The herald., 1920-07-08
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, (SlO,OO.OO) divided into Sixty (6Ol
shares of Common Stock or the par
value of One Hundred Dollars per share
and Forty Shares of Prerrred 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
ter"st 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 in business, and the remainder
within twelve months thereafter. The
capital stock may be Increased to One
Hundred Thousand Dollars by two
thirds vote Of all Common Stock.
ARTICLE Vino stocsnoldpr shall ever
become or be held liable for the contracts
faults or debts of said corporation in any
further sum than the unpaid balance due
and owing on stock subscribed by him,
or purchased by him. nor shall any mere
infOrmalIty In organization have the eff
feet Of rendering this charter null. or
Of exposing any stakeholder TO liability
other than as hereinabOve provided in this
article.
ARTICLE NlI.-Thf- corporation may. at
a meeting of stockholders duly called for
I hNh Ttnn IRA Af lid. 9
all of it, stock. amend its articles of in
corporation III any manner COnformable to
law. \ change in objects and purposes
may b" voted 10y all stock issued. aud an
Increase in the capital stock beyond the
sum Of 100000 may be mace by a three
fuurthS vote of all stock outstanding. This
corporation may he dissolved in the follow
ing manner. Whenever in the Judgment Of
the board of directors il shall be deemed
advisable. the board, within 10 DAYS after
the adoption of resolution to that effect
Toy Il majority OF the whole board NJ any
meeting called for that purpose Of which
meeting each director shall receive three
days notice. shall cause said notice of the
adoption of such resolution to In mailed
each stakeholder. together with a notice
~ a meeting Of the stockholders to be
held AZ tn" office OF the corporation, TO take
action upon said resolution. which meet
irg may u" adjourned from time to time.
aud shall Ice held between 10 a. IN. and 3
=. IN. II at any such meeting. 2-:1rdS in
interest of all the stockholders shall vote
that "a dissolution take place, a certified
copy OF such resolution. signed by The
presiding officer and secretary shall be
filed in the office of the secretary of
state. together with 4 list OF the names and
residences Of the directors and officers
certified 10y the president and secretary OI
he CORPORATION. who if satisfied with the
proof Of compliance with law, shall issue
a certificate that the foregoing documents
have been filed. and the corporation shall
then stand dissolved, and the board shall
publish notice of such dissolution not
less than three times in "a paper published
in thu Parish of Orleans and the CORPORA
tiou shall proceed to settle up and adjust
its business and affairs. Ii all stock
holders consent in writing to a dissolution
thcu on filing such consent in the Off e
of the secretary OF state. he shall isSu"
his certificate as aforesaid. aud thCreupOT
the corporation shall winG up It's affairs
aud settle it, business as if the dissolution
had taken place at Smeeting for that pur-
pose. Upon dissolution, the StOC khOlderS
shall elect from their number one or mora
liquidItOrs. with full power to settle its
affairs. collect the outstanding debts Sell
and convey the property, pay its debts
ana divide the remainder among the stock
holders. who shall have power to meet and
act under the bylaws and under regula-
tons to be- made by a majority of such
| liquiUators. to fix the price and prescribe
the terms and conditions of sale and take
notes aud bonds secured by mortgage or
otherwise fol part or all of the purchase
| price: 10 ~" for and recover the debts and
| property Of the corporation and to be SUI
| likewise. Said liquidatorS to receive such
compensation as may he agreed on by the
stockholders. At the time OF their election.
ARTICLE VIII.-The subscribers here
| to have each. in order that this charter
/ shall serve as an original subscription list.
| Indicated opposite their respective names
AMI signatures the number Of shares OF
| stock subscribed for by each.
| Thus d0na and passed in my office in
! the city of New Orleans. La. in the pres
encc of Daniel Vending and II. Brown.
competent witnesses residing in this city,
who have hereuntO signed thcir names with
the said appearerS and me, notary, after
due reading of the whole.
Original SigneG: u. &. Fitzgerald, New
Orleans, La. 20 common shares; l.. Cam
pagna, New Orleans. La, 20 common
shares +. W. Calongne, Jr., New Orleans.
La - common shares.
ETHELRED NJ. STAFFORD.
Notary Public.
J. the undersigned. Recorder of Mort
Cages. in aud for the parish of Orleans.
state Of Louisiana. do hereby certify that
the act of Incorporation. or the AutOmO-
tive Road Insurance Inc was this day
duly recorded in my office in book 1916.
fOlO...
New orleans. May 81. 1920.
(SignedD EMILE J. LEONARD, II. l..
\ true copy.
ETTIELREn NJ STAFFORD.
Notary Public.
June 3-JuIy s