The herald. [volume] (New Orleans, La.) 1905-1953, 1915-04-08
CHARTER
OF DEER ISLAND IMPROVEMENT COM
PANY, INC.

Parish Of Orleans, City Of New Orleans.
Be in known that on this 10Th day of the
month of February, ,l9l5, and OF the indePen-
dence of the United States the 10th, before
me, Herman Michel, notary public, duly
| commissioned and qualified in and for the
Parish of Orleans, State of louisiana, and
\ in the presence of the witnesses hereinafter
named and undersigned, personally came and
appeared the several persons whose names
| are hereunto subscribed, who seyerally de
clared that availing themselves of the priv
| leges of the statutes and laws of the State OF
| Louisiana, relative to the formation OF cor
porations, and particularly act No 27 OF the
| session of the General Assembly of 1914, they
| have covenanted and agreed, and do by these
| presents covenant and agree, and bind and
| obligate themselves, as well as all such per
| sons as may hereafter become associated with
! them, to form and constitute body corpor,
| ate and polite in law, for the objects and
purposes. and under the stipulations and pro-
visions following, to-wit:
| Article 1.-The name and title of this cor
poration shall be the Deer Island Improve
| ment Company, Inc, and under that name
shall have and enjoy all the rights, privileges
and advantages granted by law to corpora
| tions and shall have the power and authority
TO enjoy succession and corporate existence
| for and during the period of nlnety-nlnc tDl
wears from the date hereof, unless sooner
dissolved in the manner hereinafter provided
for.
| Said corporation shall have the power and
authority to contract, to sue and be sued tc
make and use a corporate seal, and the same
| to break, alter amend at pleasure, TO mold
receive, purchase, convey, deliver, mortgage
! hypothecate and pledge any property, real OF
personal, and to issue notes and other oOli
| cations, negotiable instruments or other evi
dences of debt; TO have and employ suct
managers, agents and other employees as thu
interest and convenience OF SAID corporation
NAV require or demand and to make anC
establish such bylaws, rules and regulations
for the corporate management and control
its affairs as may be deemed necessary an'
expedient.
Article 1.-THE objects and purposes 70
which this corporation is created, are hereby
declared to be, to purchase, hold and dispos
of all or any portion of that property know
as Deer Island, in Harrison county, Stat
of Mississippi, and for this purpose to buy
| sell, mortgage, exchange or otherwise acquire
ALLEVIATE or deal in real estate generally
whether improved or unimProyed, IN IN
States of Louisiana and Mississippi, or else
where, either for itself or for the account o
Others and either as principal or as agent, OF
commission or otherwise; and also to iInprov
J property real or personal; to grant ana tax
mortgages and assignments OF mortgage
upon the same, and generally to do any an
all things and acts whatsoever necessary o
incidental to, or connected with, the trans
, action of the business OF said corporation.
Article III.-The capital stock OF tins col
!, poration is hereby fixed at the sum OF TWEEN
ty-hve thousand (S25,O0O0O) dollars, divide
into and represented by two hundred an
ffty (25O) shares of the par value of on
I sued shall be paid for in cash or IN property
. or in the equivalent thereof. All shares {
= stock shall be issued as full paid and nor
assessable, and no transfer of stock shall .
binding on the said corporation, unless II
. corded on its books. This corporation sha
be a going concern as soon as ten thoussn
. | (SIOOO0.OO dollars of its capital stock ma
= been subscribed for, as hereinabove provide'
{ OF the stock so authorized to be issued, or
7 hundred and fifty Q50) shares, amounting
g fifteen thousand (sls,0OOOO dollars, shall |
= preferred stock, and one hundred (lOO) snare
| amounting to ten thousand CSlO,UUOO) dollar
shall be common stock. Each share OF Il
S common and preferred stock shall be entitle
l. to one vote in person or by proxy, at
o meetings of the stockholders. The preterrt
e stock shall be issued only upon the term
e conditions and limitations and provision
u to-wit:
T, be entitled to receive out OF the net prom
d of the business, fixed and determined 9
n vidend at the rate of seven per cent. p
n annum, on the first day of March OF ca
n year, beginning with the LIST OF March, ~
before any dividend can be set apart ior'
le paid on account of, the common stock for q
a. period Heretofore elapsed. The principal
!. par value of said preferred stock, with sew
:. per cent annual dividends and SIX per Ger
II interest on arrears from the time tnat IN
shall have become due, shall be paid IN II
n out of the assets of the company IN preteren
s to the common stock, in the event OF al
D liquidation of the company, whether sd
: | liquidation be through insolvency, icSSi'SiSH
or the termination of its corporate existen'
or for any other cause, before any distrit
Is ton of the capital surplus shall be ma
y | 10 the holders of the common stock.
- O. The fixed dividends of seven per cent
~ the preferred stock are to be cumulative a
y to bear six per cent. interest on arrears tr'
- the time that they shall have become due,
% herein provided, that If for any per-
VI or periods such dividends are not paid, I
VI right thereto shall cumulate as against I
y common stock; and all arrears thereof
- cumulated and interest thereon, as here
:. provided for, must be paid before any di'
=: | dend can be paid on the common stock.
=. 8 After the preferred stock shall have
r ceiyed dividend of seven per cent, I
-, common stock shall be entitled to receive
~ like dividend of seven percent, which sh
-, be noncumulative; and after both the P
y ferred and common stock have received
IA dividend of seven per cent. for one ye
~ any further earnings or dividends shall
4. shared equally by the preferred and the co
he mon stock.
Oe Article IV.-The domicile of this corporate
a. shall be in the city of New Orleans, far
e of Orleans, State of Louisiana, and all Ct
nd tions or other legal process shall be ser'
he upon the president, and in his ABSENCE
he the law directs.
of Article Vail the powers OF this corpo
r. tion shall be vested in, and the managem'
and control of its affairs shall be exercl: