The herald., 1914-07-23
CHARTER
OF CONSERVATIVE HOMESTEAD ASSO-
CITATION.

OF CONSERNAIlNE hOMESlEAb NSSO-
United States of America, State OF LOUISIANA,
City of New Orleans.
Be il known that on this eighteenth day 6
the month of June, in the year one thousand
nine hundred and fourteen, before me, An
drew NJ. Buchanan, a notary public, duly
commissioned and sworn in TOR the parish OF
Orleans and city of New Orleans, therein re-
siding and in the presence of the witnesses
hereinafter named and undersigned, person
ally appeared the persons whose names are
hereunto subscribed, who declared that, avail
ing themselves of the provisions OF the laws
of this state, relative TO the organization oil
corporations and particularly those relative 10
the organization of Homestead ASSOCIATIONS,
tbev 40 by these presents covenant, agree,
bind form and constitute themselves anu
those who may hereafter become associated
with them, into corporation Tor the oOlee's
and purposes following, to-wit; .
Article 1.-The name and title of said cor
poration shall be the Conservation home'
stead Association" and under its sad cor. cor,
porate name shall have power and authority
10 contract, sue and TO be sued; TO make and
use a corporate seal, and the same to preak
or alter at pleasure; to hold, receive, lease,
purchase, convey, pledge and mortgage, undei,
rs corporate name property, both real and
personal; lend and borrow money; 10 estao-
iish and maintain out of its receipts from any
source such special funds as may be deemed
advisable in order to create sinking, eontin-
yent or reserve funds to cover losses, or 10
meet the liability for redemption or payment
of matured shares; to name ana apponmdi SuTn coni
venience of said corporation may require; 10
make and establish such bylaws, rules and
regulations for the proper management am; ano
regulation of the affairs of said corporation
as may be necessary and proper, and the same
10 change and alter at pleasure, and to do all
such acts and things as are, or may pc nee.
essary and proepr to carry out the ooJeClS
and purposes of said corporation
Article 1.-THE domicile OF SAID corpora
tion shall be in the city Of New Orleans, IN
the state of Louisiana, and all citations OF
other legal process shall be served upon the
president of said corporation, or IN his aD'
sence upon the vice-president, or, IN the ao-
sence of these officers, upon the secretary:
The said corporation shall have corporate
existence for the period of ninety-nine years.
Article III.-The objects OF this corporation
shall be the accumulation OF funds from the
weekly or monthly installments paid on stock
subscriptions interest on loans, bonuses, rem
tails and other sources; the fund SO accumr
lated to be used for the purchase OF a Duild-
ing for the use of this association, the pur-
chasing, building, renting and sale OF home
steads and other property situated IN the pa,-
ishes of Orleans, St: Bernard and Jefferson IN
the state of Louisiana, and the Lending OF
funds upon mortgage security IN the sald par
ishes ard upon shares of this corporation as
NAV be provided by its bylaws; TO borrow
money in the discretion of its board OF diree-
tors by pledging its securities, or in any othet
manner, and generally to do all things ger
name to the homestead business permissible
under the general laws of this state.
Article IV.-The capital stock of this cor
poration shall be FIVE million dollars ($S,0OO,-
0OO), represented by shares of one hundred
dollars (Sloo0Ol each, TO be issued IN TWO
forms, 'sPaid Up" and Current Current
stock shall be paid for in weekly or monthly
iustallments and shall be issued in such man
ner as may be fixed by the bylaws; provides
that additional payments may be made al
the shareholder. Paid up stock shall be paid
for in full at the time of issue. Minors and
married women may hold either KIND OF
stock in their own right. Payments on cur;
a,A int
be due and payable weekly or monthly at the
Office of the association, and all payments
made shall be imputed % to the reimburse
ment Of moneys paid tor account OF snare'
C2D to the settlement of interest due; 80 TO
the irstallments and payments on shares;
provided that the order OF imputation may oe
changed az the discretion of the board or
Shareholders shall have the right to with
draw from the association the amount pald
thereon at the preceding dividend time, less
any charges and proportion OF losses, II any,
upon filing written notices OF Withdrawal
which shall be registered by the secretary IN
the order Of their receipt, and withdrawing
shareholders shall he paid in rotation, as reg
istered. out of the first unapproriated money
in the treasury. Provided, that not more
than one-half the monthly receipts shall ever
be used for the purpose Of liquidating ma
tured, withdrawn or paid up stock shares un-
less there should be an over-accumulauon OF
funds which cannot be loaned IN the usual
manner upon real estate.
Should there be an over-aceumulatlon OF
funds beyond the use Of the association, the
board shall have the right TO call IN unpledged
shares for redemption, provided that paid up
shares shall first be called in, in the reverse
order Of their issue. and shall be redeemed
for face value, plus interest for the time In
teryening since the last dividend period at a
rate to be then determined by the board of n
rectors; and should all paid up shares be re.
deemed. then current shares may be called
in, the oldest shares TO be redeemed first and
at their withdrawal value plus interest for
the time intervening since the date OF the
last dividend, at a rate to be then deter
mined by the board of directors. Shares shall
be transferable and duplicate certificates IS
sued for lost certificates, in such msner as
may be provided in the bylaws.