The herald. [volume] (New Orleans, La.) 1905-1953, 1915-02-11

and legal process and citation shall he
served on the President or in his alb
sence on the Secretary or Treasurer of
the corporation.
Article III.-The objects and purposes
of this corporation and the nature of its
business are hereby declared to be: to
buy and sell property, real, personal or
mixed, improved or unimprOved. 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
such terms as may be determined by
it's board of directors; to purchase mort
gage notes, bonds and other securities
and sell or pledge the same, as we'll as
all notes arising from sales made by
this 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
dental To the objects and purposes above
specified.
Article IV.-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
yearly on their respective shares of
stock as follows and in the following
order to-wit:
10 Up to Eight per cent by prefer
ence on the preferred stock.
20 Up to Eight per cent. from the
surplus, on the common stock.
remainder, on each class of stock
20 The balance, if 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. And the said pre-
ferred stock shall have no voting power.
Article V.-The capital stock of said
thousand dollars, divided into Eight
hundred shares of the par value of Fifty
Dollars each, -Four hundred of said
shares to be preferred and the other
Four hundred shares to be common
stock; which said shares, preferred as
well as common, may be paid for in
cash or issued for labor done or prop
erty actually acquired or received by the
corporation, in such manner and al such
time as the board of directors of the
corporation may direct
The capital stock may be increased
to a sum not exceeding one hundred and
forty thousand Dollars.
Article Wall corporate powers of
this corporation are hereby vested in
board of three directors, each of whom
shall own in his own name at least one
share of common stock of the corpora
| ton and any two OF whom shall CON
stitute "A quorum for the transaction of
| business.
Said directors shall be elected by
| ballot, under such rules as may be
| adopted by the board; and each stock
| holder shall be entitled TO one vote in
| other meetings for each share of COM
mon stock held by him.
| The board of directors shall be elected
on the Second Tuesday of January, an
nually, except the first board, which is
| hereby declared to be composed of the
| following named persons, to-wit: Claude
Hortman, David Sivewright and Everton
NJ SchleCel; and the said directors as
I well 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 a
| treasurer and may combine these two
| officers into one.
| rectors to be elected on the Second Tues
| day of January, 1916, the following
| named persons shall be the officers OF
such until their successors shall have
been elected and shall have qualified, to-
| wit: CLAUDE HOFFMAN, President,
| DAVID SIVEWRIGHT, Nice-President,
| and EVERTON 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 day
| 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
| Article Vino stakeholder shall ever
| be held liable or responsible for the con-
! tracts or faults of the corporation in any
! further sum than the unpaid balance.
| if any be due, on the stock for which
| he has subscribed; nor shall any mere
| informality in organization have the
| effect of rendering this character null
| or of exposing a stakeholder to any liza
bility beyond the amount due on his
| stock as aforesaid.
I Article VIII.-Stockholders shall not
| have the right to sell their stock with
/ out first offering it 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-
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
it's capital stock shall have been sub
| scribed for and this act of Incorporation
| shall have been recorded according 10
law 1t shall have and enjoy all the
granted by law TO corporations in this
4 State.
| Article X.-On the liquidation of this
| corporation by limitation of its charter
| or otherwise, its affairs shall be liqu
dated and settled by two liquidators 10
be appointed by the stockholders as pro-
| vided by law.
Article XI.-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 Hortman, S0O5 Hickory Street
| New Orleans, La, two hundred shares
| common stock. David Sivewright, 1924
| Elm Street, New Orleans, La, one hun
] bred 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 itemized description of the property
to be transferred te said corporation in
| payment of stock subscribed for, to-
| gether with the value thereof as ap'
praised by the board of directors here
inabove named. And the same has beer
signed by the said appearers and para
pied "Ne Varietur" by me notary TO
identification with these presents.
the said City of New Orleans, on the da!
the said Ciy of New Orleans, on the day
and in the month and year herein frs
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 thes'
presents with the said appearers anC
me, Notary, after due reading or tn
whole.
CThe original is signed) Alfred Grima
J. p Blancq, Claude Hortman, ID. Sive
wright, f. 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