The herald. [volume] (New Orleans, La.) 1905-1953, 1911-07-20
ARTICLE ".

All the corporate powers of this corpora
tiOn shall be vested in and the manage
ment and control of its business and affairs
conducted by a board of directors, composed
of not less than three and not more than
five stockholders, three of whom shall con-
stitute quorum; no member OF said board
10 own or subscribe for less than five shares
of stock. Said directors shall be elected by
ballot at a general meeting of the stock
holders on the second Monday Of September,
1872, and annually thereafter on that day.
Every stakeholder shall be entitled, either
in person or by proxy, To one vote for every
share owned by him. All elections shall be
held under such rules and regulations as
may be determined by said board of direc-
tors. Ten days written notice, directed
TO the last known address Of every stOckhOld-
er shall be given of all elections.
The directors thus elected shall continue
in office for one year or until their success
sOrs shall have been elected and qualified :;
any failure To elect directors or officers shall
not he considered as a forfeiture of this
charter. Any vacancy occurring in the
board Of directors shall be filled by the re-
naming directors for the unexpired term.
majority of the stockholders al meeting
shall constitute a quorum for the transac-
ton of any business.
Said board of directors shall. at its first
meeting after its election. elect out OF its
own members, a president, a vce-president
and a Secretary-treasurer; and said board
shall have the power in its discretion 90
unite two or more offices and the same to
confer upon one person.
said board shall have the power TO ap-
point and dismiss such officers, agents, clerks
and employees may be deemed necessary
and 10 fix their compensation.
Said board is specially vested with the
power and authority to mortgage or pledge
the property, real and personal Of the cor
poratiOn as they may deem advisable: to
purchase hold. own, lease. mortgage pledge.
sell and dispose OF real estate. improved and
GnimprOved; to execute mortgages. issue
notes, bonds and other evidences Of debt,
and 10 borrow and lend money on same, 10
and from individuals, firms and corpora
lions, at such times, for such price, and
upon such terms and conditions as they may
deem advisable. This power To buy and
sell real estate, to borrow and lend money,
other evidences Of debt. and all the powers
herein granted to said board Of directors
shall be exercised by said board without the
necessity of referring to the stockholders for
special authorization.
Said board Of directors shall make all the
rules. regulations and bylaws for the gov
eminent and control Of the business and
affairs OF this corporation as they may deem
mt and proper. and amend alter and change
the same at pleasure.
No contract shall be signed without the
authorization Of the board of directors.
The following stockholders are hereby do
clared to be the first board of directors 81
this corporation. all Of whom shall hold Of
nee until the second Monday Of September.
1912, or until their successors shall have
been elected and qualified: James O'ROurke.
Walter V. o'Rourke James ]. O'Rourke, Al
bert l.. O'ROurke.
Until the second Monday OF September.
1912, or until their successors shall have
been elected and qualified. the following
named persons shall he the officers Of this
corporation: James O'Rourkc president
James ]. O'ROurke. vice-prcsident; Walter
V. O'ROurke, secretary-treasurer.