The herald. [volume] (New Orleans, La.) 1905-1953, 1921-08-11
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 1t 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
Hundredth and Forth-Ftfth Before me,
William j. Guste, a notary public, duly
commissioned and qualified, in and for the
above Parish and state, therein residing,
and N the presence Of the witnesses here
matter named and undersigned, personally
came and appeared: a. c. Jacobs and Il.
l.. Samuels, both Of lawful age and resi-
dents Of this city and state. and herein
appearing in the capacity, respectively OF
president and viee-president, Of the Pan
American Furniture Factory, Inc, cor
poration organized by act before Theodore
A. Schuber, notary public, on February
Ia, 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. b. 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, 1t was
unanimously resolved that Article III OF
the charter Of said corporation be amended
so as to read as follows:
ARTICLE III-The capital stock Of this
Company is hereby fixed as the sum Of
One Hundred and Thirty Thousand $780,
000.00) Dollars, to be represented by Six
Hundred and Fifty 1850 shares of Pre-
ferred Stock Of the par value Of One Hun
dred ($l0o.0O) Dollars each and six hun
drsd and nfty (650) shares Of common
stock Of the par value Of one hundred
0000) dollars each, said stock to be pay
able at such times and In such Install
ments. as the board Of directors may de-
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 00000) Dollars.
as soon as the sum Of Sixty-Five Thousand
$ooOOo00) Dollars has been subscribed
for and paid.
The other conditions, limitations and
provisions under which the preferred stock
aall be Issued are herafter enumerated !:
he holders OF the preferred stock shall
entitled to receive out Of the net profits
the corporation, fixed dividend of
wen O1ol 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 or
Tor the common stock for the period there
tofore elapsed. The principal or par value
o. said preferred stock, with cumulative
dividends thereon at seven per cent. per
snnum from the date dividend should have
been paid, shall be paid in full out of the
any Of tn common stock in the event Of
liquidation Of this corporation from any
cause, and before any distribution can be
maze OF the capital among the holders Of
the common stock. The dividends upon
the preferred stock are to be cumulative.
and bear six (09o) per cent interest from
maturity date as herein provided COM
pounded annually SO that II for any
not paid, the right thereto shall cumulate
against the common stock; and all arrears
Of such dividends SO accumulated and in
ssrest sta thereon sr as herein provided, must
the common stock. The preferred stock
shall not be entitled. however, to partici-
pate In any other earnings, dividends or
profits. The right of the holders Of pre-
ferred stock to be credited with dividends
shall commence from the date Of actual
payment Of such stock.
The Board Of Directors shall have the
right and option of retiring the preferred
time. at any interest payment date, at a
price Of One Hundred and Ten (S110O 0)
Dollars per share, In addition to the cumu-
lated dividends and interest thereon, II
s any as se rsI,s S provided for Such
board Of directors, and shall be effected
by payment out OF the surplus funds: and
In no cause shall such preferred stock be
retired under circumstances as would pro-
duce an impairment Of the capital stock
OF this corporation. the outstanding COM
mon stock to be then worth no less than
par. Such retirement or redemption Of
preferred stock can only be effected on
the holders Of preferred stock of record.
after drawing by lot, In the presence Of the
board Of directors. Upon such notice all
dividends, interests ana arrears shall cease
with respect to such retired stock.
Preferred stock shall enjoy no voting
power; and no holders or owners Of pre-
ferred stock shall be entitled to any vote
with respect to such preferred stock. or in
any OF the affairs Of this corporation, or
meetings OF the stockholders or directors
thereof, or otherwise
And said appearers further declare that
they have been duly authorized, empowered
and directed to sign and execute all re
Qu1siee ana neceesary acts or proceedings
g "a ct ~ ont ana eject said amendment,