The herald. [volume] (New Orleans, La.) 1905-1953, 1912-05-23
ARTICLE III.

The capital stock Of this corporation shall
he one million dollars $4,000, 100000, di-
vided into and represented by two thousand
three hundred and thirteen (2,313) shares
of first-preferred stock; two thousand six
hundred and eighty-Seyen (2,6SI) shares of
second preferred stock; and five thousand
$1,000 shares of common stock all of the
par value of one hundred dollars (S1OO.0O)
each. which said stock shall be paid for in
cash at such times or in such portions
thereof the board OF directors may re-
quire, or the same may be issued fully paid
and non-assessable 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 frst-preferred stock At no time
shall any dividend be declared, set apart
for, or paid upon the common shares unless
at such time all cumulative dividends on
the first and second-preferred shares, due
and unpaid, shall have been paid or prOvid
ed for. The said preferred shares shall be
entitled 10 no preference over the common
shares in the event Of a dissolution or liqui-
dalton Of the corporation, except as regards
such cumulative dividends as may be due
and unpaid on the said preferred shares up
to the date on which the corporation may
be dissolved or liquidated.
The first-preferred stock may be called In
and retired by the board Of directors after
May 18th, 1913, and the secOnd-preferred
stock after May 18th, 1914. Whenever the
net profits OF the company are sufficient for
said purpose, the board of directors, by
4 ,,,tlf 20 Nkn% nNa 80, oh
| ferred shareholder of record at his last
known pOstoffice address, at least ten (10)
| days previously, may at any date named in
said notice, call In and purchase from the
stockholders Of record. their preferred shares
| Of stock as herein provided at the price OF
one hundred and five dollars (S105.00) per
share, plus all cumulative dividends as may
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.
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-
cancelled and not again reissued.
The right to so call and purchase shall be
expressed on every. certificate of preferred
and holders thereof.
The board of directors Of this corporation
shall be further authorized to employ. al
such times and in such amounts, as II may
deem expedient, the net profits of the cor
pOration in the purchase of the preferred
stock of the corporation at one hundred and
five dollars (S105.0O) per share. The stocl
so purchased shall be cancelled and not agar
reissued.
No shares OF second preferred stock shall
be called in or purchased until all Of tn,
first-preferred stock shall have been calleC
in or purchased as herenabove provided
Holders OF preferred stock shall not hav
the right to vote at stockholders meeting
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 period
TO purchase said stock at its market value
provided that preferred stock so tendere
may be purchased at one hundred and fiv
: ! dollars (S105.00) per share.
? The stock of this corporation shall, sui
! : ject to the above conditions, be transferabl
: only on the books of the company at its OF
! flee in New Orleans, Louisiana, and on SUI
render of the certificate therefor.
No transfer of any fractional part of
share shall be made or permitted.
This corporation shall become a goln
, concern and commence business as soon q
; one hundred thousand dollars (S100. 900. 90
= OF its capital stock shall have been sui
: scribed.