The herald. [volume] (New Orleans, La.) 1905-1953, 1920-08-12
CHARTER.

$3.50 OO1.OOD. which shall be divided into
two classes Of stock. known as preferred
stock and common stock.
of the total capital stock one hundred
and twenty-five thousand dollars tSi2I-
OOO.OOD shall Ice clasScd ~ preferred stock.
divided into and represented 10y lively"
hundred and fifty C2JO, shares Of the par
value of one hundred dollars lSlnuUul each.
to be- paid for in cash or its equivalent ia
property.
The preferred stock Of this company
shall b" entitled to dividends ~ the rat"
OF eight per cent go per auuum. which
dividends shall be paid 10y preference and
priority over the common stock, and shall
bc cumulative. The dividends upon said
preferred stock arrruiug IN amy one year.
together with all Ia" accommodations of div
idcudS or parts thereof remaining unpaid
from preceding years, shall b" paid iu full
before any dividends whatever shall be-
paid on TIA" common stock.
After the payment of the dividends due
on the preferred stock. ~ above provided.
in any one wear. the remainder of the net
earnings of the company, after the Board
of Directors. in their discretion. shall have
provided for any surplus To b" ST aside
shall Ice applied to payment OF dividends
uBOu the common stock al this COMPANY
then outstanding. not to exceed eight per
cent go on such common stock. before
further distribution, and after eight per
cent $50 shall have been paid on the
common stock. III any year. any excess
amount over and above the amount re-
quirCd 10 Toe set aside for surplus. and 10
pay such dividend Of eight per cent tN',t
on tn" common stock. shall Il" distributed
in additional dividends Tor that year one
half of such amount L. the preferred stock
and the other one half OF such amount TO
the common stock.
The holders of the preferred stock shall
hav" all the same rights and voting powers
Of the holders of the common stock, ShIr"
and share alike. aud in the event of dis
solution or liquidation of this corporation.
the preferred stock shall first hr paid 1T
par. together with all deferred and unpaid
dividends thereon. brfor" the holders OF
the common stock shall Ice entitled To- re-
Ceiye anything. and ia" balauc" of the as
sets. if any, shall then be- distributed to
the common stock.
In all other RESPECTS. except as herein
aboN" provided. III" preferred and the com
mon stock shall be- on the same basis
There shall be twelve hundred and fifty
tl2Lub shares. of the par value of un. hun
drcd dollars CSlOO.Ou each, of common
stock. to be paid for in cash or its equiv
aleut in property. said common stock
shall Ice entitled 1" participate in the earn
lugS of the company. d~ hcrriHabOyr pro-
vid"d for: but in the event of dissolution
or liquidation of this corporation. said
common stock shall share in the assets OF
this corporation. only after the preferred
stock shall have been retired AT it, par
value. together with all deferred and uu-
paid dividends. IT. provided above.
ARTICLE V.-AH the powers of this cor
pOratiOn shall be vested in and exercised
by Board of Directors. composed of five
90 stockholders of the company, TO be-
selected in the manner herein provided
At least three 90 of said Directors shan
b" owners of preferred stock of tl, .. Ia
pany. Said Board of Directors shall be
elected annually at a general meeting of
the stockholders. called for that purpose
on the third Monday in January Of each
year. after due notice. in accordance with
the laws of Louisiana. Each holder OF
stock shall he entitled 10 one vote for each
Shar" OF stock standing in his name on
the books Ol the company. said vote shall
be- east in person or 10y proxy. and MAJ
JOrltE Of the votes east shall elect. Said
Board Of Directors shall have the power to
fill all vacancies. which may occur on the
Board. even though no quorum remain at
the time such vacancies are TO be filled.
Failure to elect Directors on the day above
specified shall not dissolve the CORPORA
ton, but the Directors then in office, shall
remain in office until their successors are
elected and qualify.
The Board shall elect from their num-
her President. "a Vice President and "a
Secretary Treasurer. IT any meeting of
the Board OF Directors. any Director alb
sent from the meeting may bc represented
10y any other Director. 10y written PROXY.
who may cast the votes OF the absent hi
rector.
The Board of Directors shall have the
authority to make and establish. 49, well