The herald., 1912-05-02
ARTICLE III.

The capital stock Of this corporation shall
be one million dollars Isl 900 900. O0), d.
vided into and represented by two thousand
three hundred aud thirteen (2313) shares
of frst-preferred stock: two thousand six
hundred and eighty-Segen (2,6S1) shares OF
second preferred stock and five thOuSa nd
CJ.O00l shares Of common stock. all Of the
par value of one hundred dollars $500 00)
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-
quire. 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 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, the board Of directors may determ-
Inc. The holders of the preferred shares
shall be entitled to, receive in respect TO
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 % 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 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 to no preference over the common
shares in the event of dissolution or liqui-
dalton of the corporation, except as regards
such cumulative dividends as may he 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
mailing a notice TO that effect, to each pre-
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.
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 corporation
shall be further authorized to employ, at
such times and in such amounts, as 1t may
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 (S1Oo.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
Inexperienced stock shall have been called
In or purchased as hereinabove 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, must
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 rendered
may be purchased at one hundred and five
dollars tS105.0O) per share.
The stock of this corporation shall, sub
Ject to the above conditions, be transferable
only on the books Of the company at its Of
fice In New Orleans, louisiana and on sur
render of the certificate therefor
No transfer of any fractional part Of a
share shall be made or permitted.
This corporation shall become a going
concern and commence business as soon as
one hundred thousand dollars (S1OO. 900 OO)
OF Its capital stock shall have been sub
scribed