The herald., 1912-10-24

hereof shall be managed by a board Of d.
rectors composed of five (5) stockholders,
a majorfLy of whom shall constitute a quo
rum to transact business.
The following named persons shall con.
stitute the first board of directors, who shall
hold their offices until the first Monday Of
May in the year 1913, or until their sue
cessors shall have been elected or quaIifed.
to-wit: l.. III. Price, Z. j. LAcoste, w. 3.
Lewis, Vincent PicOla, Sam Michel
On the first Monday of May, 1913, and
on the first Monday Of May In each year
thereafter, an election OF the board Oh al,
of the corporation in the city OF New Or
leans, Louisiana, between the hours OF ten
O'Clock a. m. and three o'clock p. m, OF
setSn Sa at be ssen Ss Ss @s
dressed to each stockholder at his last known
place OF residence of record on the books OF
the company.
And each and every stockholder shall be
entitled at all elections, either in person or
by written proxy, to vote one vote for each
and every share of stock which he may hold.
Each board of directors which may be
hereafter elected as above provided, shall
elect from their own number a president, a
yice-president, and a secretary-treasurer
Any vacancy occurring on the board or dl-
rectors shall be filed by the remaining d.
rectors for the unexpired term. The ON,
GERS of the corporation during the term OF
the present board of directors are declared
to be L. II. Price, president; w. 5. Lewis
vice-president; f. ]. Lacoste, secretary
treasurer These and all subsequently elect
ed officers of the corporation shall hold Of
flee until their successors are elected and
qualified.
This act OF incorporation may be changed
or altered or this corporation may be dis.
solved, with the consent of three-fourths OF
the stockholders present or represented az
a general meeting of stockholders convened
for that purpose, of which said meeting at
least ten (10) days written notice shall nave
been given by mail, addressed to each stock
holder at his last known place or residence.
ARTICLE vi.
No stockholder of this corporation snail
ever be held liable for any OF the debts,
contracts, faults or obligations of this cor
poration in any further sum than the un-
paid balance, II any, due to the corporation
on the shares of stock owned by them nor
shall any informality in the organization
of this company render this charter void.
or expose any stockholder to any liability
whatever beyond the amount on his STOCK
remaining due. Nor shall failure at any
time to hold meetings, to elect officers or di-
rectors, as herein provided for, work the
forfeiture of this charter or dissolve the
corporatiOn, but the existing board OF di-
rectors and officers shall remain In force 9,t
until their successors be elected ana qualny'
ARTICLE VII.
Whenever this corporation Is dissolved
either by limitation or any other cause, ts
affairs shall be liquidated by one or more
commissioners to be elected from amongst
the stockholders Of the corporation at a
general meeting of the stockholders con-
vened In accordance with Art. V, and ma
iority of the stock represented and voting
at said meeting shall be requisite to elect
The majority of the stock represented and
voting at said meeting shall have the right
TO fix and define the powers. duty and com
pensatFon of said commissioners, and the
security. II any, to be furnished by them.
Said commissioner or commissioners shall
remain In ONCE until the affairs of the said
corporation shall have been fully liquidated
and the assets distributed. In case of death,
resignation or inability to act of one or more
Of the said commissioners, the survivor or
survivors shall continue to act with the