The herald., 1920-09-30
AME>DMENT TO CHARTER OF PAT
TINON CoMPNNl, LIMITED
AUGUST -3KD. 1920.

leans BE 10 known that uu nv, twenty
third day Of Tn" month OF August. FOO tic
twenty. and OF the lud-rrud,U,r of the
United States of America. thr one hundred
and 1orry-ftlh. h"'ur, mr. Felix j. PUG.
notary public. duly commissioned and
qualified IN and for g." Parish OF or
leans. state of Louisiana and therein re-
siding ami iH the presence of the vii.
Hr>~"~ hereinafter named aud undersigned
Personally came and appeared Mr.. Alfred
!. Iatu~"n. President OF PHtu~an ~
Company, Limited. and Mr. Charles p.
pHtti>uu. Secretary -Trya~urpr. of suid
company. corporation organized Uuirr
the laws of the State OF Louisiana. 10y
At b,fuTe ". Morgan GurI.y, notary
public. Oh February Fl 1905. recorded IN
Mortra-e office book NNl. folio d. Feb
ruury u. 1905. Of thr records Of the FAR
ibh OF orleans. said corporation being
iomiciled in the city Of New orleans.
Who declared that 10y a resolution and
yOt" adopted and voted AT special meet
Ing of the stockholders of PatfI~ou \
Company Limited. h,I ~ the oni., OF
Ia" company az 50 Common Street ON
the twenty -ur>t day Of August. 1870. held
10y consent OF all OF n" Sto.kholirr, OF
said corporation and upon waiver Of
notice Of tim" aud place of said meeting
signed by all stockholders at which meet.
iu- all stockholders of record S'T" pres.
rut in person II WAS voted unanimously to
amend and re-"ua"t Articles three. four
puratiDu ia th, words and figures herein
after set out. an of which APPEARS from
the certified copy OF the minutes of said
meeting hereto annexed and made part
hereof
Appearers further declared that the,
were authorized and directed M said meet
ing to appear before me, Notary. and q"
execute the proper uoiarial Act and d"cl8-
ration Of said amendment required by law
for the purpoS" Of aiiordiuS authentic rs1-
rrcnct and permanent record.
said appcarers further declared that Ar
ticlrs three. four. five. ard six of the
Charter Of this company were by unaHi-
nous vote OF all of III" stockholders
amended and re-enacted TO read as fol
lows:
ARTICLE UI.-The objects and pur
poses for which this corporation is or
ganizd and the nature OF the business To
be- carried on by Il are hereby declared
to be:
To buy and sell general merchandise Of
all kinds both for its own account and on
commission. both at whol"Sal" and at re-
tail and TO manufacture articles of Nor
ChandtSp and TO do a general import ana
export business. and to that end to buy.
sell. lease. charter and hIr" vessels or
other methods of transportation in con
uectiou with its business. To establish
branches or agencies Of said business nj
any place or places that TIA" Bourd of hi
rp,tOrS NAV deem advisable. whether III
the United States or in foreign countries.
to buy, sell. lease. Sub-leaSo and mort
gage and pledge, or otherwise hNpothecat'
real estate. stocks. bonds or other >ccurl-
ties. as the Board of Directors may de
tormine.
ARTICLE IV.-Thc capital stock Of this
CORPORATION is hereby fixed at the sum of
Sryruty-hyr thousand t<15roOOOi dollars.
divided into and represented by seven hun
dred and nifty GJO) shares OF III" par
value Of ono hundred (SluO.ODl dollars
each Said stock shall he of two classes.
preferred and common.
The amount of preferred stock shall be
twenty-five thousand t$2iW0OW dollars
and such preferred stock shall he entitled
by preference over the common STOCK To
dividends in each and every year at tn
rate vt seven "a per cent per annum. b"
ginning August 1>t. 1920. payable semi
annually on March ]. and October !, ont
of the net profits. which dividends shall
be cumulative. Upon dissolution or liqui-
dation the preferred stockholders shall be
paid par value and seven per cent Cumu-
lative dividends TO date Of liquidation ~
preference over common stockholders. No
voting power shall vest in such preferred
stock.
The amount OF common stock shall be
fftv thousand (S1OOOOOI) dollars, divided
into and represented by five hundred (JGl
shares of the par value Of one hundred
(SlO0OO dollars each, twenty thousand
$50 OOO OO) dollars of which is already is
sued and outstanding.
The twenty thousand $50 0OOOO dollars
of capital stock which is already issued
and outstanding shall be surrendered and
cancelled. and there shall be issued IN
lieu thereof. to the holders thereof an
equal amount, dollar for dollar of com
mon stock, according to their respective
holdings.
The common stock shall be entitled to
such dividends as the Board of Directors
may declare subject to the prior payments
of the cumulative dividends upon the pre-
ferrpd stock as heretofore provided and
in the event of liquidation or dissolution.
the common stock SHAH be entitled TO all
assets of the corporation after payment
of all debts preferred stock and cumula-
tive dividends. If any. All voting powers
shall be vested exclusively in the com
mon stock.
The preferred stock may he increased
TO one hundred thousand (SlOOOOOOO) dol
lars and the common stock may he in
creased to two hundred thousand tS2OOOo)
dollars. All stock shall be issued for cash
or its equivalent including good will As
authorized by law or may be issued at
not less than par in payment for prop
erty actually purchased or for services
actually rendered the corporation or thu
same may be issued fully paid for money
advanced or for such other valuable con
Sideration or services as the Board OF ID
rectOrS may determine. All capital stock
not already issued shall be issued az such
time ana upon SuCn terms anu 'OHultlOhs
as the Board of Directors shall determine.
subject to legal requirements. All stock
shall be fully paid and worcestershire ana
no transfer of stock shall be binding upon
the company unless recorded upon the
comDany's books and a prior lien on all
shares of stock shall be retained by this
CORPORATION on the stock OF any shareholder
for any Indebtedness secured or unsecured
however evidenced or created due nj any
time 70 the corporation by the holder or
said stock. and all transfers OF stock snail
be made subject to these conditions.
No shareholder of the company shall at
any time offer for sale or sell his stock,
preferred or common. either privately or
in the open market without having preNl-
ousIy offered said stock at its book value
to the other stockholders of this company
by means Of a written communication ad-
dressed TO the ranking officer of the com
many. nresent in the CITY Of New Orleans
at the time Such ranking officer. upon
receipt Of such communication. shall with.
in five DAYS of the date OF such offer mail
n written notice addressed to each stock
holder of the company at his last known
address stating the number and char
Dctqr of shares so offered and the price
thereof. Failure by any stakeholder to
reply within ten days of the date of said
communication shall be considered as a
refusal on his part to purchase any or
the stock so offered. Should the number
of shares which various stockholders in
repIy to said notice signify their desire TO
purchase exceed the number of shares thus
offered. such offered shares shall be dis
tributed to the prospective purchasers IN
such proportions as the Board OF ~
rectors deem best. Should said stock
holder make any sale in violation OF TINS
clause. same shall be null and void. Each
share Of common stock shall entitle the