The herald. [volume] (New Orleans, La.) 1905-1953, 1911-09-21
THE HERALD

and body polite in law, for the objects and
| purposes and under the stipulatlons ana
| agreements hereinafter set forth ana ex-
pressed, which they hereby adopt as their
| charter, to-wit:
ARTICLE l.
The name and title Of the corporation
hereby formed is declared TO be lMl'ERiAL
| EXPORT COMPANY its domicilc shall be
in the city of New Orleans, state or Doulsl-
ana, and il shall have and enjoy succession
by It's corporate name Tor perlou ol n ny,
nine years from and after the date hereof.
The corporation shall have power ana au-
thority TO contract, sue ana De SUED IN lts
corporate name; to make and use a corpo-
rate seal; TO hold, receive, hire and pur-
chase real and personal property, ana 10
| SELL mortgage or pledge the same; 10 Dor
row money and issue bonds, notes ana
other obligations All citations or other le-
gal process shall be served upon the presl-
dent, in case of his absence or inability
from any cause the same shall be served
upon the secretary treasurer.
ARTICLE IL.
The objects and purposes for which this
corporation Is organized, and the nature OF
the business to be carried on by IL ARE
hereby declared TO be the manufacturing
and exporting of pitch-pine timber and lum-
| Der, hardwOOdS, cOOpcrage stock ana Odk
slaves; TO buy and sell timber ana tlmOered
lands to manufacture, buy and sell lumber
and slaves in all its varieties; ana gener
ally to do and perform any act or thlhs
| that NAV pertain to the purposes above set
forth or TO promote the interests OF the cor
poration. m,
The capital stock of this corporation is
hereby fixed at the sum of fifty thousand
(SJO,OOO) dollars; the said capital STOCK
shall be divided into two classes, tO-Wlt
preferred and common stock. The amount
of the said preferred stock shall be twenty
i've thousand dollars, divided into twenty
five hundred shares Of the par value OF ten
dollars each. The amount Of the common
stock is hereby fixed at the sum OF twenty
five thousand dollars, to be divided INTO
twenty-five hundred shares OF the par Ndlue
of ten dollars each. "
Upon the preferred stock dividends shall,
from time TO time, he PAID at the rate ot
seven per cent. per annum out Oh the net
income Of the corporation as the same may
be determined by the board OF directors
Ii the income of the corporation applicable
TO dividends said stock shall not IN the
Judgment of the board OF directors DE sur
icient to pay said dividend of seven per
cent. per annum, as aforesaid, such dlvl-
dends. or SO much thereof as shall remain
unpaid, shall accumulate. Inc divIue ,iit Is
upon the said preferred stock, together Win
all accumuatiOns or dividends remaining
unpaid for previous years, sha!l De palu IN
full before any dividends shall be paid upon
the common stock of the said corporation.
The said preferred stock shall be entitled
to elect two out Of the three directors mere,
in provided for, and the common 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
Shall have IA prior lien on the assets OF the
corporation up TO and untli II shdl haNe
received the par value of the said stock.
ANY excess shall then be given 10 the COM
mon stock until its par value shaIl nave
been paid and anything remaining shall be 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 instruments OF sueh
amounts as the board OF directors may ue-
Any part or parcel of the stock may be
, issued by the said board of directors in pay
ment of labor done or properly actuailS
; 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 a going
concern. and shall be authorized TO com
!, mence business SO soon as three lhousahu
dollars of its capital stock, either common
or preferred, shall have been subscribed ior'
ARTICLE ".
All the corporate powers of this corpora
| tiop. and the management and control OF ltS
affairs shall be vested in, and exercised by,
a board of directors composed OF three
| stockholders, a majority OF whom snail con,
stitute quorum for the transaction t ~ a.i
annually by the stockholders, at a meeting
, TO be held on the third Tuesday In OCTOBER
of each year. Each stockholder snail De en-
, titled, in person or by proxy, 10 vote 1or
/, every share owned by him, and all elections
! shall be held under such rules and regula,
: tions as may be determined by the board vi
directors. The directors thus elected snail
continue in office for one year, or until their
successors shall have been elected and nave
qualified. No failure TO elect snail De re-
garded a forfeiture of this charter. any
: vacancy occurring said board shall be
q filled by the remaining directors Tor the un'
! expired term. The board of directors shall
: at its first meeting after its election, noml
nate out Of its number, president, vice
! president and secretaryItreasurer said
, board shall have the right to unite any OF
i the two above mentioned positions into one
= or may segregate the position OF secretary
J, treasurer and elect secretary who need
o not be either a director or stocknolder
and ii shall employ and dismiss such clerks
managers and other employees OF the corpo
ration as the interest and business OF th'
same may Justify. Any OF the directors
shall have the right to appoint, by writer
= instrument another director or stockholde
y | TO act as his proxy and in his stead at an
+ and all meetings Of the board of directors
! ARTICLE V.
= No stakeholder shall ever be held liabl
or responsible for the contracts, faults o
r debts of this corporation, nor snail an.
n mere informality in its organization nav
II the effect of rendering this charter VOID Q
% | of exposing a stakeholder to any liabilit.
y beyond the unpaid balance due on tn
shares owned by him.
ARTICLE vi.
n This act of Incorporation may be changed
n modified, or altered, or this corporation
n may be dissolved, with the assent of tn
" stockholders owning three-fourths OF tn
N stock of the corporation, present or repre-
r. scented at a general meeting convened TO
" that purpose, and after at least ten days
n written notice shall have been given throug
the mail to each stakeholder at his las
known place of residence. In case OF dissC
luton by the expiration of this charter o
70 otherwise, the stockholders shall elect thre
r. liquidators from among their number
d settle the business and affairs OF this CON
8 pany. In case Of the death or disability o
10 any one of said commissioners or liquidai
ors, the survivors shall appoint successo
le to him.
n ARTICLE VII.
r Immediately after the signing of thi
IN charter the stockholders shall meet an
n elect three directors who shall serve unit
10 the election to be held in October, 1912.
Thus done and passed In my office, on tn
Y day, month and year, first above written,
X the presence of Frank b. Twomey and j
3 seph L. Weiss, competent witnesses, VIII
r have signed with the appeares and me, tn
notary, after reading the whole.
Original signed) s. ]. Sutherland, 80
shares; w. c. Campbell, shares j. Han