The herald. [volume] (New Orleans, La.) 1905-1953, 1916-10-26


nine (9) plantations, with lands IN the rear,
adjacent thereto. comprising III all upwards
OF twenty thousand Cn,UOl acres; TO acquire,
lease and own property, both real and per
>onal and TO sell, mortgage or pledge the
same; to engage IN the cultivation OF orange
grape fruit, corn, vegetables, rice, sugar
cane and other fruits and agricultural pro-
ducts; u establish own and operate one or
more central sugar factories and rehneries
rice mills, ice, canning or other factories and
TO buy and sell the raw and finished pro-
duets thereof; TO raise live stock; to carry
On general stores IN connection WIth rs bust
ness; 20 construct, operate, purchase or lease
railroads for the sportatlOu OF the pro
ducts Of its lands. and OF products generally
to and from its factory or factories, or for
other purposes; 20 build canals for trduSpur-
tatIon or drainage, and, where used for trans
portdtiOn, to charge tolls on same; 20 build
wharveS, docks. ways, vessels, machine shops,
and 10 build and operate dredges, whether
Tor eNCdNdtIng canals OF sand or shells Tor
ballast for roads or railroads; TO construct
and operate drainage plants; 20 acquire and
hold stocks and bonds in other corporations:
to c0lonize. develop and improve its lands and
properties; 10 exchange its entire capital
stock, or any part thereof, for property
which il is authorized 10 acquire, OF Ia eX-
change its entire business and properties, or
any part thereof, Tor money, property, stocks.
bonds, or other obligations OF other Clmpa-
mics; and generally 10 make all contracts
and to engage IN all business connected
with or incidental 10 any OF the business
mentioned herein; and 10 do any and all
such acts and things as may or shall be
necessary, convenient or proper to carry out
said objects and purposes.
Article IN.-ScctIon !. The capital stick
of this corporation is hereby fixed at SIX
hundred and ten thousand (S6lOGOup dol
lars, divided into six thousand one hundred
t6,lOO) shares Of the par value OF one hun
dred dollars $4,000 dollars each, OF which
TWO thousand t6oO shares shall be first pre-
ferred stock, one hundred 600 shares shall
be second preferred stock, and four thousand
(4,O0O) shares shall be common stock. The
capital stock may be increased 10 the sum Of
increase may be apportoned among the dif-
iereut classes OF stock as the directors and
stockholders may determine.
Section 1.-The holders OF the first pre-
when and as declared. from the surplus or
'et profits Of the corporation, dividends at
the rate of seven 7GG) per cent per annum,
and no more. The dividends on said first
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 the
stock unless, at such time, all dividends on
the first preferred stock, a. the rate of seven
OTo) per cent per annum, which shall have
matured, shall have been declared and paid
in full. Should any inStaliment 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.
clared upon the second preferred stock or
upon the common stock.
Section 3.-The first preferred stock shall
be subject 10 redemption, in whole or in
part, at the end of any corporate year, at
par, and all accumulated dividends, whether
declared or not, unpaid thereon, at the call
Of the board of directors. Should less than
the entire amount of such first preferred
stock be called for redemption, the funds 10
be applied by the directors 10 redemption
cha he ltA.
preferred stock, pro rata, each first preferred
stakeholder TO have the same proportion OF
his holdings retired as each other FIRST pre-
ferred stakeholder. Notice of the redemp-
tion Of all or any part of the first preferred
stock shall be given by publication for ten
days prior 10 the date at which redemption
IS TO become effective, in daily newspaper
published in the city of New Orleans. and
likewise, by notice mailed to 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 for redemption being set aside, all rights
of the first preferred stock SO called for re-
demption TO dividends, or to a share in the
net prohts, shall cease after the redemption
date.
Section 4.-The holders of the second pre-.
ferred stock shall be entitled to preference
and priority over the common stock of the
corporation, and shall be entitled to receive,
when and as declared, dividends in each and
every year, at the rate of seven 7G5) per
cent per annum, and no more. Dividends on
the said second preferred stock shall be Gu
mulative, SO 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-.
ferred stock, at the rate of seven G9o)
per cent per annum, which shall have ma
tured, shall have been declared and paid in
full. Should any instalment 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 5.-Whenever all OF the first pre-.
erred stock shall have been redeemed as
Dove provided in Section ), then, the sec
ond preferred stock shall be subject to re-
demption, in whole or in part, at the end OF
any corporate year, at par, and all accumu-
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 to the outstanding second preferred
stock. pro-rata, each second preferred stock
holder to have the same proportion of his
holdings retired as each other second pre-
ferred stakeholder. Notice of the redemption
stock shall be given by publiestion for ten
days prior to the date at which redemption
is to become effective, in daily newspaper
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
for redemption being set aside, all rights
Of the second preferred stock so called for
redemption to dividends, or to a share in the
net profits, shall cease after the redemption
date.
Section Gin the event of any liquidation
or dissolution 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.
with all accumulated unpaid dividends, at
the rate of seven 0o6) per cent per annum,
to date of payment, appropriation for pay
ment under said liquidation, dissolution or
winding up; and after such payment in full
to the first preferred stockholders, the hold
ers of the second preferred stock shall be
paid in full, by preference over the common
stockholders, the par value of their shares,
together with all unpaid accrued dividends, at
the rate Of seven GTo) per cent per annum,
to date of payment, or appropriation for pay
ment under said liquidation. dissolution or
winding up. After such payment in full to
the holders Of the first and second preferred
stock, the holders Of the common stock shall
be entitled to receive the remaining assets
Of the corporation, in proportion to the shares
held by them respectively.
Section mo dividends shall be declared
or paid on the common stock until at least
seventy 009o) of the first preferred stock
Section 8.-The whole or any part of the
stock of this corporation may be issued and
delivered to any person, firm or corporation,
for the acquisition of the rights, privileges
property, business or good will, or any part
thereof, owned and controlled by such per-
son, hrm or corporation. or for merchandi Sc
received or services actually rendered 10 this
I'd her