The herald. [volume] (New Orleans, La.) 1905-1953, 1912-05-09

The stock of this corporation may he is
sued for money. for labor done, or services
rendered. or for lands or other property:
which may hc thus paid for or exchanged
and made over TO the company. The Valu-
alton of any and all lands, rights, contracts.
labor or services or property, movable, i'm
movable and mixed. corporal or incorpo-
real. accepted and received by the corpora
tiOn for its corporate purposes in payment,
exchange or otherwise, FOR any of the stock
and shares of this corporation and fixed 10y
the board of directors upon such terms ana
conditions for the issuance of such stock
shall hr conclusive evidence of such valua-
ton land any and all persons. partner
SbiuS aSSuciat ions. corporation or credit
ors dcaIin. with this corporation are con
cluded thereby. and any and all persons.
partnerships. associations. crp0rltiunS or
creditors dealing with this corporation here
by waive any right or cause of action
against the original or subsequent owner
or owners of such stock and shares issued 10
il. him. her or them in payment or eX-
change for labor done or services rendered.
or for such lands. rights. credits. contracts
and property valued by the board of direC-
tors as aforesaid: and each. every, any and
all contracts. contract or undertaking made
by or entered into with this corporation
shall he subject to this provision Of this
charter.
All of said stock shall he full-paid and
non aSScSSable when issued and delivered
and transfers thereof shall not he binding on
the company unless recorded in its books,
and shall he further subject to such rules.
regulations and conditions rs the board of
directors may prescribe.
This corporation shall begin its business
as soon as three thousand dollars (S3.-
OO00Ol of its stock shall have been sub
scribed.
ARTICLE V.
The corporate powers of this corporation.
including the power TO make and amend its
bylaws and the management and control of
its affairs shall be vested in and exercised
by a board of directors, composed Of not
less than three or not more than seven
persons, who shall be the holder Of al least
one share OF the capital stock of this com
pany, a majority of whom. represented eth
er in person or by proxy, shall constitute a
quorum for the transaction of all business.
ANY director in his absence from any
meeting of the board of directors shall have
the power to appoint in writing any other
director or stakeholder as his proxy, with
full power to act in his stead at such meet
ing
The directors shall be elected annually
by ballot by the holders of the stock on the
first Tuesday in April OF each year Each
holder or stock shall be allowed TO vote
IN person or by written proxy, one vote for
each share of stock owned by him, and all
elections shall be held under such rules and
regulations as may be adopted by the board
OF directors The directors thus elected
shall continue in office for one wear and nm
I'll their successors shall have been duly
elected and qualified. Any failure TO elect
officers or directors shall not be regarded as
FORFEITURE or the charter. ANY vacancy
occurring on said board OF directors shall he
filled by the remaining directors for the
unexpired term.
The following persons shall be and consti-
tute the first board OF directors Otto T.
Mailer, 4. II. A. Carr and +. Howard Mecca
leD, majority OF whom shall constitute a
| quorum, with Otto r. Maier as president. c.
r, A. Carr, yice-preSident and T. Howard
IMcCaleb, secretary, who shall be the officers
OF the corporation and shall serve until the
| meeting In,
| 1915, or until their successors have been
elected and qualified