The herald. [volume] (New Orleans, La.) 1905-1953, 1917-07-12
ACT OF AMENDMENT


United States Of America, State Of Louisi
ana, Parish OF Orleans, City OF New
Orleans.
BE It known. tina; on this 9th day OF the
month OF June, in the year 1917, before me-
Scott f. Beer. Notary Public in and for the
Parish Of Orleans, State Of Louisiana, there.
n residing, duly sworn, commissioned and
qualified and IN the presence OF the wit
ne,,es hereinafter named and unders signed:
Personally came and appeared: T. H.
Garcia, president Of =. II. Garcia, Inc, and
Camille LivaudaIS, secretary and treasurer
Of P II. Garcia, Inc. who declared that
acting by virtue OF and pursuant TO reso-
luton OF the stockholders OF the P. II.
Garcia. Inc, adopted on this 9th day OF
IuUe, 1917. at a general meeting OF the stock.
holders OF the said =. II. Garcia, Inc, called
for the purpose OF proposing an amendment
20 the charter OF the said corporation, all of
the stockholders OF the said corporation
being present and all notices of every kind
being waived, they do by these presents, in
order to carry into effect the said resolution,
certified copy OF when IS heTeunto an
nexrd FOR reference, declare that the Article
" OF the charter OF the 2. II. Garcia, Inc,
shall be amended to read follows:
ARTICLE IN-The amount OF the capital
stock of this corporation Is hereby fixed at
the sum OF thir:y-hve thousand dollars
$4,000, which shall be divided into three
value OF one hundred dollars (slOO each, of
which two hundred shares COO amounting
to the sum Of twenty thousand dollars
,S20uO shall be common stock issued on
the terms and conditions hereinafter set out,
and one hundred and fifty $50 shares
amounting 20 the SUN OF fifteen thousand
dollars CSl5OOO shall he preferred stock
sSued on the terms and conditions herein
after set ont.
Fifty per cent OF the capital stock OF this
corporation shall be subscribed for before
he fiing of these articles OF Incorporation
and fifty per cent Of the said subscription
| twenty-five per cent OF the total capitail
| shall be paid for before this corporation shall
engage in business. All OF the stock sub
| scribed shall be paid for either in money
or property received or labor done for the
| said corporation, at such times as the board
| of directors may determine.
| The amount to which the capital stock OF
| this corporation may be increased shall be
| fifty thousand (s50O00 dollars common and
\ fifty thousand dollars (sSOGO preferred.
| No transfer OF stock shall be binding or
| this company unless made upon the books o.
| the company and no sale other dispose
Of the stock shall be valid unless FIRST Offered
| TO the remaining stockholders Of this com
pany for ten days az a price not to exceeC
the book value thereof at the date OF tht
| said offer After this offer and the lapse
| Of ten days, if the offer is not accepted, III
stock may be sold by the owner thereof a
will. All stock acquired in this corpora
ton shall be subject to the provisions o
this charter.
The holders of the preferred stock shall
be entitled 10 receive in respect 10 sucl
preferred stock, as and when declared by tn
board of directors from the net earnings AM
profits Of this corporation, semi annual div
| idends at the rate of four per cent (4co
which dividends shall be cumulative.
At no time shall any dividends be de
clared, set apart or paid upon the common
| stock unless at such time all cumulative
dividends on the preferred stock due anc
unpaid shall have been paid provided for
| After there has been declared, set part anc
paid upon the preferred stock, the semi an
| nual dividend Of four per cent 4col cumu
| lative above provided for, there shall BE-
| declared in respect 10 the common stock
| bv the directors, from the net earnings and
| profits Of the corporation, semi annual div
| 50 much as possible, up 10 four per cent
| (.C,): and. il after the payment Of the sem
| annual four per cent cumulative dividends or
| the preferred stock and the payment Of the
| semi annual four per cent C4Co) on the com,
| mon stock, there is sufficient net prohts and
| dividend shall be declared equally on the
| preferred and the common stock.
| The preferred stock shall be entitled 70 m
| preference over the common stock in the
event of liquidation Of this company excep
| as regards such cumulative dividends "a
may be due and unpaid on said preferred
| stock IN 10 the date of said dissolution.
| The preferred and common stock shall have
full voting powers at all corporate meetings
| IF this corporation
Thus done and passed at my Office on thi'
9TH day of June, 1917. in the presence o
| Messrs. Jules E. Award and E. NJ. Robert
| competent witnesses, residents OF New Or
| leans, Louisiana. who have hereunto signet
| their names with the said appearers and me
| rotary. after a due reading OF the whole.
(Signed)'P II. Garcia, Pres; c. Livaudai:
Secy. and Treas.