The herald. [volume] (New Orleans, La.) 1905-1953, 1918-09-12
CHARTER

to be divided into and represented by one
thousand shares of stock of the par value OF
one hundred dollars each. Said stock shall
be paid for in cash, and at such time, in
such amounts, and after such notice to the
subscribers may be fixed by the Board
of Directors; or the same may be issued at
not less than par for labor done or money
or property actually received purchased by
said corporation. The capital stock may be
increased from time to time to one million
dollars in the manner provided by law.
ARTICLE N.-All the corporate powers OF
said corporation shall be vested in and ex-
ercised by the Board of Directors, to be
composed of eight stockholders TO be elected
annually on the second Monday of October
in each year, except the first Board of Di-
rectors appointed in this charter. who shall
hold their offices until the second Monday
in October. 1914. All such elections shall
be by ballot and conducted at the office OF
said corporation under the supervision OF
three commissioners to be appointed by the
Board of Directors. Notice of such cleo
tons shall be given by publications not
more than fourteen nor less than fifteen
days prior to such election in one news
paper published in the city of New Orleans
or by written notice mailed to each stock
holder by the Secretary. Every stakeholder
shall be entitled OF one vote for each share
Of stock standing in his name on the books
Of the Company, TO be cast in person OF by
proxy, and majority of the votes cast shall
elect. Any vacancy occurring among the
directors by death. resignation or otherwise
shall be filled by election for the remainder
of the term of the board by the remaining
directors. A failure to elect directors on
the date above specified shall not dissolve
the corporation, but the directors then in
office shall remain in office until their sue
ceSsors are elected and qualified. and shall
cause another election TO be held as soon as
possible thereafter, after notice thereof shall
have been given in one newspaper publish
in the city of New Orleans as above pro-
vided
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rum for the transaction of any business.
The Board of Directors hereafter elected
shall select from their own number a Presi-
dent, Nice-President, and as many other
Nice-PreSdentS, as II may conclude 20 elect
a Secretary, an Assistant Secretary and a
Treasurer. and the said board shall have the
power either TO combine separate the
Offices OF Secretary and Treasurer. 1t may
appoint from time to time such other Off
GERS, clerks, agents or other employees as il
may deem necessary for the purposes and
business Of the said corporation, who shall
hold office at the pleasure OF the Board. The
President or Acting President of the Com
pany, shall subject to the control Of the
Board Of Directors of the Company, have
power TO institute and defend all suits in
which the corporation is interested. and to
give all bonds necessary and proper in the
prosecution or defense Of such litigation. The
said Board of Directors may make and es-
tabllsh, well as alter and amend, any and
all bylaws, rules and regulations necessary
and proper for the support and management
OF the business and affairs Of the corporation.
The said board shall have full power and
authority to borrow money, Issue notes or
other ALLEGATIONS in the ordinary course OF
business, and TO secure the same by pledge
or mortgage, and generally to do all things
reasonable or necessary for the proper carry
ing on of the business Of the corporation.
and also TO issue and deliver full paid shares
of stock for cash, or in payment of labor
done or property actually received or pur-
chased by the said corporation. Each direc-
tor shall have authority to appoint in writ
ing proxy to represent him. at all meetings
of the board
ARTICLE NI.-Whenever this corporation
may be dissolved either by limitation or
from any other cause, its affairs shall be IL
quldated by three commissioners to be ap-
pointed from amongst the stockholders at a
general meeting Of stockholders convened for
such purpose. of which meeting notice shall
be given in the manner and time provided
for stockholders meetings by Article Seven
OF this charter; and a majority in amount of
the capital stock of said company represented
at such meeting shall be requisite to elect.
Said COMM SsionerS shall remain in office
until the affairs of said corporation shall
have been fully liquidated. In case of death
or resignation OF one or more of said com
missloners the vacancy shall be filled by
election by the surviving commissioners.
ARTICLE NII.-This article of incorpora-
ton may be modified, changed or altered,
or said corporation may be dissolved upon
compliance with law.
ARTICLE VIII.-No stakeholder shall ever
be held liable for the contracts or faults of
said corporation in any further sum than the
unpaid balance due the corporation on the
shares Of stock owned by him. nor shall any
mere informality in organization have the
effect OF rendering this charter null or of
exposing a stakeholder TO any liability be-
yond the unpaid amount remaining due on
his stock.
And the said appearers moreover declared
that, in consequence of the foregoing and
pursuant to the authority in them vested by
the stockholders of said Company, they do
hereby formally declare publicly and make
known that in the manner prescribed by law
and agreeable TO the provisions of the char
ter of the said Gulf Coast Transportation
Company, passed before me, the undersigned
Notary Public, has been changed, altered and
amended, as herein above set forth and
written, and they do hereby direct and re-
quire that the above stated changes and
amendments of the charter of the Gulf Coast
Transportation Company be recorded and pub
lished in the manner prescribed by law to
the end that the said changes and amend
ments, hereafter and at all time be as here
inabove set forth, as regards all persons that
are now or may hereafter become stockhold-
ers of the aforesaid Company.
Thus done and passed at my office, in
the City of New Orleans, on the day, month
and year herein first above written in the
presence of Jacob F. Baer and Ruth NJ.
Seller, competent witnesses, who hereunto
sign their names with the said appearers
and me, Notary, after reading of the
whole
Witnesses: Jacob F. Baer, Ruth NJ.
Seller.
Original Signed
F. w. Salmen, Chairman; J. A. Salmen,
"A. MORENO.
Notary Public
l, the undersigned, Recorder of Mortgages,