The herald., 1921-03-24
CHARTER.

der the stipulations hereinafter set rortn,
which they adopt as their charter' to-"p
ARTICLE THE name of this corpora
ton shall be the AUTOMATIC bolLEh
CLEANER COMPAN1' I'M, anu ',hnr
such name it shall have power and author
ity TO contract, sue and be sued, to nave
corporate seal, to hold, receive, purchase,
ALLEVIATE SELL mortgage. pledge, lease; ana
hypothecate property. real personal h OF
row and lend money, and TO give the
necessary security therefor; 10 make anu
establish bylaws, rules and regulations TOT
the management OF its analrs as may re
deemed necessary and proper, and general
ly shall have and possess all the powers
rights. privileges and immunities which
corporations are and may hereafter De
authorized to possess under tne Cons,Iu-
ly Act 267 Of 1914; it shall have power to
vest in its Board Of Directors all OF Its
corporate powers, subject only 10 such re-
strictions as may be named In this charter.
ARTICLE II-This corporation, unless
sooner dissolved. shall exist and continue
for a period Of ninety nine years from and
after the date hereof. Its domicile shall
be in the City of New Orleans, where all
citations or other legal process shall be
served upon the President, or in his
absence on the Secretary of the company.
ARTICLE III-The objects and purposes
! for which this corporation Is organized,
| and the business to be carried on by 1t,
are hereby declared to be: To manufac-
| ture an automatic boiler cleaner, for which
application has been made for Letters
| Patent of the United States; to lease,
hypothecate or sell said automatic boiler
| cleaner in this and foreign countries, and
| to that end to employ agents in the differ
ent states and in foreign countries for the
! sale of said manufactured articles, and
| generally to do and engage in any other
| business connected with, growing out OF
| germane or incidental to any of the pur-
| mol or RI nr n n
| by the charter.
| ARTICLE Iv-The capital stock Of this
| corporation is hereby fixed at 100000 .Ot
divided into $50 shares. at the par value
| Of $4,000 each, of common stock, and 2ot
| shares, at the par value of $4,000 each, Oh
preferred stock, all of which stock shall
be paid for in cash, or labor done, oil
property actually received. This corpora
ton shall have the right TO commence
business when fifty per cent of its capita
stock has been subscribed, and the right IL
| reserved to increase its capital stock NJ
TO the sum of S200,000.OO. All transfers
| of stock shall be made on the books OF th'
company on the surrender of the Outstand
ing certificate and pursuant to such rule
as the Board of Directors may prescribe.
Dividends from the net EARNINGS of thu
corporation shall be declared, allotted ant
paid to the stockholders yearly on thei
respective shares of stock as follows and il
the following order to-wit:
The holders of the preferred stock shall
be entitled to receive, when and as de
clared, from the surplus net profits o
the corporation, yearly dividends of eigh
per cent, per annum, and no more, payabl
annually, on a date to be fixed by the by
laws. The dividends on the preferre
stock aforesaid shall be cumulative an
shall be payable before any dividend on tn
common stock shall be paid and set apart
so that If, in any year, dividends amount
ing to eight per cent, shall not have bee
, paid thereon, the deficiency shall be pay
able before any dividend shall be PAL
upon or set apart for the common STOCK
! Whenever all cumulative dividends on tn
/ preferred stock for all previous years shal
have been declared and shall have becOm
payable, and whenever the company sha
: have paid such cumulative dividends 70
previous years, or shall have set asid
from its surplus or net profits sum sufh
cient for the payment thereof, the Boar
e of Directors may declare dividends on III
= common stock, payable then or thereafte
: out of any remaining surplus or net profits
t This preferred stock shall be non-votin
stock, but shall constitute first lien up