The herald. [volume] (New Orleans, La.) 1905-1953, 1921-08-25
CHARTER

! tary) of the corporation, the holders of the
preferred stock shall be entitled to be
paid, out of any assets, up TO the par
amount of their shares, and after such pay
ment to the holders of the preferred stock
the remaining assets and funds shall be
divided and paid to the holders OF the COM
mon stock, according to their respective
shares.
The common stock shall have the COM
plete and exclusive control of the corpora
ton, and the exclusive right to vote at
Stockholders meetings, as shall be herein
after provided.
All transfers Of stock shall be made on
the books of the corporation by surrender
of the original certificate properly endorsed
for cancellation by the stockholders In
whose favor said stock is issued, or by
his duly authorized agent. The capital
stock of this corporation may, on comply
ing with the requirements Of law, be in
creased up to One hundred thousand dol
lars. or any part thereof.
The preferred stock may be redeemed OF
retired, in whole or in part, at the option
at Ten Per Cent above par, plus any earned
dividend; If retired in part, the same shall
be by lot.
ARTICLE v-An the corporate powers
Of this corporation shall be vested in and
exercised by a Board Of Directors, to be
composed of three Of the stockholders Of
the common stock, a majority of whom
shall constitute a quorum. The Board of
sndll De eleCLeO annually on Ine
Tuesday after the First Monday in Jan
usry in each year at a meeting of the
stockholders Of the common stock held on
that day. All elections shall be by ballot
and each stakeholder Of common stock
shall be entitled to one vote for each share
Of stock standing in his name on the books
OF the corporation, this vote to be cast
in person or by written proxy. Failure
to elect Board of Directors, as herein
provided, shall not work a forfeiture of
this Charter, but the old Board of Direc-
tors shall remain in office until their sue
cessors are duly elected and qualified.
Any Director who Is not able to attend
any meeting of the Board has the right to
appoint, in writing, another member OF the
Board to act as his proxy. The officers of
this corporation shall be q President a
Secretary and a Treasurer; the office OF
Nice-President may be created by action
or the Board Of Directors; any two of the
officers may be combined and held by one
person. The first Board of Directors to
serve until the Tuesday after the irst Mon.
day in January, 1923, or until their sue.
cessors are elected and qualified, shall con-
sist of Mrs. Resale Nixon, whose post
Office address is No. 321S st. Charles
avenue, New Orleans, La; Miss LYDIA L.
Belden, whose postoffice address is No.
lll2 First street, New Orleans, La, and
Mr.. Marcus Il. Buford whose postoffice
address is No. 2l21 Peters avenue, New
SSfi r La. with the said Mrs. Rosalis
nixon as President and Treasurer, and the
said Miss LYDIA l.. Belden as Secretary.
ANY vacancy in the Board of Directors
may De hlled by the remaining Directors
of said Board from among the stockholders
OF the common stock The Board Of nj
rectors shall have the power and authority
10 sell, mortgage, hypothecate and pledge
any ana All property owned by the corpor-
atlon, either In whole or in part; to pur.
er,x iease or otherwise acquire any prop
ssIy Ior the corporation to make loans,
poIrow money, issue notes and other obli- |
gauons the same in any manner permitted
oy law In fact, it shall have and exercise
Of 1914 W MT NO. <o'
ARTICLE VINO stakeholder of this
corporation shall ever be held liable or re- |
spOnslble for the contracts or faults Of IN. |
u unn",s In any further sum than the |
shd Ddiahce due to the corporation on |
shares subscribed by him; nor shall any
Here lhIormality in organization have the
net OF rendering this charter null or of |
yopS tp stockholder to any liability be- |
ARTICLE VII-This act of incornoration
.uaS Oe amended, altered or modified or
onu EVAPORATION dissolved at any time by |
APTIGge with the laws of this State.
thi enarter, or the earlier dissolution OF |
In.s corporation, its affairs shall he Iioni.
hs, "a ny Two commissioners to be elected |
oc ny ,ne slockholders of common stock. in |
ne uance with law, and said commission-
ers are hereby vested with full noyyar and
nrony 10 sell any and all assets and |
pavpy, real, personal and mixed. Of this |
rG1apot.aa ration, and to convey full and com.
mi ev u.re thereto, and to do and perform |
essential or necessary to a full and CONS
p,et az, n9uldation Of this corporation. and
20 distribute the proceeds, il any. In the
~ a;,S OF the death. disability or resignation
:, :. either OF said commissioners. The snr.
,.vor snail continue to act and he likewise
Toned P""efs hereln men
ha mus us, done and signed, at my office. I'm
sontn and year first before written in
mo! !nd Charles Leblanc Competent witnesses
ses ssa In this parish. who have signed
rs and me- .egether with said appear
he whole. oue reading or
a9riEinaa sisnsd): ResaKe Nixon. I.va.
T : ne'S y ~ B. Buford, Chas. Leblanc,