The herald., 1920-07-01
CHARTER OF THE COMMUNITY
REALTY COMPANY, INC.

CHARTER OF THE COMMUNITY
REALTY COMPANY, INC.
United States of America. Parish of
Orleans, City of New Orleans. BE it
known. That on this eighteenth day of
the month of May, in the year of our
Lord one thousand nine hundred and
twenty, ana or the Independence of the
United states Of America, the one hun
dred and fOrty-fOurth. before me, Henry
L. Dart, Jr- notary public. duly com
miSsi0ned and qualified, in and for this
city and the Parish of Orleans, therein
residing, and in the presence of the wit
nesSes hereinafter named and under
signed. personally came and appea red
the persons whose names are hereunto
subscribed. who declared that ayailinp
themselves of the provisions of the laws
I of this state relative to the OrganiZa-
ton OF corporations. they have Coven-
anted and agreed. and do by these pres
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 cor
poration 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 it shall have and
enjoy existence and succession for the
term of one hundred wears from this
]
privileges granted by law to corporal
ions, including power to contract, sue
ana be sued in its corporate name: to
make and use corporate seal. and the
same to break and alter at pleasure: to
mold. 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
| trOlled in the interest of this corporation:
Officers, agents and other employees. as
| the interests and convenience of the cor
poraton may require; and to make aud
establish such committees and to create
| such bylaws, rules and regulations for
! the corporate management and for con
/ troll Of the affairs of said corporation
/ as may be deemed necessary and eN-
| pcdcnt.
| 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 IlI.-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 immOyable
property of every nature and kind, in
Guiding notes, stocks. bonds and other
securities, and particularly to acquire the
| real and personal property, any part
thereof. owned by the late IsidOre New
| man and Rebecca kiefcr 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 as
| brokers; TO collect rents, interest and
| revenues and generally to hold and eN-
/ ercise all such powers and privileges as
/ 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 four
hundred and fifty thousand dollars, di-
! yided into and represented by 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 half
of this amount shall have been paid in
money, property or services rendered
! issue its ull-pa!d, worcestershire capital
| stock in purchase of real and personal
property; bonds, stocks, or other secur-
| tiles. and in exchange therefore, and par
ticularly 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
| Rebecca kiefer Newman, his wife. up to
the full par value of the capital stock
herein issued or subscribed hereunder.
The capital stock may be Increased to
| ARTICLE V.-The capital stock of this
| corporation is issued, received and held
under the irreyocable agreement and con-
! tract entered into for the mutual pro-
! lection and advantages. and as a 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 to
! purchase same at the price demanded
| by the owners, or at the price of any
| bona fde offer thereof. but should the
| parties be unable to agree upOn~the price,
| then the said stockholders shall have the
absolute first right to buy the same for
cash at the book value thereof, as shown
by, or established on the semi-annual or
| preceding such Offer and this valuation
| shall be conclusive evidence for this pur-
| pose. No sale shall be valid against the
other stockholders until al offer to sell
| has been made in Writing to the Board of
| Directors for the use and benefit of the
other stockholders, which shall immedi-
ately notify the latter thereof, and they
| shall have fifteen days from such notice
to accept the same or to make a counter
| offer as hereinabOve prescribed, and
| thirty days after acceptance to pay for
| the same. Stockholders shall have the
| right to buy said shares in proportion
| to their holdings and any proportion not
thus taken may be taken by any of the
/ others.
There shall be printed in the body of
each certificate of stock, This stock il
| accepted. held, and can be transferred.
| only upon conditions named in Article
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.-AIl the corporate powers
| vested by law or this charter in corpora
| tiOns shall be exercised by the Board of
| Directors of this corporation, including the
right to manage control and direct the
affairs of the corporation, the corporate
policy, and to sell the corporation, or
merge the same into another corporation,
and to take in payment of any such sale
| or merger. cash, bonds, notes or stock
| of the purchasing or merging corpora
| ton, or of a new corporation, created for
| the purposes. without the necessity of
| referring either or any of said acts to
| the stockholders.
The power and right to declare divi-
| dends is vested exclusively in the Board
of Directors, who are Furthermore vested
| with discretion to create and maintain
\ a reserve or surplus account out of the
earnings of profits of the corporation
before the declaration of dividends, and
| in their judgment to increase or decrease
the same for the corporate purposes or
| for dividends.
The Board Of Directors of this corpora
| tion shall be composed of seven stock
| holders. each holding at least one share
| of stock In his own name and unpledged,
| to hold office for one year and until