The herald. [volume] (New Orleans, La.) 1905-1953, 1911-12-07
ARTICLE ".

The capital stock OF said corporation is
hereby fixed at ten thousand dollars, in one
hundred shares of one hundred dollars
(S100.00) each A; which shall be paid for in
cash in such installments and at such times
as the board of directors may order; or Ii
may be issued at not less than par in pay
ment for labor actually done or property
actually received or the property OF insur-
ance agencies or business or oIher rights
acquired by the corporation. This corpo-
ration shall be a going concern as soon as
three thousand dollars (S3,OOOOO) OF Its
capital stock shall have been subscribed.
ARTICLE V.
All the corporate powers Of said corpo-
ration shall be vested in and exercised by
the board of directors to be composed of
four stockholders, to be elected annually on
the first Monday of each year.
Elections shall be by ballot at the office
of said corporation, under the supervision
Of one commissioner to be appointed by the
president.
Notice Of such election shall be given by
publication three times in ten days prior to
date of such election in one of the news
papers published in the city of New Orleans
Each share Of stock shall entitle its owner
to one vote in person or by proxy and the
majority Of votes shall elect.
Any vacancies occurring among the d.
rectors by death, resignation or otherwise,
shall be filled by election for the remainder
Of the year by the remaining directors. A
failure to elect directors on the date above
specified shall not dissolve the corporation,
but the directors then In Office shall remain
in Office until their successors are elected,
and they shall, as soon as possible, cause
an election to be held, after giving ten days
notice thereof, as above provided.
Two directors shall constitute a quorum
for the transaction of business; and the
board Of directors shall at their first meet
ing following each annual election, elect
one of their number to be president, and
n No hnr m ho vie % md I'd ffll
be secretary.
The board of directors may appoint from
time to time such officers, clerks agents or
other employees as may be necessary for
the proper management Of the business of
the company; they may make and amend
or alter such bylaws, rules and regulations
for the management OF the business Of the
corporation and generally do all things nee
essary and proper to its interests
ARTICLE VI.
The following named persons shall con-
stitute the first board Of directors. being |
invested with full powers to do and per-
form all things necessary to carry into eff |
feet the objects and purposes Of this corpo- |
ration, namely James Z. Warner, Henry |
D. Richardson. Leroy w. Osborne and Ira |
]. Warner, with James E. Warner as presi- |
lent, Henry ID. Richardson as vice-president. |
md Leroy w. Osborne as secretary They
,hall hold office until the first Monday in |
January, 1913.
ARTICLE VII.
No stakeholder of this corporation shall |
,ver be liable or responsible for its con-
racts or faults In any further sum than |
he unpaid balance due on the shares OF |
tock owned by him, nor shall any infor-
nality in the organization have the effect |
II rendering this charter null, or Of expos
ng the stockholders to any liability beyond
he amount of their original subscriptions.
ARTICLE VIII. I
No transfer of stock shall be held valid
nd binding unless made upon the books Of L
u axad zhold L