Vaudry v. N. O. Cotton Exchange

In 1871, certain parties, plaintiff among them, formed an association, designated as the “ New Orleans Cotton Exchange.” By the constitution, an initiation fee of fifty dollars was to be paid: no other provisions being made for other exactions. This initiation fee plaintiff duly paid.

Later in the same year, these parties appeared before a notary and executed a formal charter, by notarial act; by which instrument the association was formed into a joint stock company with a capital stock of $10,000, in two hundred shares of fifty dollars each. Jules Vaudry was a signer, he had paid his fifty…