The herald., 1922-07-13
CHARTER.
CHARTER OF MODERN HOMES. IN
CORPORATED

CHARTER OF MODERN HOMES. IN
CORPORATED.
United States of America. State Of Louis
lana, Parish of Orleans City OF New Or
leans. BE it known. That on this seven
teenth day Of June, in the year Of our
Lord one thousand. nine hundred and
twenty-five. and Of the Independence Of
the United States Of America. the one
hundred and f0rty-siXth. before me.
Stanley MCDermott. notary public. in
and for the Parish Of Orleans. state Of
Louisiana duly COmmiSSi and quail
fed. and in the presence of the witnesses
hereinafter named and undersigned. per
SOualy cam" and appeared. the persons
whose names are her"unto subscribed. all
above the full age of majority. VIII" de
Clared. tuIt availinC themselves or the
law, OF the State Of Louisiana. partiru-
larIv Nrj 20 Of 1914. rclativ" 10 the or
raufzation Il corporations. they do. by
thas" presents. agree and bind themselves.
~ wen Ms such other persons rs NAV mere
after become associated with them, 10
form and constitute corporation for the
objects aud purposes and under the ar
tirle> and Stipulations following. TOWN..
kRTICLE The name aud title Of this
corporation shall be Modern Homes In
,orporLt"d. and. under that name. II Sh'Il
have ana enjoy all the rights. advantages
and privileges granted bN law to corpora
tIouS and shall exist for the full term
and perind of ninety years RON uA''
hereof. II shall have power and 1n,h"rlt,
10 contract sue and be sued e. make anu
use corporate seal. and the same 10 after
or break at pleasure: 70 hold. receive
lease purchase. sell and convey. aS wen as
to mortgage. hypOtherat" and ul"drr pro,
perty real personal and mixed. c"rporeaI
and inC0ruroal: TO have ana appoint Su'h
managers. directors. officers. agents ana
other employees a its interests ana con
venience MAJ require. and To make ana
establish as well alter and amend.
from time to time such bylaws rules
and regulations as may be necessary ana
evpedicnt for the proper management ana
Government Of the analrs OF sara '"EPvI"
ton.
ARTICLE 1.-THE domicile Of this cor
poration shall he in the City of New or
leans State Of Louisiana. and all cita,
tions or other legal process shall he served
unon its president. or, in his absence
upOn its secretary treasurer.
ARTICLE UI-The objects and our
noses for which this corporation Is or
ganized and the nature Of the business to
be carried on nv IL are hereby declared I"
he: To rent deal in. purchase: acquire
hold own sell or otherwise dispose Of.
mortgage and hypothecate lands and real
property of every kind and class 10 sub
divide. develop, manage and lmproN" the
same: to construct. erect. alter ana repair
houses and buildings. and TO buy and sell
all kinds OF materials used by builders
and generally to do a general real eSta'"
business in all its details for itself. or as
bonds debentures. notes or other oolSa-
tions Of the company. from time % time
for any Of the objects or purposes or the
company and 10 secure the same ny mort
gage pledge deed OF trust or otherwise
and to loan and invest money. secured or
unsecured: to purchase. hold and Reissue
the shares Of Its capital stock in the man
ner and to the extent permitted by the
laws of the State Of Louisiana, and in
general. to do anything necessary. Incl
dental or connected with the said objects
and purposes. as well as to exercise all
rights and powers conferred on corpora
tons by Act 267 Of 1914.
ARTICLE Iv-The capital stock of this |
corporation is hereby fixed at one million |
dollars. Isl, 900 900 O0) to be divided into |
and represented by forty thousand. (4O- |
OOO). shares Of the par value Of twenty
Ave dollars, ISIS OO). each to be paid for
in cash at such time and manner as may |
be determined by the board OF directors. |
or which may he issued at not less than
par value for services rendered or for
property or rights received by or assigned
to the CORPORATION.
This corporation shall become going
concern and shall be authorized 10 COM
mence business as soon as fifty. (5O). per
cent OF it's capital stock shall have been
subscribed. and fifty. (J0) . per cent of
all stock subscribed for shall in fact have
been paid for. either in cash, by services
rendered or by property or rights received
by or assigned to the corporation.
The capital stock of this corporation
may be increased to a sum not "Nceeding
two million dollars. fS20O00O0OO).
ARTICLE v-All the corporate powers
of this corporation shall be exercised by
n board of directors Of not less than three
nor more than eleven stockholders. a ma
jority of whom shall constitute a quorum
for the transaction Of business. The di-
rectors may vote in person ar by writ
ten proxy in favor of another director.
The board of directors shall elect annually
number n president
vice president and n secretary treasurer.
The first board of directors shall con-
sist of Edward J. TOnguis, John X. Reese
and Henry Il. Reese. whose present adj
dresses are set opposite their respective
names to the subscription to the capital
stock of the corporation, with the said
Edward J. Tonguis as president Henry
II. Reese, as vice-president. and John X.
Reese as secretary treasurer. These d.
rectors shall serve until their successors
have been duly elected and qualified.
The annual meeting Of the stockholders
for the election of directors shall be held
on the secoed Thursday of June in each
year, unless said day be a legal holiday.
then on the next bank day thereafter.
Any vacancy occurring among the direc-
tors by death, resignation or otherwise.
shall be filled by election for the unex-
pired term by the remaining directors.
Each subscriber hereto sets after his
name his post office address and a state
ment OF the number Of shares OF stock in
the corporation which he agrees to take.
At all elections every stakeholder shall
be entitled TO one vote for each share OF
stock outstanding in his name on the
books OF the corporation to be cast in per
son or by written proxy. majority OF
votes cast shall elect.
ARTICLE Win the event Of the liqui-
dalton or dissolution of this corporation,
the stockholders shall elect three liquida-
tors from among their number. at a meet
ing convened for that purpose. after fiji
teen, Q5), days written notice sent TO
each stakeholder. by mail, to his last
known address; said liuQuidators shall
have the authority to wind up the bust
ness and affairs OF this corporation. In
case Of the death Of a liquidator the sur