The herald. [volume] (New Orleans, La.) 1905-1953, 1912-01-11
ARTICLE ".

The authorized capital stock Of this cor
poration Is hereby fixed at two hundred and
fifty thousand dollars (s250,O00.0O). divided
into and represented by five thousand To-
000) shares of the par value of fifty dollars
| (s50.0Ol each; said stock shall consist Of
| two different classes: one thereof being
known as the preferred stock and the other
as the common stock: the amount of the
preferred stock shall be one hundred and
twenty-five thousand dollars (S125.OOO.OO ),
divided into and represented by twenty-five
hundred (2,500) shares Of the par value OF
| fifty dollars (s5000) each.
Said preferred stock shall be entitled by
preference and priority over the common
stock Of the corporation to dividends or six
profits of each year: said dividends shall be
cumulative and limited to six per cent. per
annum and said preferred stock shall be
entitled to no other or further share In the
net profits.
No dividends shall be declared or paid on
the common stock until the full redemption
and retirement of all preferred stock issued
and outstanding together with all accumu-
| lattve dividends thereon.
Said preferred stock or any part thereof
| then outstanding may at the option of the
company exercised at any time be called In,
redeemed and retired by the company at
par and accrued dividends
The right to foreclose or dissolve the
corporation or have receiver appointed
therefor shall not be vested in the holders of
| the preferred stock on account Of the failure
or inability Of the corporation to pay such
af such IN failure en the Sec IN the
dend for such year shall be added to the
dividend due for the following year or
years.
In the event Of any liquidation or dissolu-
preferred stock shall be paid in full the
par value of their shares with all accrued
| dividends: and after the payment to the
holders of the preferred stock of Its par
Ina wi al
remaining assets and funds shall be distrib-
uted among the holders of the common stock
The common stock Of this corporation Is
hereby fixed at the sum of one hundred and
| twenty five thousand dollars ($125, 0O000),
divided into and represented by twenty-five
hundred (2,500) shares of the par value Of
fifty dollars (s50.00) each.
Said common stock shall be entitled to
| funds Of the corporation subject to the re-
strictions above provided In favor OF the
| preferred stock.
The holders Of common and preferred
stock shall have respectively the same right
to participate In the management OF the ar
| fairs of the corporation and shall be alike
entitled to hold Its ofices, be members of Its
board Of directors, and vote at stockholders
meetings; provided, however, that no SAFE
belonging to said corporation shall be made
without the written consent OF the holders
| of at least three-fourths Of the preferred
stock at that time issued and outstanding I;
and provided, further, that no increase Of
| the capital stock of said corporation shall
be made until approved In writing by the
holders Of at least a majority OF the said
preferred stock then issued and outstanding.
The stock Of this corporation in whole or
| In part may be issued for money or pro-
perty paid or made over to the company or
In payment for services or labor performed
| for the corporation. All OF said stock shall
be full paid and worcestershire. Transfers
thereof shall not be binding upon the COM
pany unless recorded on Its books. The cor
poration may begin Its operation and busi-
Iare of its common stock shall be subscribed