The herald. [volume] (New Orleans, La.) 1905-1953, 1922-07-27
CHARTER.
CHARTER OF MODERN HOMES. IN
CORPORATED.

United States Of America. State OF Louis
lana, Parish OF Orleans. City Of New Or
leans. Be il known, That on this seven
teenth day Of June, in the year Of our
Lord one thousand. nine hundred and
the United States of America. the one
hundred and forty-siXth. before me.
Stanley McDermott. 4 notary public. in
and for the Parish Of Orleans. State of
Louisiana. duly commissioned and quail
fed. and in the presence Of the witnesses
hereinafter named and undersigned, per-
sOnally came and appeared, the persons
whose names are hereuntO subscribed. all
above the fun age Of majority. who de
cIared, that availing themselves Of the
laws OF the State OF Louisiana. particu
larry Act 267 Of 1914. relative to the or
ganizatiOn Of corporations. they do. by
these presents. agree and bind themselves.
as well az such other persons as may here
after become associated with them, 10
form and constitute a corporation for the
objects and purposes and under the ar
ticles and stipulations following, to-wit:
ARTICLE THE name and title Of this
corporation shall be Modern Homes. In
corporated. and, under that name. IL shall
have and enjoy all the rights, advantages
and privileges granted by law to corpora
tons. and shall exist for the full term
and period OF ninety nine years from date
hereof. Ii shall have power and authority
TO contract sue and be sued; TO make ana
use a corporate seal, and the same 10 alter
or break at pleasure; to hold. receive
lease. purchase. sell and convey. as well as
to mortgage, hypothecate and pledge pro-
perty. real. personal and mixed. corporal
and incOroreal; to have and appoint such
managers, directors, officers. agents and
other employees as Its interests and con-
venience may require, and TO make and
establish. as well as alter and amend.
from time to time. such bylaws, rules
and regulations as may be necessary and
expedient for the proper management ana
government of the affairs Of said corpora
ton.
ARTICLE 1.-THE domicile Of this cor
poration shall be in the City of New Or
leans. State of Louisiana. and all cita-
tons or other legal process shall be served
upon its president. or, in his absence.
upon its secretary treasurer.
ARTICLE III-The objects and pur-
poses for which this corporation is or
ganized and the nature of the business 10
be carried on by IL are hereby declared to
be: 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; to sub
divide. develop, manage and improve the
same: to construct. erect, alter and repair
houses and buildings, and TO buy and sell
all kinds OF materials used by builders
and generally to do a general real estate
business in all its details for itself. or as
agent for others, with full power to issue
bonds. debentures, notes or other 0Dnga-
for any OF the objects or purposes of the
company, and TO secure the same by 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
lions by Act 267 Of 1914.
ARTICLE Iv-The capital stock OF this
corporation Is hereby fixed at one million
dollars. $1,000 0O0.OO). to be divided into
and represented by forty thousand. (4O.-
0O0). shares of the par value Of twenty
five dollars. $4,000, each to be paid for
in cash at such time and manner as may
be determined by the board OF directors.
par value for services rendered or for
property or rights received by or assigned
to the CORPORATION.
This corporation shall become a going
concern and shall be authorized 70 COM
mence business as soon as fifty. t5O), per
cent Of it's capital stock shall have been
subscribed. and fifty, (50) 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 n sum not exceeding
two million dollars, (S2,OOO,OOO.OO).
ARTICLE V-All the corporate powers
of this corporation shall be exercised by
a board OF directors of not less than three
nor more than eleven stockholders, Il ma
1ority of whom shall constitute a quorum
for the transaction Of business. The di- |
rectors may vote in person or by writ |
ten proxy in favor Of another director. |
The board of directors shall elect annually !
from among their number a president a |
vice-president and a secretary treasurer.