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

city or New orleans, increase It's amount
and augment the facilities with which
it may be conducted.
The maintain credit and collection de-
partment.
To subscribe to, become a member of,
and cooperate with any other person, firm,
corporation or association, whose objects
are altogether. or in part, similar to these
of this company, and TO procure from and
communicate to any such person, firm,
corporation or association such informa-
ton as may likely forward the objects of
the corporation.
ARTICLE IV.-The capital stock of this
corporation is hereby fixed at the sum of
five thousand ($5,0O0.OO) dollars divided
into and represented by one hundred Q00)
shares of stock of the par value of fifty
(S5000) dollars. Said stock shall be paid
for in cash, at such time and in such
amounts and after such notice to the sub
scribers as may be fixed by the Board of
Directors, or the same may be issued at
not less than par for labor done or prop
erty actually received by the corporation,
or for capital stock of other corporations.
This corporation shall become a going
concern and be authorized TO do business
as soon as fifty per centum of its capital
stock shall have been subscribed and fifty
per centum of all stock subscribed paid
for.
The Board of Directors. from time TO
time, may fix the price at which shares of
STOCK belonging 10 THIS corporation snail
be sold. which price shall in Nd case be
less than fifty $50 O0) dollars per share
and shall be signed by the president and
counter signed by the treasurer.
The amount to which the capital stock
may be increased shall be the sum of five
hundred thousand (S50O0OO.O0J dollars.
ARTICLE V.-The directors shall cause
to be created one or more classes of MEM
berShlp, who shall be required to hold and
possess certificates representing member
ship rights, but the possession of said GER
titcates shall not entitle the holders to
any privileges of the exchange without
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. The
Board of Directors, subject 10 the Iimi-
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
mcnts, charges or such other fees as shall
be paid, and provide for the time and
manner of payment and to fix the penalties
for nOnpayments of such dues, ASSESS
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 I'M
der such condition. to itself or the mem
bers entitled to same as may be provided
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-
tions of the Exchange.
Membership in thic cor .Ior opcu
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 eX-
pulSlon or suspension, by the sale of all
certificates of membership owned by such
member, or by death. The Board of Di-
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 ap-
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 it confer upon
the owner the right to participate in the
meetings of members of the Exchange or
or 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
TINS 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
than twenty-one, nor more than thirty
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.
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
general delivery at New Orleans if he has
not designated an address, a notice stat
ing the time and place of the meeting.
Each shareholder shall be entitled to one
vote for each share of capital stock stand
ing in his name on the books of this cor
porati0n, 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
mediat9ly after said election and as often
thereafter as it may be called together.
Subsequent boards shall meet on call with.
In one week after each annual election and
thereafter shall hold regular meetings
monthly on day to be fixed at said first
meeting following each annual election, and
special meeting whenever duly called. At
it's first meeting each board of directors
shall elect from it's membership a presi-
dent, one or more vice-presidents, who,
without numeral designation, shall rank
in the order in which they are elected, and
an executive committee of seven. As such
meeting ii shall also appoint a secretary
and treasurer, neither of whom need be
either stakeholder or director, but may be
either stakeholder, director or other Of
ficer. The Board of Directors may, If it
see fit, appoint one person to be secre-
tary and treasurer, and shall from time to
time, as 1t sees fit appoint or employ such
other employees as 1t shall deem necessary,
and for such period of time as ii 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 1t deems necessary and to
make and establish as well as to alter and
amend all bylaws, rules and regulations
a N