The herald. [volume] (New Orleans, La.) 1905-1953, 1920-07-01
CHARTER.

holder of Common Stock OF the desire of
the member aforesaid to sell said stock.
ARTICLE V.-The capital stock of this
corporation shall be Ten Thousand dol
lars (Sl0,O00OO) divided into Sixty 800
shares of Common Stock OF the par
value of One Hundred Dollars per share,
and Forty Shares of Pre-erred Stock of
the par value of One Hundred Dollars
per share which said Preferred Stock
shall be nOn-vOting and non participating
stock, which shall bear eight per cent in
tercst payable annually, ana the holders
thereof shall be preferred in the payment
of dividends of any net profits or earned
surplus over Common Stockholders, and
said Preferred Stock shall be subject TO
redemption in whole or in part at any
interest paying period without previous
notice; stock may be issued in exchange
for property, good will, services or for
the stock of other corporations.
Fifty per cent. of the capital stock of
this corporation must be actually sub
scribed before the filing of articles of in
corporation. and fifty per cent. of the
said amount so subscribed shall be ac-
tually paid in before the corporation en-
Cages i'll business, and the remainder
within twelve months thereafter. The
capital stock may be Increased to One
Hundred Thousand Dollars by a two
thirds vote of all Common Stock.
ARTICLE Vino stocEnOIder shall ever
become or be held liable for the contracts.
faults OF DEBTS OF S1lu corporation III any
further sum than the unpaid balance due
and owing on stock subscribed by him,
or purchased by him, nor shall any mere
informally in organization have the eff
feet of rendering this charter null, or
of exposing any stakeholder to liability
! other than as hereinaboye provided in this
article.
ARTICLE NlI-Thrs corporation may, at
meeting of stockholders duly called for
| the purpose, by vote of twO-thirdS OF
| all of its stock, amend its articles of in
| corporation in any manner cOnformable Il
| law. 4 change in objects and purposes
may be- voted by all stock ISSUED. and al
| increase in the capital stock beyond tn,
! sum of 100000 may be mace by three
| fOurthS vote of all stock outstanding. This
CORPORATION may be dissolved in the follow
ing manner: Whenever in the judgment o
the board of directors il shall be deeme,
advisable the board, within 10 days afte
the adoption of a resolution to that effec
by Il majority OF the whole board At an.
meeting called for that purpose, of whicl
meeting each director shall receive thre
days notice, shall cause said notice of tn
adoption of such resolution to be maile'
each stakeholder, together with motto
Of a meeting of the stockholders TO b
held ut the office of the corporation, to TAX
action upon said resolution, which meet
ing may be adjourned from time to time
and shall he held between 10 a. m. and
D. IN. II at any such meeting, 2-3rdS IL
]
that "A dissolution take place, certified
copy of such resolution, signed by III
presiding officer and secretary shall b
filed in the office of the secretary q
state. together with list of the names am
residences of the directors and officers
certified by the president and secretary q
the corporation. who, if satisfied with tn
proof Of compliance with law, shall iSsu
a certificate that the foregoing document
have been filed, and the corporation shal
, l,t. nlK-aI nd In ri = "a
publish a notice of such dissolution no
less than three times in a paper publiShe
, i'm the Parish of Orleans and the corpora
ton shall proceed to settle up and adjus
its business and affairs. If all stock
, holders consent in writing TO dissolution
then on filing such consent in the Off.
of the SECRETARY of state, he shall iSSu
his certificate as aforesaid. and thereupo
the corporation shall winG up Its affair
and settle its business as II the dissolutio
had taken place at a meeting for that puI
pose. Upon dissolution, the stOckholdeT
, shall elect from their number one or MOI
l liquiditOrs. with full power to settle II
affairs, collect the outstanding debts, Sc
{ and convey the property, pay its debt
: and divide the remainder among the stool
: holders. who shall have power to meet an
| act under the bylaws and under regul
tons to be made by a majority of Su.
: liquiuatOrs. to fix the price and preScrii
d the terms and conditions OF sale and tai
; notes aud bonds secured by mortgage
s otherwise for part or all of the purcha
@ price; to sue for and recover the debts an
d property of the corporation and to he SUI
e likewise. Said liquidators 10 receive SUE
compensation as may be agreed on by u
i sto@kbO lderS, at the time OF their electio
n ARTICLE VIII.-The subscribers her
II to have each, in order that this chs, {
IS shall serve as an original subscription liz
IS indicated opposite their respective nam
" and signatures the number Of shares
subscribed for by each.
=, Thus done and passed In my office
a the city of New Orleans, La, in the pre-
- ence of Daniel Vending and ii. Brow
> competent witnesses residing in this cit
i, who have hereunto signed thefr names wi
- the said appearers and me, notary, aft
- due reading of the whole.
Is Original signed: Il. c. Fitzgerald, Ne
V Orleans La, 20 common shares; b.. Car
70 pagna, New Orleans. La, 20 CONNIE
? shares; +. W. Calongne, Jr., New OrleaT
II LA, 20 common shares.
+ ETHELRED NJ STAFFORD,
y Notary Publ
i, l. the undersigned, Recorder OF MOI
d cages in and for the parish of OrleaI
d state of Louisiana. do hereby certify IN
y the act of incorporation, of the Autom
n tive Road Insurance Inc was this d.
n. duly recorded in my office in book u
II fOlio....
d New Orleans. May 81. 1920.
h (Signed) EMILE j. LEONARD, ID. X.
y A true copy.
D. ETHELRED NJ STAFFORD,
10 Notary Publ
MI