The herald., 1920-08-12
CHARTERS.
CHARTER OF PROGRESSIVE REAL Es-
TATE AUCTION EXCHANGE, INC.

limited States of America, state of Lou
isana Parish Of Orleans, city OF New VI
leans BE it known, that on this 2Ith IA!
of the month Of July, in the year OF GU
Lord one thousand nine hundred ant
twenty, and of the Independence OF TN
United States the one hundred ana iOrtS
fifth, before me, Rudolph j. Nelnmahh'
Notary Public, duly commissioned, swOri
and qualified in and for the Parish OF
Orleans, State of Louisiana, and IN th'
presence of the witnesses HEREINAFTER
named and undersigned, personally came
and appeared, the persons whose halles
are hereunto subscribed, all of full age
who declared that, ayailing themselves oil
the Constitution and laws or TINS State
relative to corporations, they have cONeh-
anted and agreed, and do by these pres,
ents covenant and agree, and do bind
themselves as well as such other persons
as may hereafter become associated with
them, TO form and constitute corporation
and body polite in law, for the purposes
and objects and under the stpuialionS anu
conditions hereinafter set forth and ;eX-
pressed, which they hereby adept as thelr
charter as follows, tO-wit:
ARTICLE 1.-The name and title OF TINS
corporation shall be Progressive Real rs
tate Auction Exchange, Inc, under
which il shall enjoy succession Tor
a period of ninety nine (99) years
from the date of this act, and ltS
domicile is hereby established IN the city
of New Orleans, La; under Its corporate
name. the sair corporation shall have
power and authority to contract, sue ana
be sued in the prosecution OF It's business
as hereinafter defined; to adopt a cOrpOr-
ate seal; to hold, receive, purchase, i'm,
proye. ALLEVIATE, convey, mortgage and
pledge property, real personal and mixed ;
to appoint or elect such directors, agents
and employees as its interests may re-
ouire; to establish such rules, regulations
and bylaws for the proper management
and regulations of its affairs as II may
deem expedient; and to do all other things
permitted by law as shall be proper ana
necessary to carry out the objects OF the
said corporation.
The President, or in his absence, tho
Vice President shall be the proper person
upon whom citation and other legal pro
cess shall be served.
ARTICLE 1.-THE objects and purposes
for which this corporation is organized
and the nature of the business to be car
ried on by IL, are hereby declared to be !:
to conduct, operate and control, for prOflt
the business of an auction exchange, 0.
establishment centrally located in the City
of New Orleans wherein auction blocks
or stands may be leased or rented to indi-
yiduals, firms or corporations, whether
stockholders in this corporation or not, SO
as to give the said individuals, firms or
corporations the privileges of the said auc-
ton exchange and the use OF the facilities
therein when auctioning OFF property
whether real. personal or mixed for sale or
otherwise, under such rules and regula-
lions as may by this corporation be
adopted; to buy and sell real estate,
either as principal or agent; to lease, rent,
suitcase, mortgage, pledge, convey, assign,
transfer, set over and deliver, sustain, OBJ
tain options on real estate either as prin-
cipal or agent: and generally to do and
perform all such business as may be neces-
sary for or incidental to the objects and
purposes herein mentioned as fully as is
set forth herein.
ARTICLE III.-The capital stock Of this
corporation Is hereby fixed at five thou
sand ($5,000) dollars, divided into one hun
dred ClOO) shares of fifty C$5OOOD dollars
value, each, payable In cash at such times
as may be determined by the Board of
Directors.
The said capital stock may be increased
to fifty thousand ($J0,OOO.OO) dollars.
No transfer Of stock shall be recognized
unless entered In the stock book. No
stakeholder shall have the right to sell HI
stock on the market without having offered
IL, in writing, at its book value to the
Board Of Directors of this corporation,
twenty COY days prior to the contemplated
sale Of the stock, and IL the said Board
desires to buy 1t, purchase shall be made
on behalf OF the corporation, and the stock
shall then and there become treasury
stock. A notice of the obligation to so
offer the stock shall be printed across t.
face OF each certificate of stock.
ARTICLE Iy.-The corporate powers O
this corporation shall be vested in and
NttAocu W a VI COuDOSeO
Of ten stockholders. of which a quorum
shall consist Of five Directors, for the
transaction of business. and their decisions
shall be valid, corporate acts.
The said Board Of Directors shall have
the power to fill all vacancies on said
board arising from any cause whatsoever.
The first election of directors under this
charter shall take place on the second
Tuesday In January Of each year, begin
ming In 1921. until which time, or until
their successors shall have been elected
and qualified, the following stockholders
shall constitute the first Board Of Di-
rectors:
James II. Turnbull, $40 Baronne Street. |
New Orleans, La; Alvin n. Johnson, 3lG |
Carondelet Street, New Orleans La: Ed |
ward Murphy, $40 Baronne Street, New Or |
leans La: Ben b. Mathews, 322 Baronne !
street, New Orleans, La. K l.. yiguerie. |
"a Baronne Street, New Orleans, La.
Meyer Eiseman, 732 Common Street, New
Orleans, La; Ashton Blum, 6l3 CONNER |
cial Place, New Orleans, La; Carroll Il, |
Walmsley, us Common Street. New Or
leans, La: Arthur Il. Mayer, 500 Perdido |
street New Orleans, La: N. p. ArnouIt
81, 20 Baronne ST., New Orleans, La.
The Board Of Directors at its first meet
ing aiter each annual election shall elect
rom Its members President, a vice-Pres
ioent, Secretary, and Treasurer; the
Following officers shall serve until the
second Tuesday In January. 1921. or until
Pull .nhe as tnelr successors shall have
oeen duly elected and qualified, to-wit:
\ James II. Turnbull. President
AVN n. johnson. Vice President
Io~nru murphy. Secretary
Den %. Matthew's. Treasurer
Notice OF each annual election of dire.
s III snaii be given by letter to be written
. "a en- .iol Gays previous to said election,
~ sent 70 the last known address of each
:. sne stockhoiders. Failure from any
,ause 70 elect directors on the day s,inn
ated shall not dissolve this cornoratipn
put the President shall call a new meetin1
possible. Ne as soon as
ARTICLE V.-The Board of Dirscto,s
nail have full power to use and msnsaa
ne property OF this Company in sncb
nanner as In their discretion NAV sasnn |
II, consistent with the objects and mr.
eses and welfare Of the Compsny III
aid Board is further authorized IN fran,e {
No adopt such bylaws, rules and reonlae
lons as the affairs Of the Company NAV
eQufre, and as IL may deem necessary %, \
ne management thereof, and to alter tba .
Ame at Will, provided they are not in !
,nInct win the terms Of this charter !,
he Board of Directors shall determ,na Q
NAT employees are necessary from fine Z
time. and have full control Of sama. :
shall also fix the salaries of the seyersi '
ncers herein provided for.
ARTICLE vI-Any changes. modif,cs. r
ms, amendments of this Charter or dis
luton OF this corporation shaII be strictiv
cofding to the terms Of Act 1o7 OF Ioiz u u
q subsequent amending acts.
ARTICL1 VII. No stoekAsldsrs sh,u '