The herald. [volume] (New Orleans, La.) 1905-1953, 1915-01-21

poratiOn shall be in this City and Parish
and legal process and citation shall be
served on the President or in his alb
Sence on the Secretary or Treasurer of
the corporation.
Article III.-The objects and purposes
of this corporation and the nature of it's
business are hereby declared to be: to
buy and sell property, real, personal or
mixed, improved or unimprOyed, to pur-
chase vacant lots, build houses or other
improvements thereon and resell the
same either for cash, on installment
plan or in such other manner and on
such terms as may be determined by
its board of directors. to purchase mort
gage notes, bonds and other securities
and sell or pledge the same, as well as
all notes arising from sales made by
this corporation, to rent and lease prop
erty, to borrow and lend money on mort
gage, pledge or otherwise, and generally
to do and execute all acts and contracts
pertaining to, connected with or incl
dental to the objects and purposes above
specified.
Article IV-The said corporation shall
have two cliSses of stock. namely: pre-
ferred stock" and and common stock
Dividends from the net earnings of
the corporation shall be declared, al
lOtted and paid to the stockholders
yearly on their respective shares Of
stock as follows and III the following
order to-wit.
i Up to Eight per cent. by prefer
ence on the preferred stock
% Up to Eight per cent. from the
Il.
80 Up to Four per cent from the
remainder, on each class of stock.
70 The balance, il any, ON the com
mon stock only.
The preferred stock shall also have
preference over the common stock as to
the assets Of the corporation and in all
distributions thereof. And the said pre-
ferred stock shall have no voting power.
Article V.--The capital stock OF said
corporation is hereby fixed at Forty
thousand dollars, divided into Eight
hundred shares of the par value of Fifty
Dollars each, Four hundred of said
shares t. be preferred and the other
Four hundred shares to be common
| stock. which said shares, preferred as
| well as common, may be paid for in
| cash or issued for labor done or prop
| erty actually acquired or received by the
| corporation, in such manner and at such
| time as the board of directors OF the
| corporation may direct.
The capital stock may be increased
| to a sum not exceeding one hundred and
| forty thousand Dollars.
| Article NI-All corporate powers of
| this corporation are hereby vested in a
| board Of three directors, each OF whom
| shall own in his own name at least one
| share Of common stock of the corpora
| ton and any two of whom shall con
| stitute a quorum for the transaction OF
| business.
| Said directors shall be elected by
| ballot, under such rules as may be
adopted by the board; and each stock
holder shall be entitled to one vote IN
person or by proxy, at all elections OF
| other meetings for each share of com
| mon stock held by him.
The board of directors shall be elected
on the Second Tuesday Of January, an
| nually, except the first board, which is
| hereby declared to be composed OF IN,
| following named persons, tO-wit: Claude
| Hortman, David Sivewright and Evertor
NJ. Schlegel; and the said directors as
well as all directors hereafter elected
| shall continue in Office until their sue
cessOrs shall have been duly elected and
| qualified.
| meeting elect from its number a presi
dent, a vice-president a secretary and {
treasurer and may combine these two
| officers into one.
| Until the meeting of the board of di
rectOrs to be elected on the Second Tues
day of January, 1916, the following
named persons shall be the officers %
the corporation and they shall serve a
such until their successors shall have
been elected and shall have qualified, to
wit: CLAUDE HOFFMAN, President
DAVID SIVEWRIGHT, Nice-President
| and ENERTO\ VI. SCHLEGEL, Secre
tary and Treasurer.
Should an election fail to be made OF
the day fixed, from whatever cause, tn
| same shall be held on any other da!
| named by the board.
The board OF directors shall have III
| power TO make and establish all bylaws
| rules and regulations for the prope
1
Article VU.-No stockholder shall eve
be held liable or responsible for the con
, tracts or faults of the corporation in an,
| further sum than the unpaid balance
| if any be due, the stock for whic
he has subscribed; nor shall any mel
? informally in organization have IN
| effect of rendering this character nul
| OF of exposing a stakeholder to any liza
bility beyond the amount due on hi
stock as aforesaid.
II Article VIII-Stockholders shall no
/ have the right to sell their stock with
! out first offering it in writing for
| period of ten days, through the board o
directors, to the other stockholders, a
the actual cash value thereof as estah
d lished by the assets OF the corporatio
and by the books and accounts of tn
! | corporation.
r Article IN.-This corporation shal
have the right to commence business a
soon as Twenty Thousand Dollars {
its capital stock shall have been sub
d scribed for and this act of incorporate
| shall have been recorded according [
. law 1t shall have and enjoy all tn
rights, powers, privileges and advantage
granted by law to corporations in thi
: State.
, corporal ion by limitation of its charte
I or otherwise, its affairs shall be liqu
dated and settled by two liquidators t
be appointed by the stockholders as pro
vided by law.
Article XI-The names and post
office addresses of the subscribers {
these articles of incorporation and tn
number of shares subscribed for by eac
I of them are as follows:
| Claude HOFFMAN, So5 Hickory Stree
New Orleans, La, two hundred share;
= common stock. David Sivewright, 1872
Elm Street New Orleans, La, one hun
bred shares, common stock. Everton
| Schlegel, SOIL Hickory Street, New Oh
leans, La, one hundred shares, commo
I stock.
ri Article XII-The parties hereto hav
| annexed to this act an accurate, detalle
/, and itemized description of the propert
{ | to be transferred to said corporation /
1 payment of stock subscribed for, tC
2 gether with the value thereof as ar
: praised by the board of directors here
signed by the said appearers and para
e pied me Varietur' by me notary f.
: identification with these presents.
( the said City of New Orleans, on the da
I the said Ciy of New Orleans, on the da
: and in the month and year herein frs
= above written, in presence OF Alfre
{ Grima and John P. Blancq, both of lawf
o age and residing in this City, compt
Y tent witnesses, who have signed thes
!, me, Notary, after due reading OF n
i | whole.
5 (The original is signed) Alfred Grim
!; | J. +. Blancq, Claude HOFFMAN, ID. Siv'
y wright, f. NJ. Schlegel, Edgar Grim
Not. Pub.
s /. the undersigned Recorder of Nor
: cages in and for the Parish of Orlean
e State of Louisiana, do hereby certif