The herald. [volume] (New Orleans, La.) 1905-1953, 1919-08-07

eacn DINER; provided, that the other stock
| holders desiring to sell shall not be re-
| CURED to take all of the stock of the stock.
| holders desiring to sell, but shall have the
option to take any part of it, at the price
| at which bona fde offer may have been
received by the stakeholder desiring to SELL
for the whole amount offered; and if the to-
tai which the other stockholders desire to
purchase is less than the total offered for
sale, then, after each of the other stockhod-
ers shall have taken and paid for the amount
OF stock which he or she desires to buy,
the remainder undertaken shall be open for
purchase by the corporation ITSELF and un-
less prohibited by law, the corporation may
itself use and apply its surplus earnings or
accumulated profits to the purchase, from
any stakeholder desiring to SELL of any DOR
ton of that stockholders stock which none
OF the other stockholders may desire to ac-
quire, at the same price as said stock shall
have been offered to the other stockholders;
provided that the corporation shall not ap-
ply any of its capital to the purchase of such
stock, but shall always maintain its capital
unimpaired and invested in other property
and in securities. The corporation shall
have the right to refuse, to transfer any
stock so long as the shareholder demanding
the transfer is in any way indebted
to the. corporation and the corporation
shall have lien, pledge and privi-
lege on each share of stock to secure
any Indebtedness due by the shareholder to
the corporation. Should any of the stock
offered for sale be not desired by any of
the other stockholders, and should the cor
poration itself be unwilling or unable to pur-
chase any of the SANG out of its surplus
earnings within ten C0) days from the
receipt at the corporations office of the writ
ten offer to sell, then, and then only, shall
the stakeholder desiring to sell be entitled to
transfer such undesired portion of the stock
to such person or persons as he may see fit,
for not less than the price at which he or
she has offered the stock to the other then
stockholders and to the corporation The
provisions of this article shall be printed upon
the face of each certificate issued by the
corporation, and shall be binding upon every
person now hereafter becoming a stock
holder in this corporation, all of whom. take
such stock subject to the provisions hereof;
and all pledged, hypothecations, or other
encumbrances of said stock, shall be subject
hereto
ARTICLE VI.-All corporate powers of this
corporation shall be vested in and exercised
by board of directors composed of five
stockholders. A majority of the directors
shall constitute a quorum for the transaction
of business. Said directors may vote in
person or by proxy written or telephoned
at any and all meetings of directors, regular
or special, but no director, whether acting
as presiding officer or otherwise, shall
be entitled, on any question, to more than
one vote. The board of directors shall be
elected annually on the first Monday of
May of each year after date hereof, the first |
election to be held in 1920. TIL first board |
Of directors shall be composed of John " |
Stewart, Andrew Stewart, William P. Stew
art, Louis Plauche and Thomas B. Davis. |
with John N. Stewart as President Andrew