St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-06-06

or should mortgage all or any portion
OF its real estate holdings, and in
the event that q sinking fund be set
aside for the purpose of retiring sucn
bonded Indebtedness, or mortgages
then it shall be incumbent upon the
Board OF Directors OF this corpora
ton, after the sinking fund for the
retirement of said bonded indebted
ness or mortgages shall be sufficient
to retire the same in full, principal
and interest, to create like sinking
fund for he retirement OF the said
preferred stock, such sinking fund
to be created by setting apart $3.50
per thousand feet on all timber cut,
provided that this shall refer to and
affect only such timber as may be
owned by this company on April /,
1914. Such sinking fund when SO
created, and as accumulated, shall be
used exclusively for the purpose of
retiring the then outstanding pre-
ferred stock, as -hereinbefore and
hereinafter provided.
8. Such retirement Of the PREFER
ed stock shall, however, be effected
only by the payment out OF the sur
plus funds of the corporation, and
in no case shall any preferred stock
be redeemed for cash under circum-
stances which would produce an i'm
pairment of the capital of the COM
pany. or which would cause the out
standing common stock to be worth
less than par.
9. Ii the Board of Directors of
this corporation shall elect to retire
all or any part of the said preferred
stock, as hereinabove provided for,
prior to the maturity of said pre-
ferred stock, then the shares to be
retired shall be drawn by lot from
among those outstanding, and all div
dends shall cease on said shares OF
stock after notice of the drawing of
such shares shall have been published
IN daily paper in the city Of New
Orleans for ten consecutive days, and
notice Of such drawing shall have
been mailed to the last known adj
dress Of the stockholders Of said
stock. -
10. At the maturity of said pre-
ferred stock. the principal thereof
and the premium due thereon, to-
gether with such dividends as may
have cumulated and six per cent per
annum on arrears Of such dividends.
from the time they shall have be-
come due, shall be paid in full out
Of the assets OF the company in pref
erence to the common stock. The
said preferred stock with said prem
iums. dividends and interest are
likewise to be pad in full out Of the
assets of the company. and in pref
erence to the common stock, In the
account Of insolvency, through re-
pany. whether said liquidation be ON
event Of any liquidation OF the COM
celvership or bankruptcy, or at the
termination OF it's corporate existence
or for any other cause whatsoever.
II. So long as the preferred
stock outstanding amounts to $685.
600 or more, the holders thereof
shall be entitled to have two Of their
number on the board Of Directors:
and when the preferred stock out
standing shall be less than 81, OO0,
the holders thereof shall be entitled
to have one OF their number on the
Board of Directors. The election Of
such members. however, shall al
ways be by the holders Of the conn
mon stock.
Thus done and passed in my Of
ice, on the day, month and veal
herein above written, in the presence
iof Messrs. John II. Davis and Karl j.
Kohnke, competent witnesses. who
have signed with the appearers and
me, Notary. after due reading Of the
whole.
Original signed)
NJ. N. HULL,
President.
! G. G. HULL.
Secretary.
Witnesses:
| John III. Davis.
| Karl J. Kohnke.
| HARVEY E. ELLIS,
Notary Public.