The herald., 1916-10-19

adjacent thereto. comprising IN all upward,
oi twenty thousand t1u,uol acres; to acquire,
lease and own property, both rca. and per
songl, and TO sell, mortgage OF pledge the
same: 20 engage IN the cultivation 90 orange,
grape fruit, corn, vegetables. Tl,c, sugar
cane and other fruits and agricultural pro
ducts; 10 establish own ard operate one or
more central sugar factories and TCHurrtS,
IlCc mills. ice. canning az other factories and
20 buy and sci. the raw and finished pro
ducts thereof, 20 raise lave stock; e. carry
On general stores IN connection with as bust
ness; % construct, operate, purchase .t lease
railroads for the transportation OF ihe pro-
ducts Of its lands. and OF products generally
TO and from MS factory or factories. "r toy
other purposes; 90 build canals for tranNpor-
;atrpn or drainage. and, where used Tor trans.
pprtatlDn, iu charge tolls on same; q build
wharvCs, docks, ways, vessels, machine shops,
and 10 build and operate drCdScS, whether
ballast for roads or railroads; 6, con>,ru,,
and operate drainage plants, - acquire and
hold stocks and bonds IN other corporations;
10 ColonIzc, develop and improve IS lands and
stock, or any part thereof, for property
which il Is authorized - acquire. or 10 cN-
change ITS entire business and properties, or
any part thereof, for rHoney, property, stocks,
bonds, or other obligations - other Conpa-
MES; and generally 10 make all contracts
and 70 engage m all business connected
with o- incidental 70 any Of The huS,nc>,
mentioned herein; and To do any and all
necessary. convenient or proper 10 carry out
said objects and purposes.
Article lN.-Scction !. The capital stock
OF tins corporation - hereby fixed at SIX
hundred and ten thousand rSal0,worh dol
lars, divided into SIX thousand one hundred
t6l0W shares Of the par value 81 one hum
drrd dollars $4,000 dollars each, 81 which
two thousand ,1uI shares shall he FIRST PIE
ferred stock. one hundred tlu"l shares shall
be second preferred stock. and four thousand
t4.G0l shares shall be common stock. Inc
capital stock may Ice increased to the sum ot
two million tS2,pHtvnuHp dollars, and such
increase may Ice apP'rupued among the DIT.
fcrent classes OF stock as the directors and
stockholders may determine.
Section 1.-The holders Of the FIRST pre-
ierred stock shall be entitled TO receive,
when and as declared, from the surplus OF
Get profits ot the corporation, dividends at
| the rate Of seven Nfcl per cent per annum
| and no more. The dividends on said FIRST
| pHcierred stock shall he cumulative and
| shall have preference and priority over The
second preferred stock and the common
stock. 50 shat. Al no time, shall any dividend
! second preferred stock or on the common
| stock. unless, at such time, all dividends or
| the first preferred stock. ~ the rate OF sever
| Gc6) per cent per annum, winch snail nave
| maturcd, shall have been declared and palt
| in full Should any inStalIment of dividends
| on the said first preferred stock not b'
| paid in whole or IN part, the deiclency sinai
! he paid before any dividend shall be de
|
| upon the common stock.
| Section S-The first preferred stock shall
| be subject to redemption, in whole or II
! part, at the end OF any corporate year, a
par, and all accumulated dividends, whethe
| declared or not, unpaid thereon. at the cal
| Of the board OF directors. Should less thar
| the entire amount of such hrst preterTe'
stock be called for redemption, the funds 4
! be applied by the directors to redemption
, shall be applied 70 the outstanding hrs
preferred stock, pro rata, each first preferret
| stakeholder to have the same proportion o
his holdings retired as each other first pre-
ierred stakeholder. Notice Of the redemp
! ton OF all or any part Of the first preferre
stock shall be given by publication for te
days prior TO the date at which redemption
is to become effective, in a daily newspape
likewise, by notice mailed to each registere
holder of first preferred stock, at his las
known post office address. Upon call 10
| redemption being made, and the mOny need
ed for redemption being set aside. ali right
OF the first preferred stock so called Tor II
demption to dividends, or 10 4 share in III
net profits, shall cease after the redemptio
date
Section 4-The holders of the second pr,
ferred stock shall he entitled TO preferenC
and priority over the common stock OF u
corporation, and shall be entitled TO receiv
| when and as declared dividends III each an
every year, at the rate of seven GG1) p
| cent per annum, and no more. Dividends Z
the said second preferred stock shall be G.
mulative, so that, at no time shall any DIV
, dend he declared, set apart for, or paid {
the common stock, unless, at such time, d
dividends on the first and second pr
/ ferred stock, at the rate OF seven W
per cent per annum, which shall have m
tured, shall have been declared and paid
| full Should any installment of dividends
, the said second preferred stock not be pa
in whole or in part. the deficiency shall
! paid before any dividend shall be declar
l upon the common stock.
Z 1 III c,et n,
. 'crred stock shall have been redeemed
{ | Dove provided in Section 3. then. The sc
= | ond preferred stock shall be subject to
Gemption, in whole or~in part, at the end
y lated dividends, whether declared or n
d unpaid thereon, at the call of the board
d directors. Should less than the emit
!. amount of such second preferred stock
e called for redemption, the funds to appli
e by the directors to redemption. shall
i applied to the outstanding second PREFER
J, stock, pro-rata, each second preferred stOc
d holder to have the same proportion of
r. holdings retired as each other second pi
u ferred stakeholder. Notice of the redempti
, of all or any part of the second PREFER
=. stock shall be given by publication for
z, days prior to the date at which redempti
is to become effective, in a daily newspaI
published in the city of New Orleans, a
D. likewise, by notice mailed to each register
5, holder of second preferred stock, at his !;
II known post office address Upon call for
e for redemption being set aside, all rlgl
v of the second preferred stock called
l. redemption to dividends, or to a share in I
net profits, shall cease after the redempti
date.
Section Gin the event of any liquidati
. or dissolution winding up, whether volt
- tary or involuntary, of this corporation, {
3 holders of the first preferred stock shall
n paid in full, by preference over the seco
20 preferred stockholders and common stot
holders the par value of their shares, togetl
A | with all accumulated unpaid dividends,
- the rate of seven GG5) per cent per annu
= to date of payment, or appropriation for ps
- ment under said liquidation, dissolution
winding up; and after such payment in {
to the first preferred stockholders, the no
ers of the second preferred stock shall
- paid in full, by preference over the comm
stockholders, the par value of their shar
together with all unpaid accrued dividends,
the rate of seven 0Go) per cent per annu
T. to date of payment, or appropriation Tor p;
ment under said liquidation, dissolution
winding up After such payment IN full
l. the holders of the first and second preteri
stock, the holders of the common stock sh
be entitled to receive the remaining ass
Nv of the corporation, in proportion to the sha
Of held by them respectively.
nd Section NO dividends shall be declai
ne or paid on the common stock until at lie
ID seventy (7Ooo) of the first preferred stC
r. shall have been redeemed and retired
Ir. Section S.-The whole or any part OF
ed stock of this corporation may be issued Z
he delivered to any person, firm or CORPORATE
r. for the acquisition of the rights, privilee
he property, business or good will, or any ?
10 thereof owned and controlled by such
ar | son. firm or corporation, or for merchant
he | received or services actually rendered TO
rs corporation. The board Ut directors here
by after created is specially authorized TO IS
IS, and dispose of the stock. for any and