The herald., 1921-05-12
CHARTER.

and generally to promote the trade in the
CITY of New Orleans increase its amount
and augment the facilities with which
ii may be conducted.
The maintain a credit and collection de-
partment.
To subscribe to, become a member of,
and cooperate with any other person, firm,
corporation or association, whose objects
are altogether, or in part, similar TO these
of this company, and to procure from and
communicate to any such person, firm,
corporation or association such informa-
ton as may likely forward the objects of
the corporation.
ARTICLE IV.-The capital stock of this
CORPORATION is hereby fixed at the sum of
five thousand (S5,000O0D dollars. divided
into and represented by one hundred (l0O)
shares of stock of the par value of fifty
$4,000 dollars. Said stock shall be paid
for in cash, at such time and in such
amounts and after such notice to the sub
scribers as may be fixed by the Board OF
Directors. or the same may be issued at
not less than par for labor done or prop.
erty actually received by the corporation,
or for capital stock of other corporations.
This corporation shall become going
concern and be authorized 10 do business
as soon fifty per centum of its capital
stock shall have been subscribed and nfty
per centum of all stock subscribed paid
for.
The Board of Directors, from time TO
time, may fix the price at which shares of
stock belonging to this corporation shall
be sold. which price shall in no case be
less than fifty $4,000 dollars per share,
and shall be signed by the president and
counter signed by the treasurer.
The amount to which the capital stock
may be increased shall be the sum of tive
hundred thousand (S5OO, OOO.OOJ dollars.
ARTICLE v.-The directors shall cause
to be created one or more classes of MEM
bership, who shall be required to hold and
possess certificates representing member
ship rights, but the possession of said GER
| tiicates shall not entitle the holders to
| any privileges of the exchange without
| first being duly elected by the Board of
Directors. Said members as elected shall
not necessarily be the owners of any shares
| of capital stock of the corporation. The
Board of Directors, subject 10 the limi-
| tations of this charter, shall have the
| right TO prescribe the qualifications for
! members and to place such restrictions on
and prescribe such privileges and enact
| all such rules and regulations as may be
necessary or proper to- govern transactions
| taking place in and under the auspices of
| said Exchange. The Board of Directors
| shall have the right to ix, dues, assess
| ments. charges or such other fees as shall
| be paid, and provide for the time and
manner of payment and to fix the penalties
| for non payments of such dues, assess
| ments, charges or fees. The Exchange
| shall collect from said members such
| charges as may be agreed upon and dis
| tribute the same in such manner and UNI
| der such condition, to itself or the mem
| bers entitled to same as may be provided
| by its bylaws and regulations. There
| shall be no appeal from decisions of the
| Board of Directors, and they shall be
| vested with the sole and exclusive right OF
SUSPENSION, expulsion or fine for any in
\ fraction or violation of the rules or regula-
| tions of the Exchange.
Membership in this corporation, once
| acquired, can only be terminated by means
of resignation, duly accepted by the Board
| of Directors, by being dropped from the
| rolls by the Board of Directors, by failure
| to pay any sum due the Exchange or any
| sum arising from Exchange transactions
upon the date said payment is due, by eX.
pulsion or suspension, by the sale of al
| certificates of membership owned by such
| member, or by death. The Board of Di
| rectors shall have the right to provide the
| means and manner in which membership
| in this corporation shall be acquired, and
also to provide the manner in which APP
plicants for membership shall be elected
| as well as the various classes of member
ship If more than one class be necessary
ARTICLE yI-The ownership of one Of
more shares of the capital stock of thii
| corporation shall not confer upon the hold
er thereof any of the rights or privileges
of membership, nor shall it confer upoI
| the owner the right to participate in thu
meetings Of members of the Exchange o.
of this corporation, but only to participate
| in meetings of stockholders called to cleo
directors. to pass upon the issuance o
bonds, the liquidation or dissolution o
this corporation, or change in this act o
incorporation.
ARTICLE VII.-All of the corporat
powers of this corporation shall be veste,
in and exercised by a board of not les
than twenty-one, nor more than thirty
one directors, each of whom shall hold ii
his own name at least one % share o
tbs capital stock of this corporation. SAT-
Board of Directors shall be elected an
nually on the last Tuesday in January
of each year, beginning with 1922, unles
/, such day should fall on a legal holiday
and in that event, on the next succeedin,
day which is not a legal holiday. All sucl
, elections shall be by ballot at the oftic
of this corporation under the supervision
of three commissioners, to be appOinte'
by the Board of Directors, and in the alb
sence of any commissioner the presiden
shall have the power to fill the place b.
appointment. OF all such elections, as wei
as of all meetings of stockholders, excep
for the purpose of liquidation or dissOlu
ton. or as otherwise required by law
Fifteen days notice shall be given b.
mailing to each stakeholder who appear
: as such on the books of this corporation
at his last designated address, or care o
general delivery at New Orleans If he ha
not designated an address, notice stat
ing the time and place of the meeting
Each shareholder shall be entitled to on
, vote for each share of capital stock stand
! ing in his name on the books Of this cor
poration, to be cast in person or by proxy
elect Failure to elect directors on tn
day above specified shall not dissolve thi
CORPORATION, but the directors then Il
Office shall remain in Office until thei
: successors are elected and qualified. Du
notice of another election shall be col
, tinued to be given until an election is ha
ARTICLE VIII.-Immediately after tn
signing Of this charter the stakeholder
. shall elect from their number q Board &
r Directors. who shall hold office until tn
: election to be held in January, 1922, an
S said Board Of Directors shall meet in
r mediatsly after said election and as ofte
. thereafter as it may be called togethe
e Subsequent boards shall meet on call will
in one week after each annual election an
thereafter shall hold regular meeting
monthly on a day to be fixed at said mrs
r meeting following each annual election, an
e special meeting whenever duly called. 4
its first meeting each board of director
: shall elect from its membership pres
r dent, one or more vice-presidents, VIII
= without mineral designation, shall ran
( in the order in which they are elected, an
e an executive committee of seven. AS sue
d meeting it shall also appoint secretar
and treasurer, neither of whom need
e either stakeholder or director. but may
7. either stakeholder. director or other Q
r ficer The Board of Directors may, il
: | see fit, appoint one person to be seer,
n tary and treasurer, and shall from time
: time, as 1t sees fit appoint or employ sue
e other employees as il shall deem necessar
r and for such period of time as Ii may dee
e advisable The Board of Directors sha
d have full power and authority to fix II
;, salaries of all officers and of all such oth'
S employees as it deems necessary and
e make and establish as well as to alter an
s amend all bylaws, rules and regulation
: | naoaoSarv aud nranar f0r the conduct mr.