The herald. [volume] (New Orleans, La.) 1905-1953, 1920-10-07
AMENDMENT TO CHARTER OF PAT
TI>ON COMPANY. LIMITED
AJGIST 23RD, 1920.

United states Of America. State Of Louis
lama. Parish Of Orleans City of New Or.
leans. BE il known that on the twenty
third day Of the month of August. i'm the
year, one thousand. Hirs hundred and
twenty. ana of the INDEPENDENCE Of the
Iuitcd States of America. thu. one hundred
and forty fifth. bcfor" me- Felix j. puig.
notary public, duly commissioned and
qualified in ana for the Parish of or
leans. State of Louisiana aud therein re
siding. and in the presence of the wit
Uc>~c~ hereinafter named and undersigned.
Personally came and appeared Mr.. Alfred
/ +. Patti>On. President of Patti>On n
Company, Limited. and Mr. Charles l..
PattiNou. Secretary Treasurer, of said
company. "a corporation organized under
the laws of the State of Louisiana. 10y
Act before ". Morgan Gurlry, notary
public, on February n 1905. recorded in
ruary -. 1905, Of the records Of the Par
lsh of Orleans. said corporation being
,.Omiriled in the city OF New orleans.
Who declared that by a resolution and
vote adopted and voted nj a special meet
iu- of the stockholders of PattiSon y
Company. Limited. held at the Office of
the company at ~2G Common Street. on
IN" twcnty-frSt day of August 1920. held
by consent of all OF the stockholders of
said corporation and upon waiver OF
notice of tim" and plac" of said meeting
signed by all stockholders at which meet
iHG all t0CkhOlderS of record were pres
cUt in person II WAS voted unanimously 10
amend and re-enact Articles three, four,
five and six Of tn" Charter Of said cor
poratiOn in the words and figures herein
after set out all of which appears from
the certified copy of the minutes of said
meeting hereto annexed and made part
hereof.
Appearers further declared that they
were authorized and directed at said meet
ing to appear before me. Notary. and r.
execute the proper nOtarial Act and decla
ration of said amendment required by law
for the purpose of afOrdinE authentic ref
crencr and permanent record.
said appearcrS further declared that Ar
tiClcS three, four, i've, and six Of the
Charter of this company were by unani-
nous vote of all of the stockholders
| amended and re-enacted TO read as fol
lows:
ARTICLE UI-The objects and pur-
poses for which this corporation is or
ganizd and the nature of the business To
be carried on by it are hereby declared
to be:
To buy and sell general merchandise of
all kinds. both for its own account and on
commission. both at wholesale and at re-
tail and to manufacture articles of mcr-
ChandiSe and to do a general import and
export business. and to that end to buy.
sell. lease. charter and hire vessels or
other methods Of transportation in con
nection with its business, to establish
branches or agencies of said business NJ
any place or places that the Board Of hi
rectOrs may deem advisable, whether in
the United States or in foreign countries,
To buy. sell, lease, suitcase and mort
gage and pledge, or otherwise hypOtheCat"
real estate. stocks. bonds or other Securi-
ties as the Board of Directors may de-
tcrmine.
ARTICLE IV.-The capital stock of this
corporation j. hereby fixed at the sum OF
seventy five thousand tSI5OOOOO) dollars
divided into and represented by seven hun
dred and fifty G50) shares OF the par
value Of one hundred (SlOO.OO) dollars
each Said stock shall be of two classes
preferred and common.
The amount of preferred stock shall be
| twenty-five thousand (S2JWO.Oo) dollars
| and such preferred stock shall be entitled
| bv preference over the common stock &c
| dividends in each and every year At q
| rate Of seven "a per cent per annum. b"
| ginning August LIST. 1920. payable semi
| annually on March l. and October l. oui
| Of the net profits. which dividends sinai
| be cumulative. Upon dissolution or liqui
| dation the preferred stockholders shall be
| paid par value and seven per cent Cumu
| lative dividends to date of liquidation !
| preference over common stockholders. NJ
| voting power shall vest in such preferred
| stock.
The amount Of common stock shall b'
| ffty thousand (Sj0.OO0O0) dollars, divided
| into and represented by i've hundred 600
| shares of the par value or one hundred
| (SlOO.OOl dollars each, twenty thousanC
| ($20. 100000 dollars of which is already Is
| sued and outstanding.
The twenty thousand $3.50 O00) dollar:
| of capital stock which is already ISSUED
| and outstanding shall be surrendered anC
| cancelled. and there shall be issued II
lieu thereof. to the holders thereof al
| equal amount, dollar for dollar of com
mon stock, according to their respective
| holdings.
The common stock shall be entitled to
| such dividends as the Board of Directors
! may declare subject to the prior payments
| of the cumulative dividends upon the pre-
| ferred stock as heretofore provided and
| in the event of liquidation or dissolution
| the common stock shall be entitled to al
| assets of the corporation after payment
| of all debts. preferred stock and cumula
| tive dividends. if any. All voting powers
shall be vested exclusively in the com
| mon stock.
The preferred stock may he increased
| to one hundred thousand (SlOOOOOOO) dol
| lars and the common stock may he in
| creased to two hundred thousand (S2OO,OOO)
| dollars. All stock shall be issued for cash
| or its equivalent including good Will rs
| authorized by law or may be issued al
not less than par in payment Tor prop
| erty actually purchased or for services
actually rendered the corporation or III
| same may be issued fully paid for money
| advanced or for such other valuable con
| sideration or services as the Board OF ~
| rectorS may determine. All capital stocb
not already issued shall be issued at such
| time and upOn such terms and conditions
| as the Board of Directors shall determine
| subject to legal requirements. All stock
! shall be fully paid and worcestershire and
| no transfer of stock shall be binding upon
| the company unless recorded upon the
| companys books. and prior lien on al
| shares of stock shall be retained by thi,
corporation on the stock of any shareholder
| for any indebtedness secured or unsecured
| however evidenced or created. due at any
| time TO the corporation by the holder OF
| said stock, and all transfers of stock shall
| be made subject to these conditions.
No shareholder of the company shall at
any time offer for sale or sell his stock
preferred or common, either privately OF
| in the open market without having preyl-
| ousIy offered said stock at its book value
| 10 the other stockholders of this company
| by means of written communication ad-
| dressed to the ranking officer of the com
pany. present in the City of New Orleans
! at the time Such ranking officer, upon
| receipt of such communication, shall. with
| in five days of the date of such offer mail
n written notice addressed to each stock
holder of TIE company at his last known
address stating the number and char
acter of shares so offered and the price
thereof. Failure by any stakeholder 10
repIy within ten days of the date of said
communication shall he considered as 4;
refusal on his part to purchase any OF
the stock so offered. Should the number
of shares which various stockholders In
repIy TO said notice signify their desire TO
purchase exceed the number of shares thus
offered, such offered shares shall be dis
tributed TO the prospective purchasers in
such proportions as the Board OF Di-
| reCtors deem best. Should said stock
| holder make any sale in violation OF this
clause. same shall be null and void. Each
Chan