The herald. [volume] (New Orleans, La.) 1905-1953, 1912-07-25

stock shall be paid for In cash, In such
amounts and at such times may be fixed
by the board of directors. No transfer OF
stock shall be binding upon said corporation
unless made upon the books. and all certiti-
Gates of stock shall be signed by such Off
GERS as may be designated by the board of
directors. The said corporation shall be-
come and be a going concern and shall COM
mence business as soon as thirty shares OF
its capital stock shall be subscribed for.
ARTICLE V.
All the corporate powers Of said corpora
ton shall he vested in, and the management
and control of its affairs shall be exercised
by, a board of directors, composed of three
stockholders. Each director must own at
least ten shares of stock, and the directors
shall he elected annually by the stockhold-
erS, by ballot, on the second Monday OF
January-the first election to be in 1918.
Notice shall be given by mail, addressed to
each stakeholder AT his place of residence
as shown on the books of the corporation,
said notice to be mailed not less than two
weeks before such elctiOn.
All elections shall he held under such
rules and regulations as may be fixed by the
board of directors provided that each stock
holder shall be entitled. in person or by
proxy. to one vote for every share of stock
held by him, and a majority of the votes
cast at such meeting shall elect. The per-
sons thus elected shall he and constitute
the board of directors and shall continue in
Office for one year, and until their success
orS shall have been duly elected. In case of
any failure to hold an election. as above
provided. such failure shall not forfeit this
charter, but an election shall be held as
soon as may be practicable, after notice as
above provided
Each board of directors at its first meet
ing after each election, shall elect from its
number a president and a vice-president
and shall also elect a secretary treasurer,
who may be a member Of the board or not,
the directors see lit.
"A majority of the directors shall consti-
N 70 "A fnF fran
business; and any vacancy occurring on said
board shall be filled by the remaining direc-
tors for the uneXpired term. The said
board or such officer or manager as ii may
designate. shall appoint such officers mana
gers, clerks and other employees Of said cor
poration as may be necessary for its bust
ness and shall dismiss the same and the
tenure of office and employment Of all Off
GERS. managers. clerks and employees shall
be during the pleasure of said board.
The said board shall have the right and
power 10 buy, sell, improve. contract lease,
borrow money, issue bonds and execute mort
cages, and, in general, TO exercise all the
powers of the corporation, as well as to
carry out its objects and purposes-all with
out reference TO or authorization by the
stockholders. From time to time, said board
shall adopt rules, regulations and bylaws,
for the management and control Of the bust
ness and affairs Of said corporation, and. in
its discretion, shall cancel, change and mod
ify the same.
No stakeholder shall ever he held liable
or responsible for the contracts, faults or
debts of said corporation; nor shall any
mere infOrmality in its organization have
the effect of rendering this charter null, or
of exposing any stakeholder 10 any liability
beOnd the unpaid balance, IL any, due on the
shares owned by him.
ARTICLE VII.
This act of Incorporation may be changed,
modified. or altered. or said corporation may
be dissolved, with the assent of stockholders
owning three-fOurths of all the stock of the
corporation. whose owners are present and
represented at a general meeting convened
for that purpose, after ten days written
notice Of such meeting has been given
through mail, addressed to each stakeholder
at his place Of residence, as shown on the
books of the corporation. In case of dissO-
luton, whether by expiration Of this char
ter or otherwise, the stockholders shall
elect three liquidators from among their
number, to liQuidate and settle the business
and affairs of said corporation. In case Of
death or disability of any of said liquidat-
ors, the survivors or the remaining liquidat-
orS, shall appoint successor to such liqui-
datOr. Said liquidators are hereby given
full power either by court or law proceed
ings or without such proceedings, as they
shall elect, to collect all amounts due the
corporation. sell or otherwise dispose of it's
assets, pay its debts and liabilities, and
compromise and settle all disputed questions
and matters. as well as all other powers
necessary and usual TO fully and finally set
tle wind up and liquidate all the business
and affairs of the corporation. and distrib-
ute it's net assets or funds among its stock
holders, in accordance with their respective
rights.
ARTICLE VIII.
Messrs. Michel Karst, Raoul ]. Cousin,
and Harry Siener. with said Michel Karst
as president. and said RaOul ]. Cousin as
vice-preSident. and the said Harry Siener as
have been chosen and
selected as the first board of directors of
said corporation. and they shall serve as
such until the election TO be held on the
second Monday of January. 1913, and until
their successors shall he elected.
In order that this charter may also serve
as the original subscription list, the sub
scribers hereto have set opposite their res
pective names, the number Of shares of
stock subscribed for by each of them.
Thus done and passed in my ofiffce in the
city of New ORLEANS, state and parish af0re-
said. on the day month and year first above
written, in the presence OF Messrs Anthony
G. BOurdet and AZzo ]. Plough, competent
witnesses. who have signed with the parties
and me, notary. after reading the whole.
(Original sgned) Michel Karst, 10
shares; Henry Siener, 10 shares; RaOul J.
Cousin, 10 shares. tWitnesses) A. B.
Bourdet, AZzo J. Plough.
HENRY G. MCCALL, Not. Pub.
/, the undersigned. recorder of mortgages
in and for the parish of Orleans, state of
Louisiana. do hereby certify that the above
and foregoing act Of Incorporation of 'The
Northeastern Realty Company, Limited"
has this day been duly recorded In my Office
in mortgage book 1865, folio =.
New Orleans, La, July Goth, 1912.
(Signed) EMILE LEONARD, by. r.
| hereby certify the above and foregoing
TO he true and correct copy of the original
act of record and on file in my Office.
HENRY G. MCCALL,