The herald. [volume] (New Orleans, La.) 1905-1953, 1911-12-28
ARTICLE ".

The authorized. capital stock OF this cor
poration Is hereby fixed at two hundred and
fifty thousand dollars $3.50. 000. 00l, divided
into end represented by five thousand Co.
O0OD shares of the par value of fifty dollars
(s50.00l each; said stock shall consist of
two different classes: one thereof being
known as the preferred stock and the other
as the common stock; the amount of the
preferred stock shall be one hundred and
twenty-five thousand dollars (S125. 600. OO)
divided into and represented by twenty-five
hundred (2.500) shares of the par value of
fifty dollars (S50.OO) each.
Said preferred stock shall be entitled by
preference and priority over the common
stock Of the corporation to dividends of six
per cent. per annum, payable out Of the net
profits of each year: said dividends shall be
cumulative and limited to six per cent. per
annum and said preferred stock shall be
entitled to no other or further share In the
net profits.
No dividends shall be declared or paid on
the common stock until the full redemption
and retirement of all preferred stock issued
and outstanding together with all accumu-
lative dividends thereon.
Said preferred stock or any part thereof
then outstanding, may at the option of the
company exercised at any time be called In,
redeemed and retired by the company at
par and accrued dividends.
The right to foreclOse or dissolve the
corporation or have a receiver appointed
| therefor shall not be vested in the holders of
| the preferred stock on account of the failure
| or inability of the corporation to pay such
case OF such failure the deficit in the divi-
dend for such year shall be added to the
dividend due for the following year or
years.
In the event of any liquidation or dissolu-
| tion of the corporation the holders of the
| preferred stock shall be paid in full the
par value OF their shares with all accrued
dividends: and after the payment to the
holders OF the preferred stock of Its par
value with all such accrued dividends, the
remaining assets and funds shall be dstrib
uted among the holders of the common stock
The common stock Of this corporation Is
hereby fixed at the sum Of one hundred and
| twenty five thousand dollars (S125,0O000)
divided into and represented by twenty-five
| hundred (2.5OOl shares of the par value OF
fifty dollars (S50.OO) each.
Said common stock shall be entitled to
dividends and to share in the assets and
| funds Of the corporation subject to the re
strictlons above provided in favor Of the
preferred stock.
| The holders of common and preferred
stock shall have respectively the same right
| to participate In the management of the af
fairs Of the corporation and shall be alike
entitled to hold its Offices, be members of It's
| board Of directors, and vote at stockholders
meetings; provided, however. that no sale
or mortgage Of the real estate at any time
| belonging to said corporation shall be made
without the written consent of the holders
| of at least three-fourths of the preferred
stock at that time issued and outstanding
and provided, further, that no increase o.
| the capital stock of said corporation shall
be made until approved in writing by thu
holders of at least majority OF the saiC
preferred stock then issued and outstanding
The stock of this corporation in whole o.
in part may be issued for money or pro
pertv paid or made over to the company o.
| in payment for services or labor performed
for the corporation. All of said stock shall
he full paid and worcestershire. Transfer
| thereof shall not be binding upon the com
pany unless recorded on its books. The cor
pOration may begin its operation and bust
ness as soon as one hundred thousand dol
lare of its common stock shall be subscriber
|