The herald., 1921-06-16
CHARTER.

jects and purposes and under the agree
ments and stipulations following, to-wit:
ARTICLE 1.-The name Of this corpora
ton shall be United Laundry, Inc"
ARTICLE 1.-THE objects and purposes
Tor 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,
DOnds 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 (S2qOO0O0) divided into
| two classes:
ID 1850 shares of the par value of Ten
Dollars $4,000 each, shall be known and
| designated Preferred Profit Sharing
| stock, which shares shall he preferred.
both in dividend and principal, to the
stock known as Common Stock.
(2) $500 shares Of the par value of One
Dollar (SlO0) 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 stOckhOlder7shall
ever be held liable for more than the un
paid Balance of his subscription. All stock
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
| nual dividend of 10 per cent, payable TO
| 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 per
cent shall be paid to the holder of The
! Common Stock. The balance of the earn
ings, If any, shall be distributed annually
| % per cent to the holders OF Preferred
Stock and 30 per cent to the holders OF
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 twO-third vote, to the sum OF
not more than 1927 500 co. the proceeds Of
| which shall be used exclusively for tn,
| purchase Of supplies, equipment and tn,
putting in OF additional laundries and dry
| cleaning establishments. The Common
Stock Is not subject TO increase, except
by unanimous vote of its holders.
ARTICLE Iv-The domicile of the cor
poratiOn shall be in the City of New Or
| leans, and the corporation shall exist fol
| a 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
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, a President
a Vice President. Secretary, and Treas
| urer whose powers and duties shall b,
defined by said Board. The Board ma!
elect from time to time. first and SECOND
| of,A
| Treasurer, also, an Advisory Board of .
members or less, may be appointed at viii
| 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,
Secretary and Treasurer, in any fiscal year
until the stockholders have received diyi
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 (15CL of tn
annual net earnings of the company.
ARTICLE YII-The stockholders meet
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 cor
poratiOn, so that this Act of incorporation
may also serve as the original subscription
list of the corporation, and they hav
stated their post office addresses, so a
to conform with Act 267 of the Genera
Assembly of the State of Louisiana @
1914.
Thus done and passed at my office i
the City of New Orleans. La, on the day
month and year herein first above writer
in the presence of ii. l.. Ridell and Dec
Il. Richard, the undersigned competer
witnesses. who hereuntO sign their name
: with said appearers and me, notary, afte
due reading of the whole.
, Witnesses: II. l.. Riddell, Geo. j
| Richard.
CHAS. SCHNEIDAU,
Notary Pubfr
June 2-July