The herald., 1914-06-18

lars (s5O.OOOOO), shall be preferred stock, and
one thousand shares, amounting TO one nun
dred thousand dollars (SlOOOOO.0O), shall be
common stock. , =,
The holders of the preferred stock shall be
entitled to receive, when and as declared from
the surplus or net protts OF the corporatloh'
yearly dividends at the rate OF seven per
cent per annum an, payable on dates to be
determined BY the board OF directors. Inc
dividends on the preferred stock TO the extent
of the above seven per cent per ahnu ETG,'
and no more, shall be cumulative ana shall DC
Davable before any dividend on the common
stock shall be paid or set apart SO that II
in any year dividends amounting to seven
per cent shall not have been pad on sara pre-
Ed stock the deficiency shall be payable
before any dividends shall he PAID or SET
apart for the common stock.
Whenever all cumulative DIVIDENDS on rlIg
preferred stock for all previous years shai,
have become payable, and the company shall
have paid such cumulative DIVIDENDS tor pre-
yious years, or shall have set aside from us
surpluS or net profits sum suthclent lot lhe
nayment thereof, the board of directors may
then declare dividends on the common STOCK
payable then or thereafter, out OIL the remain
"ff ,cb share Of common stock shall entille
the owner thereof, either IN person or Dy
proxy, to cast one vote at all meetings OF
| shareholders, but the preferred STOCK S"ai'
have no voting powers whatsoever
| In the event of any liquidation or dissolu-
| ton or winding up (whether voluntary OF
| involuntary OF the company the hoioers I Ha
/
| paid in full both the par amount OF their
| shares and the unpaid dividends accrued
| thereon, before any amount snail ne paiu 10
| the holders of the common stock; but after
| naynent TO the holders of the preferred STOCK
| Of its par value and the unpaid accrued divi-
| dends thereon, the remaining assets ana lun t
shall be divided and paid to the holuers Vi ;me
| common stock according to their respective
Certificates of stock shall be signed by the
president and secretary-treasurer, ana inns
.t,on
| when three thousand dollars OF ITS capitai
stock has been subscribed tor. .
| No transfer of stock shall be binding upon
| the corporation, unless said transfer mas Deen
| made uDon the books of the corporation; mol
shall any stakeholder pledge or hypothecate
his stock without first obtaining the perinls
| SION Of the board of directors; nor shah any
stockholder be permitted to sell his stocs
| without first offering same to the corporat0r
for sale at its book value, SAID oher 70 O'
in writing addressed TO the board OF direc
. tors the corporation to have ten OOl days
within which TO accept or reject SAID oher
In case of controversy the board OF directors
Shall determine the rule by which the boo'
value shall be arrived at
Article V.-AIl of the corporate powers o
this corporation shall be vested in and exer
cised by board Of directors composed o
three shareholders, majority 10 Gonstltu l
quorum for the transaction Of all business
The board of directors herelnabove provlde'
for shall be elected annually at genera
meeting of the shareholders to be held on IN
third MONDAY III May ~ e'AN -
every succeeding year thereafter, after TEL
: 0O days' notice in writing mailed to eacl
holder Of common stock at said shareholder
| last known address.
> The board of directors shall elect from thei
own number a president, a vice-president, an
/ shall further elect or appoint a secretary
! treasurer, who may may not be snare
! holder. And such board Of directors shal
| serve until their successors have been dull
> elected and have qualified
, Special meetings of shareholders may b
held at the request Of any three shareholder
4 bv call of the board OF directors, after te
: | GO days notice in writing, as above PR
= yided. Stating the object Of said meeting;
4 ANY vacancy in the board Of directors fro
: any cause whatsoever, shall be filled for Il
:, unexpired term by the remaining directors.
p Article VI-This act Of incorporation ma
be changed. altered, or amended, or this CO
r. poration may be dissolved by vote OF tw
A thirds Of the common stock issued, at ge
d eral meeting convened for that purpose aft
s thirty DAYS notice in writing mailed TO ca
IS shareholders last known address, and ait
d ten O0) days publication in one of the dai
" newspapers in the city Of New Orleans, al
in as prescribed by law.
Article NII-Whenever this corporation
n dissolved by limitation or otherwise, its
l. fairs shall be liquidated under the SUPERVISE