The herald. [volume] (New Orleans, La.) 1905-1953, 1915-02-04

date of this charter.
Article 1.-THE domicile of said cor
poration shall be in this City and Parish
and legal process and citation shall be
served on the President or in his alb
sence on the Secretary or Treasurer of
the corporation.
or this corporation and the nature OF its
business are hereby declared to be: to
buy and sell property. real, personal or
| mixed, improved or unimproyed. to pur-
| chase vacant lots, build houses or other
| improvements thereon and resell the
| same either for cash, on inStallment
| plan or in such other manner and on
| sven terms as may be determined by
| ITS board of directors; to purchase mort
| gage notes, bonds and other securities
| ana sell or pledge the same, as well as
| all notes arising from sales made by
| TINS corporation, to rent and lease prop
| erty, to borrow and lend money on mort
| gage, pledge or otherwise. and generally
! TO do and execute all acts and contracts
! pertaining to, connected with or Incl
denta! to the objects and purposes above
| specified.
Article Iy.-The said corporation shall
! have two classes of stock, namely. pre-
! ferred stock" and and common stock"
| Dividends from the net earnings of
| the corporation shall be declared, al
lotted and paid to the stockholders
| stock as follows and in tie following
| order to-wit
! Il Up to Eight per cent by prefer
|
% Up To Eight per cent from the
| surplus, on the common stock
| - Up To -Four per cent from the
remainder' on each class Of stock.
! u The balance, il any, on the COM
| mon stock only
The preferred stock shall also have
| preference over the common stock as to
| the assets of the corporation and in all
| distributions thereof Ana the said pre-
| ferred stock shall have no voting power
| Article N.-The capital stock Of said
! corporation IS hereby fixed At Forty
| thousand dollars, divided into Eight
| Dollars each. Four hundred of said
| shares To be preferred ami the other
| -Four hundred shares To- be common
| stock, which said shares, preferred a.
| Well as common, may he paid for in
| cash or issued for labor done or prop
| ertN actually acquired or received by the
| corporation. in such manner ana at such
| time as the board of directors of the
| corporation may direct.
| The capital stock may be increased
| To sum not exceeding one hundred and
| forty thousand Dollars
| Article Wall corporate powers of
| this corporation are hereby vested in a
| board Of three directors, each of whom
| shall own in his own name at least one
| share OF common stock of the corpora
tion and any two of whom shall con-
| sttute a quorum for the transaction Of
| business
Said directors shall he elected by
! ballot, under such rules as may be
| adopted by the board: and each stock
| holder shall be entitled to one vote in
person or by proxy al, all elections or
| other meetings for each share of COM
| mon stock held by him.
| The board of directors shall he elected
| on the Second Tuesday of January, an
| nually, except the first board, which is
| hereby declared to he composed Of the
| following named persons, to-wit: Claude
| HOrtman, David Sivewright and EVerton
| Nj. SchlegeI; and the said directors as
1.wen as all directors hereafter elected
shall continue in office until their sue
| cessors shall have been duly elected and
| qualified.
| The board of directors shall at its first
| meeting elect from its number a presi-
| dent a vice-president a secretary and
| treasurer and may combine these two
| officers into one.
| Until the meeting of the board of di-
rectors to be elected on the Second Tues
! day of January, 1916, the following
| named persons shall be the officers of
the corporation and they shall serve as
| such until their successors shall have
| been elected and shall have qualified. to-
wit: CLAUDE HOFFMAN, President,
DAVID SIVEWRIGHT, Vice-President,
and ENERTON NJ. SCHLEGEL, Secre-
| tary and Treasurer
Should an election fail TO be made on
| the day fixed, from whatever cause, the
same shall be held on any other daV
named by the board.
The board of directors shall have the
power to make and establish all bylaws,
rules and regulations for the proper
| management of the affairs of the cor
pOratiOn.
Article VII-No stockholder shall ever
| be held liable or responsible for the con-
tracts or faults of the corporation in any
further sum than the unpaid balance.
| il any be due, on the stock for which
he has subscribed nor shall any mere
iaformality in organization have the
or of exposing stakeholder to any liza
bility beyond the amount due on his
stock aforesaid.
Article VIII.-Stockholders shall not
have the right to sell their stock with
out first Offering il in writing for a
period of ten days. through the board of
directors, to the other stockholders, at
the actual cash value thereof as estab-
lished by the assets of the corporation
and by the books and accounts of the
corporation.
Article IX.-This corporation shall
have the right to commence business as
soon as Twenty Thousand Dollars of
its capital stock shall have been sub
scribed for and this act of incorporation
shall have been recorded according to
law 1t shall have and enjoy all the
rights, powers, privileges and advantages
granted by law to corporations in this
State.
Article X.-On the liquidation of this
corporation by Limitation OF its charter
or otherwise its affairs shall be lidui-
dated and settled by two liquidat Ors to
be appointed by the stockholders as pro-
Article NI.-The names and post
office addresses of the subscribers TO
these articles of incorporation and the
number of shares subscribed for by each
of them are as follows:
Claude HOFFMAN, SO05 Hickory Street.
New Orleans, La, two hundred shares
common stock. David Sivewright 1924
Elm Street, New Orleans, La, one hun
dred shares, common stock. Everton NJ
Schlegel, SOIL Hickory Street, New Or
leans, La, one hundred shares common
stock.
Article XII.-The paries hereto have
annexed to this act an accurate, detailed
and itemZed description of the property
to be transferred to said corporation in
payment of stock subscribed for, to-
gether with the value thereof as ap-
praised by the board of directors here
signed by the said appearers and para
phed me Varietur' by me notary for
Identification with these presents
the said City of New Orleans, on the day
the said Ciy of New Orleans, on the day
and in the month and year herein first
above written, in presence of Alfred
Grima and John P. Blancq, both of lawful
age and residing in this City, compe-
tent witnesses, who have signed these
presents with the said appearers and
me, Notary, after due reading of the
whole
CThe original is signed) Alfred Grima,
J. L. Blancq, Claude Hortman, ID. Sive-
wright, +. NJ. Schlegel, Edgar Grima,
Not. Pub.
l. the undersigned Recorder of Mort
cages in and for the Parish of Orleans,
State of Louisiana, do hereby certify