The herald. [volume] (New Orleans, La.) 1905-1953, 1920-08-05
CHARTERS.
CHARTER OF PROGRESSIVE REM hs-
TsTE ACTION EXCHANGE, I'M

en- nTcTIOS EXCHANGE, INC.
rr,i,o1 States Of America, State OF Lou
isiapa Parish of Orleans, my Vl 81 dnv
isanS Re n known, that on this 2'th uaS
Of Tho month of July, in the year oi Uu
Lord one thousand nine huhuI'u tLa
tISenty. and of the independence % ~
United States the one nuhG' ~ Wsinmann. A
fifth- before me, Rudolph j. Neliiha .,ii, 4"
Notsrv public, duly commissioner, ~"
and qualified in and for tht a. tba
Orleans, state Of Louisiana, anu t a.
nresence of the witnesses hrTei"'ln,i
Rnamod and undersigned, personally '"l''
and auDeared, the persons "hOSe lam ,
are herpunto subscribed all oi luiI as:
who declared that aNalllhs Ine mi State
the Constitution and laws OF TINS ol"o'
raI.,iye TO corporations, they nave 'oltn-
anted and agreed, and do by these pa
ents covenant and agree; anu 10 In
,ban, selves as well as such other ptrSohN
ae may hereafter become assOclateu WIZ WIZ
them. to form and constitute a cOrPoraIlon
and body polite in law, Tor the puIPos'5
ard objects and under the stlpulatlohS anu
anu hereinafter set forth and eN-
pressed, which they hereby auoPt 40 '"'i'
charter as follows, TOWN. Ali;
ARTICLE name and tl'le ea oil f Fss
tate Auction Exchange, Inc, uh1 .or
which it shall enjoy succession aoI
period of ninety nine CS' Seats
S,on the date of this act, ana itS
sonic;Io A. hereby established IN the city
81 New Orleans, La; under its corporate
name. the sair corporation shalI nav
power and authority to contraGt, SUE anu
he sued in the prosecution OF It's business
o. hereinafter defined; to adopt a cOrpor-
ate seal: to hold, receive, purchase IN
prove ALLEVIATE, convey, mortgage anu
pledge property rear persona Sirnct Sr agents
and employees as its interests may re-
ouire; to establish such rules, regulations
and bylaws for the proper mahas eine i,
and regulations of its affairs as II may
deem eSnedient: and to do all other Things
permitted by law as shall be proper anu
necessary to carry out the OBJECTS oi 'he
said corporation. .,.o,o IN,
yice-P President, shall be the proper person
upon whom citation and other leSal Pro-
cess shall be served. , .,,s
ARTICLE 1.-THE objects ana purposes
for which this corporation is organized
and the nature of the business 10 DE car
ried on by IL, are hereby deciareu W 90 ~.
to conduct, operate and control LOT ploli'
the business of an auction eAchahse,
establishment centrally located IN the InH
OF New Orleans wherein auction oiock'
or stands may be leased or rented TO lnui
yiduals firms or corporations, Whethe
stockholders in this corporation or not, s.
ms 10 give the said individuals, firms o
corporations the privileges OF the sara auc
ton exchange and the use OF the Iaclli ., :
therein when auctiOning OIL prOper'!
whether real, personal or mixed Tor SAFE o
otherwise, under such rules ana reeula
lions as may by this corporation
either as principal or agent; to lease, rem
sub-lease mortgage, pledge, convey, asslS
transfer set over and deliver, sustain, on
tain options on real estate, either as prln
cipal or agent; and generally to do an
perform ali such business as may be necet
sary for or incidental to the objects an
purposes herein mentioned as fully as
set forth herein.
ARTICLE III.LThe capital stock Of tn
corporation is hereby fixed at five tho'
sand $4,000 dollars, divided into one hui
dred (l00) shares of fifty (S1OOo) uona
value, each, payable In cash at sueh I'm
as may be determined by the Board
Directors.
The said capital stock may be increas'
to fifty thousand ($50,0O0.0O) dollars.
No transfer Of stock shall be Recognize
unless entered In the stock book.
stockholder shall have the right to sell !
stock on the market without having offer
It, in writing, at its book value to I
Board of Directors OF this corporate
twenty (20) days prior to the contemplat
sale of the stock, and If the said Boa
desires to buy 1t, purchase shall be ma
on behalf of the corporation, and the sto
shall then and there become treasu
stock. notice of the obligation to
offer the stock shall be printed across
face of each certificate of stock.
ARTICLE Iv.-The corporate powers
this corporation shall be vested in and
ercised by Board of Directors compos
of ten stockholders, of which quorl
shall consist of five Directors, for
transaction Of business. and their decisiC
shall be valid, corporate acts.
The said Board of Directors shall hi
the power to fill all vacancies on s
board arising from any cause whatsoeN
The first election of directors under t
charter shall take place on the secC
Tuesday in January Of each year, beg
ming In 1921, until which time. or nj
their successors shall have been cleo
and qualified, the following stockhold
shall constitute the first Board of
rectors:
James r. Turnbull, $40 Baronne Str
New Orleans, La; Alvin Il. johnson.
Carondelet Street, New Orleans, La;
ward Murphy, $40 Baronne Street. New
leans La; Ben Il. Mathews, 322 Baro
Street, New Orleans, La; X. l.. Vigue
"a Baronne Street, New Orleans,
Meyer Eiseman, 732 Common Street,
Orleans, La: Ashton Blum, 613 Comm
eiai Place. New Orleans, La. Carroll
waimsley. us Common Street, New
leans, La; Arthur z. Mayer. SO2 PerC
Street New Orleans, La; N. =. ArnO
ST., 20 Baronne St., New Orleans, La.
The Board of Directors at its first m
Ing after each annual election shall G
from Its members a President. a Weep
tdent, n Secretary, and a Treasurer;
following officers shall serve until
second Tuesday In January. 1921, or u
- such time as their successors shall
been duly elected and qualified, to-wit
James +. Turnbull. 80. President
Alvin X. johnson. Vice President
Edward Murphy. Secretary
ben u. Mathews. Treasurer
Notice Of each annual election of di
tors shall be given by letter to be wri
fifteen 15) days previous to said elect
and sent to the last known address of 9
of the stockholders. Failure from
cause to elect directors on the day SIT
lated shall not dissolve this corporate
but the President shall call a new meet
on fifteen (15) days notice as soon
possible.
ARTICLE V.-The Board of Direc
shall have full power to use and man
the property of this Company in 5
manner as in their discretion may >
fit. consistent with the objects and !
poses and welfare of the Company
said Board Is further authorized to FIR
and adopt such bylaws rules and reg.
lions as the affairs of the Company !
require, and as IL may deem necessary
the management thereof and TO alter
same at viii, provided they are not
conflict with the terms of this chai
The Board of Directors shall deteru
what employees are necessary from
to time. and have full control of sa
IL shall also fix the salaries OF the sew
officers herein provided for.
ARTICLE vI.--Any changes, modif
tons, amendments of this charter. or
solution of this corporation shall be stri
according to the terms OF Act 267 OF
and subsequent amending acts.
ARTICLE VII. - No stockholders 5