The herald., 1920-07-08

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. lie il
known. That on this eighteenth day of
Lord. one thousand nine hundred and
twenty, and of the Independence Of the
United States of America. the one hun
drcd and forty fourth. before me Henry
miSSiOned and qualified. in and for this
city and the Parish of Orleans, therein
residing. and in the presence of the Wit
n">>cS hereinafter named aud under
signed. personally came and appeared
the persons whose names are horpuutO
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-
Jnted and agreed. and do by these pres
entS. covenant and agree, bind. form and
constitute themselves. as well a. such
other persons who may hereafter join or
become associated with them into cor
poratiOn and body polite in law for the
objects aud purposes, and under the
agreement and StipulatiOns following, to
wit.
ARTICLE The name and title of
this corporation shall be The Com
muuity 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
privileges granted by law to corporal
ions, including power 10 contract. sue
and be sued in its corporate name: to
make and use corporate seal aud the
/ sam" to break and alter at pleasure. to
hold, receive, purchase. convey, mort
gage. hyPothccate and pIcdg" property.
real and personal: TO issue bonds, notes
aud other obligations. To loan money
with or without security; to become So
curity for any obligation Of debtors con
troll"d IN the interest of this corporation :
to hav" and employ managers. directors.
officers, agents and other employees, as
the Interests and convenience of the cor
pOratiOn may require. and to make aud
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 eN-
pcdicnt.
ARTICLE IIs-The dOmicile Of the cor
pOratiOn shall he the city of New Or
/ leans, Louisiana: citation and other legal
process shall he served on the president.
or in his absence or inability to act from
! any cause whatsoever. upon NiCc-presi-
/ dent or the secretary treasurer.
ARTICLE III-The objects and pur-
| poses of this corporation are Ia 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
/
/ thereof. owned by the late ISidOre New
| man and Rebecca Kiefcr Newman and
/ inherited by the heirs of said deccndentS.
| 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 eN-
erci>e 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 rs
/ soon as twenty-five hundred and fifty
| shares, or two hundred and twenty five
/ thousand dollars of said capital stock
I shall have been subscribed. and one half
of this amount shall have been paid in
| money. property services rendered
| to the company; and it is authorized t"
! issue its fnll-pa;d, non aSSeSSablc 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 10y the
heirs of the late ISidOre Newman and
Rcbecca kiefer Newman. his wife. up to
| the full par value of the capital stock
herein issued or subscribed hereunder.
The capital stock may ue Increased to
/ 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 "A 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 ut 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 hay" fifteen days from such notice
| to accept the same or to make counter
offer as hereinabove prescribed, aud
/ 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 il
| 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 NI-All the corporate powers
vested by law or this charter i'll 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, and to sell the corporation. oil
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 fol
| the purposes, without the necessity Of
1 referring either or any of said acts Ia
! 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
| a reserve or surplus account ont OF tn,
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 OF
for dividends.
The Board of Directors of this corpora
ton shall he composed of seven stock
holders, each holding at least one shar,
of stock in his own name and uuDlpuEpd