The herald. [volume] (New Orleans, La.) 1905-1953, 1920-06-03
CHARTERS.

shares of stock of the par value of one
hundred dollars ($l0000) each. This stock
may be increased to one hundred thousand
dollars 0,0O0.00e on vote of the stock
holders of said corporation at a meeting
called for that purpose. No stock shall
be transferred to any person not already
a stakeholder until a written offer accom-
panied by the stock certificate shall be
made to the Board of Directors, agreeing
to sell same to any then stakeholder of
the company, for not exceeding the book
value of the stock; and until said offer
has remained unaccepted Tor a period of
more than thirty days. All shares of stock
shall be issued as full paid and non-aS-
seSSable, and no transfer of stock shall be
binding on the corporation unless record
ed on its books. This corporation shall
begin business soon twenty-five
thousand dollars ($2J. OcUOC) Of the capital
stock is subscribed for.
ARTICLE Van the corporate powers
of said corporation snail be vested in and
exercised by a board of directors com
posed of not less than three nor more
than five stockholders. Said directors
shall be elected annually on the third Mon
day in May in each year, at general
stockholders meeting, except the first
board appointed in this charter. who shall
hold their offices until the third Monday
in May 1921, and until their successors
are elected. All such elections shall be
held by ballot and conducted at the Of
meeting and OF all other stockholders
meeting shall he given in manner pres
Cribcd by law. and when not 50 pres
cribed, then written notice of such meet
iugS shall be deposited, at least ten days
prior to the date of such meetings in
the pOstoffice of the City of New Orleans.
addressed to each stakeholder at his last
knoW1 address or place of residence. At
all such elections and at all corporate
meetings every stakeholder of stock stand
ing in his name on the books of the cor
pOratiOn shall he entitled to cast one "a
vote for each share of stock standing in
his name. the same to he east by him
in person or by his written prOXy. and Il
majority of the votes east shall elect.
Any vacancy occurring among the dircc-
tors by death, resignation or otherwise,
shall be filled by election for the uneN-
pired term by the remaining directors.
y failure to elect directors on the day
above specified shall not dissolve the cor
pOration nor impair its corporate existence
or management. but the directors then in
office shall remain in office until their
successors are elected and qualified The
board OF directors shall elect president,
Il vice president, and n secretary treas
urcr: the president and vice-preSident shall
be stockholders of the corporation and
members of the board of directors. but
the rotary treasurer NAV or NAV not
be director or stakeholder. at the dis
erection of the board of directors. The
number of directors shall he determined
! by the stockholders at each annual meet
/ ing. The board of directors shall have
| power and authority TO appoint such
[ agents, managers, officers and other en-
/ ployee necessary in their Judgment to con
| duet the business of the corporation. and
/ TO give to such agents. managers. Off
| GERS and other employees as much au-
| thority as they may deem necessary for
/ the purposes and business of the corpora
/ ton. The Board shall have the power to
/ fix the compensation and define the duties
/ of every officer and emplOye and all agents
managers. officers and other EMPLOYEES
/ shall hold office and employment at the
/ pleasure of the board. The board may
| make and establish. as well as alter and
amend any and all BYLAWS. rules and reg
/ ulations necessary and proper in its judy
| ment for the conduct. support and man
| agement of the business and affairs of said
| corporation. AT all meetings of the board
| of directors each director shall have the
| right to appoint a proxy to act in his place
and stead, the person so appointed need
not be a director, but must be a stock
holder. The board shall have full power
and authority to borrow money. execute
mortgages and create liens. to issue bonds
notes and other obligations and to secure
! the same by mortgage. pledge or other.
wise and generally to do any anu all things
/ reasonable. convenient and necessary for
| the proper carrying on of the business OF
said corporation.
The first board of directors shall b,
composed of Archibald \. Marx. 40 Ba.
| rome street, New Orleans, La: Solomon
Marx, Rosa Park. New Orleans, La,
| Leander Marx. 1907 State Street. New Or,
leans. La; Edward ii. LOubat 7I9 Ba-
rome street. New Orleans La. with Ar
| chibald \. Marx, president. Leander
! Marx, as vice-president and Edward II
| LOubat, AS secretary treasurer. who shall
hold office until their successors are
elected on the Third Monday in May
| 1921, 0r any other date upon which the
| annual meeting shall be held.
| ARTICLE VI.-This charter may be al
! tered, amended or changed upon comply
/ ing with the provisions of Act No. 267 OF
| 1914 relative TO the same.
ARTICLE VII.-On dissolution of this
| corporation for any reason or purpose it,
| misSiOners to be elected by the stOckhold
ers. as provided by Act No. 267 of 1914.
| ARTICLE VIII.-No stakeholder shall
ever be liable for any fault or omission
| or commission of this corporation. in any
manner, except for the unpaid balance due
| by him on the shares of its capital stock
subscribed for and unpaid by him. for any
| sum OF amount that he may be indebted
to the corporation. No infOrmality in the
! organization of this corporation shall ex-
| pose the stockholders thereof to any liza
| bility, except as above provided.
| ARTICLE IX.-The subscribers to the
| capital stock of this corporation have writ
| ten opposite their names the amount and
| number of shares of such capital stock
| subscribed for by them, IN order to have