The herald. [volume] (New Orleans, La.) 1905-1953, 1920-04-01

timber yards. in the state of Louisiana,
or elsewhere: to acquire by purchase,
lease or otherwise. patents and inventions
that might he used for the purposes of
the business of this corporation. and
generally TO do and perform any and
all things necessary or convenient To carry
on said objects and purposes.
ARTICLE IN.-The capital stock of this
corporation i hereby fixed nj the sum of
twenty five thousand (S25 OOO.OOD dollars.
divided into two hundred and fifty t2i0i
shares of the par value of one hundred
(SlW.OOl dollars each. provided. that the
amount to which the capital stock of this
corporation may he increased shall be
fifty thousand tSJ0.O00.O0) dollars. or five
hundred t.Ol 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 (rcal or PERSONAL. 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 ef-
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 (200) shares
| 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 267 Of 1914, shall he com
piled with strictly.
! ARTICLE V.-AII 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, ut least one full
paid share of stock, two of whom shall
constitute quorum for the transaction
| of business
| ARTICLE VI-The officers of this cor
| pOration shall consist of a president. vice
! president. secretary and treasurer. all
| 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. liz Napoleon avenue,
| New Orleans, La; William NJ. Turnage,
! POntchatoula, Lat; Elizabeth Jensen, No.
! 1927 Napoleon avenue. New Orleans, La
William &. Zickgraf. Jelico. Tennessee.
All residents of the state of Louisiana
| except William &. Zickgraf. as above
stated. with Nelson Jensen. president
William NJ. Turnage. vice president; Eliz-
| abeth Jensen. secretary, and William {.
| Iirkgraf. treasurer, and these directors
| shall hold office until the second Tues
| ccSSOrS are duly elected and qualified.
| Thereafter the directors shall be elected
! annually on the second Tuesday of March
| Of each year all elections of directors
shall be by ballot. and each stockhOlder
shall he entitled to one vote for each
share of stock standing in his name on
the books of this corporation. this vote 10
he east in person or by written proxy,
and ii shall require two-thirds of the
stock present or represented to elect.
Failure to hold an election for dircc-
tors on the second Tuesday of March
| 1921. or annually thereafter, shall not
work a forfeiture of this charter. but the
old board of directors shall remain in
office until their SUCCESSORS are duly
| elected and qualified.
| ARTICLE VIT.-The board of directors
| shall hold regular meetings at such times
as shall he fixed i'm the bylaws of this
| corporation. These meetings shall be held
ut the dOmicile of the corporation, hut
the president may call special meetings
of the board of directors at such times as
! he may deem advisable. and he shall bf
required to call such special meetings al
the request of a member of the board OF
directors. Three days written notice o
such special meetings shall he given u
the directors. ANY vacancy occurring IL
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 shall have occurred Tn
? first board of directors of this corpora
ton shall he 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.
2 ARTICLE YIII.-The stock of this col
= pOratiOn may be transferred. provide
= such transfer shall be recorded on tn
books of this corporation before 1t sha
= be required TO recognize the transfer O
= the new holder of said stock. The tot;
o amount of the subscribed stock as herei
4 set forth. is the sum of twenty thOusan
o (S2O.0O0.0O) dollars, or two hundred i2Ot
!, shares, which are hereby authorized to b
n issued fully paid for and non-assessabl
= for cash.
r In the event that any stakeholder, az
r sires to sell his stock. or any part Q
r portion thereof he shall first offer sam
g to the remaining stockholders. in proper
: ton to their respective holdings at II
: book value. This offer is TO be made
r appear by letter addressed to each stock
;, holder at his last known address. 4
{: the expiration of which time. the sal
: stakeholder desiring to sell his stool
d shall be at liberty to do so at whateye
z price and to whom he shall please.
q ARTICLE IX.-This charter may