The herald. [volume] (New Orleans, La.) 1905-1953, 1913-06-26

America. and to have power to hold, pur-
chase, mortgage and convey both real and
personal property In any OF said states or
territories.
Article Iv-The capital stock Of this cor
poration Is hereby fixed at three hundred
thousand (S300,000.00) dollars, divided into
and represented by three thousand $4,000
shares Of the par value of one hundred
CS1000O) dollars each. Said corporation
shall be a going concern as soon as one hun
dred thousand (S100,OOO.OO) dollars OF It's
capital stock shall have been subscribed for.
OF the stock so authorized to be issued,
one thousand (1.000) shares. amounting to
one hundred thousand $500. 100000 dollars.
shall be preferred stock, and two thousand
e. 000) shares, amounting to two hundred
thousand $500, 900 .OO) dollars, shall be COM
mon stock Each share Of the common and
preferred stock shall be entitled to one vote
in person or by proxy at all meetings OF the
stockholders.
The amount of the preferred stock shall
not be increased, as hereinafter provided,
and shall be issued only upon the terms,
conditions, limitations and provisions fol-
lowing, to-wit:
1. The holders Of said preferred stock
shall be entitled to receive out of the net
profits of the business, a fixed and deter
mined dividend at the rate of seven (7Tol
per cent. per annum on the first day Of April
of each year. beginning with the list OF April,
1914, before any dividend can be set apart
for. or paid on. the common stock, for the
period heretofore elapsed. The principal
or par value Of said preferred stock. with
seven (706) per cent. dividends and six per
cent. 1907 interest on arrears, from the
time that they shall have become due, shall
ne paid in full out of the assets Of the COM
pany, In preference to the common stock
in the event of any liquidation of the COM
pany, whether said liquidation be through
insolvency, receiyership or the termination
of its corporate existence, or for any other
cause, before any distribution Of the capital
or surplus shall be made to the holders OF
I, the common stock.
3 The dividends on the preferred stock
are to be cumulative and to bear six (6go)
per cent interest on arrears from the time
| that they shall have become due as herein
| provided, so that II for any period or pc
| RODS such dividends are not paid, the right
thereto shall cumulate as against the COM
| mon stock. and all arrears thereof so cumu-
lated and interest thereon as herein provided
for, must be paid before any dividends can
be paid on the common stock. Such preferred
| stock, however, shall not be entitled to par
| ticipate in any other or additional earnings
or profits of the corporation.
| e Until the preferred stock with all ar
rears of dividends and interest on the same
shall have been retired, as herein provided
| for, the total amount of the dividends on
the common stock in any one year, shall not
exceed seven. (7Sol per cent on the face
of this charter, either hereinbefore or here
| matter set forth with regard to the pre-
| ferred stock or with regard to any restric-
| tions on the common stock, shall become OPP
|
herein authorized to be issued or any part
! of the same shall have been actually Issued
and paid for.
4. Beginning on April /, 1918, and annu-
ally thereafter on April 1, there shall be
retired ten thousand (s10,0O00O) dollars OF
the said preferred stock at the par value OF
one hundred (s100.00) dollars per share.
The directors, however, shall have the option
of retiring the said preferred stock in whole
or in part at any time after its issuance, at
a premium of ten (109o) per cent or at the
price Of one hundred and ten (S110.0O) dol
| lars per share, in addition to such dividends
and interest as may be due thereon, as here
inbefore provided for. Such retirement shall
be effected only by payment out Of the sur
| plus fund Of the corporation, and In no case
shall any such preferred stock be redeemed
| for cash under circumstances which would
produce an impairment Of the capital of
the company, or which would cause the out
standing common stock to be worth less
| than par. Such retirement or redemption Of
only on thirty days notice after drawing
by lot. - -,
after be increased beyond the amount Of one
cept with the unanimous consent In writing
OF all of the holders of the preferred stock
that may be outstanding at such time. The
salaries of the officers of this company shall
not be Increased until and unless the con-
sent OF those holding three-fourths OF the
preferred stock then outstanding shall have
first been obtained In writing.
Article V.-All the corporate powers OF
this corporation shall be vested In, and eI-
ercised by, a Board Of Directors, to be COM
posed of four az holders Of the common
stock, and two (2) holders of the preferred
stock Of said corporation. and such directors
shall be elected annually on the first Mon
day of April of each year, unless such day
be a dies non, and then on the next succeed
ing business day. Until all or part Of the
preferred stock herein authorized to be Is
sued shall have been issued, the board of
directors shall consist only Of four "a d.
rectors to be named by the holders Of the
common stock. After the retirement in full
Of such preferred stock as may be issued, the
holders of the common stock shall elect the
four az directors as herein provided.
The first board Of directors named In this
charter shall hold their office until the Sec
ond Monday Of April, 1914, when their sue
cessors who win have been elected shah take
their offices. All elections for directors shall
be by ballot and conducted at the Offices Of
the said corporation, at such hours and IN
der such conditions as the board Of directors
shall direct. Each share of the common
stock and each share Of the preferred stock
shall be entitled to one vote, to be cast In
person or by proxy, and the majority Of votes
cast shall elect. The directors who shall
have been declared elected shall meet on the
second Monday Of April following such cleo
ton (unless such day be q dies non, then on
the next succeeding business day., and there
elect the officers provided for In this char