The herald. [volume] (New Orleans, La.) 1905-1953, 1920-12-23
CHARTER.


holders in proportion to the number of
shares held by them at the time of the is
suance of the new stock. Part of the stock
has been paid for in property, as per an
neNed inventory.
ARTICLE V.-The capital stock of this
corporation may be paid for either in
money. property or labor done, and in con
SideratiOn of the transfer by Seahr0n q.
Brock. of the property described in the in
ventOry attached hereto, the corporation
has given and transferred to the said Sea-
bron q. Brock forty-fOur shares of the
capital stock of this corporation in pay
ment of the property described in said in
yentOry and has granted full discharge
and acquittanCe to him for forty four
shares of the capital stock of this corpora
ton.
ARTICLE Vino stakeholder shall ever
be held liable or responsible for the in
debtedness. faults or defaults of this cor
poratiOn, nor shall any mere infOrmality
in the organization of the corporation have
the effect of rendering the charter null
or Of exposing the stockholders TO any
liability beyond the unpaid balance, If
any, on his stock subscription. Should
any stakeholder desire to sell his stock.
he shall first offer the same to this cor
pOratiOn itself, through its Secretary
Treasurer, which shall have first prefer
ence thereon. and then to the stockholders
of the company. at its book value and the
stockholders who desire to purchase shall
the proportion TO their respective holdings
of stock in the company. Should any
stakeholder not wish to purchase his pro-
pOrtiOnate share, then his share shall be
offered 10 the other stockholders proper
tlonate TO the number of shares owned by
them. Should this corporation, or said
stockholders, in fifteen days after notice
having been given in writing. fail or re-
fuse to purchase the stock offered for sale,
such stock may be sold to anyone. No
stock no m haId
to be valid and binding unless made in
pursuance to the provisions of this char
ter.
ARTICLE VII.-This corporation shall
have all powers granted to such corpora
uons by law and shall have the power to
contract, sue and be sued in its corporate
name, and to own, hold. receive. loan
lease, purchase, sell and convey or mort.
gage any or all of it's affairs, or to hypOth-
ecate its property, and to do any and all
acts and things of any kind, nature or
description as may be necessary to carry
out the objects and purposes of said bust
ness as its interests and convenienCes NAV
require.
ARTICLE yIII.-The business of this
corporation shall be directed by and vest
ed in Board of Directors consisting of
three members, two of whom shall consti-
tute quorum for the transaction of bust
ness, and the said Directors as first con-
Stituted shall be Seabron o. Brock Hardie
shall hold office until the last Monday in
November, 1921, and on that day, and on
the same day thereafter. elections shall be
held annually for Directors at the princi-
pal oihce of the corporation. Failure to
hold an election on the day specified shall
not dissolve the corporation, but the Direc-
tors in office shall hold their respective
offices until an election shall be held after
thirty days notice of the time and place
thereoi given TO each stakeholder. The
annual election shall be held on the last
Monday in November, 1921, and thereafter
on the last Monday of November of each
succeeding year, and the election shall be
held between the hours of two and four
O'Clock y. m. All vacancies on the Board
OF Directors, for whatever cause, shall be
hlled by the remaining Directors. Seabron
": Brock shall be the first President; Har-
die f. Claunch shall be the first Vice Pres
ident, and J. NJ Hendrix shall be the first
secretary Treasurer, and they shall hold
once until the last Monday in November
WI, or until their successors are elect
eu' and each succeeding Board of Directors
shall elect its principal officers for the term
OF Iheir election, and only stockholders
snali be eligible for election as a member
OF the Board of Directors. Directors may
s see either in person or by proxy. All con-
.IacIs' commercial obligations and bank
Checks shall be signed by the company
through the President, or, in his absence
.lCkhSss or inability to act, by the Secre-
ro..,i Surer. All employees of this cor
:
Ject TO the pleasure of the Board of Di-
rectOrs thereof.
=, ARTICLE 1X-Whenever this CORPORA
ZION is dissolved, either by limitation or
III iTn any other cause, its affairs shall be
inundated by two or more liquidators
ndhtd by the stockholders, but which
Ilquldators need not be stockholders, who
are hereby vested with full power to sell
any or all assets of the corporation either
separately or in n mass, at public or pri-
.ate safe, and to convey full and complete
Iltle thereto, and shall have full power TO
90 and perform all acts necessary and
proper TO fully and completely liquidate
the anairs and distribute the proceeds. If
any, among the stockholders of this cor
poration to the amount of stock held by
each. ~
ARTICLE X.-This act of INCORPORATION
may be amended, altered or modified. or
this corporation dissolved in the manner
provided by law.
Thus done and passed in nv notarial
ONCE in the City Of New Orleans, State of
Louisiana, on the day, month and year
first hereinaboye written. in the presence
of f. Rivers Richardson and VIM. III.
Wright, competent witnesses, who have
hereunto signed these presents, together
with the said parties hereto and me, No.
tary, after reading Of the whole.
Original signatures omitted.)