The herald. [volume] (New Orleans, La.) 1905-1953, 1920-04-08

timber yards. in the state of Louisiana,
or elsewhere; to acquire by purchase,
lease or otherwise, patents and inventions
that might be used for the purposes of
the business of this corporation; and
generally to do and perform any and
all things necessary or convenient 10 carry
on said objects and purposes.
ARTICLE IV.-The capital stock of this
corporation is hereby fixed ut the sum of
twenty five thousand (S2J. 0O0.00) dollars,
divided into two hundred and fifty (2jO)
shares of the par value of one hundred
(SlO0.O0) dollars each, provided, that the
amount to which the capital stock of this
corporation may be increased shall be
fifty thousand (S5O.0O0.OO) dollars. or five
hundred (J00) shares, of the capital stock
of this corporation must be subscribed
before the filing of the articles of incor-
pOration. The subscribed capital stock of
this corporation shall be payable in cash,
property (real or personaD, for labor and
services rendered and performed.
No stakeholder shall ever be held liable
or responsible for the faults, contracts or
debts of this corporation in any further
sum than the unpaid balance due the
corporation on the shares of stock sub
Scribed by him, nor shall any mere in
formality in organization have the eff
feet of rendering this charter null, or of
exposing any shareholder to any liability
whatsoever.
This corporation shall not engage in
business until two hundred (2OO) shares,
or twenty thousand (S2OOOO.0O) dollars of
the capital stock shall have been issued
| and paid in. in cash or for property, or
for cash and property, and If any stock
of this corporation is exchanged, either
in whole or in part for property or good
will, in that event the provisions of sec
! ton of Act 261 of 1914, shall be COM
| piled with strictly.
| ARTICLE Van the corporate pow
! ers of this corporation shall be vested in
and exercised by board of directors to
be composed of three stockholders, each
| of whom shall own in his own right, dur
| ing his term of office, at least one full
paid share of stock, two of whom shall
| constitute a quorum for the transaction
| of business.
| ARTICLE vI-The officers of this cor
pOration shall consist of a president, vice
| president, secretary and treasurer, al
| of whom shall be members of the board
| of directors.
The following named persons shall con
| stitute the first board of directors, to-wit
| Nelson Jensen, No. 1927 Napoleon avenue
| New Orleans, La; William NJ. Turnage
POntchatOula, La: Elizabeth Jensen, No
| 1927 Napoleon avenue, New Orleans, La.
| William C. Zickgraf, JellicO. Tennessee
All residents of the state of Louisiana
except William &. Zickgraf, as above
stated, with Nelson Jensen, president
| William VI. Turnage, vice-president; Eliz
abeth Jensen, secretary, and William c
| Iickgraf. treasurer. and these directors
shall hold office until the second Tues
| day of March. 1921, or until their sue
cessors are duly elected and qualified
| Thereafter the directors shall be elected
annually on the second Tuesday of Marcel
! of each year; all elections of director:
shall be by ballot, and each stockholdel
| shall be entitled to one vote for each
share of stock standing in his name OF
| the books of this corporation, this vote tC
| he east in person or by written proxy
and it shall require two-thirds of the
stock present or represented to elect
] Failure to hold an election for direc
| tors on the second Tuesday OF March
| 1921. annually thereafter. shall moi
work a forfeiture of this charter. but th'
old board of directors shall remain II
| office until their successors are dull!
| elected and qualified.
ARTICLE VII.-The board of directors
shall hold regular meetings at such time!
| as shall be fixed in the bylaws of mi
corporation. These meetings shall be hell
Mt the domicile of the corporation, bu
the president may call special meeting
| of the board of directors at such times a
he may deem advisable and he shall b.
required to call such special meetings a
the request of a member of the board o
directors. Three days written notice o
such special meetings shall be given Z
the directors. Any vacancy occurring II
the Board of directors, either from death
resignation or inability to serve, shall b.
filled by the remaining board of direc
tors at Its next regular meeting afte
SUCH vacancy snail nave occurred. II
first board of directors of this corpora
ton shall be required to draft suitabl
bylaws for the government of this cor
poration, which may be altered. amende
or changed as the exigiencies of the cas-
may require.
: ARTICLE VIII.-The stock of this col
poration may be transferred, provide
such transfer shall be recorded on II
books of this corporation before it sha
be required to recognize the transfer
the new holder of said stock. The tot
Q amount of the subscribed stock as herei
1 set forth. is the sum of twenty thousan
0 (S20.0O0.O0) dollars. or two hundred (2O
l. shares. which are hereby authorized to
D issued fully paid for and non-assessabl
: for cash.
r In the event that any stakeholder, d
r sires to sell his stock, or any part
r portion thereof, he shall first offer san
g to the remaining stockholders. in propo
= ton to their respective holdings, at
: book value. This offer Is to be made
r appear by letter addressed to each stoc
J, holder at his last known address.
I: the expiration of which time. the sa
: stakeholder desiring to sell his stoc
q shall be at liberty to do so at whatev
z price and to whom he shall please.
ARTICLE IX.-This charter may