The herald., 1921-10-06
CHARTER.

:
| associated with them, into a corporation o
body polite in law, for the objects an,
purposes and under the agreements an,
Stipulations following. to-wit:
! ARTICLE The name and title of thi
! corporation shall be New Orleans HOUSING
| Corporation, Inc, and under its corporate
| name II shall enjoy succession for the full
| term and period OF nincty-nine years from
! ana after the date hereof and shall hav
| power and authority to contract, sue ant
sued; to accept and receive mortgages
| pledges or other hypOthecatiUnS II max,
| ana use corporate seal and the same {,
| freak ana alter at pleasure; to purchase
receive, lease, hold or otherwise acquiT,
pOtheCate under its corporate name prO.
| peIty both real personal and mixed: &c
h"rrOW money and make and issue bond,
ana other evidences of debt and to secure
| The same by mortgage and otherwise; L.
subscribe 10 and hold stock in other cor
p"ratlouS; to acquire hold and reissue
shares OF ITS capital stock; to carry out all
OF the objects and purposes hereinafter
SCI Out to name and appoint such man
ayers and directors, officers and agents.
as the interest and convenienccs of said
corporation may require; and TO make and
establish, as well as alter and amend mt
pleasure such by laws, rules and regula-
lions Tor "a" management and regulation
oi tn" affairs of the corporation as may be
necessary, proper or convenient; and
generally TO do all such acts and things
10 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
othtr regal process shall be served upon
the president of the company, or, in his alb
>ehoc upon the vice president.
ARTICLE III-The objects and purposes
Tor which this corporation is organized.
ana the nature of the business TO be car
RED on by it, are hereby declared to be.
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. 10
manage lands and buildings; TO deyelop
ana turn TO account any land in which
the company Is interested In any manner
ana IN particular by laying out and pre-
pairing the same for building purposes
constructing, altering. decorating, main
aiming, furnishing. fitting up and improy-
ing buildings, and by paving and drain
ing me company's properties, and by ad-
'ancing money to and entering into con
proper in its judgment for the conduct
support and management Of the business
md affairs of said corporation.
me board shall have fun power and au-
horlty 10 borrow money, TO execute mort
cages and to create liens. to issue bonds.
tracts and arrangements with builders
enantS and others; to construct maintain. /
lrHrlop and operate hotels, restaurants.
amusement places, parks, stores shOps
iairieS and any other works or conven !
enceS which the company may consider
Iirectly or indirectly conducive to its |
housing projects and real estate develop !
nent; to acquire and hold stocks LOnIs I
Obligations and securities of other cor. |
'oritlonS; To exchange its entire Capitgl |
tOrk, or any part thereof for property |
,hlrh II Is authorized to acquire: to eN- |
hange its entire assets and business ar /
my part thereof for property. stocks. |
'ondS or other obligations of other com
'anleS. firms or individuals: to buy. sell /
hd deal In personal property Of ali sorts:
o construct acquire and operate trans
'Oftatlon facilities for the service of its /
ousinE and building enterprises and
generally 10 do all such acts and things
= general trading corporation under the
Tvs OF the State of Louisiana is author
red to do.
ARTICLE IV-Section l. The capital
took of this corporation is hereby fixed
{ the sum of one hundred thousand (SlOO-
huOD dollars. divided into one thousand
l"Cl shares of the par value of one hun
red (SlOOOOD dollars per share of which
We hundred tjOOt shares shall be pre-
'rred stock and five hundred (5OO) shares
lal be common stock. This capital stock
ny De increased 10 five hundred thousand
,VoUDOND dollars, to be divided between
lie preferred stock ana common stock as
ay De determined by vote of the stock
liders at the time of such increase.
Section ,. The holders of the preferred ]
Ock shall be entitled to receive when
operation, by preference and priority
er the common stock, dividends at the :
lie OF eight per ccntum (SCC) per an ;
I'M payable annually, on the 1st day of I
cferred stock shall be cumulative from Z
ptember l, 1921, and at no time shall n
y dividend be declared, set apart for
pald on the common stock unless at
en- time all dividends on the common
)ck nj the rate of eight per centum &C., |
annum which shall have matured shall
We been declared and paid in full and ;
oNlsion made Tor the prOportiOnate part
said dividend for the pending year {
Section 3. After payment of the cumu-
i've dividends above provided for upon
preferred stock, the common stock shall ia
entitled TO receive dividends at the rate L.
eight per ccntum (SCC) per annum Il
n-cumulatve. After the payment in any /
ar OF dividend of eight per crntum II
~ 10 the common stock. the preferred II
'ck and the common stock shall share Oh
ualIy In dividends from any further +
rhlhgs, each share of preferred and 81
n share of common stock to the entitled III
the same amount of dividends from III
n further earnings III
section T. In the event of any liduida- dc
n, dissolution or winding up, whether tn
untary or involuntary, of this corpora M
n, the holders of the preferred stock ell
I'll be paid in full by preference over of
. common stockholders the par value of m
IT shares, together with all accrued and IN
pald dividends at the rate of eight per IN
tum (Stc) per annum. After such pay IL
nj the common stockholders shall be tn
ltled to receive the par value of their by
res ana any surplus then remaining bl
III be divided equally between the pre- so
red stock and the common stock, each so
re of preferred and /or common stock a
ewing the same amount from such tn
plus. ar
ection D. The capital stock, both pre- r99I
'ed ana common, shall be represented t tu
certlhcates, shall be full paid and non ~
4sSaDle when issued, and shall be issued =.
Tor property actually received to be 90
at Such times and in such amounts and 80
r such notice as may be determined nv ia
hOard OF directors. The whole of the pre- eA'
eu ana common stock of this CORPORA aI'
= OF any part thereof, may be issued %ii
delivered to any person, firm or cor Po'
aitlon for the acquisition of rights. oe
iItses' property business or good will ~
my part thereof, owned or controlled w
'uch person, firm or corporation. The con
81 hereinafter created is specially au- du
lzed TO issue and dispose of stock for wi
ana all OF the purposes above stated III
III IT'S judgment may seem fair and or
er, and is particularly authorized 10 con
p and dispose of such stock in eX est'
Se Tor property heretofore owned or nm
rolled by the Industrial Housing SYN reg
e, of New Orleans. me
iTlCLE V-AH of the powers of This A
9FaIlon snail be vested in a board com nor
!, Vi n 1 less than nor more than di- lear
J., ~ precise number of directors tab
III SAID limits shall be fixed from time tho
me by vote of the stockholders at the coul
al meetlngs, or at a special meeting | pro,
1 TOT that purpose; provided, that in | of 5
H. k al 4etween stockholders meet abs,
Ii HIthIh the maximum limit above upOl
Ied IL the stockholders shall not have Al
u the same. A majority of the board for