The herald., 1915-03-18

period heretofore elapsed. The principal
| par value of said preferred stock, with seven
per cent. annual dividends and six per cent.
! interest on arrears from the time that they
shall have become due, shall be paid in full
| out of the assets of the company in preference
| to the common stock, IN the event of any
| liquidation of the company, whether said
| liquidation be through insolvency, receivership
| or the termination OF its corporate existence,
or for any other cause, before any distribu-
ton of the capital or surplus shall be made
| to the holders of the common stock
,. The fixed dividends of seven per cent. on
| the preferred stock TO be cumulative and
| to bear six per cent. interest on arrears from
the time that they shall have become due, as
herein provided, so that if for any period
or periods such dividends not paid, the
| right thereto shall Cumulate against the
cumulated and interest thereon, as herein
provided for, must be paid before any divi-
dend can be paid on the common stock.
). After the preferred stock shall have re-
| ceived dividend OF seven per cent, the
common stock shall be entitled to receive a
like dividend of seven percent, which shall
be noncumulative; and after both the pre-
ferred and common stock have received
dividend of seven per cent. for one year.
any further earnings dividends shall be
shared equally by the preferred and the com
mon stock.
Article IV.-The domicile of this corporation
shall be in the city of New Orleans, Parish
of Orleans, State of Louisiana, and all cita
tions other legal process shall be served
upon the president, and in his absence, as
Article V-All the powers of this corpora
ton shall be vested in, and the management
and control of its affairs shall be exercised
by, Board of Directors, 10 be composed OF
not less than five, nor more than nine stock
holders, three of whom shall constitute a
quorum for the transaction OF the business OF
the corporation, and each of whom shall own
in his own right, during the term of his office,
at least one full paid share, either OF the
preferred or of the common stock of this cor
poraton.
ton shall be composed of Meyer Eiseman, 2l6
Baronne street; S W. Souers. 1205 Peters
.4avenue; F. Dean. 616 Maison Blanche Build.
ling; Alvin E. Johnson, 800 Laurel street
and Eldon s. Lazarus. S4 MaiSon Blanche
Building, all of New Orleans. Louisiana.
The officers of the first board of directors
shall be Meyer Eiseman, president; ;. w
Souers, vice-president and ALVIN +. Johnson
secretary and treasurer.
The said first board of directors and the
said officers above named, shall serve anc
remain in office until the first Monday II
thereafter, the board of directors shall be
elected by the stockholders. at meeting
called for that purpose. All directors and
officers shall hold Office until their successors
are elected and qualified, and any failure Il
elect directors shall not be regarded as ;
forfeiture of this charter:
In the election of directors, each stock
, holder shall be entitled to one vote tGt eacI
, his name on the books Of the company, ant
may be cast either in person or by duly au
thorized proxy, and a majority OF the vote
cast shall elect. Any vacancy occurring II
, the board of directors, shall be filled by th'
] remaining directors for the unexpired term
Article VI-All meetings of the stockhold
ers shall be called by written notice, maiiel
to the last known address of each stakeholder
not less than fifteen days before the dat
e fixed for such meeting, unless said notice ha
S been waived in writing by the stockholders
: Article VII.-The act OF incorporation ma.
be amended, modified, changed or altered, o
e this corporation may be dissolved, with tn
, assent of the stockholders holding and ownln
T two-thirds of the capital stock thereof, wh
d may be present represented at a genera
meeting of the stockholders convened for tina
d purpose, and of which due notice has bee
o given. ,
|, either by limitation or from any other caust
z, its affairs shall be liquidated by three CON
n missioners to be selected for that purpos
i from among the stockholders at a meetin
/ of the stockholders convened for such purpose
h said commissioners shall remain in otic
lie until the affairs of said corporation shall 3
N fully and finally liquidated. Any vacanc
ID occurring among the lquldatofs' from Hn
Is cause whatsoever, shall DC filled by the r.
Of naming commissioners Said liquidation
i'd shall exercise all the rights conferred upo
them by law, and they are especially empoV
Or | cred to settle the affairs of said corporatlo
" 10 collect the outstanding debts, sell and col
Sc yey the property, pay its debts, and dive
N the remaining money and property among II
te i stockholders.
v. Article VIII.-No stakeholder shall ever
e. liable or responsible for the contracts OF IN
v, corporation in any further sum than the u
he paid balance due by him on the shares
e. stock subscribed to, OF owned by him; n
of shall any mere informality in the organizati'
on of this corporation have the effect OF renderl
We this charter null, of exposing any stoc
ke holder TO any further liability than the Il
es paid amount which may be due on ms sto
nd subscription. .,
or Article IX-The subscribers hereto ha
IS respectively written opposite their names, I
amount of stock subscribed for by them,
,r- that this act may also serve as the origin
n subscription list of this corporation, al
ed thew have also stated their postothce a
nd dresses.
ne Thus done and signed at my Office, in t
is city of New Orleans, on the day, month
ty. year herein first above written, IN the pre-
OF ence of John L. Corcoran and William
m. Surgi, Jr., competent witnesses, VINO ma
he hereunto signed their names with said appe;
re. ers and me, notary, after due reading OF
ali whole. John L. Corcoran, VIM. r. Surgi,
al HERMAN MICHEL, Not. Pub
the undersigned, recorder of mortgag
"a in and for the parish of Orleans, State
ne louisiana, do hereby certify that the abo
20 and foregoing act of Incorporation, OF the d.
he Island Imp. Co., Inc, was this day oil
-os recorded in my Office in Book llS, folio
rs rs, NC" EMILE j. LEONARD, by. R
I'll HERMAN MICHEL, Not Pub
ed Mch. 4-ll-1825, Apr l-S.
L