The herald., 1920-07-22
CHARTER OF THE COMMUNITY
REALTY COMPANY, INC.

CHARTER OF THE COMMUNITY
REALTY COMPANY, INC.
United States of America. Parish Of
Orleans, City of New Orleans. BE it
known. That on this eighteenth day of
the month of May, in the year of our
Lord. one thousand nine hundred and
twenty. and OF the Independence of the
United states of America, the one hun
dred and forty fourth, before me, Henry
7. Dart, Jr, a notary public, duly com
missioned aud qualified, in and for this
city and the Parish of Orleans, therein
residing. aud in the presence of the wit
nesses hereinafter named and under
the persons whose names are hereunto
subscribed, who declared that availing
themselves of the provisions of the laws
of this state relative to the OrganiZa-
ton Of corporations they have coven-
anted and agreed. and do by these pres
entS. covenant and agree, bind. form and
constitute themselves, as well as such
other persons who may hereafter join or
become associated with them into a cor
pOratiOn and body polite in law for the
objects and purposes, and under the
agreement and stipulatiOns following, to-
wit:
ARTICLE 1.-The name and title of
this corporation shall be The Com
munity Realty Company, Inc" and I'M
der its corporate name il shall have and
enjoy existence and succession for the
term of one hundred years from this
date, and all the rights. advantages and
privileges granted by law to corporal
ions, including power to contract sue
and be sued in its corporate name: to
make and use a corporate seal. and the
same 10 break and alter at pleasure: to
hold, receive, purchase, convey, mort
gage, hypotheCate and pledge property
real and personal; TO issue bonds notes
and other obligations; to loan money
with or without security; to become 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
porattOn may require and to make and
establish such committees and to create
such bylaws, rules and regulations for
the corporate management and for con
troll Of the affairs of said corporation
as may be deemed necessary and eX-
pedjent.
ARTICLE 1.-THE domicile of the cor
poratiOn shall be 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 a vice-presi-
dent or the secretary-treasurer.
ARTICLE II.-The objects and pur-
poses of this corporation are to pur-
chase, acquire, own, possess, let, lease.
improve, sell. ALLEVIATE and mortgage real
and personal, movable and immovable
property of every nature and kind, in
Guiding notes, stocks bonds and other
securities, and particularly to acquire the
v.
thereof, owned by the late Isidore 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 and as
brokers'; TO collect rents, interest and
revenues and generally to hold and eX-
ercise all such powers and privileges as
may be 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-
vided 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
money, property or services rendered
| to the company; and IL is authorized to
issue its ful-paid, -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
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.
one million dollars.
! 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
feriug 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 H.
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 VI.-All the corporate powers
vested by law or this charter In corpora
tions 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, and to sell the corporation, or
merge the same into another corporation,
and to take in payment of any such sale
or merger, cash, bonds, notes or stock
Of the purchasing or merging corpora
ton, or of a 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 divi-
dends Is vested exclusively in the Board
of Directors. who are furthermore vested
with discretion to create and maintain
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
ton shall be composed of seven stock
holders. each holding at least one share
of stock In his and uQDlpdgpd