The herald. [volume] (New Orleans, La.) 1905-1953, 1922-07-20
CHARTER OF NEW ORLEANS SUGAR
CLEARING ASSOCIATION, INC.

United States Of America, State of Louis
lana Parish of Orleans, City OF New Ut
leans BE u known, That on this Both day
of the month of June, in the year one
thousand, nine hundred and twenty two,
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 ana
stipulations, contained in the following
articles, which they hereby adopt as their
charter, tO-wit:
ARTICLE Ii. The name and title of
said corporation shah be New orleans
Sugar Clearing Association, Inc.
.. Its period of duration shall be nine
ty nine years from this date.
& 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 10 carry
on said business. Said corporation snall
have full power to contract, sue. ana De
sued in it's corporate name; to make ana
use a corporate SEAL and the same 10
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 anu
mixed; to issue bonds notes, or other op
legations; to name and employ sucn
managers directors, officers, agents, anu
other employees, as the interest and CON
yenience of the corporation may require
and to make and establish such py-Ia"s.
rules. and regulations for the MANAGEMENT
and n
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 iegal pro,
cess shall be served on the president ana
in case of his absence or disability upon
the secretary treasurer.
ARTICLE UI-The objects and pur-
poses of this corporation ana the mature
of the business to be carried on by III, are
hereby declared to be to purchase ana sell
sugar for future delivery and the acqui-
sition by purchase or otherwise OF con
tracts made in accordance with the ny
laws rules and regulations OF the Louis
lana Sugar & Rice Exchange, Tor the pul-
chase and sale of sugar for future de-
livery. and the assumption OF the obhga-
lions arising Hereunder; the settling, ad,
iusting and clearing for compensation OF
such contracts; the buying. seilns, re-
|
of sugar but only in connection win the
foregoing purposes; the protecting OF the
corporation against loss in It's business ny
establishing a guaranty fund to be raised
NV contributions by and assessments upon
stockholders, as may be prescribed by It's
bylaws and generally to do all tnlnss
incidental to or in any way apper'aihipS
to the above purposes.
ARTICLE W.. The authorized capt.
tai stock Of this corporation Is h net 10Y
hnn nd dollars
divided into sixteen O6) shares OF the PAL
yalue of five hundred dollars (S5OO.OO)
per share.
. Fifty per cent (5OTo) of said amount
shall be subscribed before the ming OF
these articles of incorporation ana iity
nor cent (5OGo) of said subscribed stock
Shall be paid in before the corporation
engages in business, and the remainuel
shall be paid in within twelve moh'h9
thereafter.
The remainder of said authorized capt.
tai stock shall be paid for whenever SUD
scribed at such times and in such manner
as the board Of directors may determine
2 The capital stock may be Increased
to twenty-five thousand dollars w.
OOO.0O).
ARTICLE Vi. The business and al,
fairs of this corporation shall be manages
NV a hoard of seven directors who snall
he elected as their terms respectively ex
pire for a period OF three years thaI IL
the successors Of the two directors pr.
sently named in this charter to serve 1oi
one wear, shall be elected at the annual
meeting in 1923 for terms of three years
the successors of the two directors pres
entity named in this charter to serve IOi
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 oil
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. 1873.
3 The officers of this corporation shall
consist of a president a ice-president
and a secretary treasurer. who need not
be a stakeholder or member or director
and which office may be divided into that
of secretary and treasurer and the stock
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