The herald. [volume] (New Orleans, La.) 1905-1953, 1922-08-03
CHARTER
and powers permitted by law to corpora

SAA<AAe ADA$
and powers permitted by law to corpora
tons
ARTICLE 1.-THE domicie of this cor
poration shall be at New Orleans, in the
Parish of Orleans, State of Louisiana, and
all citations and other legal process shall
be served upon the president and in his
absence ON the secretary of this corpora
ton.
ARTICLE III-The objects and pur-
poses for which this corporation is organ
lied and the nature of the business to be
carried on by it are hereby declared to
be: to own, acquire, buy. sell, exchange,
lease, donate. mortgage hypothecate, i'm
prove and reclaim and to contract. to buy,
to sell. exchange, lease all kinds of real
estate and of the buildings and other i'm
prOyements thereon and the products of
such real estate in the State of Louisiana
or in any other state of the United States /;
to lend and advance money for the i'm
prOvements, cultivation and develOpme ut
to any of the property of this corporation,
or Of any property which may have been
purchased or leased or contracted to be
purchased or leased, therefrom or for any
other legitimate purpose. and to make
such loans, advances upon real estate, or
mortgage or other sufficient security: to
borrow and raise money for the objects
and purposes of this cOrpoation, and 10
secure the payment thereof by mortgages
upon the real estate Of this corporation,
or otherwise and to buy, sell and deal in
for its own account or for account OF any
individual, firm or corporation, real es-
state, mineral, timber and agricultural
lands to act as broker, agent or trustee
for individual firm or corporation, to ac-
quire real estate holdings, assets and the
realty brokerage and development bust
ness of Jamea II. Turnbull; and generally
to do or perform all such acts, matters
compish the objects and purposes herein
above set forSh.
ARTICLE E-The capital stock Of this
corporation is hereby fixed at fifty thous-
and dollars 1850, 0000O divided into five
hundred (S5OO) shares of one hundred dol
lars (S1OOOO) each, payable in cash, or its
equivalent, as may be determined by the
board of directors.
The corporation is to be a going con-
Germ as soon as twenty five thousand dol
lars (S25, 000OO) Of its capital stock shall
have been subscribed for.
The amount to which the capital stock
Of this corporation may be increased is
hereby fixed at one hundred thousand
dollars ($1OO,OO0O0)
All transfers Of stock Of this corpora
ton shall be entered on the stock book
of the company and no transfer shall be
in any manner binding on the CORPORA
ton until so recorded in the stock book.
No stakeholder shall have the right to
sell his stock on the market, without hav-
ing offered 1t in writing at its book value
thirty days previous to the contemplated
sale of the said stock, and IL the direc-
tors of this corporation, when said stock
Is offered to them at its book value, de-
sire to buy 1t the corporation shall have
the right to do so. the purchase shall be
made on behalf of the corporation, and its
stock shall then and there become treas
ury stock to be disposed Of as the board
Of directors shall determine. A notice of
the obligation so to offer the stock to
the corporation shall be printed acrss the
face of each certificate of stock.
ARTICLE Vail the corporate powers
Of this corporation shall be vested in and
exercised by the board Of directors COM
posed Of four stockholders, three of whom
shall constitute a quorum for the trans
action Of business, which said directors
shall be elected at a general meeting of
the stockholders of this corporation to be
held on the second Monday of January OF
ea6 Ii year, and notice of said election shall
be given by a letter to be written ten
days previous to said election, and sent
to the last known address of each Of the
stockholders as shown by the books Of
the company. The first meeting of the
under this charter, for the
purpose Of electing a board of directors
shall occur on the second Monday Of jan
uay, 1924.
The board Of directors, at it's first meet
ing after each annual election. shall elect
from its number president, a vice presi-
dent, a treasurer and a secretary.
The following stockholders shall consti-
tute the first board of directors Of this
company, to-wit: James F. Turnbull,
2i30 Nashville Ave. New Orleans. La:
Ave. New Orleans, La; Miss Beulah N.
Isom, 903 Henry Clay Ave-, New Orleans.
La: Joseph c. Nicely. 101S Leontine street.
New Orleans, La, who shall hold their
office until the second Monday Of jan
uary, 1924. and until their successors shall
have been elected and qualified. OF these.
the said James r. Turnbull shall be presi-
dent, the said Mrs. James +. Turnbull,
the said Miss Beulah NJ.
Isom, secretary and the said Joseph c.
Nicely, treasurer.
A failure from any cause to elect direc-
tors on the day stipulated shall not dis
solve this corporation, but the officers
and directors then in office shall hold over
until their successors shall have been
duly elected and qualified. and in the
event Of any failure to hold an election on
the day stipulated, the president shall
call meeting on ten days notice there
after. or as soon thereafter as practicable.
All vacancies In the board Of directors
shall be filed by the remaining directors
for the unexpired term.
At all elections at meetings Of the
each stakeholder shall be
entitled to one vote for each share OF
stock registered in his name and may vote
in person or by proxy. All elections shall
be by ballot.
ARTICLE vI-The board Of directors
shall have full control Of the property Of
this company, and shall conduct and man
age and use the same as in its discretion
It may deem fit and consistent with the
objects of this corporation and its
welfare. 1t may make and establish, as
well as alter and amend, any and all by
laws, rules and regulations necessary and
proper in its judgment, for the conduct,
support and management Of the business
and affairs Of the corporation. and shall
appoint such officers, agents, employees.
servants and persons as may be necessary
for the conducting Of the business Of the
they shall fix their compen-
dismiss them at their pleasure.
A director of this corporation shall have
the right to vote by general proxy on all
of conducting the business of the
corporation, but in case the corporation
desires to exercise its corporate powers
through its board Of directors, by selling
or mortgaging any of its property, the
directors can only vote by proxy where
the proxy specifically details the object
to be voted upon.
ARTOICLE VII-This act Of incorpora-
ton may be changed. modified or amend
ed, fundamentally or incidentally, and
this corporation may be dissolved In ac-
cordance with the provisions Of Act 267
Of 1914, of the Legislature of Louisiana,
or any amendments thereof, with the con
sent of the stockholders represented at
general meeting Of the stockholders called
for that purpose, after ten days notice In
writing, addressed to the last known ad-
dress of each of the said stockholders:
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