The herald., 1911-10-19
ARTICLE ".


amended SO as 10 read hereafter as follows :
ARTICLE ".
The capital stock OF this corporation is
fixed at the sum OF ten thousand $50, OO0)
dollars, divided into one hundred (lOOl
shares OF the par value Of one hundred
tSlOOD dollars each, which shares shall be
paid for in cash. or in the purchase OF pro
perty All shares Of stock shall be full paid
and non-assessable No transfer Of stock
shall b. 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 q 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
FOR the transfer OF same as hereinafter set
out. tO-wit:
First No sale or other transfer OF
shares OF stock in this corporation shall he
valid until and unless the opportunity has
been first afforded the shareholders OF record
al 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 asccrtained 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 it may pass and may be ex-
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
10 sell, transfer, ALLEVIATE or otherwise dis
pose of the same TO give ten days written
notice Of such intention or desire 10 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 imme-
date Information thereof, in writing, 10 all
2 ha OIL hn1l ne DE
the expiration OF the ten days from the re-
ceipt OF said notice by the board OF directors
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 on or before the expiration Of
eighty days from the last mentioned date
Upon receipt Of the first mentioned no.
tice. the board of directors shall advise the
person owning said stock his agent or repre-
sentative. to join with said board in fixing
the value Of said stock, which value shall
he established on the basis OF the last an
nual or semi-annual statement or report OF
the corporal ion and the last monthly trial
balance preceding the date OF such notice.
and TO the value thus found and established
there shall be added twenty-five per cent
and the sum thus found and esta blished shall
constitute the value and price of said stock
II 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
trial balance aforesaid for that purpose.
which writings are declared to be conclusive
evidence for and against all parties in inter-
est In the premises. whether the value Is
established 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 per.
sons.
J-non raoai,t n, A. o1.- - q. .o...o... -.
any shareholder TO purchase said stock and
upon obtaining guarantee satisfactory 10
said board for the price thereof, the board
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
call in the certificate or certificates repre-
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 &C.
quire the shares of stock OF a deceased
stakeholder, 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-
nation OF the death OF any shareholder, it
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
or purchase hereinabove established shall
run in favor OF each shareholder of record
for his virile share in proportion to his e1-
listing holdings in the stock but should any
shareholder 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
representatives, 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 under
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
stockholders"
As the whole more fully appears by the
annexed certified copy of the minutes OF said
meeting, 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
j: Basile, competent witnesses who have
signed with appearers and me, the notary,
after reading the whole.
Original signed) Ernest Lee Jahncke.
Paul F. Jahncke.
r Il. Twomey, F. J. Basile.
FELIX j. DREYFoUS, Not. Pub
/, the undersigned. recorder OF mortgages.
IN and for the parish Of Orleans and state
OF Louisiana, do hereby certify that the
above and foregoing amendment to the act
OF incorporation of the "St. Tammany Ship
flee, in book =, folio =.
New Orleans, August 10, 1911.
(Signed)
EMILE LEONARD, D. R.
true copy from the original act:
FELIX j. DREYFOUs, Not. Pub.
lSeall 204 L. & l.. < G. Building
oct II 10 20 nov 10 1911