The herald., 1921-06-09
CHARTER.

subscribed who declared that availing
themselves of the laws of this State, rela-
tive to the organization of corporations,
they have covenanted and agreed, and do,
by these presents, covenant, agree. bind,
form and constitute themselve as well as
such persons as may hereafter join or be-
come associated with them, into a corpora
ton and body polite in law, for the OBJ
Jects and purposes and under the agree
ments and stipulatiOns following, tO-wit:
ARTICLE THE name of this corpora
ton shall be United Laundry, Inc"
ARTICLE 1.-THE objects and purposes
for which this corporation is organized is
to 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 tnat end. shall
have the powers necessary TO carry out
the objects thereof, and shall have the
right, IN connection with said business,
and I'm furtherance thereof. to purchase,
own, lease, mortgage, and ALLEVIATE real
estate and movable property; to borrow
money and to issue promisSOry notes.
bonds 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 ($20,OOO.OO) divided into
two classes
% 1850 shares of the par value of Ten
Dollars $1,000 each. shall be known and
designated as Preferred Profit Sharing
stock, which shares shall be preferred.
both in dividend and principal to the
stock known as Common Stock.
t2) $500 shares of the par value of One
Dollar ($lW) each, shall be known and
designated as Common Stock.
The capital stock of this corporation
snail be paid for in cash or its equivalent,
before issued. and no stakeholder shall
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, like dividend OF 10 per
cent shall be paid to the holder of the
Common Stock. The balance of the earn
lngs. If any, shall be distributed annually
30 per cent to the holders OF Preferred
Stock and 80 per cent to the holders OF
Common Stock. The Preferred Stock shall
nave 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 S297.5O0O0. the proceeds Of
which shall be used exclusively for the
purchase of supplies, equipment and the
putting in of additional laundries and dry
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 for
a period Of ninety nine years from date
hereof.
Article V-The powers of this corpora-
ton shall be vested in and exercised by a
Board of Directors of not less than three,
nor more than seyent who shall serve until
the first Monday IN June 1922 or until
their successors shall be elected and in
Quoted into office, and elect from their
number. at their first meeting, a President
a vice President, Secretary, and Treas
urer whose powers and duties shall be
dehned by said Board. The Board may
elect from time to time. a first and second
yice-president and assistant secretary and
Treasurer also, an Advisory Board of -
members or less, may be appointed ut will
Of the Board of Directors, and their duties
defined by said Board.
ARTICLE VINO compensation shall he
paid to any officer or director, except the
Secretary and Treasurer, in any fiscal year
until the stockholders have received divi-
bends amounting to at least fifteen per
cent.
The joint annual salaries of officers and
directors of this corporation shall at no
time exceed fifteen per cent Q5C) of the
annual net earnings of the company.
ARTICLE VII-The stockholders meet
ings shall be held annually on the first
Monday of June.
The subscribers hereto have respectively
written opposite their names the amount
of stock subscribed by them to this cor
poration, - that this Act of incorporation
may also serve as the original subscription
list of the corporation, and they have
stated their post Office addresses, so as
to conform with Act 267 of the General
Assembly of the State of Louisiana of
1914.
Thus done and passed at my Office in
the City of New Orleans La, on the day.
month and year herein first above written
in the presence of III. L. Ridell and Geo
Il. Richard, the undersigned competent
witnesses. who hereuntO sign their names
with said appearers and me, notary, after
due reading of the whole.
Witnesses: ii. l.. Riddell, Geo. b.
Richard.
CHAS. SCHNEIDAU,
Notary Public.
T,,no T,,I.-