu-
sais shall i Dc preserved among the archives OF the
i ARTICLE xI. vi 3g. ees,l
The original subscribers to the stock Of this
corporation shall at all times have the refusal Of
any anu ali stock proposed to be sold or trans
ie iI at ue proposed price and terms thereof
subscribers TO become the purchasers of such
stock. then those who have become subscribers
% u owners Of the stock subsequent to the for
nation OF this corporation, shall have the refu-
sal Of the stock proposed to be sold. upon the
ARTICLE XII.
The stock shall be transferred only on the
BOOKS OF the corporation, and the said stock or
the price thereof. sought to be transferred shall
be liable for all demands of the corporation OF
against any and every stockholder proposing TO-
sell or transfer his stock the stock OF each and
every stockholder shall stand pledged to the cor
fore stated. which the corporation may have or
hold against each and every stockholder and the
substance .qf this article shall be written o.
printed on the face OF each certificate Of stock.
ARTICLE XIII. al
The corporation shall be managed. governed,
controlled. carried on and conducted by board
consisting Of five managers, 10 ID taken from
among the stockholders. No one can be a fnan-
aEeI unless ss ne owns one or more full shares Of
ayers shall elect one out OF their own number as
President OF said board. who shall hold his Office
ior one year. unless sooner removed. MAORI
ty OF the whole number Of managers may at any
time remove their President. and immediately
elect another from their own number In his stead.
enact such rules and bylaws for their govern cove n
ment as they may deem right and proper, pro-
va, yded the same DO not violate the provisions Of
State or the United States.
ARTICLE XIV.
The Board of Managers may distribute the
duties to be performed by them among their
own number as thcy may deem right and proper.
employee and subordinates, or either, as they
may deem necessary and proper TO carry on the
business Of the corporation, al! of whom shall
gers may assign to them or each OF them, and
all Of whom shall hold their respective positions
during the pleasure OF said board.
ARTICLE XIV
The Board of Managers shall meet monthly
on such day and hour as tho board may desg-
nate. to transact the business Of the Corporation
And three members thereof shall constitute
control The president Of the Board of Managers.
or any two members Of the board, may call the
board together whenever. they may deem 1t me-
cessary and proper for the interest Of the cor
pOratlOn TO do So
ARTICLE XVI.
The president Of the Board OF Managers or
the person representing such president, shall be
tho 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 TO the business Of the corporation. then the
board shall designate some other member OF
eheir 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 the corporation
shall DO regularly entered. Said books and Mi
receipts and vouchers of the corporotion shali ~
all proper times be open to the inspection OF anv
stakeholder Of said corporation.
ARTICLE XIX.
All the funds Of the corporation on hind shall
be kept In some Incorporated bank doing bust
ness IN this city. and no money shall be drawn
therefrom except upon the check Of the presi-
dent Of the Board Of Managers. countersigned by
surplus funds belonging to the corporation shall
DO 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 the
mount Of stock actually subscribed and taken
shall ever be made: dividend not less than
herein above stated may DO declared whenever
majority Of the whole number of managers
nay consider, it for the interest Of the corpora
ion to do 50, but no dividend shall ever be de-
Jared until the whole amount Of stock shall be
made equal to par. and in ascertaining the par
,alue OF the stock. the property OF the corpora
ion real, personal and mixed, shall be CO.
mated at its actual cash value and no more.
ARTICLE XXI.
Receipts or vouchers shall be taken and care
ully preserved for all moneys paid out Said
eceipts shall contain the name and residence Of
he person to whom the amount was paid, and
llso the purposes for which IL was paid.
ARTICLE XXI.
The following persons shall constitute the first
,oard Of Managers. viz: D. Warren Brckell
}. W. Ellis and Edward Booth. The said board
hall have power to fill all vacancies that may
ccur therein. except as hereinafter stated. BY
any member OF their board may for
ause be expelled. and the reasons for such ex-
'ulsion must DO assigned IN writing and the
hereof. The accused shall have a fair and fluff
rial and every reasonable and proper opportu-
ity Of defending himself
ARTICLE XIII.
The stockholders may BY o vote Of majority
tockholders remove from Office all the managers
+ member or members thereof. and elect a new
GARD or I'LL the places Of those removed.
ARTICLE XIV.
The said corporation through IT'S managers |
hall have the right to acquire all property, rca |
ersonal and mixed, or either which may be |
ecessary to enable 1t to carry on its Legitimate |
usiness operations, and II may in the same
manner acquire property upon which the cor
Grafton has mortgage or lien as security or |
therwise. in order thus to protect and secure
10 interest OF said corporation. And the said |
shall also have the right, through |
s managers, to mortgage. pledge or sell its |
roperty. real. personal and mixed.
ARTICLE XIV. sJ
All meetings Of the stockholders shall be held
fter twenty days advertisement In a conspicu-
US part Of the paper published by the corpora
on; in default Of such paper, then In some
Their paper OF general circulation in this city
ating the day. hour and place Of such meeting.
II meetings Of the stockholders shall be called
70 Board Of Managers. A majority of the stock
Olders shall constitute q quorum to do bust
ess. In case Of q called meeting Of stockhod-
70. no transfer OF stock shall be made pending
lid call.
ARTICLE XVI.
The managers shall be elected by the stock
Dders, each stakeholder casting one vote. and
majority Of the votes cast shall elect. Elections
" managers shall DO held ut the Office of the
after due public notice. on the first
onday Of October of each and every year, and
cir successors are duly elected and installed
II officers and managers will hold over and
Schalge the duties OF their respective positions
ntil their successors shall take their places,
Mess otherwise decreed by a majority of the
ockholders in number and amount: but no
Their. shall dissolve the said corporation.
81 ARTICLE XVII. b '4H
In case OF failure or insolvency Of this eorpo-
tion. no stakeholder shall as stakeholder in
id corporation, be liable for any sum whatever
cept for such ,S sum as stil be unpaid on
ARTICLE XVIII.
This corporation may be dissolved by a VOTE of