The herald. [volume] (New Orleans, La.) 1905-1953, 1914-06-25

| value of one hundred dollars lSIUOOO each
| winch SAID stock shall be paid for in cash al
/ such times or m such portions thereof as the
! board Of directors may require or the sam,
may DE issued fully paid and non-a,sessabIe. al
| not less than par IN payment or exchange for
| property or rights, actually received or pur.
chased by said corporation. or the same may
he issued fully paid for money advanced OF
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 10 such prc.
icrrcd shares as and when declared by the
board OF directors, yearly interest or dividends
al the rae of seven per cent per anum from
date and no more which said interest or div
ldcndS shall accrue each year at all cvtl-s
and shall be cumulative, provided that no div.
ldendS or interest shall, during the lire OF the
corporation, or IN case of its dissolution be.
paid the holders Of second preferred stock an
tiI 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
or interest on the first and second preferred
vded for.
The said preferred shares shall be entitled
10 no preference over the common shares IN
the event OF a dissolution or liquidation of
the corporation, except as regards such cumu-
!dtlNe DIVIDENDS or interest as may be unpaid
on the said preferred shares up to the date
on which the corporation may be dissolved
or lqudated
The first preferred stock may be called in
and retired by the board of directors after
May IS, 1918, and the second preferred stock
after May IS 1914 Whenever the net profits
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 postoffice
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.
yided at the price of one hundred and five
dollars per share, plus all cumulative divi-
bends as 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
terred 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 call and purchase shall be
expressed on every certificate of preferred
stock as a 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, as it NAV
deem eNpedient the net profits Of the corpOr-
alton in the purchase of the preferred stock
OF the corporation at one hundred and five
dollars (SlO5.OO 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 or purchased until all of the first
preferred stock shall have been called in or
purchased as hereiuabOve 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
tSl05O0) 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 in
New Orleans, Louisiana, and on surrender OF
the certificate therefor.
No transfer of any fractional part Of a
share shall be made or permitted.