The herald. [volume] (New Orleans, La.) 1905-1953, 1921-05-26
CHARTER.

or for capital stock of other corporations.
This corporation shall become going |
concern and be authorized TO do business |
as soon as fifty per centum of its capital |
stock shall have been subscribed and nifty |
per centum of all stock subscribed pald
for.
The Board of Directors. from time TO
time. may nix the price at which shares of |
stock belonging 10 this corporation shall
be sold which prize prs eo shall In No case sa oe
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 tive
hundred thousand (SJ00,0O0.O0) dollars.
ARTICLE V.-The directors shall cause
to be created one or more classes of MEM
bership, who shall be required to hold and
possess certificates representing member
ship rights. but the possession of said GER
tificates shall not entitle the holders 10
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 shdres
of capital stock of the corporation. The
Board of Directors, subject 10 the lhni-
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 nN dues, assess
ments, charges or such other fees as shall
| be paid. and provide for the time ana
manner of payment and to fix the penalties
| for nOn-paymentS 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
bv 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 tine for any IN
| fraction Or violation of the rules or regula-
| tons 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 ex-
| pulsion or suspension, by the sale of all
certificates of membership owned by such
member, or by death. The Board OF III
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 it confer upon
the owner the right to participate in the
meetings of members of the Exchange or
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
4 Nhar, vfx~nn fhan irf "
one directors, each of whom shall hold IN
his own name at least one ID share OF
this 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 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 hll the place by
appointment. OF all such elections, as wei
as of all meetings of stockholders, except
! tion, or as otherwise required by law
Fifteen days notice shall be given b,
; mailing TO each stakeholder who appears
as Such on the books Of this corporation
at his last designated address, or care o
! ! general delivery at New Orleans If he ha
! not designated an address, a notice stat
Each shareholder shall be entitled to on
vote for each share of capital stock stand
ing in his name on the books of this cor
$ poration, to be cast in person or by proxy
: and a majority of the votes cast shall
d elect. Failure to elect directors on IN
: day above specified shall not dissolve thi
II corporation, but the directors then n
= office shall remain in office until thei
II successors are elected and qualified. Du
n notice of another election shall be cor
y tinued to be given until an election is ha
: ARTICLE yIII.-Immediately after tn
: signing of this charter the stakeholder
i shall elect from their number a Board @
: Directors. who shall hold Office until tn
= election to be held In January, 1s22 an
! u said Board of Directors shall meet in
= mediatsly. after said election and as ofte
n thereafter as 1t may be called togethe
!. Subsequent boards shall meet on call Will
u in one week after each annual election an
/! thereafter shall hold regular meeting
IS monthly on a day to be fixed at said frs
\ meeting following each annual election, an
~ special meeting whenever duly called. a
,e it's first meeting each board OF director
: shall elect from its membership pres
dent, one or more vice-presidents, VIII
le without mineral designation, shall ran
y in the order in which they are elected, an
,e an executive committee of seven. As sue
I meeting ii shall also appoint secretar
and treasurer, neither of whom need |
or either stakeholder or director, but may
of ficer. The Board Of Directors may, If
- see fit appoint one person to be seer,
q tary and treasurer, and shall from time
~ time as it sees fit appoint or employ sue
'e other employees as 1t shall deem necessar
u. and for such period of time as IL may dee
er advisable. The Board of Directors sha
r have full power and authority to fix Il
IN salaries of all officers and of all such 9TH
e employees as II deems necessary and
sc make and establish as well as to alter an
pr amend all bylaws, rules and regulation
pc necessary and proper for the conduct al
III management of the business and affai
y of this corporation not inconsistent Wi
- its charter: 1t shall also have full pow
sc and authority to do all acts and thin,
as reasonably necessary for the proper carr
ing on of the business of this corporate
" and to carry out the objects and purpos
gu for which this corporation is organize
ne including the borrowing OF none
on operations of this corporation, al
ne through the president or some 9th
Sn duly authorized person or person
ne to execute and issue therefor. not
"a or other obligations of this corporati
~ on such terms as in its judgment may
Is advantageous; il shall also have full POI
~. er and authority to issue and deliver ~
~ paid shares of stock of this corporati
u.s. for money, labor, services, property
4, rights actually received by this corpoi
he ton. !.
ne The Board of Directors shall have f.
~ power and authority to fill all vacanci
,e that may occur in the Board or IN I
20 Executive Committee A majority OF I
vi directors at any time in office, prese
either in person or by proxy shall CO
,r- stitute quorum for the transaction
MS, any business; and at any meeting or I