The herald. [volume] (New Orleans, La.) 1905-1953, 1921-12-29
CHARTER.

fifteen days before the date of said meet
ing. Upon elections for Directors, as
upon all other matters, the right to vote
shall be vested exclusively in the COM
mon stock, unless the company be in ar
rears for the annual dividend payments
on the preferred stock, in which event
the sole voting power of the company
shall be in its preferred stock until the
dividends in arrears shall be fully paid
as hereinabove provided. In case of any
vacancies in the Directorate through
death, resignation, disqualification or
other cause, a successor to hold Office
for the uneXpired term of the Director
whose term 1Shall be vacant. and until
the election of 4 successor shall be APP
pointed by the Board of Directors in ac-
cOrdance with the written directions OF
a majority of the holders of the class
of stock then entitled to vote. Failure
to elect Directors upon the day Specihed
shall not dissolve the corporation, but
the directors then in office shall continue
in office until their successors are elected
and qualified. The Board of Directors
at the first meeting following each an
nual election shall elect from their num-
her n president and one or more vice
presidents. who without mineral desig'
nation shall rank in the order In which
| they are elected. and they shall likewise
| elect, but not necessarily from their num-
| Der. secretary and treasurer CwhO
| may be the same individually and such
| other officers and such committees as
| the Board of Directors shall deem neces-
| sary. The Board shall have power in
| its discretion to unite two or more OF
| fees and to confer the same upon one
| person. and shall have the power 10 TX
| the salaries of all the aforementioned
| officers and Of such further officers and
| agents as they may deem necessary.
| At any meeting of the Board OF Ilrec-
tors, any Director absent from the meet
| ing may be represented by any other III
| rector. according to the written dirdc-
| tionS. either general or special, of the
| said absent Director.
Section . In furtherance and not IN
Limitation of the powers conferred Dy
law. the Board of Directors Is hereoS eA-
| preSsIy authorized:
| Ca) To make and establish, as wen as
| alter and amend, all bylaws, rules anu
| regulations necessary and proper 1or the
| Support and mana cement Of the business
affairs of said corporation, not lhcohSlS'
tent with its charter.
| b) To borrow money necessary loi
the ordinary business operations OF IN,
CORPORATION through the president OF
| some other duly authorized agent oi
i ogapts to execute mortgages or pledges
and issue notes. bonds or other ODhSa
lions, for such amounts ana on suSi
terms as in their Judgment may o.
| deemed advantageous, ana Seherall! w
an things reasonable and necessary 1ol
the proper carrying on or the p usllles
of the CORPORATION; provided, however
| that so long as any of the preferred stoci
is outstanding the corporation shall no
incur any additional Indebtedness, 81
| cured nv mortgage or pledge. or any
The property acquired by it upon It's or
=. | gopization (eNcept Liberty Bonds, con
tracts, claims and obligations wlthou
! | the consent in writing of the hOiners
, seventy five (75) per cent OF the theh ou'
r standing preferred stock.
: Ic) TO issue and deliver FUZZY pan
I shares of stock and bonds or obligation
of said company, in payment ol PIPE 60
! or rights actually received by saiu 'o'
POI Ia To direct or determine the us us
4 onJ disDositiOn of any surplus OF IN
A | NOT profits over and above the capLts
. stock paid in. subject to the provision
= | of this charter -. ,a thing
h | NAV no necessary to carry out III
ohiarts for which this corporation Is u
. eTntiI the next general meeting OF III
= Stockholders for election OF the ~! ~ o.
II | q. 10 hold under this charter on the Of
Il Wednesday of September, l922' or uil'
v ,hsir duly qualified successors are eIectt
K or installed, the Board of Directors
s this CORPORATION subject TO lhcIea9e
d herein provided, shall be com T,SS
IT s. Haggerty, Hattiesburg, MISS
! Steadman, Hattiesburg, Miss IL;
"a Mel cod. Hattiesburg, Miss; n. T. na
II ron Hillsdale. Miss; n. 5. Bruce; M H
l. nbis Tenn, 800 Monroe Ave; >. F.
st tiers. 7O4 Baronne ST, New g. Srie NV q
p u l. Truett, 704 BarOnne ST, New - -
. leans. La; ]. o. Rea, 7O4 Baronne >
1f OF the foregoing, r. b. Mcleod , shi
n he president; ]. O. Rea, vice. resi ~
,r and general manager n: D, orotorv a,
Al president and r. F. Smith secre'"i' 81
l. +. ]. Brandt, treasurer. .ounorot;
Df ARTICLE 6.-This act OF lncorpor'I,i
+ may he modified. changed or aihehue
n or the corporation dissolved, Dy III
w Of t1yo-thirds of the stock then eh'tl
NJ o 'nto nresent or represented at a gt
es GRO, meeting of the holders OF such $40
ne convened for such purpose. AFTER pre-, Wv,
IN notice shall have been given IN lhe II" /.
ner above required to be gwen Vi
he annual meeting of the corp0ra u not
he yided that the Charter snail hot
d, n,onded so as to affect the rlghts
a Sacuritv of the holders of the preierI
nd stock as herein provided, without
of consent in writing of the no o, .,
to seventy-five C75) per cent oil 'he 'nen "
of standing preferred stock H.
al hPTJCIE If this corporation sh
n ho dissolved either by limitation or ir
nd anv other cause. its affairs shail De IN
O) dated by three commissioners, ot ,
or elected by the vote of the holuers VI q
ng stock then entitled to vote NJ n,e
e. &C. convened after notice as herelnao'
ng rovidad Said liquidators shall REM
o. IN office until the affairs or the corp
lis | IT, sboI have been fully settleu
nuuiaotad and they shall have full pow
Ill MA ma autbority TO transfer and give u
ss anu al tho nroperty and assets OF the G
al " a. and to distribute the procee
k. casa of death, disability or reslsl
OF IN. IN 81 one of the liquidators, the Vacar
ed shai, no filled by the survivors.
be ARTICIE $40 stOckholder shaii
- haid liable or responsible for the CO
be .oots or faults of said corporation In 2
"a s,rther sum than the unpaid balance
VI an The shares of stock subscrlDeu
IN. him nor shall any mere informahty
*, raapization have the effect OF renuerl
ed this charter null or of exposing "a
ed stacLboider to any liability other IN
he as above provided. o,.o. NAV CO,
De Tn order that this Charter may Sc.
&c as the original subscription llst' the .
OK or;hars hereto have indicated oppos
IA their respective signatures the num-
er 80 shores of stock subscribed for Dy ea
ne Thus done and passed at my hot "a.
"a, ar osice in the City of New orleans, OF
~, of Louisiana, on the day, hloh.n
,ns Star first hereinabove written; III
no prasonca Of SHIRLEY HOFFMAN
.eI, GEORGE HUFF, competent WINES
ch u,bo have hereunto subscribed III
TN TN names. together with me- Notary,
ne tha sold appearers, after due reading
nv the whole.
.ud Noiie WATTS X. LEvERICH;
ed Notary Public
.re "i' SHIRLEY HOFFMAN,