The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-16
CHARTER.

holders in proportion to the number o
shares held by them at the time of the is
suance of the new stock. Part of the stool
has been paid for in property, as per an
neXed inventory.
ARTICLE V.-The capital stock of thi
corporation may be paid for either il
money. property or labor done and in con.
SideratiOn of the transfer by SeabrOn o
Brock. of the property described in the in
yentory attached hereto. the corporation
has given and transferred to the said Sea
brOn o. Brock fOrty-fOur shares of tn,
capital stock of this corporation in pay.
ment of the property described in said in.
ventOry and has granted full discharge
and acquittance to him for fOrty-fou
shares of the capital stock of this corpora.
ton.
ARTICLE VINO stakeholder shall ever
be held-"liable or responsible for the in
debtednesS, faults or defaults of this cor.
poratiOn. nor shall any mere infOrmalty
in the organization Of the corporation have
the effect of rendering the charter null,
or of exposing the stockholders TO any
liability beyond the unpaid balance, il
any, on his stock subscription. Should
any stakeholder desire TO sell his stock.
he shall first offer the same TO this cor
poratiOn itself, through its Secretary
Treasurer which shall have first prefer
ence thereon, and then to the stockholders
or the company, at its book value. and the
stockholders who desire to purchase shall
have the right to purchase the same in
the proportion to their respective holdings
of stock in the company Should any
Stockholder not wish to purchase his pro-
pOrtionate share, then his share shall be
offered to the other stockholders proper
uonate TO the number of shares owned by
them; should this corporation, or said
stockholders, in fifteen days after notice
having been given in writing. fail or re-
fuse to purchase the stock offered for sale,
such stock may be sold to anyone. No
transfer or stock shall be made or held
10 be valid and binding unless made in
pursuance to the provisions of this char
ter.
ARTICLE VII.-This corporation shall
nave all powers granted to such corpora
uohs by law and shall have the power to
contract, sue and be sued in its corporate
name, ana 10 own, hold, receive loan
tease, purchase, sell and convey or mort
gage any or all of it's affairs, or to hypoth.
ecate Its property, and to do any and all
acts and things of any kind, nature or
description as may be necessary TO carry
out the objects and purposes of said bnsi.
ness as its interests and conyeniences NAV
require. '
ARTICLE VIII.-The business of this
corporation shall be directed by and vest
ed In Board of Directors. consisting Of
three members, two of whom shall consti.
tute a quorum for the transaction of bust
ness, and the said Directors as first con-
STUFFED shall be Seabron q. Brock Hardie
T.. Claunch and J. NJ. Hendrix, and they
snail hold office until the last Monday in
November, 1921, and on that day, and on
the same day thereafter, elections shall he
heid annually for Directors at the princI-
pal office of the corporation. Failure to
hold an election on the day specified shall
not dissolve the corporation. but the Direc-
tors in Office shall hold their resnectiye
otnceS until an election shall be held after
thirty days notice of the time and place
thereot given to each stakeholder The
annual election shall be held on the last
Monday in November. 1921. and thereafter
on the last Monday of November Of each
succeeding year, and the election shall be
held between the hours of two and four
clock p. m. All vacancies on the Board
or directors, for whatever cause, shall be
MED by the remaining Directors. Seabron
y. Brock shall be the first President: Har
nie r. Claunch shall be the first Vice Pres
ldent and J. NJ. Hendrix shall be the first
and they shall hold
VaaIe until the last Monday in November,
IS<l, or until their successors are elect
eI ana each succeeding Board Of Directors
sRaIi elect its principal officers for the term
~ rhelr election, and only stockholders
snail IN be eligible for election as a member
OF the Board of Directors Directors NAV
act either in person or by proxy. All CON
ttdcIs' commercial obligations and bank
.ihecks shall be signed by the COMPANY.
the President or, in his absence
-. T or inability to act, by the Secre-
v
pio.dtloh shall hold their employment sub
Joct 10 the pleasure of the Board of Di-
rectors thereof
AhilCLE 1X.-Whenever this corpors-
eo Is dissolved, either by limitation or
IL, ,Tn any other cause, its affairs shall be
riquldated by two or more Iauidators
,ia.,,S Dy the stockholders, but which
ny. quiTuators need not be stockholders, who
~, hereby vested with full power to sell
amS VI All assets Of the corporation, either
:, t"ialtl! or In mass, at public or mi.
'aie SAFE and to convey full and complete
,Itie Ihereto, and shall have full power 70
10 ana perform all acts necessary and
proper TO fully and completely HGuidate
me anairs and distribute the proceeds n
my, among the stockholders of This cor
ZACH. SWIM nelu Dy
ARTICLE X.-This act of incornoratior
nay be amended, altered or modified. or |
MS corporation dissolved in the manner
provided by law.
Ihus done and passed in my notarisl
NICE in the City Of New Orleans, State Of
.ouisiana, on the day, month and wear
rst hereinaboye written. in the presence
I +: Rivers Richardson and WIN. III
wright, competent witnesses, who have
ereunto signed these presents. together
lth the said parties hereto and me. No.
iry, after reading Of the whole.
Original signatures omitted.)