The herald. [volume] (New Orleans, La.) 1905-1953, 1915-05-13

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AIS Almira Ave. Aleiers
Orders taken for Parties, Weddings, Etc.
property sold. except such as shall q,
| may be invested in property and real
estate to be acquired by this CORPORA
tl"n and except such as shall be paid as
dividends on the common stock are
hereby set apart, dedicated. pledged
Imort@aGed and hypOtheCated and shall
! he held and retained to protect and pre-
serve the value and integrity of said
preferred stock. and to provide for its
redemption, as hereinafter provided
The holders OF said preferred stock
| shall be entitled to an annual cumula-
tive dividend of seven per cent. PAYABLE
out or the net amount received from
property sold and rents and earnings
collected by said corporation: and said
corporation reserves the right to redeem
AZ nun par value, with all accumulated
dividends, any and all shares of pre-
ie"red stock, at any time after January
!, 1870; provided that the Board of
Directors may in its dissertation either
cancel or from time to time reissue such
stock so redeemed.
NO dividend shall be paid upon the
common stock or said CORPORATION until
after all dividends due have been paid
10y said corporation to the holders of
preferred stock. or set aside for that
purpose.
Holders Of preferred stock shall have
the right at any time to surrender the
same in exchange for land of the cor
pOratlon Tor such price as may he fixed
by the Board of Directors: and ineyery
Such case the Board shall have the right
from time TO time, to issue stock so
exchanged to new subscribers for cash
payable is may be fixed by the Board
Whenever preferred stock shall be
redeemed. the holder thereof shall
81 nd Il q
the amount due him; and in case any
holder of such stock shall fail to present
ms certificate to be redeemed said
corporation shall deposit the amount due
thereon in any national bank in the
CITY Of New Orleans, Louisiana. and
snail publish notice, once a week for
four weeks, setting forth the name of
Such owner, the number of shares held
by him, the amount due on the same
ana the fact that said amount has been
so deposited in such bank for such
holder; and thereupOn said stock shall
be as fully redeemed as if the certifi-
cate for the same were surrendered: and
the holder of such stock shall be
entitled to the PmCunt deposited as
aforesaid and shall have no further
right or claim against said corpora
ton. or interest in its business and
affairs.
Should said corporation he dissolved
before the preferred stock shall be
redeemed. then it's net assets shall be
used nrst to redeem the preferred stock
and, after such redemption. the remain
ing net assets shall be ratably distribu-
ted and divided among the holders of
common stock
No transfers of stock shall be bind
ing upon said corporation unless made
upon the books, and all certificates of
stock shall be signed by such officers
as may be designated by the Board of
Directors.
The said corporation shall at once
become and be going concern and shall
commence business.
The said capital stock may be in
creased from time to time to any
amount not exceeding one million
dollars such increase to be made as
provided by law.
Article V.-AlI the corporate powers
of said corporation shall he vested in.
and the management and control of its
affairs shall be exercised by a Board of
Directors. composed of not less than five
nor more than nine stockholders as
the Board of Directors may determine
from time to time. Each director shall
own at least ten shares of common
stock, and the directors shall be elected
annually by the holders of common
stock. by ballot, on the Thursday
following the first Monday in February
the first election to be in 1916. Notice
shall be given by mail, addressed to
each holder of common stock at his
place of residence as shown on the books
of the corporation. said notices to be
mailed not more than three weeks nor
less than two weeks before such cleo
ton
All elections shall be held under such
rules and regulations as may be fixed
by the Board of Directors; provided.
that each holder of common stock shall
be entitled, in person or by proxy. to
cast as many votes on each share of
stock owned by him as there are direc-
tors to be chosen. which votes may be
given for one person or may be divided
among several persons, not exceeding
the number of directors to be chosen.
and, provided. also. that no fractional
votes shall be considered. From the
persons thus voted for. there shall be
taken first the one having the greatest
number of votes, second the one having
the next greatest number of votes, and
so on, until the number thus taken shall
be equal to the number of directors to
be chosen: and the persons thus elected
shall be and constitute the Board of
Directors, and shall continue in office for
one year, and until their successors
shall have been duly elected
In case of any failure to hold an
election, as above provided. such failure
shall not forfeit this charter. but an cleo
ton shall be held soon as may be prac-
ticable after notice as above provided.
Each Board of Directors. at it's first
meeting after each election. shall elect
from its number President and
and shall also elect a
secretary anu 1TedSuTti' WHO may De
of the board or not as the
directors see fit: and both of said
offices may be held by one and the same
person, as Secretary and Treasurer as
may be determined by the board.
A majority of the directors shall
a quorum for the transaction
Of all business. and any vacancy occur
ring on said board shall be filled by
the remaining directors for the un-
expired term. The said board. or such
officer or manager as il may designate,
shall appoint such officers, managers,
clerks and other employees of said
as may be necessary for its
business and shall dismiss the same;
and the tenure of office and employment
Of all officers. managers, clerks and |
employees shall be during the pleasure of
said board
The said board shall have the right |
and power to buy. sell, improve. con-