The herald. [volume] (New Orleans, La.) 1905-1953, 1913-03-20
ARTICLE ".

ARTICLE ~.
The capital stock of this corporation Is
hereby fixed at three hundred, twenty-five
thousand dollars, divided into thirty-two
hundred and fifty shares of the par value
Of one hundred dollars each. Said corpora
ton shall become q going concern as soon
as one hundred and twenty-five thousand
dollars of its capital stock shall have been
subscribed for.
Each share Of the common and preferred
stock shall be entitled to one vote In per
son or by proxy at all meetings OF stock
holders.
OF the shares authorized seven hundred
and fifty shares shall be preferred stock,
all TO be now issued, and not to be in
creased as hereinafter provided, and twenty
five hundred shares shall be common stock.
The terms conditions, limitations and
provisions upon which said preferred stock
is issued are these:
o. The holders thereof shall be entitled
TO receive out Of the net profits fixed div
idend at the rate OF ten per cent per annum
on the 18th day Of February OF each year,
before any dividend can be set apart or
paid on the common stock for the period
heretofore elapsed and the principal or par
value of said preferred stock and ten per
cent premium thereon, with cumulated 10
per cent dividends, and six per cent inter
est on arrears from the time they become
due shall be paid In full out Of the assets
of the company in preference to the COM
mon stock in the event of any liquidation OF
the company whether through insolvency or
the termination Of its corporate existence
or any other cause before any distribution
of capital shall he made to the holders OF
the common stock The dividends on the
preferred stock are TO be cumulative and
bear six per cent interest on arrears from
the time they become due, as herein pro-
vided so that IL for any period or periods
the same are not paid, the right thereto
shall cumulate as against the common stock
and all arrears thereof so cumulated and
interest thereon as herein provided for must
be paid before dividends can be paid on the
fA-r NPaly how
ever, shall not be entitled TO participate in
any other or additional earnings or profit.
Until the preferred stock has been retired
the dividends on common stock in one year
shall not exceed twenty thousand dollars,
and no dividend shall be declared on the
common stock the payment of which will
reduce the surplus below the amount shown
by the statement to be prepared by public
accountant on April /. 1913. Beginning
April 1, 1915. there shall be annually re
tired twenty-five thousand dollars of the
preferred stock at the price fixed In this
charter, or else there shall be added annu-
ally to the surplus as shown by the state
ment of April 1, 1913, the sum Of twenty
FIVE thousand dollars until March 81, 1913,
and until such preferred stock to the extent
| of twenty-five thousand dollars has been
| retired each year, or the surplus has been
| increased each year TO the extent of twenty
five thousand dollars, no dividend shall be
| declared on the common stock.
| (2) No additional mortgage shall be
| placed upon the real estate of the company
in the parish of Orleans, or shall said rea
estate be sold unless the consent of seven
eghths OF the preferred stock shall have
| been first obtained in writing
| (3) The salaries of the officers of the
| company shall not be increased unless the
consent of seven-eighths Of the preferred
stock shall have been first obtained in writ
ing.
(4) The preferred stock shall not here
after be increased beyond the amount Of
| seventy five thousand dollars.
60 The company shall have the option
| Of retiring preferred stock in whole or II
part at any time and from time to TIM