The herald. [volume] (New Orleans, La.) 1905-1953, 1920-09-02
CHARTER.
Of PROGRESSIVE REAL Es
IsnGCTION EXCHANGE, INC.

GATE AUCTION EXCHANGE INC
s.otes Of America, State of Lou
Upiteo OF Orleans, City OF New Or
idsns ne il known, that on TINS -'th gay
ksns- psonth of July. in the year or our
4 the mon, housand nine hundred and
ford one of the independence OF the
tventy, LIS the one hundred and forty
rritsd ga. So me. Rudolph j. Weinmann, a
dith, pepnhuc, duly commissioned, sworn
notary lifted in and for the Parish OF
md QuAS,ste of Louisiana. and in the
organs, sIs the witnesses hereinafter
presence undersigned, personally came
rsnsd sued. the persons whose names
and appea,o subscribed, all of full age,
are Der1srsd that, availing themselves or
sbo oe',,tutiOn and laws OF this state
The W 10 corporations they naEe coNeh-
relative agreed, and do by these pres
snted sn o and agree, and do bind
ants coy cove as well as such other persons
thsmseN1h oreafter become associated with
IS may sorm and constitute corporation
them, " w. nolitic in law, for the purposes
sd p ~! and under the supuiatlonS and
ina,ytiops hereinafter SCI io,tn . anu
eonol.sS which they hereby adopt as thelr
presse. as follows, to-wlt:
cbsrterc IEI-The name and title of this
AKlL,ian shall be Progressive Real Es-
eorpora AUCTION Exchange, lnc., under
tate shall enjoy succession Tor
shes,ad of ninety nine (S9) years
8 peru date of this act, and its
from n hereby established IN the City
temleb o,leans. La; under its corporate
Of Nc" .he sair corporation shall have
nsnS md authority 20 contract, sue ana
pexas IN the prosecution OF its business
DO su,nsfter defined; to adopt a cOrpor-
o AL: 10 hold, receive, purchase I'm +,
ip .,enate, convey, mortgage and
prove nronerty, real personal and mixed ;
pledge ri or elect such directors, agents
70 ppmnloyees as its interests may re-
pa ~ establish such rules, regulations
guy laws for the proper management
ne vpsonIations of its affairs as II may
I'm eSpedient; and TO 90 al oIner ming :
seen,,,ed by law as shall be proper and
pefm.,y TO carry out the objects of the
sno ipresident, or in his absence, tho
Inp,aeident. shall be the proper person
n rhom citation and other legal pro-
So shall be served.
Anh,ch this corporation is organized,
fM ~. nature Of the business to be car
ha nv IL. are hereby declared TO be
nee .d,ct operate and control, for profit,
hnsiness Of an auction exchange, o.
u.hlishment centrally located in the City
- New Orleans wherein auction DiockS
s.nss may be leased or rented to indi-
,.ais firms or corporations, whether
usrholders in this corporation or not, 50
- five the said individuals, firms OF
s.norstiops the privileges of the said auc-
AZ exchange and the use of the facilities
W. n.,.,n when auctioning off property,
ssether real. personal or mixed Tor sale or
s.ssrvise. under such rules and regula-
~. ss may by this corporation be
u.n,.d. 10 buy and sell real estate,
en-, az principal or agent; to lease, rent,
s.h'lsase. mortgage, pledge, convey, assign,
,rsnsfer set over and deliver, sustain, OBJ
ain options on real estate, either as prin-
ssn,l ar agent; and generally to do and
w. 4rsta,m ali such business as may be neces-
~ for or incidental to the objects and
np,poses herein mentioned as fully as is
~ forth herein.
.RTICLE III.-The capital stock of this
coronation is hereby fixed at five thou
and $4,000 dollars, divided into one hun
s,,d 400 shares of fifty $4,000 dollars
y,lue each, payable in cash at such times
a. may be determined by the Board OF
The said capital stock may be increased
I, my thousand ($50,O00.O0J dollars.
No transfer of stock shall be recognized
,rles entered in the stock book. No
stsfbolder shall have the right to sell hI
.toek on the market without having offered
n In writing, at its book value to the
Rssrd Of Directors of this corporation,
tveuty (20) days prior to the contemplated
sale Of the stock, and IL the said Board
desires to buy 1t, purchase shall be made
an behalf of the corporation, and the stock
sh,ll then and there become treasury
stock notice of the obligation to SO
oter the stock shall be printed across L.
t,re Of each certificate of stock.
ARTICLE IV.-The corporate powers -.
his corporation shall be vested in and
reised by q Board of Directors composed
Of ten stockholders, of which a quorum
shall consist of five Directors, for the
transaction of business, and their decisions
sAal be valid, corporate acts.
The said Board Of Directors shall have
the power to fill all vacancies on said
board arising from any cause whatsoever
The first election of directors under this
charter shall take place on the second
Tuesday In January of each year, begin
ming In 1921, until which time, or until
their successors shall have been elected
md qualified, the following stockholders
stal constitute the first Board of Di.
James y. Turnbun, $40 Baronne Street
cuosdelet Street, New Orleans, La; Ed
ward Murphy, $40 Baronne Street, New Or
leans La; Ben 3. Mathews, 80 Baronne
street. New Orleans, La; X. l.. Viguerie
"a Baronne Street, New Orleans, La.
1syG Eiseman, 1872 Common Street, New
ehl Place, New Orleans, La; Carroll Il,
xalnsley, us Common Street, New Or
hans, La; Arthur Z. Mayer, SO2 Perdido
Sreet New Orleans, La; NJ. z. Arnoult
u, 20 Baronne St., New Orleans, La.
ne Board Of Directors at its first meet
nc after each annual election shall elect
hon Ito members a President, a Vice-Pres-
nest q Secretary, and a Treasurer; the
following officers shall serve until the
seeAt Tuesday in January, 1927. or until
neh time rs their successors shall have
Ven duly elected and qualified, to-wit:
James II. Turnbull. President
Alvin .. Johnson. Vice President
award Murphy. Secretary
Ben B. Mathews Treasurer