The herald., 1917-08-09
CHARTERS.

name. and title OF this corporation shall be
the Liberty Homestead" and under ITS SAID
corporate name it shall have the power ana
authority to contract, sue and 10 De sued
10 make and use a corporate seal, and the
same to break or to alter at pleasure; 70
hold, receive, lease, purchase, convey pledge
and mortgage, under its corporate name
propcrty both real and personal; lend or
borrow money on security; to establish and
maintain out II its receipts from any source,
such special fund as may be necessary 10
cover losses, or meet the hdDAlty Tor re-
dcnptiou or payment Of matuTed SHARES;
10 name and appoint such officers and agents
as the interest and convenience OF sald cor
pOratlOn may require; TO make ana e9tdo'ISH
such bylaws, rules ana regulations 'DE NV
proper management and regulation OF the
affairs OF said corporation As may be neceS-
sarv and proper and the same 70 change
and alter al pleasure, and 10 do all sutA
acts and things as are or may DC hetGSedI!
and proper TO carry ont the OBJECTS ana PuI-
poses OF said corporation.
Article III.-ObJects and Purposes. The
object Of this corporation shall be the accu-
mutation Of a fund from payments made on
account OF the capital stock, rentals pre-
miums, interest On loans and other S0urccs'
the fund 50 accumulated 20 be used Tor the
purchase and sale Of real estate, the OulId,
ing, renting and sale OF homeSteadS' ana
the lending OF funds upon mortgage 4"
realty, or other security in the city OF New
Orleans Parish Of Jefferson and the Parlsn
Of St Bernard; and upon the shares OF me
corporation 20 the extent OF ~ per cent ol
the face value thereof, other than loan Shafes'
but no loan upon other than real estate seCu-
ritv or shares OF the corporation shall be
made without the consent 81 at least twelve
members of the board Of directors. The cor
pp-a;lo0 shall have the power TO borTow
money in the discretion OF the board OF d.
rectOrs.
Article IV.-Capi;al Stock. The capital
stock Of this corporation shall be five million
dollars. ($5NcooooiW, and shall be issued IN
shares payable At such time and IN Such
manner A. hereinafter provided.
The shares shall We divided into three
classes, namely: Full-paid, Current or In.
ves,meut and Permanent. For the sake OF
convenience. Current or Investment shares
are sub-dlvided into Investment and Loan
shares.
Inyestmen: shares shall be issued at the
par value Of one hundred dollars each, pay
able at the rate of one dollar or multiple
thereof per month per share.
Full-paid and permanent. shares. shall be
! issued at the option of the board OF directors,
vided that said shares shall be paid up IN
full at the date OF issue.
Loan shares shall be issued at the par
| value OF fifty dollars each. payable on or
| before the last day OF each month, AZ the
rate of twenty-five cents or multiple thereof
per share.
| Installments on stock shall be non-for-
\ feitable Payments on shares, installments
| and interest, shall be due and payable a;
| the office Of the corporation. on or before the
last day OF each consecutive month"; and all
| payments shall be imputed:
| lst To the payment OF any insurance,
taxes or other assessment paid for account
| of the shareholder;
! I'd. To the payment of interest due;
| Srd The balance Of the amount to be APP
piled towards the payment OF lnstallments
| on shares; provided that the order Of impuia.
| - may he CHANGED al
| the board OF directors.
Article V-Dvidends. The board of d.
| reCtors shall determine semi annually the
net earned profits of the corporation, and
| upon each share OF stock dividend snail De
| declared, apportoned at its discretion.
The board shall retain a part of the profits
| of the corporation, in order to create a sur
! plus. and a reserve fund for contingent
| losses
| The dividends declared by the board shall
! be final and conclusive upon all sharehold-
| ers.
| dend credit computed monthly at the rate
apportioned by the board on the monthly
| installments paid in, provided that when the
| total payments of said lnstallments and div.
| dends credited equal the par value of said
| shares one hundred dollars each. the same
| shall be redeemed by the company.
| Dividends upon full paid shares shall be
| payable semi-annually in cash, upon the
face value of said shares, at the rate appor-
| toned by the board.
Loan-shares shall receive a dividend credit
| computed monthly, on the monthly INSTALL
\ ments paid in, until the installments and
\ the dividends credited equal the face value
| OF fifty dollars, when the said stock shall
be deemed to have matured and applied to
| the payment OF the note or notes, the one
| cancelling the other, and vice-versa. Pro-
| vided that in loans where premiums have
| been paid, the board of directors may, at
its option. determine the prorata dividends,
| in proportion to the earnings OF the company,
| and the relative rank of character of the
shares, and may declare different dividends
upon such class Of loan shares.
Article VII.-Arrearages and Fines Should
any borrower of the corporation fail or ne
| glect to pay his or her monthly installments
| at such time as the same may fall due and
as may be provided for in his or her con
tract, the said borrower shall forfeit 10 OF
the dividends to his credit for each and every
| month of said arrearages; the execution
thereof to be at the discretion OF the boarC
of directors. The company reserves the RICH
of foreclosing all Indebtedness of mortgages
on the failure, neglect or refusal of any Dor
rover to pay his or her monthly installments
interest, or other assessments The execu
tion whereof, however, to be at the discre
ton of the board of directors, and all costs
to be paid by the stakeholder in arrears.
Article N.-Loans. Each stakeholder, 70
| each share of loan stock he may hold in tn
corporation, shall be entitled TO receive from
the funds of the corporation a loan of fit,
dollars. Whenever the funds in the treasur,
shall warrant, one more loans shall b.
disposed of to the stockholders in such man
ner as the board of directors may determine
Stockholders making loans, shall pay inter
est on the face thereof. by monthly payment
on or before the last day of each and ever
month, at rate of interest peer annum I
be provided in the bylaws.
Article XNI.-Amendments and Liauida
ton. This charter may be amended, modi
ned, added to, or changed, or this corpora
ton may be dissolved, at a general meeting
| OF the members, by a three-fourths vote %
| the stock represented at such meeting, il
the converting of such meeting shall be ad
vertised and published in a daily newspape
in New Orleans for ten days prior to sucl
meeting; and further, that all proposals t
amend, modify, add to- change, or dis
solve shall be presented in writing to TIL
board Of directors at a regular meeting, pre-
yious to the general meeting of the stock
| holders"
Thus done and passed at my office in tn,
City of New Orleans, the day, month ant
year first above written, in the presence
Of Messrs. Hyman Mithoff and George St
Paul, competent witnesses who have here
unto signed their names, together with tn
said appearers, and me, notary after du
reading of the whole.
Original Signed: L. F. Rabouin. president
Frederick Querens. Jr., secretary Hymai
Mithof, Geo. St. Paul.
ROGER MEUNIER, Not Pub.
|, the undersigned. Recorder of Mortgages
N and for the Parish of Orleans, State O
, Louisiana, do hereby certify that the Act q