The herald. [volume] (New Orleans, La.) 1905-1953, 1912-04-25
ARTICLE III.


The capital stock OF this corporation shall
he one million dollars 81 200, 900. O0). di-
vided into and represented by two thousand
three hundred and thirteen (2.313) shares
Of tirst-preferred stock: two thousand six
hundred and eighty-Seven t2.6S1) shares Of
second preferred stock; and five thousand
10000 shares of common stock. all of the
par value of one hundred dollars (S10O0OD
each, which said stock shall be paid for in
cash at such times or in such portions
thereof as the board OF directors may re-
qure. or the same may be issued fully paid
and worcestershire, at not less than par. in
payment or exchange for property or rights
actually received or purchased by said cor
poration. or the same may be issued, fully
paid for money advanced, or for such other
valuable consideration or for services rend-
cred, as the board Of directors may determ-
Inc. The holders OF the preferred shares
shall be entitled TO receive in respect 10
such preferred shares as and when declared
by the board of directors. from the surplus
OF the net profits of the company, yearly
dividends at the rate of seven "a per cent
per annum from date and no more, which
said dividends shall be cumulative. provid-
ed that no dividend shall be paid the hold
ers OF second-preferred stock until all earned
dividends shall have been paid to the hold
ers of first-preferred stock At no time
shall any dividend be declared, set apart
for, or paid upon the common shares unless
at such time all cumulativ dividends on
the first and secondpreferred shares, due
and unpaid, shall have been paid or provid-
ed for. The said preferred shares shall be
entitled to no preference over the common
shares in the event OF dissolution or liqui-
da ton OF the corporation, except as regards
such cumulative dividends as may be due
and unpaid on the said preferred shares I'D
to the date on which the corporation may
be dissolved or liqutiated
The rst-preferred stock may be called in
Nay f5t bis e the Of ees
stock after May 10Th, 1914. Whenever the
net profits Of the company are sufficient for
said purpose. the board of directors, by
mailing notice to that effect, to each pre-
ferred shareholder of record at his last
known postoffce address. at least ten (IO)
days previously, may, at any date named in
stockholders of record, their preferred shares
OF stock as herein provided at the price Of
one hundred and five dollars (S1O5.OO) per
share. plus all cumulative dividends as NAV
be due and unpaid, up to such date or may
call in and purchase any portion thereof by
allotment amongst the total number of pre-
ferred shareholders
Such call having been made. and the
money available for such purposes having
been set aside, all rights Of the holders Of
the preferred stock called in shall close on
and after said date. Nor shall the officers
and directors in the event Of such call pay
any dividends whatever on the preferred
stock until that stock shall have been sur
rendered In response to the call. The pre-
ferred stock so called and purchased shall be
cancelled and not again reissued.
The right to so call and purchase shall be
expressed on every certificate of preferred
stock as a notice hereof to all purchasers
and holders thereof.
| The board of directors Of this corpora tion
shall be further authorized to employ, at
such times and in such amounts as IL NAV
| deem expedient. the net profits OF the cor
poration in the purchase OF the preferred
stock of the corporation at one hundred and
| f1ve dollars (S1O5.0O) per share The stock
so purchased shall be cancelled and not again
| reissued.
No shares of second preferred stock shall
| be called In or purchased until all OF the
| hrst7preferred stock shall have been called
| in or purchased as hereinaboye provided
| Holders OF preferred stock shall not have
the right TO vote at stockholders meetings
except as hereinafter provided.
Any stakeholder desiring to sell. assign
or transfer his stock in the corporation. mus
| first give thirty days notice of his inten
ton TO the board of directors, which shall
| have the exclusive right, within said perjod
to purchase said stock at its market value
provided that preferred stock so tendere,
may be purchased at one hundred and fiy,
dollars (S105.0O) per share
| The stock OF this corporation shall sinh
Ject to the above conditions, be transferabI,
only on the books of the company at ITS OF
nee in New Orleans. louisiana and on sur
render of the certificate therefor
No transfer of any fractional part Of ;
share shall be made or permitted
This corporation shall become a goin,
concern and commence business as soon a.
one hundred thousand dollars $500 600 90
OF ITS capital stock shall have been sub
scribed.