The herald. [volume] (New Orleans, La.) 1905-1953, 1911-05-11
ARTICLE V.

| All the powers Of this corporation shall
| I've vested in and exercised by board Of
| five TO directors. each Of whom shall hold
| in his own name at least two shares Of
| stock. Said board Of directors shall be elect
ed annually on the first legal day Of OctO-
| Der Of each year, the first election to be
| held in the year 1911. All such elections
| shall be by ballot, at the office Of the cor
porati0n, under the supervision of three
| commissioners to be appointed by the boa I'd
of directors, and in the absence Of any com
| missioner the president shall have power
to ill the place by appointment and of all
such elections, as well as of all meetings
| of stockholders, except for the purpose of
| liquidation or dissolution, or as otherwise
| required by law, ten days notice shall be
| given by mailing to each stakeholder who
appears such the books of this COM
pany, at his last designated address, or al
| the general delivery at New Orleans. II he
has not designated an address. an announce
ment stating the time and the place of the
| meeting. Each shareholder shall he emit.
tied TO one vote for each share of stock
standing in his name on the books Of the
company, cast in person or by proxy, and
the majority Of the votes cast shall elect.
The board of directors shall have power to
| fill all vacancies that may occur on the
board Failure to elect directors on the
day above specified shall not dissolve the
| corporation. but the directors then in Office
! shall remain in office until their successors
| are elected. Due notice of another election
| shall forthwith he given. as above pro
Nlutu SutH Htlltt VI tltCllOn Sihll ne CON
| tinued to be given until an election is held.
| A majority of the directors shall constitute
| quorum for the transaction of any bust
ness and the board of directors at their first
| meeting following each annual election shall
| elect from their number a president, a vice
| president, general manager and from the
| stockholders secretary-treaSurer and such
| other officers as the board shall deem nee
| eSsary. The board shall have the power
| in its discretion to unite two or more Of
| the above or other offices, and the same to
| confer upon one person. and shall have the
| power to fix the salaries Of all officers and
| OF such other officer as they deem necessary.
| The board of directors shall have power to
make and establish. as we'll as alter and
amend, all bylaws, rules and regulations
| necessary and proper for the support and
! management of the business and affairs Of
| said corporation. not inconsistent with its
charter. Said board shall also have full
power and authority to borrow money
| through the president or some other duly
authorized agent or agents, to execute mort
cages, issue notes, bonds or other obliga-
| tions, In such amounts and on such terms
as In their Judgment may he advantageous.
| and generally TO do all things reasonably
| necessary for the proper carrying on of
| the business Of said corporation. as also
| to issue and deliver full paid shares OF
stock and bonds or obligations Of said cor
poratiOn In payment of the money borrowed
| or money, labor, services. property or rights
actually received by said corporation, as
heretofore set forth.
And the board OF directors shall have the
power TO purchase for stock in this COM
pany or for cash or on credit, property of
any kind required for any of the purposes
Of the corporation, without the authority
| of the shareholders
Until the next meeting TO be held under
the charter on the first legal day Of Octo-
| Der, 1911, or until their duly qualified sue
cessors are elected and installed. the board
| of directors shall be composed of James W.
| Porch, George III. Smith, W. ]. Kelleher
| E. A. Kelley and A. F. Barclay with James
w. Porch as president and general manager,
| George III. Smith as vice-presdent, and W.
| ID. Widener as secretary-treasurer. The
| board may elect such other officers or agents
| as IL deems advisable.