The herald., 1919-01-23
CHARTER OF CRESCENT COTTON
CO., INC

CO., INC.
United States of America State Of Louis
Iana, Parish OF Orleans, City Of New Or
! leans. Be it known, that on This. the second
our Lord, One Thousand, Nine Hundred and
Nineteen, and OF the Independence Of the
| United States OF America the one hundred
and forty-thIrd; before NE, Charles F. fetch
and qualified in and for the City, Parsh
| and State aforesaid, therein residing. and in
| the presence OF the witnesses hereinafter
named and undersigned, personally came and
| appeared tn several persons whose names
are hereunto subscribed, who declared that
availing themselves of the provisions Of the
| laws Of this State relative to the formation
and organization OF corporations, they have
| covenanted and agreed, and do. by these
| presents. covenant and agree and bind them
selves, well as those who NAV hereafter
become associated with them, to form them
selves into corporation for the objects and
purposes, with the name, and under the stipu-
latlOns following, to-wit:
ARTICLE 1.-The name and stvIe NJ This
corporation shall be. Crescent Cotton Co..
] Inc, and by said corporate name il shall
nave and enjoy succession and existence for
period OF ninety-nine years, unless sooner
| dissolved. and shall have all of the rights.
privileges and immunities granted by law 10
corporations; and. under said corporate name.
II shall have power and authority 10 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 corporte nan
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
ARTICLE 1.-THE domicile of this corpo-
ration shall he in the City of New Orleans.
state OF Louisiana. and all citations and
other legal processes shall be served upon
fHNa D-aE Tla--s
inability TO act, upon any other officer of
the cornoraton.
ARTICLE III.-The objects and purposes
Tor which this corporation is organized are
hereby declared 70 be 10 buy, sell, export.
import. or otherwise deal III agricultural pro
duets and other merchandise for its own &C
count or agent for others: the whole in the
State Of Louisiana or elsewhere and this
corporation is empowered TO do ard perform
any other acts and business incidental or
Vermane 10 the objects and purposes herein
expressed. but this corporation shall never
engage IN sneculation 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-
vided into four houndred 600 shares OF the
par value OF One Hundred $4,000 Dollars
each: the said stock shall he issued for
casn' and this corporation shall commence
business and become a going concern when
the sum OF Twenty Thousand Dollars OF its
capita! stock shall have been subscribed and
paid for. The said stock shall be fully
paid up at the time OF its issuance and be
nom asseSsable. 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 validlv sell. assign nv
transfer, other than by inheritance, snv Of
the capital stock of this corporation until
the same shall have been first offered to
the remaining stockholders for the benefit
OF those stockholders who may desire to 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 hook
OF the corporation on the lst day of August
last preceding the date of such offer. 1t
snall De the duty of the board of directors,
promptly. upon receiving an offer of sale
OF any OF the capital stock of this CORPORA.
tlon 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 of shares owned by him at the
time bears TO the number of shares owned by
an other stockholders desiring to partici-
pate IN the purchase. No sale under fore
closure, attachment or other process or bv
virtue OF any power Of attorney, pledge or
hypothecation, shall be validity made until
tne foregoing requirements have been COM
Piled with by the person or persons firm ar
corporation provoking such foreclosure or
sale The board of directors shall have an
thority, however. to waive the above re-
quirefnentS as to any particular hypotheca-
non or pledge OF stock. by resolution adopt
Cd at regular called meeting of the
Board. or at meeting attended bv all the
members of the board Of directors. such reso-
luton being adopted in advance of the
pledge or hypothecaton
ARTICLE YAH the powers of this cor
poratIon shall be vested in and be exercised
by a board Of three directors, who shall be
bona fide stockholders of the corporation. and
the first board OF directors shall consist OF
Iack Bornemann, who shall be President
II. p. Vinet, who shall be Vice-President.
and Secretary; Emil Christ The Board OF
directors may elect 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
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 President, a Vice Presi.
dent and Secretary. On the second Tues
day OF october of each year, the stockhold-
ers shall elect Il Board of Directors for the
ensuing year. and in the event the second
tuesday OF October shall fall upon legal
holiday, then such election shall be held
upon the next succeeding business day the
board OF directors already installed to con-
tnue in office until their successors are
elected The election of directors shall be
by ballot, and the persons receiving the
majority OF votes cast shall be declared
elected For electing directors or for any
other purpose. each share of stock shall be
entitled to one vote, whether present or by
proxy, but no fractional share shall be en-
titled to vote. A majority of the directors
voting at any one time shall be required to
and whicn, when so adopted. shall become
valid cooperate acts, provided quorum of
he directors were present at the time of such
action. In case of vacancy on the Board or
among the officers, caused by death, resig-
nation or removal by two-thirds of the vote
OF the Board. or 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 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, or for