The herald. [volume] (New Orleans, La.) 1905-1953, 1916-03-09
AMENDMENT TO CHARTER
OF IVORY GARTER COMPANY

state Of Louisiana. Parish of Orleans
BE 1t known, that on TIN; 18th day OF Feb
~ua-y. m the year Of our Lord one thousand
nine hundred sixteen. and of the indcpend-
cree II the United States Of America the
one hundred and fprticth. before me. Cuth-
bert :. Baldwin. notary public. duly COM
nlS>lpnci aud qualified in and for this par
i-h and state. therein residing, and in the
presence OF the witnesses hereinafter named
and undersigned:
Personally came and appeared Nugeut r.
Na'rin, of the full age Of majority and a res
ItrUt OF this CITY. and president of the Ivory
Garter Co. and GuStavc Il. Baldwin. also
Of the tull age and resident OF this city
and ScCrctarv-trc Of said Ivory Garter
Co.: winch SAID parties appear herein under
and by virtue Of the authority in them vested
bv resolution adopted by the stockholders
Of the said Ivory Garter Company held Al
me Office OF the SAID company IN the city Of
New Orleans on the 18th dav of February
lHIh, n % clock p. m, which resolutions
adopted and provided for ;he amendment
"t the charter OF the said company by pro-
vldng for the creating Of n reserve fund
the paving ~ dividends upon The common
stock. and the retiring Of the preferred stock
and authorized and instructed the said pres
ldcnt and SeCrctary-trcaSurer - appear be-
tore notary public to put said changes and
amendments of record in authentic form, and
a copy ot the minutes Of said meeting aud
COPY Of the said resolutions duly certified
by the secretary treasurer J. hereto annexed
and made part hereof And the said ap-
that IN conformity with the said resolutions
and M the turthcraucc Of their instructions
Article ~ of the charter of the Ivory Gar
ter COMPANY. executed before NJ C. Soniat.
notary public. on the 10Th day Of August
1913, and duly recorded in the mortgage Of
ice Of the parish Of Orleans in book lllQ
t"Iio, !. and with the Secretary of State on
October T. 1913 IN Record Of Charters" No
81, folio --. and of the amended charters
Of The Ivory Gar'er Company executed before
uihhert ) baldwin, notary public, on the
md day OF February. 1910 and the 7th
day OF February. 1910. respectively. and both
duly recorded ~ the mortgage office Of the
parish of Orleans in book 1l95 foioS 40 and
AZ, respectively, be and the same are hereby
altered and amended to read a, follows. to-
Article IN.-Thc capital stock Of this cor
poratpn Is hereby fixed at one hundred
htty thousand dollars CSl5OOOl Of which one
hundred thousand dollars SO0OOl shall be
common stock. and fifty thousand dollars
tS5opl shall he seven per cent preferred
stock. which said one hundred thousand do,
lars tSlplnm of common stock shall be paid
Tor As follows, tO.wIt: by the surrender of
The present capital stock Of twenty thousand
dollars tSNWO. and by eighty thousand dol
lars tSSl.UDb now deposit with the COM
pany; and which said seven per cent pre-
ferred stock shall he paid for at once: and
which capital stock shall consist of loo
shares Of Sl00 each of common stock. and 500
shares of 500 each OF seven per cent pre-.
ferred stock
This corporation shall lie a going concern
and may continue operations and business
when and as soon one hundred thousand
dollars tSlOOGM Of the common stock shall
have been paid for and issued, as above set
forth
The seven per cent preferred stock shall be
entitled to receive a quarterly dvidead of
one and Il u@D per cent. payable out of
the net profits Of the company upon the first
legal day in April, July, October and Janu-
airy Of each wear. prior to the holders of the
common stock receiving any dividend upon
their common stock holdings. This seven
per cent G) dividend. payable quarterly. on
cumulative.
Dividends for 1910 upon the seven per cent
preferred stock shall Sccrue from the date
said stock j. issued by the company.
When the net profits in any one wear end
ing 3lSt of December. derived from the man
utaciure and sale Of the products of the COM
pany IN that wear computed after the de-
duction from the earnings of the seven per
cent dividend the cumulative preferred
stock. and all other charges Whatsoever in.
Guiding advertising, but not including divi-
bends on common stock. shall amount to the
sums below set forth. the seven per cent pre-
terred stock shall be entitled to extra, divi.
dendS. a. follows.
When the net profits shall aggregate twenty
thousand tSNNM dollars to FORTY thousand
tS+O,nnm dollars the extra dividend shall be
one N'r) per cent: when the net profits shall
aggregate forty thousand $4,000 dollars to
sixty thousand t&a.On0 dollars the extra div
'h'Ih >Idll ht TWO W. per cent. when the
net proEtS shall aggregate sixty thousand go
p0 dollars to eighty thousand (SSn.GOM dol.
lars the extra dividend shall he three CC,O
per cent: when the net profits shall aggregate
eighty thousand tSSOOnW dollars 10 one hun
bred thousand (SlOGOOM dollars the extra
dividend shall be four l4cg) per cent: when
the net profits shall aggregate one hundred
thousand CSl60.n0ol dollars. or more, the extra
dividend shall be five t5ctl per cent.
Beginning January /. 1919 the company
agrees TO set aside for a special reserve fund
not less than S5.nn per annum, until the
amount shall equal $625l0. for the redernption
Of the preferred stock AZ SIPS per share. which
said reserve fund shall be invested in high
grade first mortgage bonds. The company
reserves the right to retire all but no part
Of, the outstanding preferred stock on anv
date after January !, 1919, at SIPS per share
The common stock shall be entitled 10, and
shall receive a dividend or dividends at
total rate per cent equsi 70 the total rate
per cent declared upon the preferred stock
prior TO the setting aside Of any sum in said
reserve fund.
Extra dividends upon the seven per cent
preferred stock shall be payable upon the first
legal day OF January Of the following year
Thus done and passed. at my Office in the
city of New Orleans, the day. month and
wear first above written, in the presence of
Edward Haspel and Greve St James, compe.
tent witnesses residing in this city, who
have hereunto signed their names with ap.
bearers and me, notary, after due reading