The herald. [volume] (New Orleans, La.) 1905-1953, 1911-08-17
ARTICLE IL.

CONTTOI, sci. ItASV or WTHtTNISC UIsVNSN OF
water rights, reservoirs, dams, canals,
tunnels. bitches. fumes. drainage systems.
controlling works, power plants and irri-
CATION works or plants. of whatsoever kind
or nature, for the purpose of irriGating
lands. retaining submerged lands. or StOr-
Ing waters, and the draining and convey
ing of waters from one place or places To
another place or places.
To purchase, lease or otherwise acquire.
erect, equip. improve. extend. work, de
velop, operate. maintain. own, repair, con
troll, sell, lease, or otherwise dispose of wa
ter rights, reservoirs. dams, canals, tunnels,
bitches. fumes. drainage systems, contrOll-
ing works power plants, or plants of what
SOever kind or nature. for the purpose of
purchasing leasing o: otherwise acquiring.
and selling. leasing. otherwise dispOsing
of power, light, heat, or energy in whats0-
ever form or nature. and the exercise Of
the customary and necessary powers Incl
dent thereto.
To acquire by purchase or otherwise. own,
hold, buy, sell. convey, lease. mortgage or
cucumber real estate or other property,
personal or mixed, and to reclaim. survey,
Subdivide. plat, improve and develop irri-
gated, submerged and other lands for pur-
poses of sale and otherwise, and To do and
perform all things necdful and lawful for
the reclamation. development and improve
ment OF the same for agricultural, plant
ing. cattle raising residence, trade and bus
mess.
To purchase, or otherwise acquire, and to
hold, own or control, receive. store, convey.
water ice or moisture in any form, or
rights Of any nature in and to water, or
the usage thereof.
Generally to carry on or undertake any
other business of the same general nature
which, from time to time, seems to the
directors of this corporation capable OF be
ing conveniently carried on in connection
with the above objects. or calculated direct
ly or Indirectly to render valuable or en-
nance the value of any of the cOmpanys
privileges or rights, and which is lawful in
Louisiana, for corporation so organized.
ARTICLE III.
The capital stock of this corporation is
hereby fixed at the sum Of Two Hundred
Fifty Thousand Dollars (S2JO.O00). dlvid-
ed into and represented by two thousand
five hundred (2,iOO) shares of the par value
of One Hundred Dollars $1,000 each One
and One-half thereof shall be preferred
stock. Said preferred stock shall be en-
titled to draw and receive a cumulative an
nual dividend of seven % per cent there
upon, which shall be paid before any divi-
dend is paid upon the common stock of
said company, from the earnings and prof
its of said company, and shall be full par
ticipating in voting quality with the com
mon stock of said company.
All stock, both common and preferred,
shall have equal voting quality, and II any
excess of dividends in any one year over
and above seven % per cent upon the pre-
such excess shall he applied to the common
stock until such common stock has received
an equivalent Of seven "a per cent diyi-
dend. after which point all dividends for
that year in excess OF seven "a per cent
upon both preferred and common stock shall
be paid equally upon both common and pre-
ferred stock.
In case of iquidation-either voluntary
or invOluntary-of the company, the assets
and avails OF the company shall be used
first to pay the par value OF the preferred
stock and all arrears of dividends thereon
in full before any distribution shall be
made in favor Of the common stock.
Said stock, both common and preferred,
shall be paid for In installments OF such
amounts and at such times as the board
Of directors may determine, but any part
or parcel of said stock may be issued by
said board Of directors at not less than
par. In payment of labor done or land or
property actually received by said corpora
ton.
This corporation shall commence business
and be a going concern as soon as one
Hundred Twenty-Five Thousand (Sl23~ol
subscribed for, and this charter signed and
executed by the incOrporatOrs.
ARTICLE ".
All the corporate powers Of this corpora
tiOn shall be vested in and exercised by
board Of five 90 directors, to be composed
of stockholders, three of whom shall con-
sttute a quorum for transacting all busi
ness. The board of directors shall be vest
ed with full power and authority to make
all contracts, purchases and sales, and ADOPT
all bylaws, rules and regulations for the
government of the business and affairs OF
the company, and alter, amend and change
the same at pleasure; appoint, hire and dis
charge all officers, agents and employees, NIX
all salaries, and generally to do and per
form all things necessary In the transaction
of the business and affairs Of the company
Any vacancy occurring in said board shall
H. ~ ho ipfp In
manner provided for in the bylaws.
The first board of directors Of this cor
poration shall consist of James A. Clinton,
A. sherman Hill, John s. Perry, Allen 5
Perry and George III. Penn, with the said
James A. Clinton as president, A. sherman
Hill as vice president, and John ;. Perry as
secretary and treasurer, who shall mold their
offices until the first Monday in December.
1912, or until their successors are duly
elected and qualified.
On the first Monday in December, 1912,
and annually thereafter, an election for d.
rectors shall be held at the office OF the
company, under the supervision of three
commissioners TO be appointed by the presl-
dent, and the directors then elected shall
take their seats Immediately and shall hold
office until their successors are duly elect
ed and qualified. Each board shall elect its
own officers, which shall consist Of presi-
dent, a secretary and treasurer. Two OF
said offices may be held by the same per-
son.
All corporate elections shall be by ballot,
and a majority OF the votes cast shall elect,
and at all stockholders meetings held for
any purpose, each share Of stock shall be
entitled to one vote, either in person or by
proxy, by the person In whose name same
Is registered on the books of the company.
and the board Of directors may close the
stock transfer books for period not ex-
ceeding thirty days before any meeting.
Written notice Of stockholders meetings
shall be given to each stakeholder by the
secretary at least ten t10) days prior TO
elections, by mailing same, postage pre-
paid. to his last known postofflce address.
The board of directors shall have power
to establish stock transfer agencies I'M
der reasonable rules and regulations, In the
cities Of New Orleans, La; and Chicago,
ILL.,. and at such other places as they may
deem necessary and the business Of the
corporation shall require.
ARTICLE V.
This act of incorporation may be changed
altered or modified, or this corporation dis
solved with the assent OF there-fourths
| ga Of the stock present or represented al
any general meeting Of the stockholders