The herald., 1920-06-24
CHARTER OF TULANE OIL LAMB AND
IMPROVEMENT COMPANY, INC,

CHARTER OF TULANE OIL LAND AND
IMPROVEMENT COMPANY. INC.
United States of America. State of Lou
| iSiana, Parish of Orleans. City of New
Orleans. BE it known, hat on this 3lSt
| day of the month of May in the year of
our Lord. one thousand nine hundred and
twenty, and of the independence of the
United States of America. the one hun
dred and forty fourth, before me. Edward
Alexander Parsons. a notary public in
ana for the parish of Orleans. state of
, Louisiana. duly commissioned and quail
fled. and in the presence of the witnesses
hereinafter named and undersigned. ppr-
Sonally came and appeared the persons
whose names are hereuntO subscribed and
who declared that availing themselves of
the provisions of the general laws of the
state of Louisiana. relative to the organ
iZatiOn of corporations. they have cove
nanted and agreed. and do by these pres
entS, covenant and agree and bind. form
and constitute themselves as well as such
other persons as may hereafter join or be
come associated with them. into an as
ISOLATION and body polite in law for the
objects and purposes and under the agree
mentS and stipulatiOns hereinafter set
forth:
ARTICLE 1.-The name. style and title
of this corporation shall be: Tulane oil
Land and Improvement Company, Inc ."
and under that name il shall have and
enjoy all the rights. privileges. advan-
tageS. power and authority. conferred by
the constitution and laws of the state OF
Louisiana upon corporations. 1t shall ex-
list for a period of ninety-nine years. nm
less otherwise dissolved.
1t shall have the power and authority.
in its corporate name, to contract to sue
and be sued: to make and use a corporate
seal. the same to break, alter or amend
: at pleasure; to buy and sell. to hold. own.
. lease, mortgage, hypothecate and pied 90
nF0nprtV oil nd fxaI
Sary, incidental to or proper for the car
rying on of it's business. and to name,
elect and appoint managers. directors and
clerks or other employees to properly con-
Duct ITS corporate business and to make
such bylaws, rules and regulations as
may be found necessary or desirable for
the management of this corporation, and
generally to do every other act matter or
thing. necessary for the complete and
proper carrying on of said business.
ARTICLE 1.-THE domicile Of this cor.
poration is hereby declared to be in the
city of New Orleans, state of Louisiana.
All citation and other legal process shall
be served upon the president, and in the
absence of the president, upon the vice
president, and in the absence of both of
them, upon the secretary treasurer of the
corporation.
ARTICLE III.-The objects and DUR
poses for which this corporation is or
ganized, and the nature of the business to
be carried on by it are hereby declared
to be:
To acquire, own, buy, lease. sell mort
gage, hypothecate and pledge property,
real, personal and mixed, and particular
~ TO develop mineral oil and gas lands
In the state of Louisiana, other states of
the United States of America, and for
eign countries, and generally to do and
engage in any business. enterprise or I'M
dertaking connected with, growing out Of
incidental or germane TO any of the OBJ
GAt nrfh an
templated by this charter.
ARTICLE 1N.-The capital stock of this
corporation is fixed at the sum of twenty
five thousand tS25,000.O0) dollars. divided
into two hundred fifty shares of 500. 90
each. Said stock shall be represented by
certificates of stock, siSnec by the presi-
dent and abe secretary treasurer, and in
the absence or inability to act of the
president, by the ce-president. Said
stock shall be issued at such times and in
such amounts, for such price and upon
such terms and conditions as the board
OF directors may see fit and proper and
shall be paid for in cash or its equiva-
lent in property, as the board of direc-
tors may decide. All shares shall be full
paid and worcestershire. Said stock shall
be transferable only on the books of the
company, and on the surrender or due
proof of loss of the original certificate
No stakeholder shall have the right TO
sell or otherwise dispose of his stock in
this corporation without first offering
same TO the corporation at the book valu-
alton thereof, as determined by the books
OF this company, and this corporation is
authorized to purchase said stock at said
book valuation for the benefit Of the other
stockholders of the corporation.
The capital stock may be increased to
one hundred thousand (S100 0O0.0O) dol
lars.
ARTICLE v.-This corporation shall be-
gin business and be a going concern as
soon as one half of it's capital stock shall
have been subscribed and as soon as one
half the amount of said subscription has
been paid for.
ARTICLE VI.-All the corporate pow
ers of this corporation shall be vested
in and the management and control of its
business and affairs conducted by a board
of directors, composed of seven stock
holders, four of whom shall constitute
quorum; no member of said board to own
or subscribe for less than one share of
stock. Said directors shall be elected by
ballot at a general meeting of the stock
holders on the second Monday of May,
1921, and annually thereafter on that day
Every stakeholder shall be entitled. in per
son or by proxy, to one vote for every
share of stock owned by him. All cleo
tons shall be held under such rules and
regulations as may be determined by said
board of directors. Ten days written no.
tice, directed TO the last known address of
every stakeholder shall be given of all
elections.
The directors thus elected shall con-
tinue in office until the second Monday
of May, 1922, or until their successors
shall have been elected and qualified: any
failure TO eject officers or directors shall
not be considered as a forfeiture of this
charter. Any vacancy occurring in the
board of directors shall be filled by the
remaining directors for the unexpired
term. A majority Of the stockholders at
meeting shall constitute a quorum for the
transaction of any business.
Said board Of directors shall, at its first
meeting after its election, elect out of its
own members president. a vice presi-
dent and a retary-treasurer; and said
board shall have the power I'm its discre-
ton to unite two or more officers, the
same to confer upon one person. Said
board shall have the power to appoint and
dismiss such officers, agents, clerks and
employees as they may deem advisable
and to fix their compensation.
Said board Of directors is specially
vested with the power and authority to
mortgage or pledge the property, real.
personal and mixed of the corporation as
they may deem fit and proper; to pur-
chase. hold, own, mortgage, pledge, lease
and dispose of real estate. improved and
unimproved, city or country; to execute
mortgages, issue notes. bonds and other
evidence of debt, and to borrow and lend
money on same to and from individuals,