The herald., 1920-06-10
CHARTER.

holder of Common Stock OF the desire of
the member aforesaid to sell said STOCK
ARTICLE y.-The capital stock Of this
cornoration shall be Ten Thousand dol-
lars. tslO,OO0.OO) divided into sixty low
shares of Common Stock Or the par
value of one Hundred Dollars per snare.
and Forty shares of Preserved STOCK OF
Tho mar value of One Hundred Dollars
ner share. which said Preferred Stock
shall be non voting and on-partlclpatlhg
stock which shall bear eight per cent IN
terest payable annually, 5nG the holders
thereof shall be preferred in the payment
of dividends of any net profits or earned
surplus over Common Stockholders, ana
said Preferred Stock shall be subject 10
redemption in whole or in part AT any
interest paying period without previous
notice: stock may be issued i'll exchange
for property. good will. services or Tor
the stock of other corporations.
Fifty per cent of the capital stock OF
this coronation must be actually SUD
Scribed before the filing Of articles of in
corporation. and fifty per cent OF the
said amount so subscribed shall be ac-
ruaIIy paid in before the corporation en-
cages in business, and the remainder
within tweIye months thereafter. The
capital stock may be Increased TO one
Hundred Thousand Dollars by a TWO
thirds vote of all Common Stock.
ARTICLE Who stocHnOlder shall ever
faults or debts of said corporation In any
further sum than the unpaid balance due
aud owing on stock subscribed by hlil'
or purchased by him. nor shall any mere
infOrmality in organization have the Ell
feet of rendering this charter null, or
of exposing any stakeholder to liability
other than as hereinabOve provided in this
article.
ARTICLE VII-Thr< corporation may. at
a meeting of stockholders duly called Tor
the purpose. by NOje of two-thlrds OF
all of its stock. amend its articles OF IN
corporation in any manner Contormable To
law \ change in objects and purposes
may be voted by all stock issued. ana an
increase in the capital stock beyond the
sum of 100000 may be mace by three
fuurthS vote of all stock outstanding. THIS
corporation may be dissolved in the follow
ing manner: Whenever i'll the Judgment OF
the board of directors il shall be deemed
advisable. the board. within 10 days after
the adoption of a resolution to that erect
by 4 majority of the whole board at any
meeting called for that purpose of which
meeting each director shall receive three
days notice. shall cause said notice Of the
adoption of such resolution to be mailed
each stakeholder. together with notice
If n meeting of the stockholders TO be
held at the office of the corporation, 10 take
action upon said resolution, which meet
ing may Ice adjourned from time TO time.
and shall be held between 10 a. M. and
p. IN. If AT any such meeting, 2-3rdS in
interest of all the stockholders shall vote
copy of Such resolution. signed by tho
presiding officer and secretary shall be
filed in the office of the secretary of
state. together with list of the names and
residences of the directors and officers.
certified by the president and secretary "f
the corporation. who, if satisfied with the
proof of compliance with law, shall issue
Il certificate that the foregoing documents
have been filed. and the corporation shall
then stand dissolved, and the board shall
publish Il notice of such dissolution not
less than three times in Il paper published
in the parish of Orleans and the corpora
ton shall proceed to settle up and adjust
its business and affairs. If all stock
holders consent in writing to a dissolution,
then on filing such consent in the office
OF the SECRETARY of state, he shall issue
his certificate as aforesaid. and thereupOn
the corporation shall wind up It's affairs
and settle its business as If the dissolution
had taken place at "A meeting for that pur
pose. Upon dissolution, the StOckhOlde
shall elect from their number one or NOR
liquidGtOrs. with full power to settle its
affairs. collect the outstanding debts. sell
and convey the property, pay its debts
ami divide the remainder among the stock -
holders. who shall have power to meet and
act under the bylaws and under regula-
tiOns to be- made by majority of such
liquidatOrS, to fix the price and prescribe
the terms ana conditions OF sale and take
notes aud bonds secured by mortgage or
otherwise for part or all of the purchase
price; to sue for and recover the debts and
property of the corporation and to be su. d
likewise. Said liquidatOrs 10 receive suci,
compensation as may be agreed on by the
stockholders. at the time OF their election.
ARTICLE VIII.-The subscribers here
to have each. in order that this charter
shall serve as an original subscription list,
Indicated opposite their respective names
and signatures the number Of shares OF
stock subscribed for by each.
Thus dona and passed in my office In
the city of New Orleans. La. in the pres
ence of Daniel Vending and ii. Brown,
competent witnesses residing in this city,
who have hereunto signed their names with
the said appearers and me, notary, after
due reading of the whole.
Original signed: Il. G. Fitzgerald, New
Orleans, La, 20 common shares; Il. Cam
pagna, New Orleans, La, 20 common
shares: +. W. Calongne, Jr., New Orleans
| La, 20 common shares.
ETHELRED NJ. STAFFORD,
| Notary Public
!. the undersigned, Recorder of Mort
| cages. in and for the parish of Orleans
| state of Louisiana. do hereby certify tina
the act of incorporation, Of the Automo
tive Road Insurance Inc was this da!
duly recorded in my office in book 1916
fOlio....
New Orleans. May 81. 1920.
| (Signed) EMILE J. LEONARD, u. r.
\ true copy.
ETHELRED NJ. STAFFORD,
Notary Public