The herald. [volume] (New Orleans, La.) 1905-1953, 1915-03-11
CHARTER
OF DEER ISLAND IMPROVEMENT COM
PANY. INC

United States of America: State of Louisiana
Parish of Orleans, City of New Orleans
month of February, 1915. and of the indepen,
dence of the United States the 10th, before
me, Herman Michel, a notary public, duly
| commissioned and qualified in and for the
| Parish of Orleans, State of Louisiana, and
j. the presence of the witnesses hereinafter
named and undersigned, personally came and
appeared, the several persons whose names
are hereuntO subscribed, who severally de-
clared that availing themselves of the privi-
leges of the statutes and laws of the State OF
Louisiana, relative to the formation of cor
porations, and particularly act No 267 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 ninety nine (99)
years 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 De Sued, 10
make and use a corporate seal, and the same
to break, alter or amend at pleasure, to hold,
receive, purchase, convey, deliver, mortgage,
hypothecate and pledge any property, real or
personal, and to issue notes and other obi
cations, negotiable instruments other evil
dences of debt; TO have and employ such
managers, agents and other employees as the
interest and convenience of said corporation
may require or demand, and to make and
establish such bylaws, rules and regulations
for the corporate management and control of
its affairs as may be deemed necessary and
expedient.
Article 1.-THE objects and purposes for
which this corporation is created, are hereby
declared to be, to purchase, hold and dispose
of all or any portion of that property known
as Deer Island, in Harrison county, State
of Mississippi, and for this purpose to buy,
sell, mortgage, exchange or otherwise acquire,
ALLEVIATE or deal in real estate generally,
whether improved or unimproved, in the
States of Louisiana and Mississippi, or else
where, either for itself or for the account Of
Others, and either as principal or as agent, on
commission otherwise; and also to improve
property real personal; to grant and take
mortgages and assignments OF mortgages
upon the same, and generally to do any and
all things and acts whatsoever necessary or
incidental to, or connected with, the trans
action of the business of said corporation.
Article III.-The capital stock of this cor
poraton is hereby fixed at the sum of TWEEN.
ty-five thousand (S25000.0O dollars, divided
into and represented by two hundred and
fifty (2sO shares of the par value of one
hundred $4,000 dollars each, and when is
sued, shall be paid for in cash or in property,
or in the equivalent thereof. All shares OF
stock shall be issued as full paid and nom
assessable, and no transfer of stock shall be
binding on the said corporation, unless re-
corded on its books. This corporation shall
be a going concern as soon as ten thousand
(SI0,0O0OO) dollars of its capital stock has
been subscribed for, as hereinabove provided
OF the stock so authorized to be issued, one
hundred and fifty Q50) shares, amounting to
fifteen thousand (Sl5,OO0O0) dollars, shall be
preferred stock, and one hundred 600 shares
amounting to ten thousand (Sl0000.OO dollars,
shall be common stock. Each share of the
common and preferred stock shall be entitled
to one vote in person or by proxy, at all
meetings of the stockholders. The preferred
stock shall be issued only upon the terms,
conditions and limitations and provisions,
to-wit:
/. The holders of said preferred stock shall
be entitled to receive out of the net profits
of the business, a fixed and determined di-
vidend at the rate of seven per cent. per
annum, on the first day Of March of each
year, beginning with the LIST of March, 1910,
before any dividend can be set apart for, or
paid on account of, the common stock for the