The herald. [volume] (New Orleans, La.) 1905-1953, 1920-04-15

timber yards. in the state of Louisiana,
or elsewhere; to acquire by purchase,
lease or otherwise. patents and inventions
that might be 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 lV.-The capital stock Of this
corporation is hereby fixed ut the sum of
twenty five thousand (S25,OO0.OO) dollars,
divided into two hundred and fifty (250l
shares of the par value of one hundred
(Sl00.00) dollars each, provided, that the
amount TO which the capital stock of this
corporation may be increased shall be
fifty thousand (SJ0,O00OO) dollars, or five
hundred (.DO) 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 (real or personaD, 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 eff
| 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
or twenty thousand (S20.OO0OOl dollars OF
the capital stock shall have been ISSUED
and paid in. in cash or for property, OF
for cash and property. and If any stocl
of this corporation is exchanged, ethel
in whole or in part for property or good
will, in that event the provisions of sec
ton of Act 267 of 1914, shall be com
piled with strictly.
ARTICLE Van the corporate pow
ers of this corporation shall be vested II
and exercised by board of directors I.
he composed of three stockholders, eacl
| of whom shall own in his own right, dur
ing his term of office, at least one full
paid share of stock, two of whom shall
constitute n quorum for the TRANSACTION
of business.
ARTICLE VI.-The officers of this cor
poratiOn shall consist of Il president, vice
president secretary and a treasurer, al
of whom shall be members of the boar
| of directors.
The following named persons shall con
- Stitute the first board of directors, to-wit
= Nelson Jensen. No. 1927 Napoleon avenue
D New Orleans, La: William NJ. Turnag'
r PontchatOula, La; Elizabeth Jensen, M
?. 1927 Napoleon avenue. New Orleans. La
b All residents of the state of Louisiana
: except William 4. Zickgraf, as aboy
!, stated. with Nelson Jensen, president
: William NJ. Turnage, vice president; Eli
abeth Jensen. secretary, and William
= Iickgraf. treasurer, aud these director
= shall hold office until the second Tues
: day of March. 1921. or until their SUE
e ccssors are duly elected and qualified.
: Thereafter the directors shall be electe
: annually on the second Tuesday of Marc
= Of each year; all elections Of director
s shall be by ballot. and each stockholdt
!, shall he entitled to one vote for eac
n share of stock standing In his name o
the books of this corporation, this vote
d he east in person or by written prox,
: aud il shall require twO-thirds of Il
stock present or represented to elect:
s Failure TO hold an election for dire,
D tors on the second Tuesday OF Marc
II 1921. or annually thereafter, shall NJ
: | work a forfeiture Of this charter, but II
= old board Of directors shall remain
- office until their successors are du
d elected and qualified.
!; ARTICLE NII-The board of director
70 shall hold regular meetings at such tim
o as shall be fixed in the bylaws OF tn
= corporation. These meetings shall be ne
? at the domicile of the corporation, b.
l. the president may call special meeting
J. of the board of directors at such times
d he may deem advisable. and he shall
le required to call such special meetings
l. the request of a member of the board
n directors. Three days written notice
ps | such special meetings shall be given
l. the directors. Any vacancy occurring
ID the Board of directors either from deal
Id resignation or inability to serve, shall
IL filled by the remaining board of dire
nd tors at it's next regular meeting afi
er such vacancy shall have occurred. Il
he first board of directors of this corpol
id ton shall be required to draft suita'
bylaws for the government OF this c,
r. pOration, which may be altered, amend
wv or changed as the exigiencies Of the CT
ci may require.
be ARTICLE VIII.-The stock of this c
b. pOration may be transferred. proviC
b. such transfer shall be recorded on
books of this corporation before 1t sh
lr- be required to recognize the transfer
Dr. the new holder of said stock. The to
to amount of the subscribed stock as her
ed set forth. is the sum of twenty thou q
to ($20 OO0.O0) dollars. or two hundred q
es, shares, which are hereby authorized to
len issued fully paid for and non -assessa
m for cash.
or In the event that any stakeholder.
or sires to sell his stock. or any part
eer portion thereof. he shall first offer So
the to the remaining stockholders. in prop
on ton to their respective holdings, AZ
m book value. This offer is to be made
for appear by letter addressed to each ste
ks, holder at his last known address.
is: the expiration of which time. the
i'm stakeholder desiring to sell his st'
md shall be at liberty to do so at whate
for price and to whom he shall please.
md ARTICLE IX.-This charter may