The herald. [volume] (New Orleans, La.) 1905-1953, 1918-01-17
CHARTERS.

.hrucle 1.-The domlcile OF said corpora
ton shall be in the City of New Orleans,
State of Louisiana, and all citation and other
legal process shall be served upon the Pres
ldent OF said corporation, or in his absence
upon any one of the Vice-Presidents thereof,
or IN the absence of said officers, upon the
Secretary of said corporation.
Article lll.-Ihe objects and purposes for
which this corporation is organized and es-
tabllshed and the nature of the business to |
be carried on by it are hereby declared TO
be:
To conduct general insurance agency
business, to solicit insurance of all kinds |
either on a salary or commission; TO act as
insurance engineers; to act agent and |
manager for resident and nonresident insur- /
ance companies, associations or combinations /
OF persons Of all kinds; to inspect insurance
risks, to adjust insurance losses and gen |
eral average; to do general stock broker
age and commission business; to buy and /
otherwise dispose of. own and deal in stocks, |
bonds, mortgages, debentures, trust receipts, |
commercial papers, consols and government
securities, either for itself or as the agent, |
factor or representative of any person, firm
or corporation, and upon commission other
/ wise; TO transact a general real estate agency
and brokerage business, including the man
agement of estates; to buy, sell, let, lease.
hire, own or demise generally deal and
trade IN real estate, whether improved or
unImproved, eIther as principal agent, for
| ITS account or for account of others, and
upon commission or otherwise; 10 borrow
money and grant mortgages, bond mortgages
] VI HOlCS therefor, 10 ienQ money and to re-
ceive therefor mortgages, bonds, or any other
evidence of Indebtedness; to carry on any
other business which under the law it may
be entitled TO carry on or which may seem
| TO the corporation to be calculated directly
! or indirectly to effectuate the aforesaid OBJ
/ Jects, or either of them, or to facilitate II
! IN the transaction of its aforesaid business,
| or businesses, any part thereof. or in the
transaction of any other lawful business
that may be calculated directly or indirectly
TO enhance the value of or to render profit.
able any of the company's properties and
rights and generally to have and exercise
! all such powers and privileges are in
cidental relate TO the objects and pur-
poses hereinaboye set forth, or as may be
| necessary, useful or convenient for effecting
| said objects and purposes.
Article IV.-The Capital Stock of this
poration is hereby fixed at the sum of
Thirty Thousand Dollars (S50OOOOO), divided
into and represented by Three Hundred $500
shares of stock of the par value of One
| Hundred Dollars $4,000 each, Two Hundred
| QOO) shares of which said stock shall be
known Preferred Stock, and One Hundred
Q0D shares of which said stock shall be
known Common Stock. Separate and dis
! tnct certificates shall be issued for each
class of stock. Said stock shall be paid for
in cash at such time, in such amounts, and
| after such notice to the subscribers may
be fixed by the Board of Directors, and the
same may be issued at not less than par for
labor done or property actually received by
the corporation. Preferential dividends shall
! of Six Per Cent. go per annum, and any
dividend payment omitted passed, either
| in whole or in part, shall be paid in full
before the Common Stock shall receive any
dividends. The Board of Directors may at
any time declare an extra dividend on the
Preferred Stock, but not until dividends TO
at least Twenty-Five Per Cent. ESQ per
annum shall have been declared the
Common Stock. The Preferred Stock shall
have no voting power privilege in any
case whatsoever. The Board of Directors
may. at the end of any fiscal year: set
aside from the let earnings profits of this
! corporation for said year such proportion
thereof may be deemed advisable, said
net earnings or profits TO be placed to the
mon Stock Surplus Account" The Board OF
Directors may, however, in its discretion,
| at the end of any fiscal year, place any part
or portion of said net earnings or profits, not
exceeding one-half thereof, in what shall
| be known as the Preferred Stock Surplus
Account" II the business of the corporation
at the end of any fiscal year shows loss
for said year then and in that event the
Board of Directors may, in its discretion,
charge the whole or any part or portion of
said loss to the said Preferred Stock Sur
plus Account"
The Board of Directors may, at any time,
call and retire the whole or any part of the
Preferred Stock of this corporation by paying
to the holder holders thereof the full par
value thereof, together with the dividends on
said Preferred Stock in full up to the date
of the retirement, including any dividends
passed, in whole or in part, plus whatever
interest said Preferred Stock so called and
retired may have in and to said Preferred
Stock Surplus Account" If the business of
the corporation shows loss for the current
year up to the date of the call and retire
ment OF any or all of said Preferred Stock.
then and in that event there shall be charged
TO whatever interest said retired Preferred
Stock may have in said Preferred Stock
Surplus Account such proportion of any
such loss as said retired Preferred Stock
bears to the then issued and outstanding Pre-
ferred Stock of the corporation.
In the event part only of said Preferred
Stock is retired the Board of Directors shall
; have the right, power and authority by reso-
: luton to designate the specific shares of
stock which it desires to retire. Notice of
the retirement of any designated share or
shares Of Preferred Stock shall be given to
, tice deposited in the Post-Offce of the City
. of New Orleans, postage prepaid, properly
addressed to the particular owner or owners
thereof at his or their last known residence
has been called and retired may be again
re-issued, but never for less than its par
. value.
In the event of any liquidation or disso-
} luton or winding up Of the corporation,
whether voluntary or involuntary, the hold
ers of the Preferred Stock shall be paid in
full the par value of their shares together
with all cumufated dividends thereon at the
rate of Six per Cent go per snnum to the
date of said liquidation, plus whatever sum
ferred Stock Surplus Account" and after
. payment to the holders of the Preferred
Stock of its par value with said cumulated
! dividends and whatever sum or sums may
be to the credit of said Preferred Stock
, Surplus Account" the remaining assets and
funds of the corporation shall be divided
among and paid to the holders of the Com