The Donaldsonville chief., 1920-08-21
ARTICLE III.

the nature of the business to be carried
on by it hereby declared to be:
To conduct a general insurance agency
business, to solicit insurance of all kinds,
either on salary commission; to act as
insurance engineers to act as agent ana
manager for resident and nonresident IN
surance companies, associations or comblna-
t tions of persons of all kinds: to inspect IN
surance risks. to adjust insurance losses and
| general average; to do general stock bro
kerage and commission business: to buy
and otherwise dispose of, own and deal IN
stocks, bonds, mortgages, debentures, trust
receipts, commercial papers, cooscts. ana
government securities, either for itself or
as the agent, factor or representative of any
person, firm or corporation, and upon COM
mission or otherwise to transact general
real estate agency and brokerage business
! including the management of estates; to
| buy, sell. let. lease, hire, own or demise or
generally deal and trade in real estate,
whether improved unimproved, either as
principal or agent for its account or for ac-
count of others, and upon commission or
otherwise; to borrow money and grant mort
cages, bonds mortgages Or notes therefor;
| to lend money and to receive therefor mort"
cages. bonds, or any other evidence OF IN
! debtedness; to carry on any other business
which under the law it may be entitled to
Marry on or which may seem to the corpora
h to be calculated directly or indirectly
| to Sffectuate the aforesaid objects. or either
! of tn .m or to facilitate it in the transac-
tion of its aforesaid business or businesses
or any part thereof. or in the transaction
of any other lawful business that may be
| calculated directly or indirectly to enhance
| the value of or to render profitable any of
the company's properties and rights and
generally to have and exercise all such
powers and privileges are Incidental or
useful or convenient for effecting said OBJ
t jects and purposes.
above set forth, may be necessary,
reate to the objects and purposes hereia-
!: The capital stock of this corporation IS
hereby fixed at the sum of Sls,o0o, divided
into and represented by 1870 shares of stock
of which said stock shall be known as pre-
| tered stock and so shares of which said
stock shall be known as common stock.
Separate and distinct certificates shall be
| issued for each class of stocl@f Said stock
shall be paid for in cash at such time. in
such amounts and after such notice to the
subscribers as may be fixed by the board
of directors, and the name shall be issued
at not less than par for labor done. or prop
| erty actually received by the corporation.
! This corporation shall not become a going
concern or be authorized to do business
until the full amount Of its capital stock.
to-wit: s16.oo0 shall have been subscribed
and paid for.
| The preferred stock shall be and is en-
| titled to preference and priority over the
| common stock in the following manner, To-
7 wit: To receive non-comulative dividends
i to the extent of $l3 900 per annun. account
ing from April /, 1920. payable in one or
more instalments, as the board ofedirectors
may determine. before any dividend on the
] common stock shall be paid The common
stock shall be entitled to net earnings and
profits in of the non-comulative di-
tvdend of $4,000 per annum to be paid
on the preferred stock. herein provided.
or all net earnings and profits or any part
tor portion thereof, in excess of the non
| cumulative dividend of $4,000 per annum
to be paid on the preferred stock, as herein
provided may. Aawever. in the discretion of
the board of directors, at the end of the t1s-
| cal year, be placed in what shall be known
as common stock surplus account. If the
business of the corporation at the end of any
fiscal year shows a loss for said year. then
and in that event, the board of directors
may, in its discretion, charge the whole. or
Iany portion, of said loss to the said common
stock surplus account.
In the event Of any liquidation or dissolu-
ton or winding up Of the corporation.
whether voluntary or involuntary. after all
of it's debts shall have been paid. the re-
naming assets, property end efforts shall
be applied to the payment of the preferred
and common stock in equal proportions.
Voting power is vested solely in the COM
mon stock of this corporation.
The amount to which the capital stock
of the corporation may be increased shall
be the sum Of $4,000, which said increased
capital stock may be Of one or more kinds
or classes of stock. But no increase shall
be made except by unanimous consent of
u
by proxy.
ARTICLE "
All of the corporate powers of this cor
poration shall be vested in and exercised by
a hoard Of directors. composed of three t3)
stockholders, two ca of whom shall consti-
tute quorum Said directors shall be e1ect-
ed annually on the third Tuesday in January
of each year at general meeting of the
stockholders, except the first board of di-
rectors appointed in this charter, who shall
hold their offices until the 18th of January,
1 1921
All such elections shall be held by ballot
and conducted at the office of the corpora
tion under the supervision of two CD conf
Imissioners to be appointed by the board OF
directors. Notice of such meeting and of
all other stockholders meetings shall be
igiven in the manner prescribed by law, and
when not so prescribed. then written notice
of such meetings shall be deposited at least
Fifteen (15> days prior to the date of such
injecting in the postoffice of the city of Dom
aldsonvlle, postage prepaid. properly ad-
dressed to each stockholder at his last known
residence or place of business.
At all such elections and at all corporate
meetings, every stockhoider shall be entitled
to one vote for each share of common stock
standing in his name on the books of the
corporation, to be cast by him in person
or by his written proxy, and majority of
the votes cast shall elect
Any vacancy vacancies occurring among
the directors by death. resignation or other
wise. shall be filled by election for the un-
expired term by the remaining directors.
The failure to6belect directors on the day
above specified shall not dissolve the cor
poration nor impair it's corporate existence
or management. but the directors then in Of
flee shall remain in offce until their success
sors are elected and qualified.
The board of directors shall, annually at
It's first meeting after election. elect from
its own number a president, secretary and
ia treasurer, it may elect one person
shnll be both secretary and treasurer. The
board of directors may also electe one or
more assistant secretaries. neither of whom
ineed be members of the board of directors
in this corporation. The board of directors
shall have power and authority to name and
appoint all such other officers, agents and
employees as may be deemed necessary for
the purpose and business of this corporation.
Said board shall have the power and author
ity to fix the compensation and define the
duties. of every officer and employe. and
iali officers and employees shall hold office
and employment at the pleasure of said
board. provided that no salary shall be paid
to any officer until the requirements for
the payment of the preferred stock dividends
have been made. Said board may make and
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