St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1914-05-02

of the corporation, it was unanimous
~ resolved that Article Nv of said
charter be amended SO as to hereaft-
er read as follows, to-wit:
ARTICLE w.
The capital stock of this corpora
ton shall be two hundred and fifty
thousand ($25O,OOO) dollars, divided
into and represented by twenty-five
hundred (25.OOO) shares, of the par
value of one hundred $4,000 dollars
each. OF the stock SO authorized to
be issued one thousand 10000
shares, amounting to one hundred
thousand ($1OO,OO0) dollars, shall
be preferred stock, and one thousand
five hndred (15OO) shares, repre-
senting one hundred and fifty thous-
and ($15O,000) dollars, shall be COM
| mon stock. Each share of the COM
mon stock shall be entitled to one
vote, either in person or by proxy,
at all meetings of the stockholce4s ),
but the preferred stock shall not be
entitled to any vote, and shall be
| issued only upon the terms and con-
ditions and with the limitations ana
provisions following, to-wit:
l. The holders of the said pre-
ferred stock shall be entitled to re-
cetve out of the net earnings from
the business, a fixed and determined
dividend, at the rate OF six per cent
per annum, on the first day of April
of each year, beginning with the
first day of April, 1915, before any
dividend can be set apart for, or
paid in, the commonstock for the
1
preferred stock, however, shall not
be entitled to participate I'M any
other or additional earnings or prof
its of the corporation.
2. The dividents on the preferred
stock are to be cumulative, and are
to bear interest at the rate of six
per cent per annum on arrears from
the time that they shall have become
due, as herein provided, so that If
for any period or periods such divi-
dends are not paid, the right thereto
shall cumulate as against the COM
mon stock; and all arrears thereof
so cumulated, and interest thereon,
as herein provided for, must be paid
before any dividends can be paid on
the common stock.
3. After the said dividend Of six
per cent shall have been pad or
the preferred stock, together with ali
interest on arrears that may be due,
a dividend of six per cent and non
cumulative may be paid upon the
common stock for the year preced-
ing, as hereinafter provided.
4. In the event this company
should incur any bonded indebted
ness by mortgaging all or any por-
ton of its real estate holdings, then
and in that event. no dividend on the
common stock in excess of the SIX
per cent provided for in the preced-
ing paragraph, shall be set apart,
declared or paid until such bond is
sue or such mortgage Indebtedness
shall have been retired In full, prin-
cipal and interest; nor shall any
dividend in excess Of six per cent be
declared on said common stock, UNI
til all of the preferred stock Of the
corporation shall have been retired,
principal, interest and premium.
5. The preferred stock shall ma
ture and be made payable nine 80
years from April l, 1914, at which
time it shall be retired at premium
of ten per cent, or at the pr.ce of
one hundred and ten ($110) dollars
per share, in addition to such d1vl-
dends and interest as may be due
thereon, as 1lereinbefore provided.
s. The Board of Directors of this
corporation, under the restrictions
hereinbefore set forth, shall have
the privilege of retiring said pre-
ferred stock on the LIST day Of Janu-
airy and July Of any year, upon the
following terms, tO-wit:
At the end of the first year, at
premium of two per cent or at 1902
per share.
At the ned of the second year at
premium of three per cent or at $1O3
per share.
At the end of the third year at a
premium of four per cent or at $1O4
per share.
At the end of the fourth year at a
premium of five per cent or at $1O5
per share.
At the end of the fifth year at a
premium of six per cent or at $106
per share.
At the end of the sixth year at a
premium of seven per cent or at $1O7
per share.
At the ned of the seventh year at a |
premium of eight per cent or at $1O8
per share.
At the end of the eighth year at a
premium of nine per cent or at $1O9
per share.
At the end of the ninth year at a
premium of ten per cent or at $11O
per share. ~
Z. In the event that this COM
pany should incur any Indebtedness,
Or should mortgage all or any portion
If its real estate holdings, and in
he event that a sinking fund be SET
aside for the purpose of retiring sucn
bonded Indebtedness, or mortgages
hen it shall be incumbent upon the
Board Of Directors of this corpora
ion, after the sinking fund for the
retirement Of said bonded indebted
less or mortgages shall be sufficient
% retire the same in full, principal
md interest, to create like sinking
'und for he retirement of the said
preferred stock, such sinking fund
o be created by setting apart $3.50
yer thousand feet on all timber cut.
that this shall refer to and
fleet only such timber as may be
Dwned by this company on April l,
1914. Such sinking fund when so
reated, and as accumulated, shall be
lsed exclusively for the purpose of
tho then outstanding pre- !