The herald. [volume] (New Orleans, La.) 1905-1953, 1919-02-13
CHARTER OF CRESCENT COTTON
CO. INC.

. InltS4 States Of America. State Of Louis
lana, Parish Of Orleans, City II New Or
leans. Be II known. that on his, the second
day OF the month OF January in the wear II
our Lord, One Thousand, Nine Hundred and
Nineteen, and u the Independence Of the
United States OF America .lc one hundred
and iosty- third; before me. Charles F. fetch
niger, = Notary Public duIv commissioned
and qualified in and Tor the City. Parish
and State aforesaid, therein residing. and in
he presence q the witnesses hereinafter
named and undersigned, personally came and
appeared II several persons whose names
are hereunto subscribed. who declared that
avalllng themselves Of the provisions of the
laws OF ms Stare relative 20 the formation
and organization OF corporations, they have
covenanted 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 a corporation for the objects and
purposes. with the name, and under the stipu-
lations following, to-wit:
ARTICLE The name and style Of this
corporation shall be, Crescent Cotton Co..
Inc, and by said corporate name it shall
have and enjoy succession and existence for
period of ninety-nine years. unless sooner
dissolved. and shall have all Of the rights.
privileges and immunites granted by law TO
corporations; and, under said corporate name,
IT shall have power and authority to CON
tract, sue and be sued, 10 make and use a
corporate seal, and to break or alter the
same at pleasure. and make all necessary
rules and regulations for its co-porte man
agement and control, and snail have and en-
Joy all the rights, privileges and immunities
which now or hereafter be granted by law
to corporations Of the same kind and char
aCter.
ARTICLE 1.-THE domicile of this corpo-
ration shall be in the City Of New Orleans.
State OF Louisiana. and all citations and
other legal processes shall be served upon
the President or, in case of his absence or
inability 10 act, upon any other officer OF
the corporation.
ARTICLE IIT-The objects and purposes
for which this corporation IS organized are
hereby declared 10 be to buy. sell, export
import, or otherwise deal IN agricultural pro.
ducts and other merchandise for lis own ac-
count or agent for others: the whole in the
State OF Louisiana or elsewhere, and this
corporation is empowered 70 do and perform
any other acts and business incidental OF
gernane to the objects and purposes herein
expressed. but this corporation shall never
engage IN speculation on the market price OF
any commodity
ARTICLE IV.-The authorized capital stock
OF this corporation is hereby fixed at the
sum OF Forty-thousand $4,000 Dollars. di
vlded into four houndred (+0O shares of the
par value OF One Hundred $4,000 Dollar.
| each; the said stock shall be issued ior
| cash, and this corporation shall commence
| business and become 4 going concern wher
the sum Of Twenty Thousand Dollars OF it,
capital stock shall have been subscribed ant
/
| paid up at the time OF its issuance and be
worcestershire. The said Appearers declare
| that they each hereby subscribe Tor the mum
| Der OF shares OF the capital stock Of thi!
! corporation set opposite their respective sig
natures hereto. No present or future stock
| holder shall ever validly sell, assign o.
| transfer. other than by inheritance any o
| the capital stock OF this corporation unit
me me same shall have been first offered =
| the remaining stockholders for the benefi
| OF those stockholders who may desire to pur
| chase the same. through the board OF direc
tors, for a period Of ten days. at the bool
value OF such stock, as shown by the book
| OF the corporation on the Ist day OF Angus
last preceding the date Of such offer. l
| shall be the duty Of the board Of directors
| promptly. upon receiving an offer of sal
OF any OF the capital stock of this corpora
| ton. to communicate the same to the stock
holders, in writing, through the Secretar
OF the Company, and each of the said stock
| holders shall be entitled 10 purchase sue
proportion OF the stock so offered for sale a
the number OF shares owned by him at tn
time bears to the number of shares owned b.
| all other stockholders desiring TO partici
pate in the purchase. No sale under fore
closure, attachment other process or b
virtue OF any power OF attorney. pledge O
hyPethecation, shall be validity made unit
the foregoing requirements have been com
pied with by the person persons. firm O
| corporation provoking such foreclosure G
| sale. The board OF directors shall have al
thorlty, however. TO waive the above r.
| quirements as to any particular hynothecz
ton or pledge of stock. by resolution adop
ed at regular called meeting of IN
| Board, or at meeting attended by all III
members of the board of directors. such RESI-
Iution being adopted in advance Of tn
pledge or hypothecation.
ARTICLE V-All the powers of this COZ
poration shall be vested in and be exercise
by board of three directors, who shall b
bona tide Stockholders Of the corporation. an
Jack Bornemann, who shall be Presiden
II. P. Vinet, who shall be Vice President
and Secretary; Emil Christ. The Board {
Directors may elect Treasurer for the CO,
poration at any time they may see fit G
they may dispense with the office of Trea:
urer, in their discretion The above name
board Of directors shall continue TO hold OF
flee until the second Tuesday of Octobe,
1919, and until their successors are eecte
and qualified. and all succeeding board
shall hold office for one year and until the
| successors are elected and qualified. Til
persons TO be hereafter elected directors fc
subsequent years shall select from anon
their own number President. Vice Pres
day Of October of each year. the stockholC
ers shall elect Board of Directors for tn
ensuing year, and in the event the ,secon
Tuesday OF October shall fall upon a leg;
holiday, then such election shall be hel
upon the next succeeding business day. III
board of directors already installed to cor
tinue in office until their successors al
elected: The election of directors shall b
by ballot, and the persons receiving III
majority OF votes cast shall be declare
elected. For electing directors or for an
other purpose, each share of stock shall
entitled TO one vote, whether present or b
proxy, but no fractional share shall be er
titled to vote A majority of the director
voting at any one time shall be required
pass any resolution or adopt any bylaw
and whicn, when so adopted. shall becon
valid COT pCrate acts, provided quorum
. he directors were present at the time of SUI
action. In case of vacancy on the Board
among the officers, caused by death, resi-
OF the Board. or for any other cause. the r
/, manning members of the Board shall ha,
: the power TO fill such vacancy. Said Boar
of Directors shall have the power to ena
, such bylaws, rules and regulations as,
their opinion, may be necessary and prop
for the management operation and contr
of the business OF said corporation. The
shall employ or approve of the employing
4 of all Of the managers. agents and employee
8 of the corporation. but the said Board sha
! | not be empowered to employ any person,
= any capacity. other than from, month
| month. or if any person be employed on
. | commission basis, such employment or e
: gagement may he terminated by one month
. | notice. At all meetings of directors ca
o director shall be empowered to vote and a
+ in person or by proxy as fully as thou
\ | himself present.
. ARTICLE VI-Notice Of all meetings
v stockholders for election of directors, or
!, any other purpose. shall be given in writ
n by the Secretary. TO be deposited in the m;
= L.