The herald. [volume] (New Orleans, La.) 1905-1953, 1921-08-04
AMENDMENT TO CHARTER OF THE
PAN-AMERICAN FURNITURE
FACTORY, INC.

United States of America, State of Louis
lana. Parish of Orleans, City of New Or
leans. BE il known, that on this 9th day
of the month of July, in the year of Our
Lord One Thousand, Nine Hundred and
Twenty-one, and of the Independence of
the United States OF America the One
Hundredth and Forth-Fifth, Before me,
William j. Guste notary public, duly
commissioned and qualified. in and for the
above Parish and State, therein residing,
and in the presence of the witnesses here
matter named and undersigned. personally
came and appeared: a. c. Jacobs and +.
l.. Samuels, both Of lawful age and resi-
dents of this city and state, and herein
appearing in the capacity. respectively of
president and vice-president, of the Pan
American Furniture Factory. Inc. cor
pOration organized by act before Theodore
4. Schuber, notary public, on February
9Th, 1916 recorded In NJ. o. b. 1875, Folio
l4i. which charter OF the said corporation
was amended by act passed before TheO-
| dore A. Schuber, notary public, July 18th,
1918. recorded in NJ. o. Il. 1922, Folio =.
Who declared. that at a special meeting
of the stockholders of the Pan-American
Factory, Inc, held at the City of New Or
leans on the 9Th day of July, 1921, all of
| the capital stock of the corporation being
present or represented, on motion, duly
| made and seconded and carried, it was
unanimously resolved that Article III of
the charter Of said corporation be amended
| SO as to read as follows:
Company is hereby fixed as the sum of
| One Hundred and Thirty Thousand $780,
OOOOO) Dollars, to be represented by Six
Hundred and Fifty $500 shares of Pre-
ferred Stock Of the par value of One Hun
| dred ($1O0.OO) Dollars each and six hun
| dred and fifty $500 shares Of common
stock Of the par value of one hundred
| ($1OO.OO) dollars each, said stock to be pay
| able at such times and in such Install
ments, as the board Of directors may de-
| termine. Said stock shall be paid for in
cash or in property as provided by law.
The capital stock of this corporation may
| be increased to the sum of Two Hundred
| and Fifty Thousand $3.50 0O000) Dollars.
| This corporation shall be a going concern
as soon as the sum of Sixty-Fiye Thousand
| (S65,OOOOO Dollars has been subscribed
| for and paid.
| The other conditions, limitations and
provisions under which the preferred stock
/ shall be issued are herafter enumerated
| The holders Of the preferred stock shall
| be entitled to receive out of the net profits
| OF the corporation, fixed dividend OF
seven (79o) per cent. per annum, payable
| semi-annually, to-wit: On the first day of
January and July of each year, before any
dividend can be paid or set aside on OF
| for the common stock for the period there
| tofore elapsed. The principal or par value
| of said preferred stock, with cumulative
| dividends thereon at seven per cent. per
| annum from the date dividend should have
| been paid, shall be paid in full out of the
| assets of the company, in preference tc
| any of tn common stock in the event OF
| liquidation of this corporation from any
cause. and before any distribution can be
made Of the capital among the holders OF
| the common stock. The dividends upor
the preferred stock are to be cumulative
and bear six (69o) per cent. interest from
maturity date as herein provided. com
| pounded annually, so that IL for any
period or periods, the said dividends arr
not paid, the right thereto shall cumulats
against the common stock; and all arrears
of such dividends so accumulated and in
| terest thereon as herein provided, mus
| be paid before dividends can be paid or
the common stock. The preferred stool
! shall not be entitled, however, to partici.
pate in any other earnings, dividends oil
profits. The right of the holders of pre-
| ferred stock to be credited with dividends
shall commence from the date of actua
payment of such stock.
The Board of Directors shall have The
right and option of retiring the preferred
| stock in whole or in part, from time Il
| time, at any interest payment date at 8
| price of One Hundred and Ten (s1lO O0
| Dollars per share, in addition to the cumu.
| lated dividends and interest thereon Il
| any, as hereinabove provided for Sucf
| retirement shall be at the option of tn,
board of directors, and shall be effected
| by payment out of the surplus funds; and
| In no cause shall such preferred stock bs
| retired under circum stances as would pro-
duce an impairment of the capital stoct
| Of this corporation, the outstanding com.
mon stock to be then worth no less thar