The herald. [volume] (New Orleans, La.) 1905-1953, 1917-05-03

ceived or purchased by said corporation,
or the same may be issued, fully paid, for
money advanced and for such other valuable
consideration or services as the board of
directors Of said corporation may determine
provided, that NJ stock shall be issued until
the consideration therefor has been received
by the said corporation.
The preferred stock shall be entitled, out
Of any and all surplus net profits, whenever
ascertained, TO cumulative dividends az the
rate Of seven per cent per annum in each
and every year hereafter, in preference and
priority 20 any payment Of any dividends
On the common stock for such year. The
common stock shall be subject to the prior
rights OF holders OF the preferred stock as
herein declared. II, after providing for the
payment OF full dividends for any year on
the preferred stock, and for any balance
that may remain due the cumulative div
idendS on such preferred stock for pre-
ced,ng years, there shall remain any sur
plus net profits, any and all such surplus
net profits not in the opinion OF the board
OF directors required 10 provide for the main
tenanCe, Improvement, enlargement and oper-
alton II the property and business OF the
corporation, or fO- the payment OF its liza
biilties, shall be applicable to dividends
upon the common stock for such year; TO the
extent OF, but not exceeding seven per cent
upon the said common stock, when and as
from time 10 time the same shall be de-
clared by the board of directors; which divi-
dends upon the common stock shall not be
cumulative, but shall only be paid If earned.
! ne remainder OF any SuCl surplus net
profits shall then be applicable TO the pay
ment OF further dividends equally per share
upon both preferred and common stock. The
board Of directors may declare, and out OF
such surplus net profits may pay annual
dividends upon the common stock Of the
said corporation, to the extent OF, but not
exceeding, seven per cent upon such stock,
but no such annual dividends shall be de-
cared or paid until the cumulative dividends
shall have been paid in full upon the pre-
fe-red stock for such year, and for all pre-
ceding years; and after the payment OF such
cumulative dividends upon the preferred
stock, and such dividends upon the common
stock, 70 the amount OF, but not exceeding
seven per cent, out OF any further surplus
net profits the board Of directors may declare
and pay dividends equally per share upon
the preferred and common stock.
Article IV.-The first paragraph of Article
" shall be amended so as to read as fol-
lows:
All the corporate powers of this corpora
ton shall be vested in and exercised by a
board Of three directors, to be composed OF
stockholders, two OF whom shall constitute
quorum for trarsactlng all business. The
board OF directors shall be vested with full
power and authority to make all contracts,
purchases and sales, and adopt all bylaws,
rules, regulations for the government OF the
business and affairs Of the company, and to
alter, amend and change the same at pleas
ure, appoint, hire and discharge all othcers;
agents and employees, hx all salaries and
generally do and perform all things neces.
sary in the transaction of the business and
affairs Of the company. Any vacancy &C.
curing among the directors by death, resig-
nation and otherwise shall be filled by cleo
ton for the remainder Of the term by the
remaining directors.
Article V.-This act of Incorporation may
be changed, altered or modified or this cor
poration dissolved. with the assent OF two
thirds of all of the stock at any general
meeting of the stockholders convened for
that purpose after ten days prior notice Of
such meeting shall have been given to the
stockholders by mail, said notice TO be
mailed to the last address shown on the
stock certificate book of this company.
And the said appearers declared that they
appeared before me, notary, in accordance
with the authority extended to them at the
said meeting, for the purpose Of having the
said amendments placed in authentic form.
and in order that the same might be recorded
as required by law.
Thus done and passed, at the city of New
Orleans, on the day, month and year here
nabove FIRST written, in the presence of
Thelma Elliott and Albert Radlauer, COM
petent witnesses. who have hereunto signed
their names, together with the said appear