The herald. [volume] (New Orleans, La.) 1905-1953, 1920-05-27
CHARTER.

share aud Forty Thousand li00oOl
shares Of common stock of the par vain"
OF Twenty 5000 Dollars per share. tn"
common stock OF ia" corporation may u"
increased up To ia. sum Of FN" Million
tSItSn. OWOOI Dollars.
Section = The capital stock. both pre-
l,rrrd and common. shall l." represented
toy certificates shall hc full paid aud
non. a ~>,>>Ihl,. when issued, shall he is
sued "uly for labor don" or for property
actually received. or for cash 10 be paid
at such times and i'll such amounts anc
alter such notice aS may bc determined
hl the Board of Directors. and shall he
p,r>ui.l property. No transfer Of said
capital stock shall be binding upon this
corporation unless made in accordance
with it, charter and 10y laws and recorded
on ia" books thereof.
Section :. The holders ~ the preferred
stock shall Ice entitled 10 receive an an
nual div id"ud AT TIA" rat" of hut never
exceeding light tSb per '"n- per annum,
cumulative" from and after May list. 1870.
pr,ahIr n'.l of the net profits of the
Company on the First day of January,
krril. .!ulI aud October. of each year.
brfur" amy dividend is paid upon the COM
mOu stock. should the net profits for
any year h, insufficient To pay said pre-
frrrrd dividend thcrrfos. any part
thereof. any unpaid portion thereof shall
becom" charg" against the net profits
of th" Company and shall be- paid in full
out of said net profits before any divi-
The preferred stock shall never partiCi-
pate in the profits of the Company be
yond it, fixed preferential cumulative an-
nual dividend of eight 81 per cent. hut
shall he paid in full up to its capital or
par value plus accrued au,. unpaid diVi-
d"ndS. If any. at tn" rate of eight per
cent go per Hnnum. before any amount
shall h" distributed among the owners of
the common stock. in the event of ANY
liquidation. or dissolution or distribution
. of the assets Of the Company, and shall
not participate further in the distribu-
ton of the assets of the Company.
Section I. The corporation shall have
7 tn" right TO call for and redeem the out
standing preferred stock. in whole or in
part. on any dividend date. at one hun
dr"d ten tllO'rD per cent of par, plus
all accrued and unpaid dividends. No
p ! tiCr of redemption shall he given by mail
ing same to all preferred stockholders
of record at their last known post office
address. or if none be known. then to the
General Delivery, at New Orleans. Louis
; lana, at least sixty (60I days prior to
, such redemption date. and by publishing
such notice of redemption, at least once
week for a period of sixty (6O) days
in Il daily newspaper of general circula
tinn. published in the English language
r in the city Of New Orleans. Louisiana.
/, Such call having been made. and the
money required for such redemption hay
: ing been deposited for that purpose with
the Whitney Central Trust and Savings
Bank. of New Orleans, louisiana tor if
that bank shall not be in existence, with
| such other bank in the City of New Or
leans, a. the Directors may select), all
Y rights of the stock calle,- -Jr redemption
to dividends shall cease after said re-
p demptiOn date. and the holders thereof
. shall thereafter have recourse to said
I deposit alone and in no event to the
i Company for the payment of said redeem
: ed stock and the dividends thereon. The
n shares called and redemeed shall be
g cancelled and not again be issued.
. Section ). If less than all of the pre-
ferred stock then outstanding, is to be
= redeemed the Board of Directors shall de-
:. ternine by lot in the following manner
;, the shares TO be redeemed. \ list shall
Q be prepared of the holders of preferred
q stock, and consecutive numbers shall be
I noted opposite each name on such list
d according TO the number of shares owned
q Dy each stakeholder, each stakeholder re-
$ ceiving one number for each share stand
II ing III his name, so that the aggregate
q NUMBER oil such consecutive numbers will
= equal the number of shares of such pre-
r ferred stock then outstanding. From
r such consecutive numbers there shall be
Is drawn by lot as many numbers as will
- equal the number of shares to be re-
II deemed; and the shares sail be drawn
!, Tor redemption from the stockholders TO
whom the numbers drawn by lot were as
? signed on said list.
:. Section q. Within sixty DAYS after
IT the end of each fiscal year. until all of
n tired, the Board of Directors shall set
aside sinking or redemption fund Said
r Iund Tor ten years after the organization
l. OF the Company Is to he a sum equal 10
10 two t2) per cent of the net earnings of
% the Company for the preceding fiscal year
m after deducting all taxes ana interest
s. charges: and thereafter said fund is Il
n be sum equal to ten per cent nOGo
10 OF the net earnings of the Company for
j. the preceding fiscal year. after deduct
K ing all taxes and interest charges SuVb
,r redemption fund shall be used for re-
,r tirlng the preferred stock in the manner
provided in the preceding sections of M,
NJ article
re Section :. The preferred stock shall
r have no voting power whatever miles.
a the company be in srrcars four quar-
s. terly dividend payments on its preferred
D. STOCK, IN which event the sole votinI
Is power OF the Company is to be i'm IL,
Of preferred stock until the dividends in ar
to rearS BE- fully paid I'D.
- section :. The common stock shall n,
- entitled to all earnings of the corporation
a over and above the cumulative dividend
N rsn, Sol per cent per annum, herein
~ reserved Tor the preferred stock excep
=, that no dividend can be declared on tn,
~ common stock until all accrued dividend,
ON th' preferred stock nave been declare,
n anu IL" dividends can be paid on the com
y, ~ mon STOCK until all accrued dividends oil
" " the preferred stock have been paid.
m In the event of Iiqn.ia,.on, dissolutio,
a or winding up. whether voluntary or i'm
70 voluntary. of the corporation, after tn
A. payment in full to the preferred stock n
m It's principal. at par value plus accrue,
rs ana unpaid dividends, il any at the rat
IN OF elght (S) per cent per annum, the re
n naming assets and funds of the cOrpora
n ZION shall be divided among the holder
al OF the common stock in proportion +
10 lne shares held by them respectively
Nv me voting power of the corporation shall
II De vested exclusively In the common stocI
Nv unless the Company be IN arrears in tn
4 payment OF four quarterly dividends q,
o. ITS preferred stock. as above provided n
NJ Whlch event the sole voting power shal
In be in the preferred stock until the divi
s. bends In arrears shall have been full
an paid.
IL Section 0. The whole of the preferre
or ana common stock of this corporation O
to any part thereof may be issued and de
a nvered TO any person. firm or corporatio
ly for the acquisition of rights. privileges
al property, business good will or an
r part thereof, owned or controlled by sue
IS person, firm or corporation.
as The Board hereinafter created is spec
II, tally authorized to issue and dispose O
Is stock for any or all of the purposes aboy
stated, as in its judgment may seem fai
al and proper. There is annexed hereto
I'd to be read in connection herewith a
Id accurate, detailed and itemized descrip
nd ton of the property conveyed to thi
o. corporation In payment o: subscription