The herald. [volume] (New Orleans, La.) 1905-1953, 1912-11-07

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 rema in
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 shall
| he entitled TO one vote TO be cast by the
owner thereof in person or by proxy: the
| preferred stock shall not DE entitled 10 any
| vote.
ARTICLE V.
All the corporate powers OF this company
shall BE- vested in, and the ma ma cement and
| control of its business and affairs shall be-
exercised by n board Of directors composed
! OF three 81 stockholders, which number
may be- Increased 10 no more than five to-
| al 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, 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 he 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
4 by mail. or by publication In one OF the
papers published in the parish OF Orleans
| for AT least ten days preceding such elec-
| 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
q on 50
! 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 president. vice-president, a
secretary and 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 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 or
debts Of said corporation, nor shall any
mere infOrmalty in its OrganiZati ton have
the effect Of rendering this charter null. or
beyond the unpaid balance due on the shares
OF stock owned by him.
ARTICLE VII.
Any director or officer Of this CORPORA
tiOn may AT any time be removed by a vote
Of the majority Of the stockholders al a
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 he esta Dlished 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 a majority of all the stock
Of the corporation. at a general meeting
convened for that purpose and after notice
shall have been given 10 each stakeholder
as provided for in Article 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
10 liquidate and settle the business and af-
fairs OF the company. In case of the death
or inability of any OF said commissioners or
liquidators the survivors shall appoint a
ARTICLE IL.
This corporation shall be a going concern
as soon as twelve thousand five hundred dol
lars iSl2JUUoOi OF It's 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
7. LangwOrthy, president; c. W. Snider
yice-president; ". 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 j. X. Byrnes and III. +. 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. p Langwosthy
IS shares.
Witnesses: x. Byrnes, H. P. Creger
tSigned) LEWIS r. GRAHAM Not. Pub
/, the undersigned recorder Of mortgages
In and for the parish OF Orleans, state of
Louisiana, b hereby certify that the above
and foregoing act Of Incorporation Of the
Louisiana Petrolithic Construction Com
pany was this day duly recorded In any Of.
flee In book 1866. folio $50.
New Orleans, October 3, 1912.
lSigned) EMILE LEONARD, D. r.
true copy.
LEWIS r. GRAHAM. Not. Pub.
oct II "a 81 nov IA 81 1912
CHARTER