The herald. [volume] (New Orleans, La.) 1905-1953, 1920-08-19
CHARTER.
CHARTER OF PROGRESSIVE REAL Is
TATE AUCTION EXCHANGE, lNC'

United States of America: state OF Lon
;sisna Parish of Orleans. city of New pr
leans Re il known. that on TINS -'In udA
of the month Of July. in the year IA ~
Lord one thousand nine hunureu IN
twenty, and of the lndepehu'fn Ia fortT
limited States the one hundred anu IoI'!
fiftb before me. Rudolph j. Melhhhahh'
Notary Public, duly commissions sH VI ~,
and qualified in and for the IdTiSh
Orleans, State OF LOUISIANA .S. "herainafter
named and undersigned, personally Cdri'
and .pDeared, the persons whose nalltS
are bereunto subscribed, all OF lul as.
yvbo declared that, ayailinS themselves ol
Ca,stitution and laws of this state
roIatiye 10 corporations, they nave 'oNth
anted and agreed, and do by theSe prs,
ents covenant and agree, ana 90 plnu
,bem selves as well as such other person.
-, hereafter become associated win
them. TO form and constitute corpoTatlon
and body polite in law, for the purposes
and objects and under the supuiatIohS anu
conditions hereinafter set i ndsnt as their
pressed, which they hereby auSP' "S INV
charter, as follows, to-wtt. ...,, e tbi.
ARTICLEI-Then name ana tue OF tnIH
corporation shall be Progressive he% -
tate Auction Exchange me, co.
which AZ shall enjoy succession TOT
period of ninety nine l'') year
from the date of this act. anu , ~
domicile is hereby established I'll lne ~
of New Orleans, La; under Us III -
Gne Sdlr COT f'l 'i'i'iA
nover and authority to contract, sue anu
be sued in the prosecution OF ITS DuSlu'S'
as hereinafter defined; 10 au"pL vi ~
ate seal: TO hold, receive puIChbH'' ~
Drove ALLEVIATE, convey, mortgage anu
hRIadga nroperty real personal ana hlNeu
10 aDpoiut or elect such directors dS'H''
and employees as its interests mag
ouirp: TO establish such rules FeSuldli'H
and bylaws for the proper management
and regulations of its affairs as IL may
deem eNpedient; ana 10 do all Othtr lhlH-
permitted by law ~ shall be proper ana
necessary to carry out the oDJects ~ th'
said corporation. ~ A..
Vice President shall be- the proper person
uDon 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 10y it, are hereby declared TO ht
10 conduct operate and control, Tor profit
the business of an auction exchange, Z"
establishment centrally located i'll the CitE
of New Orleans wherein auction Dlu' h
or stands may be leased or rented 10 lhul-
yiduals firms or corporations, whether
stockholders i'll this corporation OF not -
as TO give the said individuals, firms OF
corporations the privileges OF the sald au'
ton exchange and the use OF the tacllltleS
therein when auctiOning OH property
whether real, personal or mixed Tor SAFE oil
otherwise under such rules ana reSult
tions as may by this corporation b'
adopted; to buy aud sell real estate
either as principal or agent; to lease rent
suitcase, mortgage, pledge, convey aSslS II
transfer, set over and deliver, sustain, Cd
tain options on real estate, either as prln
cipal or agent; and generally to do ana
perform all such business as may be neces,
sary for or incidental to the objects and
purposes herein mentioned as fully as l.
set forth herein.
ARTICLE III.-The capital stock of this
corporation is hereby fixed at five thou
sand $4,000 dollars, divided into one nun
dred (lOO shares of fifty tSJO.OOD dOllars
value. each, PAYABLE in cash at such times
as may be determined by the Board o.
Directors.
The said capital stock may be increased
to fifty thousand (S50,O0O.OO) dollars.
No transfer of stock shall be recognize
snless entered in the stock book. y,
stockhOlder shall have the right to sell Il
stock On the market without having offered
IL, in writing, at its book value TO th'
Board of Directors of this corporation
twenty 600 days prior to the contemplated
sale of the stock, and if the said Board
desires to buy 1t, purchase shall be maze
on behalf of the corporation, ana the stOcb
shall then and there become treasury
stock. A notice of the obligation to st
offer the stock shall be printed across T..
face OF each certificate of stock.
ARTICLE IV.-The corporate powers I"
this corporation shall be vested IN ana g
ercised by Board of Directors composed
of ten stockholders, of which quorum
shall consist of five Directors, for th'
transaction of business, and their decisions
shall be valid, corporate acts.
The said Board of Directors shall haE'
the power to fill all vacancies on salt
board arising from any cause whatsoever
The first election of directors under TIM
charter shall take place on the Secoh'
Tuesday in January OF each year, oegiu
their successors shall have been elected
and qualified, the following stockholder
shall constitute the first Board OF ID
James f. Turnbull, $40 Baronne Street
New Orleans, La; Alvin Il. Johnson, 81
Carondelet Street, New Orleans, La; Ed
ward Murphy, $40 Baronne Street, New or
leans La; Ben Il. Mathews, 322 Baronn
Street. New Orleans, La; II. l.. Niguerit
224 Baronne Street, New Orleans, La.
Meyer Eiseman. 732 Common Street, New
Oriea. La; Ashton Blum, 6l3 CONNER
cial Place, New Orleans, La; Carroll !
Walmsley us Common Street, New OF
leans, La; Arthur Z. Mayer, 500 Perdid
Street, New Orleans, La; NJ: L. armour
ST., 300 Baronne ST., New Orleans, La.
The Board of Directors at its first meet
ing after each annual election shall eleC
from its members President, Nice-Pres
ident a Secretary, and Treasurer; IN
following officers shall serve until th
second Tuesday in January, 1871, or unit
such time as their successors shall nav
been duly elected and qualified, to-wit:
James L. Turnbull.. President
Alvin Il. Johnson. Vice President
Edward Murphy ......... .oecretdry
Ben IL. Mathews. treasurer
Notice of each annual election of direC
tors shall be given by letter to be write
fifteen 15) days previous to said election
and sent to the last known address or eac
of the stockholders. Failure from an
cause to elect directors on the day stipu
lated shall not dissolve this corporation
but the President shall call new meetin
on fifteen 15) days notice as soon a
possible.
ARTICLE v.-The Board of Director
shall have full power to use and manag
the property of this Company in sue
manner as in their discretion may seeI
fit. consistent with the objects and pur
poses and welfare of the Company. TIL
said Board is further authorized to fran
and adopt such bylaws, rules and regula
lions as the affairs of the Company ma
REQUIRE and as Il may deem necessary 10
the management thereof, and to alter I'll
same at will, provided they are not
conflict with the terms of this charte
The Board of Directors shall determin
what employees are necessary from tim
to time and have full control of same
Il shall also fix the salaries OF the sever;
officers herein provided for.
ARTICLE VI.-Any changes, modificS
TONS amendments of this charter, or dis
solution Of this corporation shall be strictl
according to the terms of Act 26I Of 49,
and subsequent amending acts.
ARTICLE VII. No stockholders sha
informally In organization. nor shall thf
have the effect OF rendering this chartt
null.
l. Thus done and passed In my office
"A this city, on the day and in the month an
year first above written, In the presenC