The herald. [volume] (New Orleans, La.) 1905-1953, 1914-01-29
CHARTER
OF ORLEANS


United States of America, State of louisiana,
Parish Of Orleans, City of New Orleans.
BE it known, that on the NTH day OF Jam
uary in the year of our Lord one thousand nine
hundred and fourteen, and of the independence
of the United States Of America, the one hun
dred and thirty-eighth, before me, William J.
Formento, a notary public, IN and for the
parish II Orleans, state OF LOUISIANA, duly
commissioned and qualified, and IN the pres
ence of the witnesses hereinafter named and
undersigned, personally came and appeared
the several persons hereto subscribed, all OF
full age who severally declared that, avail
ing themselves of the laws of the state of
Louisiana, and especially of act 7S OF 1909, IN
such case made and provided, they have
agreed to and do hereby form themselves into
and constitute a corporation, and do, by the
articles of incorporation, hereinafter set forth,
agree and bind themselves as well as all such
persons may hereafter become associated
with them to form and constitute a corpora
ton, for the objects and purposes and under
the stipulations hereinafter set forth and GER
tify as follows to-wit:
Article 1.-The name of this corporation
shall be the Orleans Investment Company, y
and by that name II shall be known and shall
enjoy succession for the term OF ninety nine
years from and after the date hereof, unless
sooner dissolved.
Article II-As such corporation it shall
have power to sue and be sued, to enter into
any contract, to borrow and loan money, to
purchase, own, lease, sell and otherwise con-
vey real and personal property; to make and
use corporate seal; 10 name ana SeltCt ulGtC-
tors managers, agents, and other officers; to
make bylaws and to establish rules and reg
ulations for the management OF the business
and affairs of said corporations; and TO exc.
cute and issue bonds and other evidences OF
debt and to secure the same by mortgage or
otherwise.
Article III-The domicile of this corpora
tion shall be the city of New Orleans, parish
of Orleans, state of Louisiana, and all legal
process shall be served on the president, or,
in his absence, upon the secretary.
Article IV.-The objects and purposes of
this corporation shall be to buy and sell real,
personal and mixed property; to mortgage and
accept mortgages upon real estate; and TO Dor
row and loan money upon any security ac-
ceptable to it.
Article V.-The capital stock of this corpor-
sand dollars (S5,0O00O). which shall be divided
into two thousand dollars (S2OOO.OO of COM
mon and into three thousand dol lars (S3,OOOOC)
of preferred OF the common there shall be
forty shares (4O) of the par value of fifty dol
lars $4,000 each; and of the preferred there
shall be sixty shares (60) of the par value
of fifty dollars $4,000 each. The said pre-
ferred stock shall be entitled to receive dlvI-
dends at the rate of ten Q0) per cent per an
mum, payable semi-annually, on the first Mon
day of January and the first Monday OF
July OF each year, out OF the earnings OF sald
corporation, before any dividend shall be paid
upon the said common stock and such dlvl-
dends shall be cumulative so that any def
cheney in the dividends to be paid on said pre-.
out of the earnings of subsequent years be,
fore any dividend shall be paid upon the SAID
common stock. And in case the earnings of
the corporation shall permit dividend in ex.
cess of said ten Q0) per cent, so to be paid
semi-annually, the said excess earnings, Who'll
ly or in part, as the directors may deem adj
visable, shall be paid to the common stock
holders. And on the final liqdation and dis
shall be paid to the holders of such preferred
stock, and the shares of preferred stock shall
be paid in full before any payment shall be
made to the holders of the common stock; but
when such arrears of dividends and the face
value of such preferred stock shall have been
paid, the holders thereof shall receive no
other or additional payment.
Article VI.-The said preferred and common
stock may be issued for cash, for services
actually rendered to and for property actually
received by this corporation, and when issued
shall be fully paid and non-assessable. This
corporation shall begin business when three
thousand dollars ($3,OOO.OO) has been sub
scribed for. No transfer of stock to be bind
ing upon the corporation until made upon
its books.
Article VII.-All the corporate powers of
Of directors composed of FIVE 81 stockhold-
ers, three of whom shall constitute a quorum
for the transaction of all business. Which
directors shall be elected at the annual meet
ing of the stockholders, to be held on the
first Monday of January, of each year, unless
such Monday be dies non, in which event
the election will take place on the next legal
day thereafter, beginning with the year 1915.
Said election shall be held upon ten days no.
tice, duly mailed to each stakeholder, at his
last known address. The election OF dlrec-
tors shall be by ballot and each stakeholder,
whether of common or preferred stock, shall
be entitled to one vote for each share of stock
owned by him, which stock may be voted in
person or by written proxy. A majority OF
all the votes cast shall be necessary to an
election. In the event that any vacancy
occur in the board of directors, whether by
resignation, death or otherwise, a special
meeting of the stockholders, called as afore-
said, shall be held to fill the vacancy.
Immediately following the adjournment OF
the first annual election, the board of diree-
tors shall hold a meeting and organize by
electing a president, a vice-president, secre-
tary, a treasurer, and such other officers as
the directors may deem proper: The said ON
GERS shall hold Office until their successors
have been elected and have qualified. The said
directors shall have the power to provide, by
the necessary bylaws, the duties of the varl'
Gus officers. The failure to hold annual meet
ings or to elect officers shall not forfeit TINS
charter.
Article VIII.-The board of directors te