The herald. [volume] (New Orleans, La.) 1905-1953, 1921-09-29
CHARTER.

purposes and under the agreements an,
| stIpulatlons following, to-wlt:
ARTICLE THE name and title of thi
corporation shall be New Orleans Housing
| Corporation, Inc, and under its corporat
name II shall enjoy succession for the tul
term ana period OF ninety nine years from
ana after the date hereof, and shall hay
power and authority TO contract, sue an,
sued; to accept and receive mortgages
| pledges or Otner nypUtneCaIIOnS; TO max
and use corporate seal and the same L
| "Ieak ana alter at pleasure; to purchase
receive lease, hold or otherwise acqulr
ana convey, as well as mortgage and by
pOthecate under its corporate name, pro
perry both real, personal and mixed; 4
DOrrOw money and make and issue bOnd
and other evidences of debt and to secure
the same by mortgage and otherwise; L
subscribe TO and hold stock in other cor
pOratlonS; TO acquire, hold and REISSUE
shares OF its capital stock to carry out al
Of the objects and purposes hereinafte
set out; TO name and appoint such man
ayers and directors, officers and agents
as the interest and cOnyeniences of saiC
corporation may require; and to make anC
establish, as well as alter and amend al
pleasure such bylaws, rules and regula
tons Tor the management and regulation
of the affairs of the corporation as may b,
necessary. proper or convenient; anC
generally to do all such acts and things
as trading corporations are authorized tC
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
other legal process shall be served upon
the president of the company, or, in his alb
sence, upon the vice president.
ARTICLE lII-The objects and purposes
for which this corporation is organized
ana the nature of the business to be car
ried 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; 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
tanning, furnishing, fitting up and improy-
ing buildings, and by paving and drain
ing the companys 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,
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
pOratlOns; to exchange its entire capital
stock, or any part thereof, for property
which IL Is authorized to acquire; to ex-
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:
10 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 a general trading corporation under the
laws of the State of Louisiana is author
zed to do.
ARTICLE IV-SectiOn 1. The capital
stock of this corporation is hereby fixed
1t the sum of one hundred thousand (SlOO.-
,OOOO) dollars, divided into one thousand
1000 shares of the par value of one hun
ired ($lO0.0O) dollars per share, of which
I've hundred 5000 shares shall be pre-
erred stock and five hundred 5000 shares
nay be increased to five hundred thousand
SJOOOOOeQ) dollars, to be divided between
he preferred stock and common stock as
nay be determined by vote of the stock
folders at the time of such increase
Section 2. The holders of the preferred
took shall be entitled to receive, when
nd as declared, from the net profits of the
corporation, by preference and priority
yer the common stock. dividends at the
ate OF eight per centum (STo) per an
Ium, payable annually, on the list day of
anuary OF each year. Dividends on said
referred stock shall be cumulative from
september 1: 1921, and at no time shall
ny dividend be declared, set apart for
r paid on the common stock unless at
UGH time all dividends on the common
took at the rate of eight per centum (sG6) |
er annum which shall have matured shall |
ave been declared and paid in full and
revision mQdQ for tho ta
said dividend for the pending year
Section 8. After payment of the cumu- |
alive dividends above provided for upon |
he preferred stock, the common stock shall |
e entitled to receive dividends at the rate |
Il eight per centum 1871 per annum, |
on-cumulative. After the payment in any
ear of dividend of eight per centum |
S%oD to the common stock, the preferred |
qually in dividends from any further |
arnings, each share of preferred and |
ach share of common stock to the entitled |
the same amount of dividends from |
UGH further earnings.
Section T. In the event of any liquida-
ion, dissolution or winding up, whether |
oluntary or Involuntary, of this CORPORA
ION; the holders of the preferred stock |
nail be paid in full by preference over
ne common stockholders the par value of |
heir shares, together with all accrued and |
npaid dividends at the rate of eight per
entum (o1o) per annum. After such pay
tent the common stockholders shall be
ntltled to receive the par value of their
hares; and any surplus then remaining
nail be divided equally between the pre-
,rred stock and the common stock, each
mare OF preferred and /or common stock
eceiving the same amount from such
lrplus.
Section 5. The capital stock, both pre
FRED and common, shall be represented
certlhcates, shall be full paid and nom
ssessable when issued, and shall be issued
MY Tor property actually received, to be
tid at such times and in such amounts and
Ter such notice as may be determined by
re board of directors. The whole of the pre-
rred and common stock of this corpora
on or any part thereof, may be issued
ID delivered TO any person, firm or cor
1ratlon Tor the acquisition of rights.
NlIeges, property, business or good will.
any part thereof, owned or controlled {
such person, firm or corporation. The
'ard hereinafter created is specially au-
Orlzed TO issue and dispose of stock for q
y and all of the purposes above stated
In its judgment may seem fair and G
oper, ana is particularly authorized to G
sue and dispose of such stock in ex- {
ahge Tor property heretofore owned or r
l m.rolea 5y the Industrial Housing Syn t
,ate. OF New Orleans. Il
aRTlCLE YAH of the powers of this
rporaIlon snail be vested in a board CON- p
SEQ OF not less than 5 nor more than 7 d. i
Tors The precise number of directors t
nm nm sald limits shall be fixed from time &
tlme by vote of the stockholders at the C
nuaI meetings, or at a special meeting p
ieG LOT that purpose; provided that in o
interval between stockholders meet a
8 the BOARD itself may elect additional o
ectOrs within the maximum limit above II
Dvlded If the stockholders shall not have
S creu the same. majority of the board f,
III constitute quorum. Said board n
directors shall be elected annually at ri
ckhoiders meeting to be held annually C;
n 10 n