The herald., 1921-10-13
CHARTER.

stipulations following, tO-wit:
ARTICLE THE name and title of this
corporation shall be New Orleans Housing
Corporation, Inc, and under It's corporate
name il shall enjoy succession for the luIl
term and period Of ninety nine years from
and after the date hereof, and shall have
power and authority to contract. sue ana
sued to accept and receive mortgages
pledges or other hypOtheCauons; ID make
and use corporate seal and the same TO
urpuk and alter at pleasure; TO pNchdse'
receive. lease, hold or otherwise acquire
I and convey. as well mortgage ana ny
pUthccate under its corporate name, pro
prrty both real, personal and mixed; 10
borrow money and make and issue DoHus
and other evidences Of debt ana 10 secure
the same by mortgage ana OTHERWISE 10
subscribe to and hold stock in other cor
pOratiOnS; to acquire, hold ana reissue
shares of its capital stock, TO carry out all
Of the objects and purposes hereinafter
set out, 10 name ana appoint Such man
ayers and directors, officers and agents
as the interest and Conyeniences or salq
corporation may require; ana 10 make ana
establish as well as alter and amend at
pleasure. such bylaws rules and regula-
tiOus for the management and regulation
Of the affairs of the corporation as may be
necessary, proper or convenient anu
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 be 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
seucc, 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 il, are hereby declared to be:
to 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 Rnds 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
tanning furnishing. fitting up and improv-
Ing buildings. and by paving and drain
| ing the cOmpany's properties, and by ad-
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
| diaries and any other works or conyen-
| 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 il is authorized to acquire; to eN'
! change its entire assets and Business, OF
| any part thereof, for property, stocks
bonds or other obligations of other com
panes. 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 II,
housing and building enterprises, and
generally to do all such acts and things
as a general trading corporation under tht
laws of the State of Louisiana Is author
lied to do.
ARTICLE IV-Section l. The capita
stock OF this corporation is hereby fixed
at the sum of one hundred thousand tSloo,
OOOOOlE dollars, divided into one thousand
lcOO) shares of the par value of one nun
dred $1,000 O dollars per share, of which
five hundred (jOOl shares shall be pre-
fcrrcd stock and five hundred tJOO) share:
shall be common stock. This capital stoct
may be increased to five hundred thousand
$500 coo COZ dollars, TO be divided between
the preferred stock ana common stock ac
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, WhcI
and as declared, from the net prohtS OF the
corporation, by preference and priority
over the common stock, DIVIDENDS at lh'
rate of eight per centum $50 per an
mum, payable annually, on the LIST day OF
January of each year. Dividends on SAID
: preferred stock shall be cumulative from
September !. 1921, and at no time shall
any dividend be declared, set apart iol
or paid on the common stock unless a
such time all dividends on the common
stock at the rate of eight per centum (STC.
per annum which shall have matured shall
have been declared and paid in full anC
provision made for the prOpOrtonate par
of said dividend for the pending year.
Section 3. After payment of the cumu
lative dividends above provided for upol
the preferred stock. the common stock shal
be entitled to receive dividends at the rat
of eight per centum $50 per annum
| non -Cumulative. After the payment in an
year of a dividend of eight per centun
(SctD to the common stock, the preferred
! stock and the common stock shall shar
, equally in dividends from any furthe
| earnings, each share of preferred an
, each share of common stock TO the entltle'
to the same amount of dividends iron
, such further earnings.
! Section 4. In the event of any liquida
} ton. dissolution or winding up, whethe
; voluntary or involuntary, of this corpora
/ ton. the holders of the preferred stoc
? shah be paid in full by preference owe
! the common stockholders the par value o
: their shares. together with all accrued an
a unpaid dividends at the rate of eight pc
e centum $50 per annum: After such pay
: ment the common stockholders shall b
/ entitled TO receive the par value of thei
: shares; and any surplus then remainin
shall be divided equally between the pre-
ferred stock and the common stock, eac
S share Of preferred and /or common stoc
h receiving the same amount from sue
t surplus.
: Section 5. The capital stock, both pre-
: ferred and common, shall be representa-
S by certificates. shall be full paid and non
r assessable when issued and shall be issue
y only for property actually received, to b
. paid at such times and in such amounts an
h after such notice as may be determined b
f the board of directors. The whole of the pre-
| fprred and common stock of this corpora
q ton, or any part thereof, may be issue
i | and delivered to any person, firm or col
= | poratiOn for the acquisition of right
= | privileges, property, business or good vii
, or any part thereof, owned or cOntrolle
= by such person, firm or corporation. TIL
e board hereinafter created is specially au
: thOrized to issue and dispose of stock fO
i any and all of the purposes above state
{ as in its judgment may seem fair an
/ proper and issparticularly authorized I
g issue and dispose of such stock in e.
r change for property heretofore owned G
: | controlled by the Industrial Housing SyI
n dictate, of New Orleans.
| ARTICLE V-AN of the powers of TIL
= corporation shall be vested in board con
; posed of not less than nor more than Z d
u | rectOrs. The precise number of director
u within said limits shall be fixed from tim
y to time by vote of the stockholders at TIL
. | annual meetings, or at a special meetin
y | called for that purpose; provided, that j
y | the interval between stockholders NEE
Il ings the board itself may elect addition:
e directors within the maximum limit abON
provided IL the stockholders shall not haN
o elected the same. A majority of the boar
IS shall constitute a quorum Said boar
IN of directors shall be elected annually at