The herald. [volume] (New Orleans, La.) 1905-1953, 1921-09-15
CHARTER.


ARTICLE The name and title of this
corporation shall be New Orleans Housing
Corporation, Inc. and under its corporate
name il shall enjoy succession for the full
term and period OF ninety nine years from
and after the date hereof, and shall have
power and authority to contract, sue and
sued: to accept and receive mortgages
pledges or other approximations; 10 make
and use corporate seal and the same "a
break and alter at pleasure; to purchase
receive. lease hold or otherwise acquire
and convey. as well as mortgage and by
pOtheCate under its corporate name, pro-
perty both real, personal and mixed: 10
borrow money and make and issue bonds
and other evidences of debt and 10 secure
the same by mortgage and otherwise; Ia
subscribe to and hold stock in other cor
| pOratiOnS: to acquire. hold and reissue
shares of its capital stock to carry out all
of the objects and purposes hereinafter
| set out: to name and appoint such man
ayers and directors, officers and agents,
| as the interest and conveniences of said
corporation may require; and TO make and
establish as wen as alter and amend at
! pleasure such bylaws. rules and regula-
! tiOns for the management and regulation
! of the affairs of the corporation as may be
| necessary, proper or convenient; and
| generally TO do all such acts and things
/ as trading corporations are authorized to
/ do under the laws of the State of Louis
! lana.
! ARTICLE 1.-THE domicile Of this cor
pOratiOn shall he in the Parish of Orleans.
/ State of Louisiana, and all citations or
other legal process shall be served upon
( the president of the company, or, in his alb
sencC. upon the vice president.
/ ARTICLE III-The objects and purposes
! for which this corporation is organized.
and the nature of the business to be car
ried on by it. are hereby declared to he:
| 10 buy, sell lease. exchange hold and dis
! pose Of real estate; TO erect. construct,
repair, equip and improve houses. fac
| tories, warehouses and other buildings: to
/ manage lands and buildings: to develop
| and turn TO account any land in which
the company is interested In any manner,
! and in particular by laying out and pre-
! pairing the same for building purposes,
constructing, altering. decorating, main
| Ing buildings. and by paving and drain
| ing the cOmpany's properties. and by adj
vancing money to and entering into con-
proper in its judgment for the conduct,
support and management of the business
and affairs of said corporation.
/ The board shall have full power and au-
/ thOrity to borrow money, to execute mort
cages and to create liens; to issue bonds.
tracts and arrangements with builders.
| tenants and others; to construct, maintain,
/ develop and operate hotels. restaurants,
| amusement places, parks, stores, shops,
dairieS and any other works or cOnven-
fences which the company may consider
| directly or indirectly conducive TO its
| housing projects and real estate develop
ment: to acquire and hold stocks, bonds.
obligations and securities of other cor
pOrationS; to exchange its entire capital
| stock, or any part thereof. for property
/ which ii is authorized to acquire; to eN-
! change its entire assets and business, or
! any part thereof. for property, stocks,
! bonds or other obligations of other COM
| panies, firms or individuals; to buy, sell
| and deal in personal property of all sorts !;
to construct, acquire and operate trans
| pOrtatiOn facilities for the service of its
| housing and building enterprises, and
| generally to do all such acts and things
as general trading corporation under the
laws of the State of Louisiana is author
| lied to do.
ARTICLE Iv-Section l. The capital
stock of this corporation is hereby fixed
at the sum of one hundred thousand (SlOO,
O00O0) dollars, divided into one thousand
(lOOO) shares of the par value of one hun
dred (S10O0) dollars per share, of which
five hundred (JOO) shares shall be pre-
ferred stock and five hundred (50Ol shares
shal be common stock. This capital stock
may be increased to five hundred thousand
$500. 00OOO) dollars, to be divided between
the preferred stock and common stock as
may be determined by vote of the stock
holders at the time of such increase.
Section . The holders of the preferred
stock shall be entitled to receive, when
and as declared, from the net profits of the
corporation, by preference and priority
over the common stock, dividends at the
rate of eight per centum (So6) per an
mum. payable annually, on the LIST day of
January of each year. Dividends on said
preferred stock shall be cumulative from
September l. 1921, and at no time shall
any dividend be declared, set apart for
or paid on the common stock unless at
such time all dividends on the common
stock at the rate of eight per centum (8ocl
per annum which shall have matured shall
have been declared and paid in full and
provision made for the proportiOnate part
of said dividend for the pending year.
Section 3. After payment of the cupu-
latiye dividends above provided for upon
the preferred stock. the common stock shall
be entitled to receive dividends at the rate
of eight per centum (ST6) per annum,
non-eumulative. After the payment in any
year of dividend of eight per centum
(SoT) to the common stock. the preferred
stock and the common stock shall share
equally in dividends from any further
earnings. each share of preferred and
each share of common stock to the entitled
to the same amount of dividends from
such further earnings
Section 4. In the event of any liquida-
ton. dissolution or winding up, whether
voluntary or involuntary, of this corpora
ton. the holders of the preferred stock
shall be paid in full by preference over
the common stockholders the par value of
their shares, together with all accrued and
unpaid dividends at the rate Of eight per
centum $50 per annum. After such pay
ment the common stockholders shall be
entitled to receive the par value of their
shares; and any surplus then remaining
shall be divided equally between the pre-
ferred stock and the common stock, each
share of preferred and /Or common stock
receiving the same amount from such
surplus.
Section 5. The capital stock. both pre-
ferred and common, shall be represented
by certificates. shall be full paid and nom
assessable when issued, and shall be issued
only Tor property actually received, to be
paid at such times and in such amounts and
after such notice as may be determined by
the board of directors. The whole of the pre-
ferred and common stock of this CORPORA
ton, or any part thereof, may be issued
and delivered to any person, firm or cor
poration for the acquisition of rights
privileges, property, business or good will
or any part thereof, owned or controlled
Dy such person, firm or corporation. The
board hereinafter created Is specially au-
thorized to issue and dispose of stock for
any and all of the purposes above stated
as In Its Judgment may seem fair and
proper, and is particularly authorized to
issue and dispose of such stock in ex-
change for property heretofore owned or
controlled by the Industrial Housing Syn
dictate. of New Orleans.
ARTICLE YAH OF the powers of this
corporation shall be vested in board COM
posed of not less than nor more than d.
within said limits shall be fixed from time
to time by vote of the stockholders at the
annual meetings, or at a special meeting
called for that purpose; provided that in
the interval between stockholders meet
lngs the board itself may elect additional
directors within the maximum limit above
provided IL the stockholders shall not have
elected the same. A majority of the board
shall constitute a quorum Said board
OF directors shall be elected annually at a
stockholders meeting to be held annually
at the office of the corporation on the
third Tuesday in January of each year
Tor the next legal day If that be a holiday