The herald. [volume] (New Orleans, La.) 1905-1953, 1912-08-15

power to contract, sue and be sued; to make
and use a corporate seal, the same to alter
or break at pleasure; to hold, receive, con-
vey, purchase, hypothecate, mortgage, pledge
property, both real and personal; to borrow
money, issue notes, bonds and other evil
dences OF debts; to have employ, discharge
and compensate such managers, directors,
officers, agents, clerks and other employees,
as the interest, convenience or advantage
OF the corporation shall require to estab-
lish bylaws rules and regulations for the
proper conduct and operation of its bust
ness, and the same to alter and abolish as
1t may see mt, proper; and generally to have
and enjoy all immunities granted by law to
advantageous in the conduct and operation
OF its business and affairs.
ARTICLE III.
The domicile of this corporation Is de-
clared to be In the city of New Orleans,
parish of Orleans, state of Louisiana.
All citations and other legal process shall
be served upon its president, or In his alb
sence upon the vice-president, or in the alb
sence or both, upon the secretary-treasurer.
ARTICLE III.
The objects and purposes of this corpora
ton, and the nature Of the business to be
carried on by II, are hereby declared to be
to buy and sell cotton for exporting or for
home consumption to carry on a general
commission business; also a cotton factor
age business; the said corporation Is also
empowered to perform any other acts and
business incidental or germane to the OBJ
Jects and purposes herein expressed, either
for Its own account or as agent for others.
The said corporation shall have the right
to establish agencies in the state Of Louisi-
ana or elsewhere.
ARTICLE w.
The capital stock of this corporation Is
hereby fixed at the sum of one hundred thou
sand dollars (s1O0, 600. 0O), divided into, and
represented by one thousand shares OF one
hundred dollars each which stock shall be
payable In cash, or Its equivalent, at time of
subscription.
Said corporation shall begin business as
soon as the whole amount of the capital
stock shall have been subscribed for.
All certificates Of stock shall be signed by
the president and countersigned by the Sec
Transfers of stock shall only be made on
the books Of the company by a stakeholder
In person or by PROXY proxy; ~
The business Of the corporation shall be
entirely managed by, and all its corporate
powers shall be vested in, boardf of direc-
tors, composed Of three directors, to be
elected annually on the second Monday In
April. beginning with the year 1914; a ma
GRITTY Of said board shall constitute quorum
for the transaction of any and all business.
The board OF directors shall have the
part Of Its business to an agent, who may
not be member of said board, and entrust
to him the power to transact any business
fact.
After their election, the members Of the
said board shall elect one of their number
as president and another as vice-president
they shall further elect a secretary treasurer
who may not be a member Of the board.
Vacancies in the board of directors result
ing from death, resignation, or otherwise,
shall be filed by the remaining members Of
the board OF directors.
At all electisns. each share Of stock shall
be entitled to one vote, either In person or
by proxy. and the persons receiving ma:
tority of the votes cast. shall be declared
elected
The failure from any cause to hold an
election on the day above specified. shall not
dissolve said company, but those In office
shall have been elected and another election
shall be called, or held, within thirty days
OF which election, each stakeholder shall
have twenty days prior notice, in writing
| by mail, from the secretary-treasurer.
OF all general meetings and elections
twenty days prior notice shall be given In
writing by the secretary-treasurer unto each
stockholder. sent by mail and addressed to
his or her last known address.
Any member Of the board of director,
shall be authorized to appoint a stakeholder
to represent him at any or all board meet
i Sa; with the same powers as the principal
holder, even though member shall vote fol-
himself and for his principal.
ARTICLE vi.
| This act of Incorporation may be altered
| amended, or changed, or said corporation
may be dissolved at general meeting of the
stockholders convened for that purpose, after
fifteen days public notice published in one
Of the daily newspapers Of New Orleans: al
which meeting the opinion of three-fourths
of the stock present, or represented by proxy
shall prevail And in case Of the dissolu
tion being determined on. BY like vote, the
stockholders shall elect two stockholders as
commissioners to liquidate and settle the az
fairs Of the said company. In the event OF
the death Of either Of the said commission
ers or of his inability to act, the liquidation
shall Be continued BY the survivor, unless