The herald. [volume] (New Orleans, La.) 1905-1953, 1920-10-07
CHARTER.

ARTICLE III.-The objects and pur-
poses for which this corporation is Gre
ated, are hereby declared to be to engage
in the general automobile business: to
buy. sell and deal in automobiles, auto
mobile parts and accessories including the
sale and purchase of gasoline, and to do
a general automobile storage business, by
day, week or month, under such terms and
conditions as the Board of Directors may
deem fit and proper, as well as to engage
in the automobile repair business, and all
other lines of business identified with or
incident to dealing in and repairing auto
mobiles.
ARTICLE IV.-The capital stock Of this
corporation is fixed at the sum of nine
thousand (S9,OO0O0) dollars, divided into
seventy-fve (75) shares of a par value of
one hundred dollars ($100O0) each. All
shares of stock shall be full paid and non
asseSsable and shall be paid for in cash
or in property taken over by the corpora
ton. No transfer of stock shall be bind
ing upon the corporation unless made
upon its books and all certificates OF
stock shall be signed by such officers as
may be designated by the Board of Di-
reCtOrs.
This corporation shall have the right to
increase its capital stock to the further
sum OF fifty thousand dollars (S5OGOO.Oo)
to be divided into shares OF one hundred
dollars ($lOOOO) each. provided said IN
crease in the capital stock shall have been
authorized by the stockholders at meet
ing to be held pursuant to the provisions
of Article V of this charter.
ARTICLE N.-All the corporate powers
of the Company shall be vested in, and
the management and control of its affairs
shall be exercised by a Board of Direc-
tors composed of three stockholders, n
majority of whom shall constitute a
quorum for the transaction OF all bust
ness. The Directors shall be elected an
nually by ballot on the fifteenth day of
February in each year. Each stOckhold-
or shall be entitled. in person or by proxy,
TO one vote for each share of stock owned
by him, and all elections shall be held
under such rules and regulations as may
be determined by the Board of Directors,
after fifteen days notice by mail of such
election shall have been sent to each stock
holder at his last known address The
Directors thus elected shall continue In
office for one year, or untll thelr success,
sors shall have been duly elected and
qualified. No failure to elect shall be re
garded as a forfeiture of this chartur.
Any vacancy occurring on said board
shall be filled by the remaining Direc-
tors for the uneNpired term. The said
Board shall. at the first meeting after its
election, nominate. out of its number, a
President Vice President and Secretary
and a Treasurer The offices of Secretary
and Treasurer may be held by one per
son. Said Board shall have the right to
appoint and dismiss such clerks, mana
gers and other employees of the corpora
ton as conditions may justify, or the
business of the corporation may require.
The tenure of office of all employees of tho
corporation shall be during the pleasure
of the Board of Directors. Any of the hi
rectors or officers shall have the right To
appoint. by written instrument another
Director or stockholder to act as his
proxy. and in his stead. at any and all
meetings of the Board Of Directors.
ARTICLE Vino stakeholder shall
ever be held liable or responsible for the
contracts, faults or debts of said corpora
ton, nor shall any mere informality in its