The herald. [volume] (New Orleans, La.) 1905-1953, 1912-01-18
ARTICLE ".


The capital stock of this corporation Is
dollars 1850. 900 OOS. divided into FIVE Smn
dred (5OO) shares of one hundred dollars
tSlooOO) each, which shall be fully Maid
Tor upon the issuance of the certificate there
Tor, In cash, property, for the purchase of
property or services rendered. on the accent
ance or the subscription therefor or in such
Instruments, payable at such times as the
BOARD or directors hereinafter established.
may from time to time prescribe, but no
certificate to be issued until said shares Of
stock have been fully paid for In the man
ner above stated, and all certificates of stock
S Snali show the same to be full paid and
worcestershire. and no transfer of stock
Snall De binding upon the corporation I'M
less made upon its books. all certificates Of
stock to be signed by such officers as may
corporation shall begin business and he
come a going concern as soon as three tbou
sand dollars (S3.00000) of its stock shall
nave been subscribed. Whenever any stock
holders shall wish to sell his shares of
stock In this corporation. the other STOCK
holders shall have the privilege of buying
IN proportion to the shares owned by Them
a1 tne pona hde price offered therefor In
BOARD or directors; and IL no price is Of
fered by an outsider, then the remaining
stockholders shall have the privilege of buy,
rns salu shares at the book value thereof !:
WIN such allowance, IL the corporation is
earning a dividend, added thereto, and for
the good will of the business as the average
net earning capacity Of the stock for two
years preceding the sale shall fairly entitle
IL to. III the stockholders desire TO avail
themselves OF the privilege to buy there
under they must decide to do so within fem
tlol days after the stock is offered to them :
otnerwlse the shareholder wishing to sell
snail have the right to sell to anyone. wheth.
er stakeholder or not. If any one. or
more, stockholders do not wish to buy here
Under then the remaining stockholders shall
htIu oil
Tered, In proportion to their holdings. The
secretary shall at once notify all the STOCK
nc m writing; mailed to their last place
OF residence on the books of the CORPORA.
tion, of the stock offered for sale
ARTICLE V.
All the corporate powers OF this corpo
its affairs shall be vested In and exercised
Dy board Of directors, composed of three
stockholders majority of whom shall con-
stitute quorum for the transaction of all
business. These directors shall be elected
annually by the stockholders at a meeting
TO be held at the domicile Of the corpora tion
on the frst Tuesday in the month of January
OF eacn year. Each stockholder shall be en-
titled. In person or by written proxy. to n
vote Tor each share OF stock owned by him
and all elections shall be held under such
rules and regulations as may be determined
thus elected shall continue In Office for one
year or until their successors shall have
been elected and have qualified. No failure
TO elect shall be regarded as a forfeiture of
this charter. Any vacancy occurring in the
board shall be filed by the remaining direc.
tors for the unexpired term. The board of
directors shall at their first meeting after
their election, by viva voce vote, elect from
among their number a president. yice-presi-
dent and secretary-treasurer, or they NAV
confer and combine the functions of treas.
user on any other officer. The terms of said
board electing them, and their powers and
duties shall be such as appeartain to their
several offices. or such as may be prescribed
by the bylaws or resolutions of the board
The said board Of directors shall have DOW
er to make: and from time to time amend
bylaws. rules and regulations for the con-
duct OF the affairs Of the corporation. and
to employ and dismiss managers. clerks and
other employees Of the corporation as the
interest and business of the same NAV re-
quire. Any Of the directors shall have the