The herald., 1921-07-28
CHARTER.
AMENDMENT TO CHARTER OF THE
PAN-AMERICAN FURNITURE
FACTORY, INC.

United States Of America, State of Louis
lana, Parish of Orleans, City of New Or
leans. Be it known, that on this 9th day
Lord One Thousand, Nine Hundred and
Twenty -one, and of the Independence OF
the United States Of America the One
Hundredth and Forth-Fifth, Before me,
William j. Guste, notary public, duly
commissioned and qualified, in and for the
above Parish and State, therein residing.
and in the presence of the witnesses here
matter named and undersigned, personally
| came and appeared: a. c. Jacobs AND Z.
L. Samuels, both of lawful age and resi-
dents of this city and state, and herein
! appearing in the capacity, respectively OF
/ president and vice-president, of the Pan
| American Furniture Factory, Inc, cor
poration organized by act before Theodore
A. Schuber, notary public, on February
| 5tb, 1916, recorded in NJ. D. b.. 1875, Folio
| IA which charter Of the said corporation
was amended by act passed before Theo-
| dore A. Schuber notary public, July 26th
! 1918. recorded in NJ. o. Il. 1222, Folio -.
Who declared. that at a special meeting
| of the stockholders of the Pan-American
| Factory, Inc, held at the City of New Or
| leans on the 9Th day of July, 1921, all of
the capital stock of the corporation being
present or represented, on motion. duly
| made aud seconded and carried, il was
| unanimously resolved that Article III of
| the charter of said corporation be amended
/ SO as to read as follows:
| ARTICLE III-The capital stock of this
| Company Is hereby fixed as the sum of
One Hundred and Thirty Thousand $780,
Hundred and Fifty (65O) shares of Pre-
| ferred Stock of the par value of One Hun
| dred t$1OO.OO) Dollars each and six hun
| dred and fifty $500 shares of common
/ stock of the par value of one hundred
i C$10000) dollars EACH said stock to be pay
/ able at such times and in such install
ments, as the board of directors may de-
termine. Said stock shall be paid for in
cash or In property as provided by law.
The capital stock Of this corporation may
be increased to the sum of Two Hundred
and Fifty Thousand $3.50, 0O0OO) Dollars
This corporation shall be going concern
as soon as the sum Of Sixty Five Thousand
(s65,OO0OO Dollars has been subscribed
for and paid.
The other conditions, limitations and
provisions under which the preferred stock
shall be issued are herafter enumerated
The holders Of the preferred stock shall
be entitled to receive out of the net profits
Of the corporation, a fixed dividend Of
seven 09ol per cent per annum, payable
semi-annually, to-wit: On the first day OF
January and July Of each yegr, before any
dividend can be paid SET aside on oil
for the common stock for the period there
tofore elapsed. The principal or par valu,
OF said preferred stock, with cumulative
dividends thereon at seven per cent. PEI
annum from the date dividend should hay,
been paid, shall be paid in full out of tn,
assets OF the company. in preference t,
II any VI III common STOCK IN the event o
/ liquidation of this corporation from an,
| cause, and before any distribution can b.
made of the capital among the holders o
| the common stock. The dividends upol
l the preferred stock are to be cumulative
| and bear six 1871 per cent. interest from
maturity date as herein provided. com
pounded annually, so that IL for an
period or periods, the said dividends ar
not paid. the right thereto shall cumulat
| against the common stock and all arrear
| OF such dividends so accumulated and in
terest thereon as herein provided. mus
be paid before dividends can be paid O.
the common stock. The preferred stoc
| shall not be entitled, however to particj
pate In any other earnings dividends o
pronts. The right of the holders of pre
ferred stock to be credited with dividend
shall commence from the date of actua
payment of such stock.
III The Board Of Directors shall have tn
right and option Of retiring the preferre
stock in whole or in part, from time I
time. at any interest payment date, at
price of One Hundred and Ten ($11O OC
Dollars per share in addition to the cumu
lated dividends and interest thereon.
any, as hereinabove provided for. Sue
retirement shall be at the option Of tn
Il board of directors, and shall be effecte
by payment'out Of the surplus funds: an
In no cause shall such preferred stock b
retired under circumstances as would prc
duce an impairment Of the capital stoc
Of this corporation. the outstanding com
mon stock to be then worth no less tina