The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-16
CHARTER.
CHARTER OF ITALIAN HOMESTEAD
ASSOCIATION.

ASSOCIATION.
United States of America, State OF LOUIS
isna CITY of New Orleans, BE IL known
that on. this 10Th day of the month OF
January. in the year one thEusanu' Hnm I'M
hundred and twenty-five, Before me-
Charles V. Macaluso, notary PuoIiC,
duly commissioned and sworn IN ana lor
the Parish of Orleans and Iity OF Ne"
Orleans. therein residing, ana IN Tue Pleoi
ence of the witnesses hereinafter haHheu
and undersigned, personally appeared tne
pprsOns whose names are hereuhtO SUI
scribed who declared that, aNalIlhS thehi-
selves of the provisions OF the IA" oi thIS
state relative to the organization or cor
noratiOns and particularly those relative
10 the organization of homestead assOcla-
tions they do ~ these presents covenant
agree bind. form and constitute thSm-
selves and those who may hereafter De-
come associated with them, into a cor
poration for the objects and purposes FOL
lowing, to-wit:
ARTICLE 1.-The name and title of this
CORPORATION shall be the Italian Home
stead Association, and under the SAID cor
porate name it shall have power to nave
and enjoy succession by the said cor
porate name for the term OF nlnet!-nlhe
wears from the date hereof, unless sooner
dissolved. in the manner hereinafter pro
yided; TO contract. sue and be sued IN lts
corporate name: TO make and use a cor
pOrate seal. and the same to break alter
and amend at pleasure; to name ana APP
terest and convenience may require, the
same to be stipulated in its bylaws; To
make and establish or to amend such by
laws for the proper management ana
regulation for the affairs OF this corpora
ton as may be necessary ana proper 10
hold, receive. lease, purchase and convey
under its corporate name such property,
real or personal as may be necessary Tor
the protection or enforcement or lts Sc
curities the collection of any claims or
debts due to il and for its occupancy OF
office or domicile; to lend and borrow
money on securities, both real ana per
sOnal; to make and establish such Dy-
laws, rules and regulations for the pro-
per conduct of the affairs of this corpora
ton as may be necessary and proper, and
the same TO change and alter at pleasure :
to issue stock to members; to seize ana
collect from members, fees. dues, lines
interest, premiums and other charges as
may be set forth and determined in the
bylaws Of this corporation; TO permit or
force members to withdraw all or part
of their stock; to make loans to members,
all upon such terms and conditions as
may be provided in the bylaws; to borrow
money and to issue its evidences of indebt-
edness therefor bearing such rate OF In
terest as may be authorized in the bylaws.
and in accordance with the general law of
the State to lend money to stockholders
on real estate or on the shares OF this
association in such manner as may be de-
termined by the bylaws; and generally 10
or may be, requisite and necessary to
carry out the obligations and purposes
of this corporation which is that of q
homestead association, all of which acts
and things this association may do as II
specifically Incorporated in this charter.
ARTICLE 1.-THE domicile of said cor
poration shall be in the City of New Or
leans, State of Louisiana. All citation:
shall be served on the president, or in his
absence. on the vicepresidents in the
order Of seniority.
ARTICLE III-The objects and pur-
poses of this corporation are declared tC
be to provide means for the regular, safe
and profitable investment OF the savings
of ATS members by the monthly install
ments on account of it's capital stock
and to provide for the accumulation of a
fund from said installments paid on ac-
count of subscriptions to said capital
capital stock or moneys derived from
rentals or from interest on loans, and Ia
loan the said funds so accumulated from
said savings, or other sources, to those
member stockholders who may desire Il
borrow any part thereof upon mortgages
or other security in the City of New Or
leans, as provided for in the bylaws
whereby the borrowing member sstock
holders will be enabled to build or pro-
vide themselves with dwelling houses, to
purchase building lots, or other real pro-
perty. or to do such other things as they
may desire, the said loans so made out OF
the accumulated funds of this corpora
ton shall be loaned to the member stock
holders of this association, but they may
be employed for that purpose moneys re
ceived from other classes of stock as may
be issued and hereafter designated.
ARTICLE Iv-The capital stock of this
association shall be five million (S5,00O,-
OO00O) dollars. divided into, and represent
ed by nifty thousand (50,OOO) shares OF
the par value of one hundred ($10O) dol
lars each. Said stock shall be divided in
to three classes to be known as Current
or Installment Stock, Full Paid With
drawable Stock, and Permanent Stock,
which may be issued as may be deter
Installment Stock shall be issued and
paid for In consecutive monthly install
ments as hereinafter provided for. All
shares shall be Of the par value Of S10t
concern and actively operate as soon as
fifty thousand ($50.000) dollars shall have
been actually paid into the treasury OF
this association in cash.
Full Paid Shares shall be paid for in
full at the date Of their issue.
Payments on Current or fnstallment
Stock and interest on loans shall be due
and payable at the office of the assOcia-
ton: the said installment stock being paid
for at the rate of twenty-five (25c) cents
per week, and stockholders refusing or ne
glecting to pay the installments of dues
or interest. by the last of the month shall
be judged in default and shall pay in ad-
dition to the regular installment and in
tertstr u Hue ana premium as may De
provided for in the bylaws. Installment
Shares may be converted into Full Paid
Withdrawable Shares by the holder pay
Ing the difference between the present
value and the face value of such shares. OF
when such shares reach their face value.
Installments on stock shall be non-for-
feitable, but should any stakeholder mot
having pledged his share for a loan or ad-
vance, refuse or neglect to pay his month
ly installments for period of five
months, the secretary shall notify him in
writing, at his last given address, and
request that he call and pay up his dues
and fines within thirty days of the notice.
and should the defaulting stakeholder fail
to make such settlement, the secretary
shall notify him to call and receive the
amount of installments actually paid in
without any allowance for interest OF
profit Of any nature, and without deduct