The herald. [volume] (New Orleans, La.) 1905-1953, 1912-01-04
ARTICLE ".

| The authorized capital stock of this cor
poration is hereby fixed at two hundred ana
fifty thousand dollars tS25O,OOO.OO). divided
into end represented by five thousand TO-
OOOl shares of the par value of fifty collars
| (S50O0) each; said stock shall consist OF
two different classes: one thereon being
as the common stock: the amount OF the
preferred stock shall be one hundred and
twenty-five thousand dollars (S12o.OOO.oOD.
divided into and represented by twenty-five
hundred o. 5OOl shares of the par value OF
fifty dollars (S50.00) each.
Said preferred stock shall be entitled by
preference and priority over the common
stock Of the corporation to dividends or SIX
per cent. per annum. payable out of the net
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-
lative dividends thereon.
Said preferred stock or any part thereof
then outstanding. may at the option OF tne
: 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
a corporation or have a receiver appointed
: therefor shall not be vested In the holders or
the preferred stock on account Of the failure
or inability of the corporation TO pay sucn
: dividend in each and every year; but in
Of such failure the deet dG IN nf fo tbe
/. dividend due for the following year OF
s years.
d In the event of any liquidation or dissolu-
: tion of the corporation the holders OF the
8 preferred stock shall be paid in full the
par value of their shares with all accrued
o dividends: and after the payment TO the
e value with ali such accrued dividends, the
o remaining assets and funds shall be distr1D
l. uted among the holders of the common stock
Y The common stock Of this corporation Is
hereby fixed at the sum OF one h9ndrea a o anc
D. divided into and represented by twenty-five
hundred (2.500) sha -es of the par value Of
fifty dollars (s50.00j each.
Said common stock shall be entitled Il
,r dividends and to share In the assets ant
o. funds Of the corporation subject to the re
:. strictlons above provided in favor or tn
k preferred stock.
H. stock shall have respectively the same RICH
at 10 participate in the management or the al
fairs of the corporation and shall be alik
ng entitled to hold its ofhces. be members OF IL
s. board of directors, and vote at stockholders
meetings; provided. however. that no sal
OF or mortgage OF the real estate at any tim
IT. belonging to said corporation sneil De mao
It's without the written consent OF the holder
is of at least three fourths of the preferre
or stock at that time issued and outstanding
ct and provided, further, that no increase
he made until approved In writing by IN
Ice holders OF at least majority or the sai
all preferred stock then issued and outstanding
ed The stock OF this corporation in whole
srs in part NAV be issued for money or pr
TN pertv paid or made over to the company
'or In payment for services or labor performt
ch for the corporation. All of said stock sha
me be full paid and worcestershire. Iransie
thereof Shall not be binding upon the cor
pany unless recorded on its books. The co
poration may begin its operation and oas
, ness as soon as one hundred thousand &c
an lare of its common stock shall be suoscrio
M bar for.
ner ARTICLE V.
ity The business of this corporation shall
ing ms ma ged and all the corporate powers thei
ok of shall be vested In and exercised oy
bal board OF five directors. Inc dlreciors sn'
he elected from among the stockholders a
NJ, a majority Of the board present In pers
id shall at all times constitute quoru
sre The first board of directors Of this corr
en- en- ration shall be composed OF Charles
,ns Yerkes. william A. Mcclure. Irving T. Sa
aid Edward L. Szabary and L. JACOBS win "
20 liam A Mcclure as president, Irving H. 81
vi as yice-president, Charles E. Yerkes as 8
retary and treasurer. Said officers and
OF rectors shall hold Office until the seco
'yn' Tuesday in December tSiz , or H and
bIic stalled. On the said second TUESDAY
December, 1912, and annually Thereafter
ort- meeting Of the stockholders OF TINS corpo
ans, ton shall be held at ITS domlclie LOT
hat nnrnose OF electing directors for the ensu
ora wear Said election shall he by ballot .
this the stockholders receiving majority OF
051, votes cast shall be declared eiecteu. !
ure from any cause, whatsoever, to q
ID this said annual meeting or failure 10 e.
y Ii directors on the day above specified 81
NOT dissolve the corporation, out tne I'll
bRc tors and officers then in ONCE shall B
over until their successors shall have