The herald., 1920-07-15

I
REALTY COMPANY, INC.
United States of America. Parish of
Orleans, City of New Orleans. BE it
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
=. Dart. Jr., Il notary public. duly com
miSSiOned and qualified. in and for this
city and the Parish OF Orleans. therein
residing, and i'm the presence of the wit
neSseS hereinafter named and under
signed, personally came aud appeared
the persons whose names are hereuntO
subscribed. who declared that. avaiIing
themselves of the provisions of the laws
of this state relative to the organZa-
ton Of corporations. they have coven-
antrd and agreed. and do by these pres
entS. covenant and agree. bind. form and
constitute themselves. as we'll aS such
other persons who may hereafter join or
become associated with them into a cor
puratiOn and body polite in law for the
objects and purposes, and under the
agreement and stipulations following, to
wit:
ARTICLE 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 years from this
date. and all the rights. advantages and
ions. including power to contract. sue
and be sued in its corporate name; 10
make and use "A corporate seal, and the
same to break and alter at pleasure: Ia
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
trOllrd in the interest of this corporation
to have aud employ managers. directors.
Officers, agents and other employees, As
the interests and convenience of the cor
pOratiOn may require: and to make and
establish such committees and to create
such bylaws, rules and regulations for
troll of the affairs of said corporation
"a may be deemed necessary and eN'
pcdient.
ARTICLE 1.-THE domicile of the cor
poratiOn shall be 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 a yice-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 rea
and personal, movable and immovable
property of every nature and kind. in
Guiding notes, stocks. bonds and other
securities, and particularly to acquire the
real and personal property. or any part
thereof, owned by the late lsidore New.
man and Rebecca kefrr 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 a,
brokers; to collect rents. interest and
revenues and generally to hold and eN
erciSe all such powers and privileges Il,
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 fOul
hundred and fifty thousand dollars. di
vided into and represented by four thou
sand, five hundred shares of the PAL
value of one hundred dollars each.
This corporation may begin business a,
soon as twenty two hundred and fifty
shares, or two hundred and twenty -fiv,
| thousand dollars of said capital stool
! shall have been subscribed, and e-hal
of this amount shall have been paid il
money, property or services rendered
| to the company; and il is authorized L
issue its full-paid, non assessable capita
| property, bonds, stocks, or other secur
| tiles. and in exchange therefore, and par
| ticularly for the purchase of the rea
| and personal property, or any part there
of Inherited from their parents by the
! heirs of the late IsidOre Newman anC
! Rebecca Kiefer Newman, his wife, up L
the full par, value OF the capital stOcl
! herein issued or subscribed hereunder.
1 one million dollars.
| ARTICLE V.-The capital stock of thi
! corporation is issued, received and hel6
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
/ fering same to the stockholders of rec
ord, who shall have the first right 4
purchase same ut the price demande,
| by the owners, at the price of an!
| bona fiSe offer--ihereOf, but should thu
parties ke unable to agree upon the price
| then the said stockholders shall have tn
absolute first right to buy the same TO
cash at the book value thereof, as shown
by. or established on the semi-annual o
| annual statement of the corporation las
PRECEDING such offer, and this valuation
! shall be conclusive evidence for this pur
pose. No sale shall be valid against tn
other stockholders until al offer TO sci
has been made in Writing to the Board o
Directors for the use and benefit of tn
! other stockholders, which shall immedi
ately notify the latter thereof, and the!
shall have fifteen days from such motto
| to accept the same or to make cOunte
offer as hereinabOve prescribed. ant
thirty days after acceptance to pay TO
| the same. Stockholders shall have tn
| right to buy said shares in proportion
to their holdings and any proportion no
thus taken may be taken by any of tn
| others.
There shall be printed In the body o
| each certificate of stock, This stock
accepted. held, and can be transferred
only upon conditions named in Articl
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 yI.-All the corporate power
vested by law or this charter in corpora
| lions shall be exercised by the Board o
Directors of this corporation, including tn
! right to manage, control and direct TN
affairs of the corporation, the corporal
policy, and to sell the corporation. o
| merge the same into another corporation
and to take in payment of any such sal
| or merger, cash, bonds, notes or stoc
| OF the purchasing or merging corporf
ton, or of a new corporation. created 10
the purposes, without the necessity
referring either or any OF said acts I
the stockholders.
The power and right to declare div
dpnds is vested exclusively in the Boar
of Directors, who are Furthermore yeste
with discretion to create and maintai
a reserve or surplus account out OF On
earnings of profits of the corporate
before the declaration of dividends, an
In their judgment to increase or decreas
the same for the corporate purposes {
for dividends.
The Board Of Directors of this corpor:
ton shall be composed of seven stool
holders, each holding at least one shal
of stock in his own name and unpledge'
to hold office for one year and unit
their successors are elected and quail
fled. The first Board of Directors sha