The herald., 1912-07-11

1T snail nave power 10 DOTTOW anu
to issue notes, bonds and other evidences
Of Indebtedness from time TO time, and to
secure the payment OF the same or any part
thereof, by pledge or hypothecation of prop.
erty or BY mortgage or other evidences or
lien placed upon its property, franchises,
real, personal and mixed, or any part there
Of.
| II shall have power to elect officers and
directors TO name and appoint its mana
! gers agents and other employees, and TO
6x their compensation, and TO discharge
the same at will; to establish and adopt
such bylaws, rules and regulations as may
be deemed expedient and proper for the con,
duct and management Of its property and
business and the same TO alter, amend and
abolish at pleasure; to make and use a
common or corporate seal, and the same to
break and alter at pleasure, and generally
to do and perform all acts and things re-
quisite and necessary TO carry OUT the oo-
jects and purposes or this corporation
ARTICLE ii.
The domiciIe Of this corporation shall be
! In the City OF New Orleans State OF Lou
/ isiana, and all citations and other legal pro-
cess shall be served on the president and in
\ his absence on the vice-preSident, and in
the absence Of both OF said officers on the
secretary treasurer OF this corporation.
ARTICLE III.
The objects and purposes for which this
| corporation is formed and organized ana
the nature OF the business to be carried on
l by II are declared TO be: To acquire, re-
claim, improve and cultivate landed prop
erty; also TO acquire by purchase or lease,
operate, sell and otherwise dispose OF any
sonal. necessary or convenient to be so ac-
Quired and used In order to more efectually
carry out the main design OF the organi-
zation OF the company.
| ARTICLE ".
The capital stock Of this corporation is
hereby fixed at the sum Of fifty thousand
dollars $50, ,000l, divided into and repre-
seuted by FIVE hundred (500D shares OF the
par value of one hundred dollars (S100.0OI
each. TO be paid for in money, or for labor
done or services rendered or such stock as
may be issued or delivered for lands and
other property TO be taken, accepted and
received by the corporation for its corporate
purposes at such valuation and upon such
terms for said stock as the board of direc-
tors may determine and direct from time
TO time TO be expedlent. The capital stock
of the corporation may be increased or re-
duced by proceedings take in the manner
prescribed by law.
The stock Of this corporation may be is
sued for money, for labor done or services
rendered, or for lands or other property,
which may be thus paid for or EXCHANGED
and made over to the company. The valu-
alton OF any and all lands, rights, contracts,
labor or services and property, movable,
| immOvable and mixed, corporeal or incor-
pOreal. accepted and received by the corpor-
alton for its corporate purposes in payment,
| exchange or otherwise, for any of the stock
and shares OF this corporation and fixed by
the board OF directors upon such terms and
shall be conclusive evidence OF such valua-
tion; and any and all persons, partnerships,
| associations, corporations or creditors deal
ing with this corporation are concluded
| thereby, and any and all persons, partner
ships, associations, corporations or creditors
dealing with this corporation hereby waive
any right or cause of action against the
original or subsequent owner or owners OF
| such stock and shares issued to II, him, her
| or them in payment or exchange for labor
| done or services rendered, or for such lands,
| rights, credits, contracts and property valued
by the board Of directors as aforesaid, and
| each, every, any and all contracts, contract
or undertaking made by or entered into with
this corporation shall be subject to this pro
| vision of this charter.
| All OF said stock shall be full paid and
| non-aSSessable when issued and delivered.
and transfers thereof shall not be binding
| on the company unless recorded In its books
and shall be further subject TO such rules.
| regulations and conditions as the board OF
| directors may prescribe.
| This corporation shall begin its business
as soon as three thousand dollars (s3, ,OOO)
! Of its stock shall have been subscribed.
| ARTICLE v.
The corporate powers Of this corporation,
| including the power to make and amend its
| bylaws and the management and control
Of Its affairs shall be vested In and exer-
| cised by a board Of directors, composed OF
not less than three or not more than seven
persons, who shall be the holder Of at least
one share Of the capital stock OF this COM
pany, majority Of whom, represented
either In person or by proxy shall constitute
a quorum for the transaction Of all busi-
| ness
Any director In his absence from any
meeting of the Board of Directors shall
other director or stockholder as his proxy,
with full power to act in his stead at such
| meeting.
The directors shall be elected annually
| by ballot by the holders of the stock on the
| hrst Tuesday in June Of each year. Each
holder of stock shall be allowed to vote In
person or by written proxy, one vote for each
share Of stock owned by him. and all elec-
| tions shall be held under such rules and
regulations as may be adopted by the board
| OF directors. The directors thus elected
| shall continue in offlce for one year and
until their successors shall have been duly
| elected and qualified Any failure to elect
| officers or directors shall not be regarded
as forfeiture of the Charter. Any vacancy
| occurring on said board Of directors shall
be filled by the remaining directors for the
unexpired term.
The following persons shall be and con-
| stitute the first Board of Directors: Jacob
Israel, Albert NJ. Darragh and Michel Levy,
majority Of whom shall constitute a quo
| rum. with Jacob Israel as president, Albert
NJ Darragh, vice-president and Michel Levy,
secretary-treasurer. who shall be the first
| officers Of the corporation and shall serve
until the regular meeting on the first Tues
day DAY. I'M, In June, 1913, or until their success
ARTICLE vi.
Liability Of the stockholders of this cor
poration for the contracts or faults of said
| corporation is limited to any unpaid balance
| that may be due by them respectively on
| their subscriptions. No mere informality In
this act OF incorporation shall render this
Charter void or expose stockholders to liza
| bility beyond the amount Of their unpaid
subscriptions.
| ARTICLE VII.
This Charter may be mended or this cor
poration may be dissolved with the assent
OF the stockholders holding a m jority of
| the outstanding stock at n general rneetfng o.
| convened for that purpose and at least ten
| days notice shall have been given to the
| stockholders through the mail addressed
| to their respective places Of business
| In case OF dissolution by the expiration Of
| this charter or otherwise, the affairs of this
| corporation shall be liquidated BY three
| stockholders to be elected at the meeting
| ordering such liquidation.
This charter shall serve as the original
| subscription list, the undersigned being the
original subscribers to the capital stock of
this corporation In the amounts and for
the number of shares opposite their respect
i've names and signatures.
Thus done and passed. In my ofice at New
orleans, Louisiana, on the day and date
hereinbefore written and In the presence Of
| L. r. Eisenberg and L. p. Bryant, Jr., COM
petent witnesses, who hereunto sign their
names with the said appearers and me, mo-
tary, after due reading Of the whole
Original signed: Jacob Israel 80 shares |:
A. N. Darragh, 20 shares; Michel Levy, /
share. Witnesses L. r. Eisenberg, L. P.
Bryant, Jr.
ARTHUR B. LEOPOLD,
Notary Public.
/, the undersigned recorder OF mortga ees