The herald., 1920-06-24
CHARTER OF THE COMMUNITY
REALTY COMPANY, INC,

]
! REALTY COMPANY, INC.
/ United States of America, Parish OF
prIranS' Slty OF New Orleans. BE II
/ 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
I lnited states of America, the one hun
dred and forty fourth, before me, Henry
! +. Dart, Jr.. notary public, duly com,
misslohed and qualified. in and for this
! residing, and in the presence of the wit
| nesses hereinafter named and under
/ signed, personally came and appeared
subscribed, who declared that. Awaiting
themselves of the provisions of the laws
I of this state relative to the organiZa-
tion of corporations, they have coven-
! 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 ana 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 un-
der its corporate name il shall have and
ENJOY existence and succession for the
| term of one hundred wears from this
date. and all the rights advantages and
privileges granted by law to cOrporat-
IONS, including power to contract sue
ahI DE Sueu IN Its corporate name; to
make and use corporate seal, and the
same To break and alter at pleasure: TO
hOld, receive, purchase convey mort
gage hypothecate and pledge property,
rear ana personal: to issue bonds, notes
ana other obligations; to loan money
with or without security; to become Sc
curlty for any obligation of debtors con
trolicd 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
Pordlioh may require: and to make and
establish such committees and to create
Such bylaws, rules and regulations for
the corporate management and for con-
IroI OF the affairs of said corporation
as may De deemed necessary and eN-
pedient.
ARTICLE 1.-THE dOmicile of the cor
poration shall be the City of New Or
leans, Louisiana; citation and other legal
or IN his absence or inability to act from
any cause whatsoever. upon a vice-presi-
dent or the secretary treasurer
ARTICLE III.-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 immoyabIe
property of every nature and kind, in
securities, and particularly to acquire the
real and personal property, or any part
thereof. owned by the late Isidore New
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 De necessary, useful, or convenient
ton.
ARTICLE Iv.-The capital stock of
this corporation is hereby fixed at four
hundred and fifty thousand dollars. di-
vided into and represented Big 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-haIf
OF this amount shall have been paid in
money, property or services rendered
10 the company; and il is authorized TO
Issue It's full-paid, worcestershire capital
stock in purchase of real and personal
property, bonds, stocks, or other secur-
tiles, and in exchange therefore, and par
lcularly for the purchase of the real
ana personal property. or any part there
of inherited from their parents by the
heirs of the late lsidore Newman and
ltebecca kiefer Newman. his wife. up to
the ruiz par value of the capital stock
herein issued or subscribed hereunder.
The capital stock may be 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
dltion of this charter, that no stock shall |
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
hen the said stockholders shall have the
absolute first right to buy the same for
ash 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
pose. No sale shall be valid against the
'ther stockholders until al offer to sell
1as been made in Writing to the Board of
Directors for the use and benefit of the
,ther stockholders, which shall immedi-
itely notify the latter thereof, and they
hall have fifteen days from such notice
Q O., accept the same or to make a counter
'ffer as hereinabove prescribed. and
hirty days after acceptance to pay for
he same. Stockholders shall have the
light to buy said shares in proportion
o their holdings and any proportion not |
hus taken may be taken by any of the
,thers.
There shall be printed in the body of
ach certlflcate Of stock. This stock is
iCcepttu, nelu, ana can be transferred, |
,niy upon conditions named in Article
7, OF the charter of this corporation"
No transfer of stock OF this CORPORA
Ion shall be binding upon the corpora
ION unless. and until, the same is trans
erred on the books Of the corporation.
ARTICLE VI.-All the corporate powers
ested by law or this charter in corpora
ions shall be exercised by the Board of |
directors of this corporation, including the
lght to manage, control and direct the
ffairs of the corporation, the corporate
'olcy, and to sell the corporation. or
merge the same into another corporation
nd to take in payment of any such sale
y merger, cash, bonds, notes or stock
4 the purchasing or merging corpora
ION, or of new corporation, created for
ne purposes, without the necessity of
eferrlng either or any of said acts to
he stockholders.
The power and right to declare diyi-
ENDS Is vested exclusively in the Board
I Directors, who are Furthermore vested
With discretion to create and maintain
reserve or surplus account out of the
arnlngs of profits of the corporation ,
efore the declaration of dividends, and
y their Judgment to increase or decrease
ne same for the corporate purposes or
or dividends.
The Board of Directors of this CORPORA I
ION shall be composed of seven stock
oiders, each holding at least one share
STOCK in his own name and unpledged |
0 mold office for one year and until
helr successors are elected and uuali-
led. The first Board of Directors shall
e composed of the following persons,