The herald. [volume] (New Orleans, La.) 1905-1953, 1921-05-19
CHARTER.

stock shall have been subscribed and nifty
per centum OF all stock subscribed paid
for.
The Board of Directors. from time 10
time, may tx the price ut which shares of
stock belonging 10 this corporation shall
be sold, which price shall in NJ case be
less than nifty $4,000 dollars per share.
and shall be signed by the president and
counter-signed by the treasurer.
The amount 10 which the capital stock
may be increased shall be the sum OF tive
hundred thousand (SJ00,0OO.0O) dollars.
ARTICLE V.-The directors shall cause
to be created one or more classes of menu
bership, who shall be required to hold and
possess certificates representing member
ship rights, but the possession of said GER
tiricateS shall not entitle the holders TO
first being duly elected by the Board of
Directors. Said members as elected shall
not necessarily be the owners of ANY shares
of capital stock of the corporation. Ihe
Board of Directors. subject TO the limi-
tatiOnS of this charter, shall have the
right to prescribe the qualifications for
members and TO place such restrictions on
and prescribe such privileges and enact
all such rules and regulations as may be
necessary or proper to govern transactions
taking place in and under the auspices of
said Exchange. The Board of Directors
shall have the right to ix dues. assess
ments. charges or such other fees as shall
be paid, and provide for the time and
manner of payment and to fix the penalties
ments, charges or fees. The Exchange
shall collect from said members such
charges as may be agreed upon and dis
tribute the same in such manner and UNI
der such condition. to itself or the MEM
bers entitled to same as may be provided
by its bylaws and regulations. There
shall be no appeal from decisions of the
Board of Directors. and they shall be
vested with the sole and exclusive right of
suspension. expulsion or fine for any in
fraction or violation of the rules or regula-
tioEs of the Exchange.
Membership in this corporation, once
acquired, can only be terminated by means
of resignation, duly accepted by the Board
of Directors, by being dropped from the
rolls by the Board of Directors, by failure
to pay any sum due the Exchange or any
sum arising from Exchange transactions
upon the date said payment is due by eN-
pulsion or suspension, by the sale of all
certificates of membership owned by such
member, or by death. The Board OF hi
rectors shall have the right to provide the
means and manner in which membership
in this corporation shall be acquired. and
also to provide the manner in which APP
plicants for membership shall be elected,
as well as the various classes of member
ship if more than one class be necessary.
ARTICLE VI.-The ownership of one or
more shares of the capital stock of this
corporation shall not confer upon the hold
er thereof any of the rights or privileges
of membership, nor shall il confer upon
the owner the right to participate in the
Of this corporation. but only to participate
in meetings of stockholders called to elect
directors. to pass upon the issuance of
bonds, the liquidation or dissolution of
this corporation, or change in this act of
incorporation.
ARTICLE VII.-All Of the corporate
powers of this corporation shall be vested
in and exercised by board of not less
one directors, each of whom shall hold in
his own name at least one "a share OF
tbs capital stock Of this corporation. Said
Board of Directors shall be elected an
nually on the last Tuesday in January,
of each year, beginning with 1922, unless
such day should fall on a legal holiday,
and in that event, on the next succeeding
day which is not legal holiday. All such
elections shall be by ballot at the Office
of this corporation under the supervision
of three commissioners. to be appointed
by the Board of Directors, and in the alb
sence of any commissioner the president
shall have the power to fill the place by
appointment. OF all such elections, as well
| as of all meetings of stockholders, except
for the purpose of liquidation or dissOlu-
| ton, or as otherwise required by law.
| Fifteen days notice shall be given by
| mailing to each stakeholder who appears
| as such on the books of this corporation
at his last designated address, or care of
general delivery at New Orleans if he has
not designated an address, notice stat
| ing the time and place of the meeting.
| Each shareholder shall be entitled to one
|
| ing in his name on the books of this cor
pOration, to be cast In person or by proxy,
| and majority of the votes cast shall
| elect. Failure to elect directors on the
| day above specified shall not dissolve this
| corporation, but the directors then in
office shall remain in office until their
| successors are elected and qualified. Due
| notice of another election shall be con
tinued to be given until an election is had
ARTICLE VIII.-Immediately after the
signing Of this charter the stockholders
shall elect from their number a Board OF
| Directors. who shall hold Office until the
election to be held in January, 1922, and
said Board of Directors shall meet i'm.
mediately after said election and as often
| thereafter as 1t may be called together
Subsequent boards shall meet on call with
| thereafter shall hold regular meetings
monthly on a day to be fixed at said first
meeting following each annual election, and
| special meeting whenever duly called. Al
its first meeting each board of directors
| shall elect from its membership a presi-
| dent, one or more vice-presidents, who
| without mineral designation, shall ranE
| in the order in which they are elected and
| an executive committee of seven. As such
/ meeting Ii shall also appoint secretary
| and treasurer, neither of whom need be
either stakeholder or director, but may be
| either stakeholder, director or other of
| fcer. The Board of Directors may, IL II
| see fit, appoint one person to be secre-
! tary and treasurer, and shall from time to
| time, as IL sees mt appoint or employ Sucn
| other employees as II shall deem necessary
| and for such period of time as it may deem
| advisable. The Board of Directors shall
have full power and authority to fix the
/ salaries of all officers and of all such other
| employees as it deems necessary and Il
| make and establish as well as to alter and
| amend all bylaws, rules and regulations
| necessary and proper for the conduct and
| management of the business and affairs
| of this corporation not inconsistent with
/ its charter; it shall also have full power
/ and authority to do all acts and things
| reasonably necessary for the proper carry
/ ing on of the business of this corporation
/ and to carry out the objects and purposes
for which this corporation is organized
necessary for the ordinary business
operations of this corporation, and
through the president or some othei
| duly authorized person or persons,
| to execute and issue therefor, note:
/ or other obligations of this corporation
/ on such terms as in its judgment may bt
| advantageous; il shall also have full pow
paid shares of stock of this corporation
| for money, labor services, property OF
| rights actually received by this corpora
| ton.
The Board of Directors shall have full
power and authority to fill all vacancie:
that may occur in the Board or IN tn
| Executive Committee A majority of th'
directors at any time in office, present
| either in person or by proxy shall con
| stitute a quorum for the transaction OF
any business; and at amy meeting OF the
Board any director absent therefrom may
be represented by proxy.
| ARTICLE IX.-The Executive COMMITTEES
| membership and shall meet at least once
| week at time TO be fixed by IL, bu