The herald. [volume] (New Orleans, La.) 1905-1953, 1921-12-15
CHARTER.
be one hundred thousand

dollars $4,000 IL
Fifty per cent of the capital STOCK OF
this corporation must be subscribed Ter
before the filing of the articles OF lncor-
noration. The subscribed capital stock
of this corporation shall be payable In
cash, property, real or personal OF LOT
services performed er rendered
No stock holder shall ever be held habie
ar responsible for the faults, contracts or
debts of this corporation In any iurther
sum than the unpaid balance que the COT
poration on the shares of stock subscribed
for by him. nor shall any mere Informal.
ity in the organization have the erect OF
rendering this charter null OF of exposing
any shareholder to any hablIlty "ha'So-
ever.
This corporation shall not engage IN |
business until Twenty-fiye Hundred poi,
lars (s25OO0O) of the capital stock mas |
been issued and actually paid in, either |
In cash. property or services as aforesaid
il any of the stock of this corporation is
exchanged in whole or In part Tor prop
erty or good will, in that event the pro
visions of Section III (3) Of Act 2o' OF
1914 shall be strictly complied with.
ARTICLE V. All the corporate powers
of this corporation shall be vested III anu
exercised by n board of directors com
posed of three stockholders. each of whom
shall own, in his own right, during his
term of office. at least one full ana
unpledged share of the capitai stoSH'
which shall be shown by his written &c
tute a quorum for the transaction OF bus
| iness, provided that the board OF directors
| shall have the right at any tlme 10 III
| crease the number of directors TO not more
| than five (5 ANY director unable TO at
| tand a meeting of the board may appoint
I a proxy for that purpose, VINO must pe
a stakeholder
The officers Of this corporation shall
| consist of a president, vtce-presideh'' sec,
| rotary and treasurer, all OF WhoH snaI
| 90 Of
| two offices. but no more, may be com
| bined. if desired, and held by one ana the
| same person.
The following named persons shall CON
stitute the first board of directors OF thls
corporation, to-wit:
Arthur =. Portals. Pass Christian. Miss
ST. clair Adams 1926 st. Charles Avenue
New Orleans. La; J. p. Schroth, S5i step
henson Street. Shreveport, La WIN Al
thur p. Portas, as president ana treas,
urer: J. z. SchrOth, as vice-president, aho
st. Clair Adams. as secretary, ana thest
! | officers shall serve until the second Mon,
dov in October. in the year 1922. or unit
their successors have been duly elected
. and qualified
: Thereafter the directors shall he elected
! annually on the second Monday of October
1 of each year beginning with the year lSIZ
all election Of directors shall be mace D!
Z ballot and each stakeholder SHAH ne en-
. titled to one vote for each snare OF $40,
corporation this vote to he cast in person
: or bv proxy and II shall require ma
{ | iority Of the stock present or representa-
. to elect.
. Failure to elect a board OF directors o
n | the second Monday in October, W.
y annually thereafter shall not work TOT
!, | feitnre of this charter, but the old boar
y Of directors shall remain In Office NM
r their successors are elected ana quaIihe'
J., ARTICLE VI. The board Of director
e shall hold regular meetings az such q. I'M thi
l. as shall be fixed in the bylaws OF IN,
a corporation These meetings shall be mel
= ,t the domicile of the corporation OF
=, the president may call special meetinl
H. Of the board Of directors at suen sih,iI
=, and places within the State OF LoulslaI
Is as he NAV deem advisable, and he sha
H. no REQUIRED to call such special meetihl
T. whenever requested to do so by thr'
% members of the board or directors III
IN DAYS notice of such special meetings sna
=: he given in writing to the directors uhie
vi waiver Of notice is signed by the dlrec
Z, ors. ANY vacancy occurring on the boar
either from death. res1gnauon, or lnau,
1 itv TO serve. shall be filled by the boal
Of directors at its next regular meeui
be after such vacancy shall have occurre
ng The first board of directors OF thls co
&C. poration shall be required 10 dralt su
It able bylaws for the government OF U
nd corporation. which may be altered amen
Cd or changed as the exigencies OF {
on case may require.
we ARTICLE VII The stock of this e.
B. poration may be transferred: proNlu
mt such transfer shall be recorded unon
~ hooks of the corporation before IL sh
np he required to recognize the transfer
the new holder of said stock. The 10
amount Of the subscribed stock as ner'
A. Dollars (S5. O0O. O0), which is hereby auth'
in, lied to be issued fully paid ana non
sessable, for cash, or In exchange
l.. property or services. according 10
nrnytdAd
share or interest in the company shall
). any time be transferred to any per-
,rt- not already n shareholder, so long as
ms. shareholder is willing to purchase
re- share or interest at the prescribed pr
as That In order to ascertain whether g
h;s shareholder Is willing to purchase
,ok such share or interest. the person, whet
n shareholder of the company or NOT, y
nosing to transfer the same. hereinal
called the retiring stakeholder" 81
give notice in writing TO the compi
Z. that he desires to transfer the same
such notice shall constitute the comp'
his agent for the sale OF the snare
C. other interest to any shareholder Of
3. company at the prescribed price. Il
II the company shall. within the space
. thirty DAYS after such notice find sh'
Pc holder desiring TO purchase sa .s s 81
chasing stakeholder" and shall give
flee thereof to the retiring sharehol
on he shall be bound Mt such time VIII
wn. fifteen days tnerehfter' hs inc ..."f
In shall appoint, upon payment OF the
line scribed price: 10 nhi, sb.rehoI
ran interest," 10 tne Pui -" .o,;r;n, oh,
for That II in any case the retiring sn
ana, hoider' atte ps nstarr;ng sucb 81
SOS or interest the company may receive
ersi purchase money and shall thereupon ca
'nh. the name Of the purchasing shareho
,,hn | 70 he entered upon the register as
y ~ holder of such share or interest. and s
~. hold the purchase money in trust TOT
os retiring shareholder. his executors
~. | illustrators or assigns. and the rec
ave | of the company for the purchase me
ras shall he a good discharge to the pure
,ivo. ing shareholder. and he shall not be DO
orm to see the application thereof, ana :
,ody the name OF lne an rag;.ter In
~. ported exercise Of the aforesaid DO
the validity Of the proceedings SHAH
he questioned by any person. ana
TINS purchasing shareholder shall be dee
ritter and taken to be the owner OF the
ana share or interest. That the prescr
ntoy price shall mean the amount paid IL
nine sucb share or interest. plus the pro
have tionate part Of undivided profits.
and yided that IL instead Of there being .
seal, yided profits there exists an impair
'ure of capital Of the said company. then
ecate proportionate part Of such impair
liked. shall be deducted from the amount
the in upon such shares or interest In a
and tanning such prescribed price. That
y or company shall in all cases on recei
pany notice Of desire to sell stock as
and said. allow the ether shareholders thu
oted- portunity to take same In propornio