The herald., 1914-07-23
BREAD2}p }pI !|;?!! ye!|!
$55Rfss 81 s5Rf sE atLALA'S GROCERY

On January | and July /, of each year, the
board of directors shall ascertain the earnings
Of the association for the preceding SIX
months, and out of such earnings they shan
deduct all the expenses of the association Io-
such time, and the balance remaining, afte,
setting aside, if the directors see fit, such an
amount as they shall deem best, to a fund
for contingent losses or a surplus account,
shall be declared a dividend to the share
holders. The dividends declared on current
stock shall be credited on the books of
the members semi-annually; and dividends
on paid-up stock shall be paid in cash
within thirty days from the first of January
and %res gy %Se %t Srfe Corporate powers of this
| association shall be vested IN and .exer-
cised by board Of directors, to consist of
not less than nine or more han thirty five,
as may be fixed by the bylaws of this asso-
citation, each of whom shall have in force
not less than ten shares of the stock of this
corporation. They. shall be elected by the
| stockholders on the second Wednesday in
March, 1917, and annually thereafter. Any
director ceasing to have in force ten shares
of stock shall ipso factO forfeit his seat on
the board of directors.
Notice of said election shall be given by
publication three times in ten days in one
Of the daily newspapers IN the city OF New
orleans .S M ne biS eieS''on ,S Sna % by fatO. tbs
corporation under the supervision of three
stockholders, who shall not be candidates
for election, appointed by the board of di-
! rectors at the last preceding regular meeting
thereof.
Each share of stock which has been in force
| for sixty days preceding any stockholders
| meeting, and represented thereat, shall be
entitled to one vote; provided, no stockholdeI
shall cast more than thirty votes in his own
| name, irrespective of the number of shares
owned by him. The stockholders receiving
! a plurality of the votes cast shall be de-
clared elected. The failure to hold an elec-
| tion the day designated shall not dissolve
| the corporation, but the directors IN ONCE shall
serve until their successors are elected
Should no election be held on the day speci-
| fed. the board shall FIX another day, due
| notice of which shall be given as above pro-
vided.
The board of directors shall meet and Of
ganize within twenty days after their elec-
| ton. Five directors shall constitute quo
rum for the transaction of business. The di-
rectors, including the first board named in
| this charter, shall annually elect from their
| number a president, vice-president, secretary,
| treasurer, an attorney or attorneys: and
may be held by the same person. The boara
shall appoint or elect such other officers and
employees as may be necessary. They shall
| fix the compensation of all officers and EN-
ployes. They shall have authority to enact,
repeal. or amend bylaws not repugnant TO
| this charter; to select place TOR meetings;
to suspend all officers employees for neg
iect OF duty or misconduct. and in case Of
any vacancy the board of among the ON
GERS from death, resignation or any other
cause, the directors shall have the right to
| fill such vacancy. They shall have general
authority TO carry out the objects and busi-
ness of this association.
All loans shall be made under the control
and direction of the board of directors, who
shall have the power TO make such rules,
| regulations or bylaws, regulating the same
as they may deem necessary and expedient.
They may delegate to a committee to be
| called the executive committee; such OF the
bowers TO be exercised by them as they
may see fit, particularly pertaining to loans
| or real estate when prompt action is required,
| but they shall not have the right to purchase
-
| any indebtedness without the affirmative
vote of at least five directors, and then only
| in furtherance of the usual and proper busI-
Article VIEThis association shall have the
| right and power to merge or consolidate with
any similar association or to acquire under
such terms and conditions as may be liked
by the board of directors, the property, as
sets rights business, etc, of any other cor
poration or corporations having the same oo-
iects as this association, or similar objects,
and to make all necessary contracts and ar
rangements with such corporation or corpora
tions and the stockholders thereof. Provided,
that no such merger or consolidation shall
take place unless three fourhs OF the stock
holders OF this association present or repree-
sented at a special meeting called for the
purpose shall approve and adopt such course.
| Article VII-Cntil the election TO be held
on the second Wednesday OF March, l9l7,
and until their successors shall have been
duly elected, the following named stockhold-
ers and those elected by them shall consn-
tute the first board of directors of this asso-
citation, to.wit: Joseph F. Iescale, Victor Z.
mann. Manuel Estalote, George A. Miller,
Adolph H. Ehrensing, Alexander Dussel,
Charles E. Grundmann. Uriah ]. Virgin, Car
SrIlen, John E V. Holzer, August c. Posner,
Joseph J. Irwin, Arthur A. Moreno.
Article VIII-No stockholder shall ever
be held liable or responsible for the contracts,
faults or debts of the association, in any
further sum than the amount of his indebt-
edness 10 the association; nor shall any mere
informality in its organization have the effect
a shareholder to any liability beyond the
amount due on his or their shares.
Article IX-This charter may be altered.
amended, or this corporation dissolved by
a vote Of three -fourths of the capital stock
] subscribed for, represented at any general