The herald., 1920-06-17

CUNKTER OF the COMMUNITY
REALTY COMPANY, INC.
United States of America. Parish Of Of
| orleans civ Of New prl"au~. lie IL
| known. That on this eighteenth day OF
| tho month Of May. in tn" year "i "uT
| Lord Oh" thousand min" hundred az"
| twenty and of the independents" OF IA"
| I-ritrG states of America. the on" hun
drrd and furty-fuUrth. h"tor" me, ll'hrN
T. Dart Jr. q notary pnhh'. HHiN '".
mi~~ionod AMI qualified, IN ana l"T Ihl>
civ and the Parish of orleans. therein
! residing aud i'm the presence OF ia" WI
ur-~rS hereinafter named and under,
| signed. personally came ana appeared
| The persons who's" names ar" h"r"uHI"
subscribed. who declared that, 5VaiIlnG
| Them selves of the provisions OF the Jaws
of this state rrlatiy" To the or@anl/a-
| ton Of corporations. lheE nay 49,
rutS covenant and agree. bind. form ana
constitute themselves, ~ wei a. Nu'h
other persons who may hereafter J"lH OF
| become associated with them INTO q cor
pnration and body polite in law for the
objects and purposes, ahd uhl'r M
agreement and stipulutiou> following. 10
ARTICLE 1.-The name and title of
this CORPORATION shall b" The Com
muuity Realty Company. Inc: and uh,
der its corporate name II >hlI nave anu
enjoy existence and succession for the
| term of one hundred years from inns
date and all the rights. advantages ahd
privileges granted 10y law To corporal
| ions including power to contract, sue
and lac sued i'm its corporate name; to
make and use Il corporate seal ana the
same To- break and alter at pleasure; TO
hold receive. purchase. convey. mort
| gage hypothccatc and pledge property.
| real and personal: to issue bonds, notes
| and other obligations: to loan money
with or without security: 10 hec"h" Sc
| curity for any obligation of debtors con
| trolled in the interest of this corporation;
to have and employ managers. directors
! officers agents and other employees. as
| the interests and convenience OF the cor
| marathon may require: and to make and
| establish such committees and to create
| such bylaws. rules and regulations Tor
| the corporate management ana lor con
| troll of the affairs of said corporation
as may be deemed necessary and eN-
ARTICLE 1.-THE domicile of the cor
| poratiOn shall he the City of New Or
! leans Louisiana: citation and other legal
| process shall be served on the president,
| or in his absence or inability to act from
any cause whatsoever. upon vice-presi-
| dent or the Spcretary-treaSurer.
| ARTICLE III.-The objects and pur-
| poses of this corporation are to pur-
| chase. acquire. own. possess, let tease
| improve. sell ALLEVIATE and mortgage real
| and personal, movable and immovahle
property of every nature and kind. in
Guiding notes, stocks. bonds and other
curitieS and particularly to acquire the
, real and personal property. or any part
thereof owned by the late lSidOre New
man and Rebecca Kiefer Newman. and
Inherited by the heirs of said deCendentS.
To buy. sell and deal in real and per
SOnal property for itself as investment
or for profit, as principal, agent ana as
brokers; to collect rents. interest and
revenues and generally to hold and eX-
erCiSe all such powers and privileges as
may he necessary, useful. or convenient
to the general objects of the corpora
ton.
ARTICLE IV.-The capital stock of
this corporation is hereby fixed at four
hundred and fifty thousand dollars. di-
yided into and represented by four thou
sand five hundred shares of the par
value of one hundred dollars each.
This corporation may begin business as
soon as twenty-five hundred and fifty
shares, or two hundred and twenty five
thousand dollars of said capital stock
shall have been subscribed, and One-half
of this amount shall have been paid in
to the company: and it is authorized to
issue its full-paid, non asseSsable capital
stock in purchase of real and personal
property. bonds. stocks, or other secur-
tiles, and in exchange therefore, and par
ticularly for the purchase of the real
and personal property, or any part there
Of Inherited from their parents by the
heirs of the late IsidOre Newman and
Rebecca Kiefer Newman, his wife, up to
the full par value of the capital stock
herein issued or subscribed hereunder.
The capital stock may be increased to
ARTICLE V.-The capital stock Of this
corporation is issued, received and held
under the irrevocable agreement and con
tract entered into for the mutual pro-
lection and advantages, and as con
ditiOn of this charter, that no stock shall
be sold or transferred without first Of
fering same to the stockholders of rec
! ord, who shall have the first right to
purchase same at the price demanded
| by the owners, or at the price of any
bona fide offer thereof. but should the
parties be unable to agree upon the price.
! then the said stockholders shall have the
| absolute first right to buy the same for
| cash at the book value thereof. as shown
| by, or established on the Semi-annual or
| annual statement of the corporation last
| preceding such offer. and this valuation
shall be conclusive evidence for this pur-
pose. No sale shall be valid against the
| other stockholders until al offer to sell
has been made in Writing to the Board of
| Directors for the use and benefit of the
| other stockholders, which shall immedi-
ately notify the latter thereof, and they
shall have fifteen days from such notice
to accept the same or to make a counter
offer as hereinabove prescribed. and
| thirty days after acceptance to pay for
the same. Stockholders shall have the
right to buy said shares in proportion
to their holdings and any proportion not
thus taken may be taken by any of the
others
There shall be printed in the body of
each certificate of stock, This stock is
accepted. held. and can be transferred
only upon conditions named in Article
V, of the charter of this corporation"
No transfer of stock of this corpora
ton shall be binding upon the CORPORA
ton unless, and until. the same is trans
ferred on the books of the corporation.
ARTICLE Nl.-An the corporate powers
vested by law or this charter in corpora
tons shall be exercised by the Board of
Directors of this corporation. including the
right to manage, control and direct the
affairs of the corporation, the corporate
policy. ana to sell the corporation, or
merge the same into another corporation
and 10 take in payment of any such sale
or merger, cash, bonds, notes or stock
OF the purchasing or merging corpora
ton, or OF new corporation, created for
the purposes, without the necessity of ,
referring either or any of said acts to
the stockholders.
The power and right to declare diyi-
dendS is vested exclusively in the Board
of Directors. who are Furthermore vested
with discretion to create and maintain
a reserve or surplus account out of the
earnings of profits of the corporation
before the declaration of dividends, and
in their judgment to increase or decrease
the same for the corporate purposes or
for dividends.
The Board of Directors of this CORPORA
tion shall he composed of seven stock
holders, each holding at least one share
OF stock in his own name and unpledged.
TO hold office for one year and until
their successors are elected and uuaIi-
fled. The first Board Of Directors shall
be composed of the following persons.
with Mr.. j. h. Newman as president.
Edgar Newman as vice-preSident and l..
carroll Root as secretary-treaSurer: j. n
Newman, New Orleans, La; Edgar New