The herald., 1919-02-06
CHARTER OF CRESCENT COTTON
CO. INC

United States OF America, State Of Louis
ii4aa, f4TT'sa OF Orleans, City oi New Or
! leans. lie It known, that on this the second
day OF the month Of January in the wear Of
| our Lord, One Thousand, Nine Hundred and
| Nineteen, and II The Independence Of the
| United States Of America the one hundred
ana l0rty-t mrt; before NE, Charles F. Fetch
| niger, Notary Public duly commissioned
and qualified in and Tor the Civ. Parish
| and State aforesaid, therein residing and in
| the presence OF the witnesses hereinafter
named and undersigned, personally came and
appeared IN several persons whose names
are hereu1to subscribed. who declared .h3t
avallIng themselves Of the provisions Of me
laws OF this State relative 10 the formation
coveaan:ed and agreed, and do, by these
presents, covenant and agree and bind them
selves, as well as those who nav hereafter
become associated with them, 20 form them
! selves into corporation for the objects and
purposes. with the name. and under the stipu-
| latons following. to-Nit:
| ANIll Ii The name and STYLE Of this
corporation shall be, Crescent Cotton Co..
Inc. and by said corporate name il shall
| nave and ENJOY succession and existence for
period OF ni1ety-0ire wears. unless Sa1oc-
dissolved. and shall have all Of the rights.
privileges and immunities granted by law Z,
EoFI2rI{''ls; and under said corporate name,
y snail have power and authority - CON
| tract sue and he sued, to make ard use a
corporate seal. and 20 break or alter the
| same At pleasure. and make all necessary
| m ne
agemert and control, and s7all have and ev.
10y all the rights. privileges and i-nnur;ties
which now or hereafter he granted hv law
TO corporations OF the same kind and char
acter.
ARTICLE 1.-THE doniciIe Of this cor,o-
ration shall he in the City Of New Orleans.
State Of Louisiana. AMI all citations and
other legal processes shall he served upon
the President or, IN case Of his absence or
| inability to. act, upon any other officer o:
| the corpora tiCn.
ARTICLE III-The objects and purposes
| Tor which this corporation IS organized are
| hereby declared 20 be 10 buy, sell export
| import, or otherwise deal N agricultural pro
duets and other merchandise for its own ac-
! count or agent for others: the whole in the
| State ot Louisiana or elsewhere, and this
| corporation is empowered 70 do and perform
! any other acts and business incidental o-
gern1aae to the objects and purposes herein
| expressed, but this corporation shall never
| engage IN speculation on the market price OF
| any COuwoiity
| ARTICLE IV-The authorized c.oitaI st,rk
OF this corporation is hereby fixed at the
| sum OF Forty-thousand $4,000 Dollars. di-
| vIded into four houadred t+OW shares of the
par value Of One Hundred $4,000 Dollars
| each; the said stock shall be issued fo-
cash, and this corporation shall Commence
! business and become a going concern when
| the sum Of Twenty Thousand Dollars OF lis
! capital stock shall have been subscribed and
| paid Tor The said stock shall be fully
paid up at the time Of its issuance and he
| worcestershire. The said Appearers declare
| that they each hereby subscribe for the num-
| Der OF shares Of the capital stock of this
! corporation set opposite their respective sig.
/ natures hereto No present or future stock.
! holder shall ever validity sell. assign, or
| transfer. other than by inheritance anv of
| me capital stock of this corporation until
| the same shall have been first Offered 70
The remaining stockholders for the benefit
OF those stockholders who may desire 70 pur-
| chase the same. through the board of direc-
| tors, Tor a period OF ten days. at the book
| value OF such stock, as shown by the books
OF the corporation on the lst day of August
| last preceding the date OF such offer II
| snail be the duty of the board OF directors
| promptly. upon receiving an offer of sale
OF any OF the capital stock of this corpora
| tion. TO communicate the same TO the stock
| holders, in writing, through the Secretary
OF the Company, and each of the said stock
| holders shall be entitled to purchase such
proportion OF the stock so offered for sale as
| the NUMBER or shares owned by him at the
| time bears to the number of shares owned bv
| all other stockholders desiring TO partici-
pate IN the purchase. No sale under fore
| closure, attachment or other process or by
hypothecation, shall be validly made until
| the foregoing requirements have been COM
pied with by the person persons, firm or
| corporation provoking such foreclosure or
| sale: The board of directors shall have au-
thority, however. to waive the above re-
| quirements as TO any particular hypotheca-
| ton or pledge of stock by resolution adont-
ed at regular called meeting of the
members of the board of directors, such reso-
| luton being adopted in advance OF the
pledge or hypothecation
| ARTICLE V-All the powers of this cor
poratlon shall be vested in and be exercised
| by a board of three directors, who shall he
bona fide stockholders of the corporation. and
| the first board of directors shall consist OF
lack BI4Irnemann, who shall be President
II. H., +; Nlnet who shall be Vice-President;
and Secretary; Emil Christ. The Board OF
| directors may elect a Treasurer for the cor
! poration at any time they may see fit or
| they may dispense with the office of Treas
urer' IN their discretion. The above named
| BOARD OF directors shall continue TO hold of
| ice until the second Tuesday of October.
! 1919, and until their successors are elected
and qualified and all succeeding boards
shall hold office for one year and until their
successors are elected and qualified The
persons TO be hereafter elected directors for
subsequent years shall select from among
| their own number a President, Vice-Presi-
Dent and a Secretary. On the second Tues
| day OF October of each year. the stockhold
ers shall elect a Board of Directors for the
ensuing year, and in the event the second
Tuesday Of October shall fall upon a legal
holiday, then such election shall be held
| upon the next succeeding business dav. the
board of directors already installed to CON
| tlnue in office until their successors are
elected; The election of directors shall be
/ Dy oaiiot, and the persons receiving the
majority OF votes cast shall be declared
elected. For electing directors or for anv
| other purpose. each share of stock shall be
entitled to one vote, whether present or bv
proxy, but no fractional share shall be en-
titled to vote. majority of the directors
voting at any one time shall be required TO
pass any resolution or adopt any bylaws
and which, when so adopted shall become
valid corporate acts, provided a quorum of
! he directors were present at the time of such
| action. In case of vacancy on the Board OF
| among the officers, caused by death, resig-
| nation or removal by two-thirds of the vote
! of the Board for any other cause, the re-
/ naming members of the Board shall have
| the power to fill such vacancy. Said Board
| of Directors shall have the power to enact
| such BYLAWS, rules and regulations as. in
| their opinion, may be necessary and proper
! for the management, operation and control
| of the business OF said corporation. They
| shall employ or approve of the employment
| of all of the managers. agents and employees
| Of the corporation. but the said Board shall
| not be empowered TO employ any person, in
| any capacity, other than from month to
month. or, if any person be employed on a
| commission basis, such employment or en-
| gagement may be terminated by one months
| notice. At all meetings of directors each
| director shall be empowered to vote and act
| in person or by proxy as fully as though
| himself present.
| ARTICLE VI.-Notice of all meetings of
stockholders for election of directors, for