The herald., 1921-08-18
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
Of the month of July, in the year OF Our
Lord One Thousand, Nine Hundred and
Twenty one, and Of the Independence OIL
the United States Of America the One
Hundredth and h-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 mere
matter named and undersigned, personally
came and appeared: A. c. Jacobs and Il.
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
9th, 1915, recorded In M. U. IL. 1lSo, Folio
IA. which charter OF the said corporation
was amended by act passed before Theo-
dore A. Schuber, notary public, July 18TH
1918, recorded in NJ. o. ID. 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 and seconded and carried, 1t 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 $3.50,
00o00) Dollars, to be represented by Six
Hundred and Fifty (650) shares of Pre-
ferred Stock Of the par value Of One Hun
dred (s100.OO) Dollars each and six hun
dred and nifty (6SO) shares Of common
stock Of the par value of one hundred
100000 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 100000 Dollars
This corporation shall be a going concern
as soon as the sum Of Sixty-Five Thousand
ts6o,0O0.0o) Dollars has been subscribed
: for and paid.
The other conditions, limitations an,
provisions under which the preferred stool
shall be issued are herafter enumerated
The holders of the preferred stock shall
be entitled to receive out of the net profit
OF the corporation, a fixed dividend o
seven (7gol per cent. per annum, payabl
semi-annually, to-wit: On the first day o
January and July Of each year, before an!
dividend can be paid or set aside on o.
~ common stock for the period there
lapsed. The principal or par yalu
preferred stock, with cumulative
IDS thereon at seven per cent. pc
N from the date dividend should hav
en- paid, shall be paid in full out of tn
assets OF the company, in preference L
any OF tn 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 upo
the preferred stock are to be cumulative
and bear siI (69o) per cent. interest iron
maturity date as herein provided, com
pounded annually. SO that II 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 stoe
shall not be entitled, however, to partici
pate In any other earnings, dividends O
profits. The right Of the holders of pre-
ferred stock to be credited with dividend
shall commence from the date Of actu,
payment Of such stock.
The Board Of Directors shall have th
right and option Of retiring the preferre
stock In whole or In part, from time
time, at any interest payment date, at
price of One Hundred and Ten ($110Ot
Dollars per share, in addition to the cunt
lated dividends and interest thereon,
retirement shall be at the option Of II
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 prt
duce an impairment Of the capital stoc
Of this corporation. the outstanding CON
mon stock to be then worth no less tina
par. Such retirement or redemption (
preferred stock can only be effected o
thirty days previous notice in writing (
the holders Of preferred stock of recort
after drawing by lot, in the presence Of tn
board Of directors. Upon such notice a
dividends. interests and arrears shall ceas
with respect to such retired stock.
Preferred stock shall enjoy no votin
power; and no holders or owners Of pre-
ferred stock shall be entitled to any vot
with respect to such preferred stock, or Il
any Of the affxirs Of this corporation, O
meetings Of the stockholders or director
thereof or otherwise
And said appearers further declare tina
they have been duly authorized, empowers
and dfrsctsd to sign and execute all re
Quisite and necessary acts or proceeding
, to carry out and effect said amendment