The herald. [volume] (New Orleans, La.) 1905-1953, 1921-08-25
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 ii 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 of
the United States Of America the One
Hundredth and Forth-Fifth, Before me,
William J. Guste. a notary public, duly
commissioned and qualified, in and for tie
above Parish and State, therein residing
and in the presence of the witnesses herr
matter named and undersigned, personalsE
came and appeared: a. c. Jacobs and !.
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, a cor
poration organized by act before Theodore
A: Schuber, notary public, on February
9th, 1916, recorded In NJ. D. b. 1895, Folio
IA, which charter OF the said corporation
was amended by act passed before Theo-
1918, recorded in NJ o. 3. l222, 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, it was
unanimously resolved that Article III of
the charter OF said corporation be amended
30 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,
900O0) Dollars, to be represented by Six
Hundred and Fifty (650) shares of Pre-
ferred Stock Of the par value of One Hun
dred ($10O.O0) Dollars each and six hum
dred and nifty (65O) shares of common
stock OF the par value of one hundred
910000) dollars each, said stock to be pay
able at such times and in such INSTALL
ments, as the board of directors NAV de-
termine. Said stock shall be paid for in
cash or In property as provided by law.
The capital stock Of this corporation NAV
De increased to the sum of Two Hundred
and Fifty Thousand $3.50, 900 OO) Dollars.
This corporation shall be a going concern
as soon as the sum Of Sixty Five Thousand
C$6o,OO0.O0) Dollars has been subscribed
for and paid.
The other conditions, limitations and
proyislops under which the preferred stock
sued are herafter enumerated
RS or the preferred stock shall
TO resolve out Of the net profits
exploration, a fixed dividend of
y1ol per cent. per annum, payable
annually, to-wit: On the first day of
9ary and July Of each year. before anv
Yidend can be paid or set aside on or
Exor the common stock for the period there
tcrore elapsed. The principal or par value
OF sald preferred stock, with cumulative
dividends thereon at seven per cent. DER
annum from the date dividend should have
been paid. shall be paid in full out of tbe |
assets OF the company, in preference to
nny 1a IN common stock in the event Of
Incubation OF this corporation from any |
cause ana before any distribution can be |
MADE OF the capital among the holders of |
me common stock. The dividends upon |
tse preferred stock are to be cumulative, |
and bear six $500 per cent. interest from
maturity date as herein provided, com
pounded annually, so that If for anv
period or periods, the said dividends are
NOT paid, the right thereto shall cumulate
against the common stock; and all arrears |
OF such dividends so accumulated and in.
terest thereon as herein provided, must
De paid before dividends can be paid on
tne common stock. The preferred stock
pate In any other earnings, dividends or
profits. The right Of the holders of pre-
ferred stock to be credited with dividends
snaII commence from the date of actual
payment Of such stock.
The Board of Directors shall have the
right and option Of retiring the preferred
STOCK In whole or In part. from time to
lime. at any interest payment date. at a
price of One Hundred and Ten (SlIO Ool
Dollars per share, In addition to the cumu-
lated dividends and interest thereon. If
any, as hereinabove provided for. Such
retirement shall be at the option Of the
board OF directors, and shall be effected
BY payment out Of The surplus funds: and
n no cause shall such preferred stock he
,etired under circumstances as would pro-
luce an Impairment Of the capital stock
y THIS corporation, the outstanding COM
non stock to be then worth no less than
'ar: such retirement or redemption of
preferred stock can only be effected on
hirtv days previous notice in writing TO
ne holders of preferred stock of record. |
ter drawing by lot, in the presence of the {
oard Of directors. Upon such notice ali =
ly1dends. interests and arrears shall CEASE .
1th respect to such retired stock.
Preferred stock shall enjoy no voting q
owef' ana no holders or owners Of pre- Q
rred stock shall be entitled TO any vote p
fth respect to such preferred stock. or in {
~ OF the Affairs Of this corporation. or a
settings Of the stockholders or directors
ereof, or Otherwise - p
~ have been duly authorized, empowered to
e directed to sign and execute an re- n
lislee and necessary acts or proceedings al
carry out and effect said amendment n
q thas shey DO now appear before me, ca