The herald., 1921-06-30
CHARTER.

jects and purposes and under the agree
ments and sttpulations follow ing. to-wit !:
ARTICLE 1.-The name Of this corpora
ton shall be United Laundry. Inc"
ARTICLE 1.-THE objects and purposes
for which this corporation Is organized Is
10 carry on. In the City of New Orleans
and elsewhere. the business of laundries
and dry cleaning establishments. to buy,
sell and deal Is all kinds Of supplies and
equipment used in the laundry and dry
cleaning business, and, to that end. shall
have the powers necessary TO carry out
the objects thereof and shall have the
right, In connection with said business.
! and in furtherance thereof, to purchase.
| own, lease, mortgage, and ALLEVIATE real
| estate and movable property; to borrow
| money and to issue promissory notes,
bonds or other evidences of Indebtedness
to appoint and employ such agents and
| employees as may be necessary.
| ARTICLE III-The capital stock Of this
| corporation is hereby fixed at Twenty
Thousand Dollars ($20,000.OO) divided into
two classes:
| ~ 1850 shares OF the par value Of Ten
| Dollars $4,000 each, shall be known and
designated as Preferred Profit Sharing
stock which shares shall be preferred
both Ia dividend and principal, to the
stock known as Common Stock.
(2) 300 shares Of the par value Of One
Dollar (S1.O0) each, shall be known and
designated as Common Stock.
| The capital stock of this corporation
shall be paid for in cash or its equivalent
before issued, and no stakeholder shall
ever be held liable for more than the un
paid balance of his subscription. All stocS
when issued shall be fully paid, non-as
| sessable.
Out Of the net earnings of the corpora
ton, there shall first be declared the an
the holders Of Preferred Stock before hold
| ers of Common Stock shall receive any
thing. This dividend shall be cumula
tive. Thereafter, a like dividend OF 10 pei
Common Stock. The balance of the earn
ings, If any, shall be distributed annually
80 per cent to the holders OF Preferred
Stock and so per cent to the holders o.
Common Stock. The Preferred Stock shall
have no voting power. The Preferred
Stock may be increased, according to law
by resolution OF the Board OF Directors
adopted by a two-third vote, to the sum o
not more than 1927 100, the proceeds o
which shall be used exclusively for tn
purchase Of supplies, equipment and tn
putting In OF additional laundries and DIR!
cleaning establishments. The Common
Stock Is not subject to increase excep
by unanimous vote of its holders.
ARTICLE IV-The domicile of the cor
poration shall be in the City of New Or
Il leans, and the corporation shall exist TO
period Of ninety nine years from dat
hereof
ARTICLE V-The powers Of this corpora
ton shall be vested In and exercised by
Board of Directors of not less than three
J nor more than sevent who shall serve unit
the first Monday IN June, 1922. or unit
their successors shall be elected and in
Quoted into office and elect from thei
number, at their first meeting, President
Vice President, a Secretary, and a Treas
urer whose powers and duties shall b
j defined by said Board. The Board ma
. elect from time to time. first and secon'
icepresideDt, and assistant secretary an
Treasurer, ALTO. an Advisory Board of
members or less, may be appointed ut vii
Of the Board Of Directors, and their dutie
defined by said Board.
ARTICLE VINO compensation shall b
paid to any officer or director, except tn
until the stockholders have received divi
bends amounting to at least fifteen pc
, cent.
The joint annual salaries of officers an
} directors of this corporation shall at n
time exceed fifteen per cent Q5CL) of tn
annual net earnings of the company.
: ARTICLE yII-The stockholders meet
3 ings shall be held annually on the frs
} Monday of June.
The subscribers hereto have respectivel
! written opposite their names the amour
! of stock subscribed by them to this col
poration, so that this Act of incorporate
may also serve as the original subscriptio
,, list of the corporation, and they hay
stated their post Office addresses, SO 9
to conform with Act 267 of the Gener:
Assembly Of the State Of Louisiana (
5 1914.
Thus done and passed at my office
the City of New Orleans, La, on the da!
month and year herein first above writtel
. in the presence OF III. l.. Ridell and Ge
? B. Richard. the undersigned competeI
witnesses, who hereunto sign their name
J, with said appearers and me, notary, aftt
: due reading of the whole.
Witnesses: IL. l.. Riddell, Geo.
q Richard.
l. .CHAS. SCHNEIDAU.
D Notary Publ