The herald., 1922-02-16
Jan. 90 Mch. 2

PERCY S. BENEDICT.
Notary Public.
Jan. &c Mch. 2
CHARTER OF THE ECONOMIC
REALTY CO. INC.
State of Louisiana, Parish OF orleans
City of New Orleans. Be il Known anc
remembered that on this 9th day OF the
month of January, in the year l92Z' De
fore me- Herbert W. Kaiser, Notary
Public. duly sworn, commissioned and
qualified in and for the Parish and State
aforesaid, and in the presence OF the VII
nesses hereinafter named ana under
signed, personally came and appeared tne
persons whose names are hereunto sub
scribed, who declared that, avaiilne
themselves of the provisions Of the laws
of this State relative TO the organization
Of corporations, and more particularly
to Act 267 of the General Assembly OF
the State of Louisiana for the year 1911
they have covenanted and agreed, ana
do by these presents covenant and agree
| to bind, form and constitute themselves,
as well as such other persons as may
hereafter Join or become associated with
them. into an association and body pol
| itic in law, for the objects and purposes
and under the agreements and stipula-
| tions hereinafter set forth, tO-wit:
| ARTICLE i. The name and title of
this corporation shall be ECONOMIC
| REALTY CO., INC, and under that name
| IL snail nave ana ENJOY all Ine IlSuts
privileges and advantages conferred by
| the State of Louisiana on corporations
| in general, and shall exist for a period
| of ninety-nine years, unless otherwise
dissolved, beginning from date of this
act of Incorporation. 1t shall have power
and authority to sue and be sued, to
buy and sell, hold, own, lease, mortgage
and hypothecate and pledge property.
real, personal and mixed; to name, cleo
and appoint managers, directors ana
clerks and other employees to properly
conduct its corporate business, and to
make bylaws, rules and regulations As
may be found necessary or desirable for
the management of the corporation, and
shall do everything to correctly carry
out its objects and purposes.
ARTICLE III. The domicile Of this
corporation is hereby declared to be the
City of New Orleans, State of Louisiana.
All citations and other legal process shall
be served upon the President, and in the
absence of the Vice-President, and in the
absence of both of them, upon the
Secretary Treasurer of the corporation
ARTICLE III. The objects and pur.
poses for which this corporation is organ
lied and the business to be conducted
by 1t are declared to be to buy, sell or
otherwise acquire and ALLEVIATE real estate
and lands; to lease, release real estate
and lands, to mortgage and hypOthecate
the same, and to do general real estate
all such acts and things as may or shall
be necessary and proper to carry out
said objects and purposes.
ARTICLE Nv. The capital stock of
this corporation is hereby fixed at
Seventy-five Hundred Dollars Cs75OO OOl
| divided into and represented by ~
shares at the par value of $4,000 per
share, with the privilege of Increasing
same to 100000. And this Corporation
snail be going concern when S5.OO0O0
OF the capital stock shall have been sub.
scr1bed and paid for. Said stock shall
be represented by certificates of stock,
| TO be paid for In cash, or its equivalent
In property, as the Board Of Directors
shall see fit and proper. sAll shares shall
De fuii-paid and worcestershire. No
or otherwise dispose of his stock in this
corporation without first Offering same
| TO this corporation and to the individual
members of this corporation, at the book
value thereof, and this corporation is
authorized to purchase said stock at said
| book value for the benefit of the other
stockholders Of the corporation. Should
| the corporation decline to purchase said
stock, the shareholder shall have the
right of option to effer said. stock for
sale 70 any other person or persons, firm
or corporation.
ARTICLE v. All the corporate powers
OF this corporation shall be vested in
and to the management and control of
its business and affairs conducted by
Board Of Directors, composed Of not less
than three stockholders. Said Directors
shall be elected by ballot at general
meeting Of the stockholders to be held
On the 9th day Of January, 1922, and an
nuaily thereafter on the first Tuesday in
January, provided same is not a legal
holiday, In which event on the next bank
Ing day thereafter. Every stakeholder
shall be entitled in person or by proxy
to one vote for every share of stock
owned by him. All elections shall be
heid under such rules and regulations
as may be determined by said Board of
Directors. Ten days written notice
every stakeholder shall be given of ali
elections. The directors thus elected
shall continue in office until the 9th
day OF January, 1928, or until their sue
cessors shall have been elected and
guaiined; any failure to elect officers or
directors shall not be considered as a
forfeiture of this charter. Any vacancy
occurring In the Board Of Directors shall
oe niied by the remaining directors for
tue uhexplred term. A majority of the
stockholders at a meeting shall Constitute
quorum TOT the transaction Of business.
SAID Board of Directors shall. at it's
nrst meeting after its election. elect ont
Vi tne members President. Vice
resident, and Secretary Treasurer. Said
Board shall have the power TO annoint
anu ulsmiss such officers, agents, clerks
and employees as they may deem adj.
'isaoie' and to fix their compensation.
=. said Board Of Directors is vested with
me power and authority to mortgage or
piedge the property, real, personal and
s, OF the corporation, as they NAV
deem MT and proper; to purchase. hold
own, mortgage, pledge. lease and disnose
1r reai estate; to execute MORTGAGES.
issue notes, bonds and other evidence
OF debt; to borrow and lend mnnar &c
same to and from individuals. firms ana
eorPcrauons for such terms and on such
eonql,0ns as they may deem advisable
AhIiCLE vi. No stakeholder shall
ever eve De held liable or responsible for
ATTIC, IN sr or faults Of said corpor-
PAID balance due on the shares AZ .tocr
Owned ~ him. nor shall any mere ;nSo,~
manty IN organization have the effect ~
seneer,ng this charter null, or exposing