The herald. [volume] (New Orleans, La.) 1905-1953, 1915-04-29

five hundred dollars, to be paid and set
tied as follows:
First: This corporation shall issue to
said Moore seventeen hundred shares of
its preferred stock and six thousand
nine hundred and seventy shares of it's
common stock, all full paid and non
aSSeSsable; and said Moore hereby sub
scribes for said shares of stock, the
same to be paid for by being accepted
as part of the price of said property and
real estate to said corporation:
Second: This corporation shall pay to
| said Moore the sum of sixty-five thous-
and dollars, cash, at the signing and eX-
ecution of the contract of sale. and shall
make further payments as follows:
Thirty thousand dollars on or before
| March Is, 1916;
Thirty thousand dollars on or before
| March Is, 1917;
Thirty thousand dollars on or before
March Is, 1918;
Thirty thousand dollars on or before
| March Is, 1919; and
i Fifteen thousand dollars on or before
| March Is, 1920:
Said deferred payments to be repre-
sented by promissory notes to be given
1 by this corporation, drawn to it's own
| order and by itself endorsed, bearing
interest at the rate of six per cent per
| annum, payable annually, from date I'M
| til paid, and secured by vendors lien
| and special mortgage upon said proper
ty and real estate with all the usual
| security clauses, the same to be exc
cuted at the time of the making and de-
livery of the title by said Moore to this
corporation; and
Third: For the balance, of the pur-
chase price, 500, 100000, the said Moore
shall proceed to form, or cause to be
formed, drainage or sub-drainage dis
trict, covering a tract of land contain
ing approximately twenty-eight hun
dred acres, (part of the land above de-
scribed) on which reclamation work Is
substantially completed. and shall
cause to be issued thereon bonds &c
cover such reclamation work already
done and to be done, said bonds to be
issued under and in accordance with
Article PSI, of the Constitution of the
State of Louisiana, in the sum of one
hundred thousand dollars, which bonds
shall be accepted and taken over by saiC
Moore at par, in full payment of SAID
balance of said price; provided, how
ever, that this corporation, or fts as
signs, shall have the right to take ovel
said bonds at par, and to pay sale
Moore i'll lieu thereof the sum OF one
hundred thousand dollars in cash at the
time of the issuance and delivering OF
said bonds-it being understood tina
this corporation is to pay the expense:
of forming said drainage or sub-drain
age district, not exceeding, however, the
sum of three thousand dollars.
Other subscriptions to said capita
stock shall be paid in cash, at such t1m'
and in such amounts as may be deter
mined by the Board of Directors.
ration, and all of the net proceeds Of
property sold, except such as shall Of
may be invested in property and rea
estate to be acquired by this corpora
ton and except such as shall be paid a:
dividends on the common stock, ar
hereby set apart, dedicated, pledged
mortgaged and hypothetical, and shall
be held and retained to protect and pre-
serve the value and integrity of sai'
preferred stock, and to provide for it:
redemption, as hereinafter provided.
The holders of said preferred stool
shall be entitled to an annual cumula
tive dividend of seven per cent, payable
out of the net amount received from
property sold and rents and earning
collected by said corporation; and SAT-
| corporation reserves the right to redeem
at full par value, with all accumulate
!, dividends, any and all shares OF pre-
ferred stock, at any time after Januar.
: 1, 1920; provided that the Board o
Directors may in its discreation, e1the
cancel or from time to time reissue sue
stock so redeemed.
No dividend shall be paid upon tn
| common stock or said corporation, unit
! after all dividends due have been pai
by said corporation to the holders o
preferred stock, or set aside for tina
purpose.
Holders of preferred stock shall hav
. the right at any time to surrender IN
, | same in exchange for land of the cor
poration for such price as may be hXe
by the Board of Directors; and inever,
, such case the Board shall have the right
from time to time, to issue stock s
exchanged to new subscribers for cash
payable as may be fixed by the Board.
Whenever preferred stock shall D
/. redeemed, the holder thereof shall
surrender his certificate upon being PAL
, the amount due him; and in case an
holder of such stock shall fail to presen
} his certificate to be redeemed, sal
) corporation shall deposit the amount du
thereon in any national bank in tn
City of New Orleans, Louisiana, an
| shall publish notice, once week 10
Z four weeks, setting forth the name o
, | such owner the number of shares he'll
/ by him, the amount due on the same
and the fact that said amount has bee
so deposited in such bank for sue
holder; and thereupon said stock shai
, he as fully redeemed as If the certif
cate for the same were surrendered; an