The herald. [volume] (New Orleans, La.) 1905-1953, 1911-10-05
ARTICLE /.

ARTICLE i.
The name and title Of the corporation
hereby formed is declared 10 be lMi'ERlAL
EXPORT COMPANY +; its dOmicile shall be
in the city Of New Orleans, state or DOulsl-
ana, and IL shall have and enjoy succession
by its corporate name for period or ninety
nine years from aud after the date hereof.
The corporation shall have power ana au-
thOrity TO contract, sue and be sued IN It's
corporate name 10 make and use a corpo-
rate seal; TO hold, receive, hire ana pur-
chase real and personal property, and TO
sell, mortgage or pledge the same; 10 Dor
row money and issue bonds, notes ana
other obligations. All citations or other Ie-
gal process shall be served upon the presi-
dent in case of his absence or inability
from any cause the same shall be served
upon the secretary treasurer.
ARTICLE II.
The objects and purposes for which this
corporation Is organized and the nature OF
the business 10 he carried on by il ARE
hereby declared 10 be: the manufacturing
and exporting Of pitch-pine timber and lum-
Der, hardwOOdS, cOOperaGe stock ana Odh
slaves to buy and sell timber and tlmDereu
lands; TO manufacture, buy and sell lumber
and slaves in all its varieties, and gtntr
ally 10 do and perform any act or thlhS
that may pertain to the purposes above SCI
forth or 10 promote the interests OF the col-
ARTICLE Ill.
The capital stock OF this corporation Is
hereby fixed at the sum of NIFTY lhousdhu
$50 OOOD dollars; the said capital STOCK
shall be divided into Two classes, tO-Wlt
preferred and common stock: me alhoun'
of the said preferred stock slaIl Oe tMen.g
five thousand dollars, divided lhlo tWSnlS-
five hundred shares of the par value OF ten
dollars each. The amount Of the common
stock is hereby liked at the sum OF tMent!
five thousand dollars, 10 be DIVIDED lhlo
twenty-five hundred shares OF the par Nalue
I'non the preferred stock dividends shall,
from time 10 time, be paid at the rate OF
seven per cent. per annum OUT OF lhe het
income Of the corporation as the same may
be determined by the board OF directors.
If the income OF the corporation applicable
10 dividends on said stock shall not in the
Judgment OF the board OF directors De sur
ficient 10 pay SAID ulNIuehu oi seven PJi
cent. per annum, as aforesaid, such divl-
dpndS or 50 much thereof as shall remain
nnDaid shall accumulate. The DIVIDENDS
Upon the said preferred stock, together win
all Accommodations OF ul'luShGS renaiIiH5
unpaid for previous years, shall be paid In
full before any dividends shall be paid upon
the common stock of the said corporation;
The said preferred stock shall be entitled
10 elect two out of the three directors here
in provided for, and the comnpn stock shall
be entitled TO elect the remaining directors
In the event of the liquidation of the cor
pOratiOn for any cause, the preferred stock
Il
up TO and until 1t shall have
received the par value OF the said STOCK
Any excess shall then be given to the com
mon stock until its par value shall nave
been paid and anything remaining snail De
divided pro rata among the holders OF all
Of the stock, preferred and common.
Said stock, both common and preferred,
shall be paid for in installments OF such
amounts as the board of directors may de-
lermine.
Any part or parcel of the stock may be
issued by the said board of directors In pay
ment of labor done or property actually
received by the said corporation.
Separate stock books and stock register
for each Of the said stock shall be kept, and
the two classes shall not be mingled.
This corporation shall become going
concern, and shall be authorized 10 com.
nence business 50 soon as three thousand
dollars of its capital stock, either common
Ir preferred, shall have been subscribed for.
ARTICLE ".
All the corporate powers of this corpora
lion, and the management and control OF lts
affairs shall be vested in, and exercised by
4 board of directors composed or three
stockholders majority of whom shall con
,titute a quorum for the transaction OF all
business. The directors shall be elected
annually by the stockholders, at meetihS
20 be held on the third Tuesday in October
IF each year. Each stakeholder shall be en-
titled In person or by proxy, TO vote Tor
very share owned by him, and all eiectIOhs
shall be held under such rules ana reSuIa.
ions as may be determined by the board OF
directors The directors thus elected shall
continue in office for one year, or until their
successors shall have been elected and nave
qualified. No failure to elect shall De re-
tarded as a forfeiture of this charter. ANY
vacancy occurring on said board shall be
filed by the remaining directors for the un-
expired term. The board of directors snail,
At its first meeting after its election, noml-
80 tee mi a nrpSiHRnT- VICE
president and a secretaryItreasurer. SAID
board shall have the right to unite any OF
he two above mentioned positions into one,
Or may segregate the position OF secretary
treasurer and elect secretary who need
not be either a director or stockholder,
and II shall employ and dismiss such clerks,
managers and other employees OF the corpo-
ration as the interest and business OF tne
shall have tie right to appoint, by written
instrument, another director or stockholder
to act as his proxy and in his stead at any
and all meetings Of the board Of directors.
ARTICLE v.
No stakeholder shall ever be held liable
Or responsible for the contracts, faults or
mere infOrmality in its organization nave
the effect of rendering this charter VOID, or
Of exposing a stockholder to any liability
beyond the unpaid balance due on the
shares owned by him.
ARTICLE vi.
This act of Incorporation may be changed,
modified or altered, or this corporation
nav be dissolved, with the assent Of the
owning three-fourths of the
stock Of the corporation, present or repre-
sented at q general meeting convened for
that purpose, and after at least ten days
written notice shall have been given through
the mail to each stakeholder at his last
known place of residence. In case OF disso-
luton by the expiration of this charter or
otherwise, the stockholders shall elect three
iquidatOrs from among their number to
settle the business and affairs of this COM
oany In case of the death or disability of
any one of said commissioners or liquidat-
)rs, the survivors shall appoint successor
to him.
ARTICLE VII.
Immediately after the signing of this
charter the stockholders shall meet and
elect three directors who shall serve until
the election to be held in October, 1912.
Thus done and passed In my office, on the
day, month and year, first above written, In
the presence of Frank B. Twomey and Jo-
seph L. Weiss, competent witpesses, who
have signed with the appeares and me, the
notary, after reading the whole.
shares: W. c. Campbell, 2 shares ]. Ham,
lton Smith, 1 share. (Witnesses) +. b.
rwomey, ]. L. Weiss.
A. ID. DANzIGER, Not Pub.
Substituting Felix ]. Dreyfous, another no
tary public, now absent on leave.)
I, the undersigned recorder Of mortgages,