The herald., 1921-12-22
CHARTER.

company; to do the business OF builders,
contractors, dealers in stone. brick, lum-
Der and other building material or re.
quisites; to buy, sell, lease and Dulld
railroads, tramways and other transpor-
tatiOn facilities by land or water for pur'
poses incident to or connected with the
operation of the sawmill lumber or any
other business operated by the company {,
and i'll general to do and perform the
things herein enumerated and such other
acts and things in any part of the world
as the Board of Directors may deem TO
the advantage of the corporation, which
are not inconsistent with law and winch
natural person could do.
The foregoing enumeration of specific
powers shall not be deemed to limit or
restrict i'll any manner the general powers
of the corporation and the enjoyment anu
exercise thereof as conferred by the laws
| of the State of Louisiana upon corpora
| tions organized under the provisions of
! the General Corporation Act of 1914.
| ARTICLE III-The domicile of this
| corporation shall be in the City OF New
| Orleans, Parish of Orleans, State OF Lou
! isiana. and all citations and other legal
process shall be served upon the presi-
| dent of this corporation, or. in case of his
| absence. upon the vice president, or, IN
| case of absence of both of these officers,
| upon the secretary-treasurer
| ARTICLE IV-The capital stock of this
corporation is hereby declared to be FIT
| ty Thousand Dollars (JO,OOOOO), which
! may be increased from time to time, in
| the manner provided by law, TO One Mil
! lion Dollars (Sl,OOO.OOO.O0l, aSy part OF
| which increase may be preferred stock
| as hereinafter provided.
| Said capital stock of Fifty Thousand
| Dollars 1850. 0O0.OO) is divided into five
hundred shares 5000 Of One Hundred Dol
| lars (S1OO.00) each, which said common
| stock shall have a voting power of one
| % vote for each share Of stock, which
| vote may be cast by the stakeholder In
person or by proxy, at all general cleo
| tionS or meetings of the stockholders, ana
| the aforesaid proxy need not be a stock
! holder of the corporation. Said capital
| stock is to be paid for in the manner
provided by law.
In ths event of an increase of the CAPT
| tai stock of this corporation as herein
provided, it shall be first offered to the
| stockholders of the company in the pro-
| portion to their ownership of stock as
| shown by the books of the company, and
| should any stakeholder refuse or fail IL
| purchase the stock allotted to him. IL shall
be offered to the remaining stockholders
| in proportion to their ownership of stock
and this process shall be continued until
! all the stock is sold. II the stockholders
fail or refuse TO purchase the stock, II
shall be sold TO other persons.
| Preferred stock, when issued, shall not
dividends. payable semiannually on such
| dates as may be determined by the Board
| of Directors. out of any and all surplus
| or net profits before any dividends shall
be declared, set apart for or paid upon
the common stock. Said dividends on the
preferred stock shall be cumulative, Sc
| that If the corporation shall fail in any
fiscal year to pay such dividends on al
of the issued and outstanding preferred
stock, such deficiency in the dividend;
shall be fully paid, with interest not tc
exceed eight per cent (SG) before any
dividend shall be declared, set apart OF
paid upon the common stock. Subject &c
the foregoing provisions. the preferred
stock shall not be entitled to participate
in any other or additional earnings oil
profits of the corporation. Preferred
stock may be retired by lot at any divi
dend period out of the earnings of th'
company at One Hundred Five Dollar:
(Sl05.0O) per share plus acculumated div
idends and interest thereon.
In the event Of the dissolution or liqui
dation of the corporation, or the sale o.
ali of its assets. whether voluntary or in
voluntary, or in the event of its insol
vency or any distribution of its capita
there shall be paid to the holders of thu
preferred stock the par value thereof, to
wit: One Hundred Dollars (SlOO.OO) pc
share. and the amount of all unpaid nc
crued dividends and interest thereon, be
fore any sum shall be paid or any asset
distributed among the holders of tn
common stock; and after the payment t
the holders of the preferred stock of 1t
par value and the unpaid accrued divi
dends. with interest, thereon the remain
ing assets and funds of the corporation
shall be divided among and paid to tn
holders of the common stock according Z
! their respective shares.
The Board of Directors in their discre
ton out of the earnings or surplus ma
declare and pay dividends on the common
. stock cOncurrently with dividends on tn
preferred stock for any dividend perio
of any fiscal year, provided that all &C
cumulated dividends and interest on tn
preferred stock for all previous fisca
| years, as well as the current dividend
thereon shall have been paid in full.
All outstanding common stock shall b
entitled to one ID vote. either in perso
or by proxy, at all meetings of the stock
holders, the preferred stock not being en-
titled to any vote.
No stakeholder shall have the right
sell his stock until he first offers tn
same through the secretary of the con
J pany, TO the other stockholders of tn
= company in the manner provided kerei
for the sale of increased stock for perio
of thirty 1901 days, at its book value a
shown by the last trial balance of th
company.
ARTICLE v-The powers of this col
poration shall be vested in and exercise
by a board of five (5) directors. three {;
of whom shall constitute a quorum. tt
right is hereby given to and vested IN I'll
Board of Directors to any time increas
| or decrease their number, provided tn;
at no time shall there be less than thr,