The herald., 1916-10-05

| below the City Of New Orleans, consisting O.
! nine 90 plantations, with lands On the rear
adjacent thereto. comprising IN All upward.
| ot twenty thousand t1r,G0l acres: 10 acquire
lease and own property, both real and per
NnNa!, aud 10 sell, mortgage or pledge the
same; o. engage IN the cultivation @! orange
grape iruIt, corn, vegetables. Icc. susa.
| cane and other fruits and agricultural pro-
ducts; O. establish own and operate one OF
more central sugar factories and reEucriCS
rice mills, zee. canning or other factories and
% buy and sell the Jaw and finished pro-
ducts thereof; TO raise live stock: To carry
on general stores IN connection with is bust.
ness, 10 construct, operate. purchase or lease
railroads tor the transportation OF the pro-
ducts OF ITS lands, aud ot products generally
20 and from lis factory Ur factories. o- ipr
other purposes; 20 build canals for transopr-
tation or drainage, and, where used Tor trans
portatIon, to charge tolls on same. e. build
"harvcN, docks, ways, vessels, machine shops.
and II build and operate dgedEcS, whether
tor eNclyating canals or sand or shells Tor
ballast Tor roads or railroads; to construct
and operate drainage plants: To acquire and
to co!onlze, develop and improve It's lands and
properties; To exchange It's entire capital
stock, or any part thereof, Tor property
which u j. authorized 20 acquire, OF to eN-
chaugc uN entire business and properties, or
any part thereof, for money. property. stocks,
bonds, or other obligations OF other GONNA
mes; and generally 70 make all contracts
and TO engage IN all business connected
with or incidental TO any Of the business
mentioned herein; and % do any and all
such acts and things as may or shall be
necessary. convenient or proper 70 carry out
SAID objects and purposes.
Article IN.-Scctiou !. The capital stick
OF th'S corporation Is hereby fixed a. SIX
hundred and ten thousand tSolUUUuW dol
lar, divided into SIX thousand one hundred
tb,lOol shares Of the par value of one hun
dred dollars $4,000 dollars each, of which
NO thousand t2lOD shares shall be FIRST Irr-
fcrrcd stock, one hundred 900 shares shall
be second preferred stock, and four thousand
t+,uDD shares shall be common stock The
capital stock may be increased o. the sum If
two million C-,pppOOW dollars and such
increase may be apportoucd among the dii
ierent classes Of stock the directors and
stockholders may determine
Section The holders of the first pre-
icrrcd stock shall he entitled 20 receive
when and declared from the surplus or
net profits OF the separation, dividends at
the rate OF seven GCCD per cent per auuum
and no more. The dividends on said FIRST
ppcferred stock shall Doe cumulative and
shall have preference and priority over the
second preferred stock and the common
stock, 50 that, at no time, shall any dividend
be declared, set apart for, or paid on the
second preferred stock or on the common
stock, unless, al such time, all dividends on
the hTNt preferred stock, ~ the rate OF seven
Tfo) per cent per annum, which shall have
natured, shall have been declared and paid
in full. Should any inStalImcut Of dividends
on the said first preferred stock not be
paid IN whole or IN part, the deficiency shall
be paid before any dividend shall be de
cIdred upon the second preferred stock or
upon the common stock
Section S.-lhe first preferred stock shall
be subject T. redemption, in whole or in
part. at the end OF any corporate year, al
par, and all accumulated dividends, whether
declared or not, unpaid thereon ut the call
OF the board Of directors Should less than
the entire amount Of such first preferred
stock be called. FOR redemption, the funds to
be applied by the directors 20 redemption
shall be applied TO the outstanding first
preferred stock, pro rata, each FIRST preferred
stockholder to have the same proportion Of
ms holdings retired as each other first pre-
tcrrcd stakeholder. Notice Of the rcdcmp-
ton Of all or any part Of the first preferred
stock shall he given by publication for ten
days pri'T to the date At which redemption
Is to become effective, in a daily newspaper
published IN the city OF New Orleans, and
!lkewI>c sc, by notice mailed 10 each registered
holder OF FIRST preferred stock. at his last
known post. office address. Upon call for
redemption being made and the mony need
ed Tor redemption being set aside. all rights
OF the FIRST preferred stock so called for re
dempton to dividends, or TO a share in the
net proHts, shall cease after the redemption
Section 4.-The holders Of the second ore.
ferred stock shall be entitled to preference
and priority over the common stock Of the
corporation, and shall be entitled 20 receive
when and as declared. dividends i'll each and
every year, at the rate OF seven 7Ct) per
cent per dnnum, and more. Dividends on
the said second preferred stock shall be GU.
mulatlve, 50 that. at no time shall any divi-
dend be declared set apart for, or paid on
the common stock, unless, at such time all
dividends on the first and second pre-
terred stock, at the rate of seven 7C,)
per cent per annum, which shall have ma
tured, shall have been declared and paid in
iulI. should any InStallmeut OF dividends on
the said second preferred stock not be paid
in whole or in part, the deficiency shall be
paid before any dividend shall be declared
upon the common stock.
Section S-Whenever all Of the first pre-
ierred stock shall have been redeemed as
above provided in Section 3. then, the sec
ond preferred stock shall be subject 10 re-
demption, in whole or in part at the end of
lated dividends, whether declared or not,
unpaid thereon, at the call of the board of
directors. Should less than the entire
amount of such second preferred stock be
called for redemption, the funds to applied
by the directors to redemption, shall be
applied 10 the outstanding second preferred
stock, pro-rata, each second preferred stock
holder TO have the same proportion of his
holdings retired each other second pre-
ierred stakeholder Notice Of the redemption
OF all or any part of the second preferred
stock shall be given by pubiication for ten
days prior to the date at which redemption
published in the city of New Orleans, and
likewise, by notice mailed to each registered
holder OF second preferred stock, at his last
known post Office address. Upon call for re-
demption being made, and the money needed
Tor redemption being set aside, all rights
Of the second preferred stock so called for
redemption to dividends or to a share in the
net prohtS, shall cease after the redemption
date.
Section On the event of any liquidation
Dr. dissolution or winding up, whether volun-
tary or involuntary, of this corporation, the
holders Of the first preferred stock shall be
PAID IN full, by preference over the second
preferred stockholders and common stock. |
holders, the par value Of their shares, together
with all accumulated unpaid dividends, at
ne rate OF seven G%o) per cent per annum, |
% date OF payment, or appropriation for pay
nent under said liquidation, dissolution or
winding up; and after such payment in full !
q the first preferred stockholders, the hold |
RS of the second preferred stock shall be |
'aid IN full, by preference over the common |
the par value of their shares |
ogether with all unpaid accrued dividends, at |
he rate OF seven GT6) per cent per annum, |
o date OF payment, or appropriation for pay
winding up After such payment in full to |
he holders Of the first and second preferred |
.tock, the holders OF the common stock shall |
,e entitled TO receive the remaining assets
Il the corporation, in proportion to the shares |
leld by them respectively.
Section NO dividends shall be declared |
n paid on the common stock until at least
evenly G0pI) of the first preferred stock |
hall have been redeemed and retired
Section 8.-Ihe whole any part of the |
took OF this corporation may be issued and |
delivered to any person, firm or corporation |
or the acquisition Of the rights, privileges |
property, business or good will. or any part |
hereof, owned and controlled by such per. |
on, hrm or corporation, or for merchandise |
ECelVPd ~ reI to bie