The herald. [volume] (New Orleans, La.) 1905-1953, 1919-02-13
CHARTERS


account of others, real estate, lands, tene-
ments, tramw9ys. water craft, mortgages,
mortgage notes, bonds, shares OF stock and
other securities; to lend money on property
real and personal on railroads, tramways,
canals water craft, bonds, stocks, and other
securities; 10 lease, rent, or hire property.
make leases; 10 act as broker, agent or trus-
tee, for individuals, firms or corporations;
to reclaim and improve landed property; to
lay ont town lots or suburbs, pave streets,
sidewalks, and alleys; TO put down sewer.
drainage, water and gas pipes, TO connect
with the municipal plants, or for the sole
use OF such sub divisions, 10 erect poles and
lay cOndults 10 support or receive wires tor
electrical transmission; to construct or erect,
or TO contract Tor the construction or cree
ton Of homes, teneTents, stores or other
residential, commercial or industrial build
lugS, docks. water craft tTaTlWays, ra!!-
roads, canals, workshops. horticultural and
mechanical plants; 10 encourage the pToCur-
ing OF houses Tor all classes by selling same
Tor cash on easy terms OF payment on IN
Stallmeuts or ON the homestead plan; and
generally, to do, and engage in any other
FHslneSs, undertaking, or enterprise, con-
nec;ed with. growing ont q germaue Or in
cIdeutaI TO, any OF the purposes hereluahove
set forth. or contemplated by this charter
corporation : hereby fixed at Five hundred
and five thousand lS5O5nOOW Dollars, con-
sistlng OF TWO different classes Of issue, one
thereof 20 be known as Preferred Stock and
Section l: The amount OF said preferred
stock IS fixed al the sum OF Five Hundred
Thousand (S5loD000) Dollars, divided into
or represented by five thousand shares of the
par value OF One Hundred Dollars each.
The preferred capital stock shall be entitled
by preference and priority over the common
stock OF the corporation TO dividends in each
and every year at the rate OF seven per
such dividends shall be cumulative and linn
tied TO seven per cent per annum, and said
preferred stock shall be entitled 10 no other
or further share OF the profits. The whole
or any part OF said preferred stock may be
called and retired AZ par, plus Cumulated
dividends to date OF payment, at any time,
provided that in case only part of said stock
is called for retirement, the part to be 50
retired shall be determined by lot a number
shall be placed in the allotment for each
outstanding share OF preferred stock, and
from the total numbers thus collected, mum
Der or numbers equal 10 the number OF
shares to be retired shall be drawn by lot
In the event OF any liquidation or dissolu.
tion or winding up, whether voluntary or in.
voluntary, Of the corporation, the holders OF
the preferred stock shall be paid in full
the par value OF their shares, together with
all cumulated dividends thereon, at the
rate OF seven per cent per annum to the
date OF said liquidation. and after payment
to the holders OF the preferred stock at It's
par value with said cumulated dividends
the remaining assets and funds shall be di.
vided and paid to the holders Of the common
stock, ratably according 10 their respective
shares. The Board Of Directors shall in
addition TO the foregoing have the right al
any time to buy in open market any Of the
Preferred Stock at par, plus cumuated divi
dendS thereon TO the date OF purchase In
the event this corporation through its Board
OF Directors shall acquire any OF the Pre-
terred Stock in the manner above set forth
said Board shall have the right to reissue
the shares so purchased any part thereof
q ~ less tha- I'D -,
| from time TO time in its discretion deem ad
ylsable In the interest Of the company.
Section ,: The common stock OF said cor
Ioration is hereby fixed at the sum OF Five
thousand tS5.m00O Dollars divided into OF
represented by Five Thousand shares OF tn,
par value OF one dollar each and shall h,
entitled TO such dividends as NAV be de
clared by the Board OF Directors. subject t,
me PROVISIONS OF Section /, hereof, and shall
| be entitled to share in the assets and fund
OF the corporation only in the manner pre-
| Scrlbed IN Section l. hereof. and in n,
| other way. Separate stock books and stool
registers shall be kept for each class o
stock. The whole of said stock or anv par
| thereof may be issued and delivered to an,
person. firm or corporation for the acquire
! ment OF rights, privileges, permits, fran
chlses.. property. servitudes. leases or an,
| part thereof for investment in bonds
stocks, and other securities. also for cas-
! or IN lnstallments Of such amounts as tn
| Board OF Directors may determine
Section 3: The Board of Directors shall
nave authority TO allow interest upon all in
| stallments paid on stock subscriptions at tn
| rate OF seven per cent per annun from tn
| date such payments are respectively mad
until the shares are fully paid and there
after; the shares shall be entitled to sue
alvIGends as may be declared out of til
earnings Of the Company in the manner here
lnaboye set forth. The said Board shaI
also have authority TO set aside from m
earnings OF the Company special fun
from Wnicn future dividends may be pait
as occasion shall require or warrant
Section I: The capital OF this cnrnorat;o
may be increased to an amount not exceed
ing One Millions Dollars of preferred stor
ana len thousand Dollars of common stocI
IN such manner and at such time az ma
hereafter be determined or as NAV be ne,
| mitted or authorized bv law.
ARTICLE YAH the corporate powers =
the company shall be vested in, and n
MANAGEMENT mi and control of its affairs sha
be exercised by a Board of Directors. cor
posed OF three stockholders which numbe
may be increased at such time ar TINE,
winch may be deemed advisable. TO not NM
nan nine at the discretion of the Board {
const;,,,t a majority of the directors sha
eThstitute quorum for the transaction {
all business. The directors shall he eIec
ed annually by ballot, by the stockhoIde,
on the first Monday OF November, in eac
year. Zach stockholder shall be entitled
IN person or by proxy to vote for ever
snare owned by him, without regard 70 elias,
ana all elections shall be held under sue
,uIes and regulations as may be determine
by the Board OF Directors but, after fiftee
days notice by mail of such election en-
nave been sent to each stockholder ar h;
last known address. The Directors +b,
elected shall continue in office for one Ven
or until their successors shall have bee
duly elected and qualified. No failure 70 eIet
snail be regarded as forfeiture of this Cha,
Ter. Any vacancy occurring on said Roar
shaA be filled by the remaining directors Il
the uneXpired term; the said Board shall 1ik,
wise elect the additional members in cas-
,ney should determine to increase the nun
per OF the Board. above provided Sal
Board of Directors. shall, at its first ,,ea
ing after ITS election nominate out of il
number a President two Vice-Pres;den,
and a Secretary Treasurer. 1t NAV divid
me functions Of the last mentioned Office
ana may even elect a secretary who nee
ne neither director nor stockholder 60;
Board shall have the right TO aDpo;nt an
dismiss such clerks. managers and 9th,
employees OF the corporation including n
| secretary who is not a stockholder or dire
! tor as conditions may justify or the busine,
OF the corporation may require The tenn
OF offiee OF all the employees of the cornor
ION shall be during the pleasure of II
Board Of Directors -
| AIlCIE Vino stakeholder shall ever !
neld liable or responsible for the contract
faults, or debts of said corporation nor sba
any mere informaility in its organizatiC
nave the effect of rendering this charter nu
or OF exposing stakeholder to any liabili
beyond the unpaid balance due on n
shares owned by him.
ARTICLE Widths act of inco-nora,;,
; NAV be chanpej y,odif;aJ 80