The herald. [volume] (New Orleans, La.) 1905-1953, 1912-11-21

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-
paid the holders Of the common stock. and
after the payment to the holders of the
preferred stock Of It's par value and the I'M
paid accrued dividends thereon, the remain
ing assets and funds shall be divided and
paid to the holders OF the common stock
according to their respective shares
In every election to be held by the cor
pOratiOn each share OF common stock snail
be entitled TO one vote to be cast by the
owner thereof in person or by proxy; the
preferred stock shall not be entitled TO 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 be Increased 10 no more than five to-
at the discretion OF the board of directors.
4 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, 10 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 at his last known address
I by mail, or by publication in one of the
papers published in the parish OF Orleans
| for al 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 unexpired 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 its first meeting, elect from among
| its number a president, vice-presdent, a
| secretary and treasurer II may combine
the last two mentioned Offices and may even
| elect 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 may jus
| tify or the business OF the corporation may
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 OF
debts Of said corporation, nor shall any
| mere lnIOrmdlllN IN It's OTSanlZdIlOl nave
the effect OF rendering this charter null, oil
OF exposing any stakeholder to any liability
| beyond the unpaid balance due on the share:
ARTICLE VII.
Any director or officer OF this corpora
| ton may at any time be removed by a vote
| Of the majority Of the stockholders at q
meeting called for that purpose in the man
ner and form provided for in Article V OF
| this charter, or by notice in writing by the
| president or secretary, depositing said no
| tice In a mail box TO be established by the
affidavit Of said president or secretary, and
day OF mailing of notice and day OF meet
ing to be counted in the ten days.
| ARTICLE VIII.
This act OF Incorporation may be changed
modified or altered, or this corporation may
| be dissolved with the assent OF the stock
holders owning majority OF all the stool
OF the corporation, at general meetin,
convened for that purpose and after notice
shall have been given to each stockholde
as provided for in Article V OF this char
ter. In case OF the dissolution Of this cor
poration by the expiration Of this charte
or otherwise, the stockholders shall elec
three llquidators from among their numbe
to liquidate and settle the business and af
: fairs Of the company. In case OF the dealt
or inability Of any Of said commissioners o
|, liquidators the survivors shall appoint
successor to him.
ARTICLE TX.
u This corporation shall be going concern
as soon as twelve thousand five hundred dol
NFl-.OOU.UVl VI capital SlOCk Sud
have been subscribed for.
Until the election to be held on October Z
1912, the following named stockholders shall
constitute the first board OF directors: W
: Z. Langworthy, president; G. W. Snidel
vice-president; W. T. McNabb, secretary
treasurer.
The subscribers hereto designate tn
amount Of stock each subscribes so that thi
act shall serve as the original subscription
list.
Thus done and passed at my Office In tn
parish Of Orleans on the day, month an
year herein first above written, in the pres
ence Of ]. X. Byrnes and III. Z. Creger, bot
of this parish, competent witnesses, VIII
have hereunto signed ,4eir names. with tn
said appearers and me. notary public, afte
, due reading Of the whole.
Signed c. w. Snider. 40 shares; wn
! t. McNabb, 40 shares; W. i. Langwosthy
As shares
Witnesses: X. Byrnes, II. p. Creger.
(Signed). LEWIS r. GRAHAM, Not. Pull
, l, the undersigned recorder of mortgage
J in and for the parish OF Orleans, state o
Louisiana, do hereby certify that the abov
: and foregoing act OF Incorporation Of tn
Louisiana Petrolithic Construction Com
pany was this day duly recorded In my Of
flee In book 1855 folio 555.
1 New Orleans, October 3, 1912.
(Signed) EMILE LEONARD, D. z
true copy.
LEWIS r. GRAHAM, Not. Pull
, oct IL "a 81 nov IA 81 1912