The herald. [volume] (New Orleans, La.) 1905-1953, 1915-05-06

ITO Alnlrd ave, AlRIerS
Orders taken for Parties. Weddings. Etc
property sold. except such as shall al
may be invested in property ana real
estate 10 he acquired by this CORPORA.
tlon and except such as shall ne Maid a .
dividends on the common stock are
hereby set apart, dedicated pIed-.d
m"rtSa@ed and hypOthecatcd and shall
ne heLd and retained to protect and prc-
serve the value and integrity of laiJ
rra'It,,,i ga SOCK; ana TO provide for its
redemption. as hereinafter provided
| me holders OF said preferred stock
IShaII be entitled to an annual Cuuula-
i've dividend of seven per cent. payahle
OUT OF the net amount received from
property sold and rents and earnings
IcoIlected by said corporation: and said
C"ipoTatloh reserves the right 10 redeem
AZ iuIl par value, with all accumulated
! IINldrndS. any and all shares of pre-
| IeTltd stock. at any time after January
| L., l92O; provided that the Board of
| directors may in its dissertation. either
D"nGei OF from time TO time reissue such
| stock 50 redeemed.
| No dividend shall be paid upon the
! common stock or said corporation, until
after all dividends due have been maid
| ny Sald corporation to the holders of
purpose '' ''"'
Holders of preferred stock shall have
the right at any time to surrender the
same IN exchange for land of the cor
p'ldiipn Tor such price as NAV be fixed
ny the Board Of Directors: and ineverI,
Suth case the Board shall have the right
from time TO time, to issue stock so
eAChanSed TO new subscribers for cash.
payable as may be fixed by the Board
whenever preferred stock shall he
redeemed, the holder thereof shall
surrender his certificate upOn being Maid
S SlG amount due him; and in case any
mol oil
ms certificate to be redeemed said
corporation shall deposit the amount due
thereon In any national bank in the
Cly or New Orleans, Louisiana. and
SHdIi publish notice, once a week for
lour weeks, setting forth the name of
Sucn owner, the number of shares hold
by MN, the amount due on the same
ana the fact that said amount has been
so deposited in such bank for such
hoIder; and thereupOn said stock shall
De as fully redeemed as if the certif-
cate Tor the same were surrendered: and
Ine holder of such stock shall be
aforesaid and shall have no further
riSht or claim against said corpora-
affairs. anu
Should said corporation be dissolved
before the preferred stock shall be
redeemed, then it's net assets shall be
uSed hrst TO redeem the preferred stock
ana after such redemption. the remain
ted and divided among the holders of
common stock
No transfers of stock shall be hind
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 ana be going concern and shall
commence business.
The said capital stock NAV be in
creased from time to time to any
amount not exceeding one million
uoIIars'- Such increase to be made as
provided by law.
Article V.-All the corporate mowers
OF SAID corporation shall be vested in.
ana the MANAGEMENT and control of its
aHalrs 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 tirst 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 |
or 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 he 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 l
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 |
De equal to the number of directors to
De chosen; and the persons thus elected
shall be and constitute the Board of Ii
directors, and shall continue IL office for
Dne year, and until their successors
shall have been duly elected.
In, case of any failure to hold an
election, as above provided, such failure
hall not forfeit this charter. but an cleo
ion shall be held soon as may be prac-
icable after notice as above provided. {
Each Board of Directors. at its first
Meeting after each election, shall elect
rom its number a President and a I
Iive-President; and shall also elect a
secretary and a Treasurer, who may be {
directors see fit; and both of said q
ffices may be held by one and the same t
erson, as Secretary and Treasurer, as
nay be determined by the board c
A majority of the directors shall {
onstitute a quorum for the transaction S
f all business, and any vacancy occur a
ing on said board shall be filled by 1
he remaining directors for the I'M I
xpired term. The said board or such d
fficer or manager as ii may designate, a
hall appoint such officers, managers. In
Jerks and other employees of said S
as may be necessary for it's h
usiness and shall dismiss the same; g
nd the tenure of Office and employment b
f all officers managers, clerks and | n
Employees shall be during the pleasure of il
aid board. n
The said board shall have the right / o
nd power to buy. sell, improve. con- ] V