The herald., 1911-10-26
ARTICLE ".

ARTICLE ".
The capital stock or this corporation Is
fixed at the sum OF fifty thousand dollars
divided into five hundred (JOOl shares of
the par value OF one hundred dollars each,
which shares shall be paid for in cash. or in
the purchase OF property. All shares OF
stock shall be full paid and worcestershire
No transfer OF stock shall be binding upon
the corporation unless made upon its books
and all certificates of stock shall be signed
by such officers as may be designated by the
board OF directors.
All stock in this corporation shall be held
upon condition precedent and under con
tract and agreement in the nature OF vested
rights that all such stock is so held and
possessed subject TO the rules and provisions
Tor the transfer OF same hereinafter set out,
to-wit:
First. No sale or other transfer Of shares
OF stock in this corporation shall be valid
until and unless the opportunity has been
first afforded the shareholders of record st
the date OF such transfer. sale or other
alienation to purchase such stock at book
value plus twenty-five per cent, the value TO
be ascertained in the manner herein pre-
scribed. The right to acquire said stock
hereby first vested in the other stockholders
OF record shall follow the stock into any
hands to which ii may pass and may be eI-
erciSed against the holders thereof within
ninety days from the time any sale or trans
fer thereof has been offered TO be entered on
the books of the corporation.
1t shall be the duty OF any holder OF
stock In this corporation who intends or
desires TO sell, transfer, ALLEVIATE or otherwise
dispose Of the same to give ten days writ
ten notice OF such intention or desire to the
board of directors of the corporation, who
are hereby constituted agents OF the other
stockholders for the purpose Of such notice,
and said board OF directors shall give i'm
mediate information thereof, in writing, to
all the other stockholders OF record Before
the expiration OF the ten days from the re-
n 50 hy no ri ~
any shareholder OF record may offer to pur-
chase, and may acquire the right to pur-
chase, said stock by notifying the board OF
directors in writing and thereafter shall de-
pOsit the price of said stock In cash with the
corporation or before the expiration Of
eighty days from the last mentioned date.
Upon the receipt of the first mentioned
notice. the board of directors shall advise
the person owning said stock, his agent or
representative, to join with said board In
fixing the value of said stock, which value
shall be established on the basis OF the last
annual or semi-annual statement or report
of the corporation and the last monthly trial
balance preceding the date OF such notice.
and to the value thus found and established
and the sum thus found and established shall
constitute the value and price of said stock
If within twenty-four hours after such
notice. the owner, his agent or representa-
tive. does not join with the board in estab-
fishing the price or value OF the stock, the
board may proceed without further delay to
fix the said value, using the report and trial
balance aforesaid for that purpose, which
dence for and against all parties in interest
in the premises. whether the value is estab-
lished by the joint act OF the owner, his
agent, widow, heir or representatives or by
the board of directors acting in default of
the cooperation of said person or persons.
Upon receipt Of the offer or acceptance OF
any shareholder to purchase said stock and
upon obtaining guarantee satisfactory to
- ~
OF directors shall thereupon give notice
thereof to the owner OF the stock, his agent
or representative, and before the expiration
OF the period of eighty days aforesaid shall
senting such stock and pay the price or
value thereof and cause the same to be
transferred on the books to the purchaser.
Second. The preference, option and right
of purchase heretofore vested by paragraph
First in the other shareholders shall exist
In full force and effect in their favor to ac-
quire the shares Of stock OF a deceased stock
holder, and the formalities and course of
procedure. the terms. conditions, stipula
lions and delays hereinabove established in
said paragraph shall apply In all respects
TO the procedure to be followed in case of
death. Immediately upon receipt Of infor-
ma ton Of the death Of any shareholder. 1t
shall be the duty of the board of directors
to cause the necessary steps to be taken to
carry out and enforce these provisions.
Third. The preference, option and right
run in favor of each shareholder of record
for his virile share In proportion to his ex-
listing holdings in the stock. but should any
fail to exercise his right in this
regard his rights shall pass to and be alb
sorbed by the other shareholders, provided
that the owner, his widow, heirs or legal
as the case may be, shall
not be obliged to deliver said stock unless
the offers to purchase the same shall include
and cover the entirety Of the offerings IN
der paragraph First or all OF the holdings
under paragraph Second.
Fourth. All certificates OF stock shall
bear upon their face brief reference to the
rights herein established in favor of the
As the whole more fully appears by the
certified copy Of the minutes of said meet
ing, made part hereof.
Thus done and passed In my office. on the
day. month and year first above written, In
the presence OF Frank B. Twomey and Frank
]. Basile. competent witnesses, who have
signed with the appears and me- the notary,
after reading the whole.
(Original signed) Ernest Lee Jahncke,
Paul +. Jahncke.
F. B. Twomey, F. J. Basile.
FELIX ]. DREYFoUs, Not. Pub.
I. the undersigned. recorder OF mortgages,
Of Louisiana, do hereby certify that the
above and foregoing amendment to the act
Of Incorporation of the "Jahncke Realty
was this day duly recorded In my
office, In book -, folio -.
New Orleans, August 10, 1911.
EMILE LEONARD. ID. r.
A true copy from the original act:
FELIX ]. DREYFoUs, Not. Pub.
Ct sssii 10 % nov e i is lei, G. Building