The herald. [volume] (New Orleans, La.) 1905-1953, 1922-08-03
CHARTER OF NEW ORLEANS SUGAR
CLEARING ASSOCIATION. INC.

United States of America, State of Louis
lana Parish Of Orleans. City OF New Or
leans, Be it known, That on this 30th day
Of the month Of June. in the year one
thousand, nine hundred and twenty-five,
before me, Charles Rosen, notary public.
duly commissioned and qualified In and
for the above parish, therein residing, and
in the presence Of the witnesses herein
after named and undersigned. personally
came and appeared, the several persons
of the full age Of majority, whose names
are hereunto subscribed, who declared
that availing themselves Of the laws Of
this state in such cases made and pro-
vided they do hereby constitute them
selves, their associates, successors and as
signs, a corporation for the objects and
purposes, and under the conditions and
stipulations, contained in the following
articles, which they hereby adopt as their
charter, to-wit:
ARTICLE Il. The name and title Of
said corporation shah be New Orleans
Sugar Clearing Association, Inc.
2. Its period Of duration shall be nine
ty-nine years from this date.
3. Said corporation shall have for the
purposes of the business to be carried on
by it, all the powers conferred by law
upon corporations, and shall generally
exercise all the powers necessary to carry
on said business. Said corporation shall
sued In its corporate name; to make ana
use a corporate seal, and the same TO
break or alter at pleasure; to hold re-
ceive, purchase, rent, or Otherwise ac
cate, lease, sell, pledge, or otherwise dls,
pose of property, real personal and
mixed; to issue bonds, notes, or other op-
legations; to name and employ sucn
other employees, as the interest and con-
yenience of the corporation may require;
and to make and establish sucn Dy-laWs.
rules, and regulations for the MANAGEMENT
Az rafw nd
the corporation as may be deemed neces-
sary or proper.
ARTICLE IL. The domicile Of the
corporation shall be in the City OF New
Orleans, State of Louisiana.
2. All citations and other legal pro,
cess shall be served on the president, ana
in case of his absence or disability upon
the secretary treasurer.
ARTICLE III-The objects and pur-
poses of this corporation and the nature
of the business to be carried on by II, are
hereby declared to be to purchase and sell
sugar for future delivery and the acQui-
sition by purchase or otherwise or con-
tracts made in accordance with the ny
laws rules and regulations OF the LOUIS
lana Sugar & Rice Exchange, Tor the pur-
chase and sale of sugar for future de-
livery, and the assumption OF the oDnga-
lions arising hereunder; the setting, ad-
justing and clearing for compensation OF
such contracts; the buying, seiung, re-
of sugar, but only In connection with the
foregoing purposes; the protecting OF the
corporation against loss In It's business ~
establishing a guaranty fund TO De raised
nv contributions by and assessment upon
stockhoIders. as may be prescribed by its
Ly-Iaws; and generally to do all Things
incidental to or in any way appertainipg
to the above purposes.
ARTICLE W.. The authorized capt.
tai stock Of this corporation Is n nen aCy
divided into sixteen (16l shares OF the par af
value of five hundred dollars ($oOo.OO)
per share.
Fifty per cent (5O%) Of said amount
shall be subscribed before me ming Oh
these articles of incorporation and ilIty
ner cent (5OGo) of said subscribed stock
shall be paid In before the corporation
engages in business, and the remainder
shall be paid in within twelve months
thereafter.
The remainder Of said authorized capi-
tai stock shall be paid for whenever SUD-
scribed at such times and in such manner
AZ the board of directors may determine;
3. The capital stock may be increased
to twenty-five thousand dollars w.
OOO.00).
ARTICLE vi. The business and az
fairs of this corporation shall be managed
by n board of seven directors who shall
be elected as their terms respectively ex-
pire, for a period of three years; that Is
the successors OF the two directors pre-
sently named in this charter to serve for
one year, shall be elected at the annual
meeting in 1923 for terms Of three years;
the successors Of the two directors pres
emily named in this charter to serve for
two years shall be elected at the annual
meeting in 1924 for terms Of three years;
and the successors Of the three directors
presently named in this charter to serve
for three years, shall be elected at the an
nual meeting in 1925 to seve for terms OF
three years.
The annual meeting Of this corporation
shall be held on the first Monday Of April
of each year. Should the said annual
meeting fall on a holiday, then said meet
ing shall be held on the next succeeding
day. The first annual meeting shall be
held on the first Monday Of April, 1923.
2. The officers Of this corporation shall
consist Of q president, q vice-president.
and q secretary treasurer. who need not
be q stockholder or member or director,
and which Office may be divided into that
Of secretary and treasurer; and the stock-
h0IAnpl a AtpnRknpm 49,