The herald. [volume] (New Orleans, La.) 1905-1953, 1915-11-04

to purchase such stock at book value plus
twenty tive per cent, the value to be ascer-
tanned in the manner herein prescribed The
right TO acquire said stock hereby first vested
IN the other stockholders of record shall fol-
low the stock into any hands to which il NAV
pass and may be exercised against the hold
ers thereof within ninety days from the time
any sale or transfer thereof has been offered
to be entered on the books of the corporation
1t shall be the duty of any holder of stock
in this corporation who intends or desires to
sell, transfer, ALLEVIATE or otherwise dispose
OF the same, TO give ten days written notice
of such intention desire to the board of
directors of the corporation, who are hereby
constituted agents of the other stockholders
for the purpose of such notice, and said board
OF directors shall give immediate information
thereof, in writing TO all the other stockhold-
ers of record. Before the expiration of the
ten days from the receipt of said notice by
the board of directors, any shareholder of
record may offer to purchase and may acquire
the right to purchase said stock by notifying
the board of directors in writing and there
after shall deposit the price of said stock in
cash with the corporation before the
expiration of eighty days from the last men
toned date.
Upon the receipt of the first mentioned no.
tice, the board of directors shall advise the
person owning said stock, his agent or rep
resentative, to join the said board in fixing
the value of said stock, which value shall be
establs shed on the basis of the last annual or
semi-annual statement or report of the cor
poration and the last monthly trial balance
preceding the date of such notice, and to the
value thus found and established there shall
be added twenty-five per cent, and the sum
thus found and established shall constitute
the value and price of said stock.
If within the twentyfour hours after such
notice, the owner, his agent representative,
does not join with the board in establishing
the price or value of the stock, the board may
proceed without further delay to FIX the said
value, using the report and trial balance
aforesaid for that purpose, which writings are
declared TO be conclusive evidence for and
against all parties in interest in the prem
Uses, whether the value is established by the
joint act of the owner, his agent, widow,
heirs or representatives or by the board of
directors acting in default of the cooperation
of said person or persons.
Upon receipt of the offer acceptance of
any shareholder to purchase said stock and
upon obtaining guarantee satisfactory to said
board for the price thereof, the board of di-
rectors shall thereupon give notice thereof to
the owner of the stock, his agent, or repre-
sentative, and before the expiration of the
period of eighty days aforesaid, shall call in
the certificate certificates representing such
stock and pay the price value thereof and
cause the same to be transferred on the books
to the purchaser.
Second: The preference, option and right of
purchase heretofore vested by paragraph first
in the other shareholders shall exist in full
force and effect in their favor to acquire the
shares of stock of a deceased stakeholder, and
the tormalities ana course OF PROCEDURE inc
terms, conditions, stipuations and delays
hereinabove established in said paragraph,
shall apply in all respects to the procedure
to be followed in case of death. Immediately
upon receipt of information of the death of
any shareholder, it shall be the duty Of the
board of directors to cause the necessary steps
to be taken to carry out and enforce those pro-
visions.
Third: The preference, option and right
of purchase hereinabove established shall run
in favor of each shareholder of record for his
virile share in proportion to his existing hold