The herald., 1915-05-20

Orders taken for Parties Weddings. Etc.
property sold. except such as shall q
may be invested in property and rea
estate TO be acquired by this corpora
non and except such as shall he maid n,
dividends on the common stock. ar.
hereby set apart, dedicated pledged
ihortGaSed and hypOthecatcd. and shall
he held and retained to protect and pre
neIrc the value and integrity of sal,
preferred stock, and to provide for il,
redemption, as hereinafter provided
| Inc holders OF said preferred StocL
iShaII be entitled to an annual cuuula.
i've dividend of seven per cent, payable
iput OF the net amount received firm
property sold and rents and raruipn,
lcuIlected by said corporation: and said
corporation reserves the right to redeem
LAY nun par value. with all accumulated
| dividends, any and all shares of rr.-
| terred stock. at any time after Januarv
| l., l'2O; provided that the Board of
! directors may in its dissertation. either
cancel or from time to time reissue such
stock so redeemed
| NO dividend shall he paid uDon the
! common stock OF said corporation, until
! aiter an dividends duo have been pafd
| ny SAID corporation to the holders of
purpose. ''"'
Holders of preferred stock shall have
the rlSht at any time to surrender the
same IN exchange for land of the cor
poratlon Tor such price as may he fixed
ny Ihe Board of Directors; and ineyery
Such case the Board shall have the rinbf
from time TO time. to issue stock so
exchanged to new subscribers for cash
payable as may be fixed by the Board
whenever preferred stock shall be
redeemed. the holder thereof shall
surrender his certificate upon being paid
the amount due him: and in case anv
noIuer OF such stock shall fail to present
ms ceftlhcate to be redeemed. said
corporation shall deposit the amount dine
thereon IN any national bank in the
CIty OF New Orleans, Louisiana and
ShalI publish notice, once q week for
lour weeks, setting forth the name of
Such owner, the number of shares hold
by him. the amount due on the same
ana the fact that said amount has been
so deposited in such bank for such
hoIuer; and thereupOn said stock shall
be as fully redeemed as if the certifi-
cate' for the same were surrendered. and
the hol1er of such stock Shall be
entitled to the 9mCunt deposited as
aforesaid and shall have no further
rlSht or claim against said corpora-
affairs anu
Should said corporation be dissolved
before the preferred stock shall he
redeemed, then its net assets shall he
USED hrst TO redeem the preferred stock
ana, after such redemption. the remain
ing net assets shall be ratably distribu-
ted and divided among the holders of
common stock.
No transfers of stock shall ba 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 and be a going concern and shall
commence business
The said capital stock may be in
amount not exceeding one nilIion
dollars such increase to be made as
provided by law
Article V.-All the corporate powers
OF said corporation shall be vested in.
and the management and control of its
affairs shall be exercised by 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
by the holders of common
stock, by ballot, on the Thursday
the first Monday in February
the first 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
Of 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 be fixed |
by the Board of Directors; provided |
hat each holder of common stock shall |
be entitled, in person or by proxy to |
,aSt as many votes on each share of I
stock owned by him as there are direc-
tors to be chosen, which votes may be
given for one person or may be divided
imong several persons, not exceeding
he number of directors to be chosen
ma, provided, also, that no fractional
'otes shall be considered. From the
PERSONS thus voted for. there shall be
AIKEN first the one having the greatest
lumber of votes, second the one having
he next greatest number of votes, and
10 on until the number thus taken shall
re equal to the number of directors to |
'e chosen; and the persons thus elected
hall be and constitute the Board of L
directors, and shall continue in office for
me year. and until their successors
hall have been duly elected.
In case of any failure to hold an
lection, 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. 4;
Each Board of Directors, at its first I
Meeting after each election, shall elect {
rom its number a President and a
'ive-President; and shall also elect a
ecretary and a Treasurer, who may be {
irectors see fit; and both of said &
ffices may be held by one and the same I
erson, as Secretary and Treasurer, as
lay be determined by the board. {
A majority of the directors shall &
Dnstitute quorum for the transaction $
all business, and any vacancy occur a
ing on said board shall be filled by II
he remaining directors for the un- t
Spired term. The said board, or such d
fhcer or manager as 1T may designate, | a
nall appoint such officers, managers r.
erks and other employees of said S
as may be necessary for it's h
1siness and shall dismiss the same; e
nd the tenure of office and employment b
: all officers, managers, clerks and 4 n
nployes shall be during the pleasure of il
lid board. n
The said board shall have the right ! o
nd power to buy. sell, improve, con- ] v