The herald. [volume] (New Orleans, La.) 1905-1953, 1918-09-05
CHARTER
AMENDMENT TO THE CHARTER OF
THE PAN-AMERICAN FURNITURE
FACTORY INC,


United States Of America, State of Louis
lana, Parish Of Orleans, City OF New
, Orleans:
Be It known that on this twenty daS
Of the month Of July, in the year OF ou
| Lord One Thousand Nine Hundred anC
Eighteen, and OF the Independence Of tht
United States Of America, the one hundred
and forty third:
Before me, Theodore A Schuber. a Notary
Public, in and for the Parish Of Orleans
State of Louisiana, duly commiss stoned, sworr
and qualified, and therein residing, and II
the presence Of the witnesses hereinafter
named and undersigned; personally came and
appeared: Mr.. Albert {. Jacobs, and Charlie,
| b. Levy, both OF lawful age, and residents
| 0i this City and State, and herein appearing
! in their respective capacities of President
and Secretary OF The Pan-AmeriCan Furni-
ture Factory, Inc, corporation organized
by act before the undersigned Notary Pub
lie, on February 5th. 1915, and recorded in
VI. .. Il. lbs, folio IA
Which said appearers declared that pur.
! suaut 10 resolution adopted by the stock
! holders OF said corporation, passed at a
| stockholders meeting held on the 10Th day
! of July 1918 a certified copy OF the minutes
! OF which meeting is hereto annexed and made
! part hereof, said meeting having been
! convened for the purpose recited in said
! resolution, and in accordance with the char
| ter, and the provisions OF the law, the fol-
! lowing changes and amendments were
made in the original charter executed before
the undersigned Notary Public, on the 5ih
day Of February, 1916.
ARTICLE ITI.-The capital stock Of this
corporation is hereby fixed at the sun Of
Seventy Thousand Dollars (SO,OOOO0), Thirty
Five Thousand Dollars CSS5GO0O, to be
represented by three hundred and fifty
shares OF preferred stock, OF the par value
OF One Hundred dollars (SlOOOO) each. and
ihirty-five thousand dollars (S55OOOCO, to
be represented by three hundred and fifty
shares of common stock OF the par value OF
one hundred dollars $4,000 each, said stock
10 be payable At such times, and in such in
Stallments, and under such conditions as the
Board OF Directors may determine. Said
stock shall be paid for in cash, or in prop
erty actually received by the corporation.
The capital stock Of this corporation may be
increased to the sum of One Hundred Thou
sand dollars (SlOOOOOOOJ. This corporation
shall be a going concern as soon as the sum
OF Thirty-five thousand dollars 1885 10000
has been subscribed for and paid in.
The other, conditions, limitations and pro
vi4ions under which the preferred stock
shall be issued. hereafter enumerated:
The holders of preferred stock shall be
entitled to receive out Of the net profits OF
the corporation. a fixed dividend of seven
GG6) per cent. per annum, payable semi
annually, to-wlt: on the first day of Janu-
airy and July, OF each year, before any dvi-
dend can be paid or set aside on or for the
common stock for the period Heretofore
elapsed. The principal, or par value of said
preferred stock, with cumulative dividends
thereon at seven per cent per annum from
the date dividend should have been paid
shall be paid in full out of the assets Of the
company. in preference to any of the common
stock. IN the event of liquidation of this
corporation from any cause, and before any
distribution can be made of the capital
among the holders of the common stock
The dividends upon the preferred stock are
to be cumulative, and bear per cent inter
est from their maturity date as herein pro.
vided, compounded annually so that IT, for
any period, or periods the said dividends are
not paid, the right thereto shall cumulate
against the common stock: and all arrears
Of such dividends so accumulated and interest
thereon as herein provided, must be paid
before dividends can be paid on the common
stock. The preferred stock shall not be
entitled, however. TO participate in any other
earnings, dividends or profits The right
OF the holders of preferred stock to be cred.
tied with dividends shall commence from
the data of actual payment of such stock
he Board of Directors shall have the right
and option of retiring the preferred stock
IN whole or IN part, at any time, and from
time to time, after five years from the date
OF TINS charter, at price of One Hundred
and Ten Dollars (Sll00m per share, in addi-
ton to the cumulated dividends and interest
thereon. il any, hereinabove provided for
Such retirement shall be at the option of
the Board of Directors, and shall be effected
by payment out of the surplus funds; and
in no cause shall such preferred stock be
retired under circumstances as would produce
an impairment of the capital stock Of this
corporation, the outstanding common stock
to be then worth no less than par. Such
retirement or redemption Of preferred stock
can only be effected on thirty days previous
notice IN writing to the holders of preferred
stock of record, after drawing by lot in the
such notice, all dividends. interests and ar.
tired stock.
Preferred stock shall enjoy no voting DOW |
e.; ana no holders or owners of preferred |
stock shall be entitled to any vote with |
respect to such preferred stock, or in any
OF the. affairs Of this corporation, or meet. |
ings Of the stockholders or directors thereof, |
or otherwise.
The whole of the above will more fully ap- !
pear by the annexed certified copy of the |
minutes Of said stockholders meeting
ne said appearers having requested me- |
Notary TO put said amendments in authen. |
tic form, | do. by these presents. receive said
amendments in the form of this public act
to the end that the said amendments NAV
DE promulgated and recorded. and thus read
IN the original charter passed before me-
5th, 1916.
Thus done and passed in my office, in the
City OF New Orleans, La. on the date herein
ABOVE Irst written. in the presence of Mes
competent witnesses. who hereunto sign their
names, together with the said appearers and
me: Notary. after due reading OF the whole
witnesses: Edgar NJ. Calm, Irwin Thomas.
Original sgnedD
"A. 1. Jacobs, Pres, Chas. Be Levy. Secty.
THEODORE A. SCHUBER,
Notary Public !
l. the undersigned. Recorder of Mortgages
IN and for the Parish of Orleans State Of
LOUISIANA, do hereby certify that the above
and foregoing Amendment to the charter Of
lhe Pam American Furniture Factory. Inc
was was TINS day recorded in my office, in Book
New Orleans Tuly - 1919
a true copy Of the original
THEODORE A. SCHUYLER,
A,u,,.. ,O,-. Notary Public. |