The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-31

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 IN
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 to 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 he 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 Il board of directors composed
of three 90 stockholders which number
may be increased to no more than five 90
AT the diScretiOn> Of the board Of directors
ma iOrity 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 pt
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 at least ten days preceding such cleo
ton The directors thus elected shall con
tinuc 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 forfeiture OF this
charter. Any vacancy occurring on said
board of directors shall be filled by the re-
manning 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-president, a
secretary and treasurer II may combine
| the last two mentioned offices and may even
elect a secretary who need not be 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 wh'
| 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
!
debts OF said corporation, nor shall any
mere informally in its organization have
the effect Of rendering this charter null, oil
of exposing any stakeholder to any liability
| beyond the unpaid balance due on the share:
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 V OF
| this charter. or by notice in writing by th'
| president or secretary depOsiting said no
tice in a mail box to he established by thu
affidavit of said president or secretary, anC
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 ma!
he dissolved with the assent of the stock
holders owning majority of all the stool
of the corporation, at general meeting
convened for that purpose and after notic
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 liquidators from among their numbe
TO liquidate and settle the business and al
or inability of any OF said commissioners o
4 liQuidatOrs the survivors shall appoint
successor to him.
This corporation shall be a going concer
as soon as twelve thousand five hundred do
lars 12.5UO.0O) Of its capital stock shal
have been subscribed for.
Until the election TO be held on October
1912. the following named stockholders shal
constitute the first board OF directors: W
Il Z. Langworthy, president; c. W. Snidel
vice-president: W. I. 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 pre-:
ence Of ]. X. Byrnes and III. Z. Creger, bot
OF this parish, competent witnesses, VIII
have hereunto signed ,.Ieir names. with tn
said appearers and me. notary public, afte
, due reading of the whole.
Signed: e. W. Snider, 40 shares Wn
T. McNabb, 40 shares; W. Z. Langwosth!
45 shares
Witnesses: X. Byrnes, II. p. Creger.
(Signed) LEWIS X. GRAHAM, Not. Pull
= |, the undersigned recorder of mortgage
In and for the parish OF Orleans, state q
Louisiana, do hereby certify that the abov
and foregoing act OF Incorporation OF tn
Louisiana Petrolithic Construction Con
pany was this day duly recorded In my o.
flee In book 1865. folio $50.
! New Orleans, October 3, 1912.
lSigned) EMILE LEONARD, d. Z
true copy.
LEWIS r. GRAHAM, Not. Pul
, oct IL "a 81 nov IA u 1912