The herald. [volume] (New Orleans, La.) 1905-1953, 1914-07-02

value OF one hundred dollars $4,000 each,
which said stock shall be paid for III cash at
such times or IN such portions thereof the
board OF directors may require or the same
may be issued fully paid and worcestershire. at
not less than par III payment or exchange for
property or rights, actually received pur-
chased by said corporation. or the same may
be issued fully paid for money advanced or
for such other valuable consideration or for
services rendered as the board Of directors
may determine.
The holders of the preferred shares shall
be entitled TO receive in respect to such pre-.
ferred shares and when declared by the
board Of directors, yearly interest or dividends
at the rae Of seven per cent per anum from
date and no more, which said interest or div.
idends shall accrue each year at all events
and shall be cumulative, provided that no div.
idends or interest shall, during the lie OF the
corporation, or IN case OF its dissolution be
paid the holders OF second preferred stock I'M
til all dividends or interest shall have been
paid to the holders of the FIRST preferred stock.
At no time shall any dividends be declared,
set apart for or paid upon the common shares
unless at such time all cumulative dividends
interest the first and second preferred
shares unpaid, shall have been paid or Dro-
vided for.
The said preferred shares shall be entitled
to no preference over the common shares IN
the event of a dissolution or liquidation of
the corporation, except as regards such cumu-
latiye dividends or interest may be unpaid
on the said preferred shares up to the date
on which the corporation may be dissolved
or Hqudated
The first preferred stock may be called in
and retired by the board of directors after
May IS, 1913. and the second preferred stock
OF the company are sufficient for said pur-
pose, the board of directors, by mailing a no.
tice to that effect to each preferred share
holder of record at his last known postoffce
address, at least ten days previously, may,
at any date named in said notice, cali in and
purchase from the stockholders of record,
their preferred shares of stock as herein pro-
vided at the price of one hundred and five
dollars per share, plus all cumulative divi-
bends may be due and unpaid, up to such
date, or may. call in and purchase any por.
ton thereof by allotment amongst the total
number of preferred shareholders.
Such call having been made, and the mo-
ney available for such purposes having been
set aside. all rights of the holders of the pre-
ferred stock called in shall close on and after
said date.
Nor shall the officers and directors, in the
event of such call, pay any dividends what
ever on the preferred stock until that stock
shall have been surrendered in response to
the call.
The preferred stock so called and purchased
shall be cancelled and not again reissued.
The right to so call and purchase shall be
expressed on every certificate Of preferred
stock as notice thereof to all purchasers
and holders thereof.
The board of directors of this corporation
shall be further authorized to employ, at
such times and in such amounts, it may
deem eNpedient, the net profits OF the cOTpOr-
alton in the purchase of the preferred stock
of the corporation at hundred and FIVE
dollars (Sl05.00 per share. The stock so pur-
chased shall be cancelled and not again re-
issued.
No shares of second preferred stock shall be
called in purchased until all of the first
preferred stock shall have been called in or
purchased as herenabove provided.
Holders of preferred stock shall not have
the right to vote at stockholders meetings
except as hereinafter provided
Any stakeholder desiring to sell, assign,
or transfer his stock in the corporation must
first give thirty days notice of his intention
to the board of directors which shall have
the exclusive right, within said period, to
purchase said stock at its market value pro-
vided that preferred stock so rendered may
be purchased at one hundred and five dollars
(Sl0S.0O per share.
The stock of this corporation shall, subject
to the above conditions, be transferable only
on the books of the company at its Office ii
New Orleans, Louisiana, and on surrender OF
the certificate therefor.
No transfer of any fractional part of a
share shall be made or permitted.