The herald. [volume] (New Orleans, La.) 1905-1953, 1912-11-14

involuntary, OF the corporation, the hold
ers' Of the preferred stock shall be entitled
TO be paid in full both the par amount Of
their shares and the unpaid dividends ac-
crued thereon before any amount shall be
paid the holders Of the common stock. and
after the payment To the holders Of the
preferred stock Of its par value and the M
PAID accrued dividends thereon, the remain
Ing assets and funds shall be divided and
paid 10 the holders Of the common stock
according to their respective shares.
In every election 10 be held by the cor
pOration each share of common stock shall
he entitled to one vote to be cast by the
owner thereof in person or by proxy; the
preferred stock shall not be entitled 10 any
vote.
ARTICLE V.
All the corporate powers OF this company
shall be vested in, and the management and
control Of its business and affairs shall be
exercised by board of directors composed
OF three CD stockholders, which number
may De Increased 10 no more than five 90
AT the discretion Of the board of directors.
majority of the board OF directors shall
constitute quorum for the transaction Of
all business. The directors shall be elected
annually on the 9TH Of October OF each year.
by ballot of the stockholders. Each stock
holder shall be entitled In person or by
written proxy, TO one vote of each share Of
stock owned by him and standing in his
name on the books of the corporation at
least thirty days preceding such election.
All elections shall be held under such rules
and regulations as may be determined by
the board of directors, and after at least
ten days notice shall have been given TO
each stakeholder al his last known address
by mail, or by publication in one of the
papers published in the parish OF Orleans
for at least ten days preceding such cleo
ton. The directors thus elected shall con.
tinue in Office for one year. or until their
successors shall have been duly elected and
qualified. No failure to hold an election
shall be regarded as a forfeiture OF this
charter. ANY vacancy occurring on said
board Of directors shall be filled by the re-
naming directors for the uncxpired term.
The said board Of directors shall likewise
elect the additional members in case they
should determine to increase the said board,
as above provided. Said board OF directors
shall, at It's first meeting, elect from among
It's number a president, a vice president, a
secretary and a treasurer. 1t may combine
the last two mentioned offices and may even
elect a secretary who need not be a stock
holder. said board OF directors shall have
the right and power to appoint and dismiss
clerks, managers and other employees of the
corporation. including the secretary, who
is not a stakeholder as conditions NAV tu5-
require. The tenure OF office of all the EN-
ployes Of this corporation shall be during
the pleasure of the board OF directors.
ARTICLE VI.
No stakeholder shall ever be held liable
or responsible for the contracts, faults or
debts OF said corporation, nor shall any
mere infOrmallty in its organization have
the effect of rendering this charter null, or
Of exposing any stakeholder to any liability
beyond the unpaid balance due on the shares
Of stock owned by him.
ARTICLE VII.
ANY director or officer of this corpora
ton may at any time be removed by vote
Of the majority OF the stockholders at
meeting called for that purpose, in the man
ner and form provided for in Article of
this charter, or by notice in writing by the
president or secretary. depOSiting said no.
tice in mail box TO be established by the
affidavit of said president or secretary, and
day of mailing of notice and day OF meet
ing 10 be counted in the ten days.
ARTICLE VIII.
This act OF Incorporation may be changed.
modified or altered, or this corporation NAV
holders owning majority Of all the stock
OF the corporation. at a general meeting
convened for that purpose and after notice
shall have been given TO each stakeholder
as provided for in Article V Of this char
ter. In case of the dissolution Of this cor
poration by the expiration OF this charter
or otherwise, the stockholders shall elect
three liquidators from among their number
TO liquidate and settle the business and az
fairs OF the company. In case of the death
or inability of any OF said commissioners or
liquidators the survivors shall appoint
successor TO him.
ARTICLE IN.
This corporation shall be a going concern
as soon as twelve thousand five hundred dol
larS iSl2,JOO.Oo) or Its capital stock shall
have been subscribed for.
Until the election TO be held on October =
1912, the following named stockholders shall
constitute the first board OF directors w
T.. Langworthy, president: c. W Snider,
vtce-president; W. T. McNabb, secretary.
treasurer.
The subscribers hereto designate the
amount OF stock each subscribes so that this
act shall serve as the original subscription
list.
Thus done and passed at nv office in the
parish OF Orleans on the day, month and
year herein first above written, in the pres
ence OF ]. X. Byrnes and II. 2. Creger, both
or this parish, competent witnesses, who
have hereunto signed .Aeir names, with the
said appearers and me, notary public after
due reading OF the whole.
Signed: c. W. Snider, 40 shares: VIM
I. McNabb, 40 shares; W. L. Langwoythy,
i5 shares
Witnesses: X. Byrnes, II. p Creger.
tSigned) LEWIS X. GRAHAM, Not Pub
|, the undersigned recorder Of mortgages
In and for the parish Of Orleans. state OF
Louisiana, do hereby certify that the above
and foregoing act OF incorporation Of the
Louisiana Petrolithic Construction Com
pany was this day duly recorded In nv Of
flee In book 1865. folio 555.
New Orleans, October 3. 1912
.Signed EMILE LEONARD, D. r.
LEWIS r. GRAHAM. Not. Pub.
oct IL "A 81 nov IA 81 1912