The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-09
Feb. 2-Mch. o
CHARTER OF
PICARD CONTRADICTION IN IN

Louisiana, Parish of Orleans, City Of New
Orleans. Be 1t known that on this the
23rd day of the month of January, in the
year of our Lord one thousand nine hun
dred and twenty-five, before me, EDOU-
ARD F. HENRIQUES, a Notary Public
In and for the Parish of Orleans, State
qualified, and in the presence of the wit
nesses hereinafter named and under
signed, personally came and appeared the
persons whose names are hereunto sub
scribed, all above the full age of major
ity, who severally declared that, availing
themselves Of the provisions of the laws
of this State relative to the organization
OF corporations, they have formed and
organized. and by these presents do form
| themselves and those whom they repre-
sent into and constitute a corporation
and body polite in law for the objects
and purposes and under the stipulations
and agreements hereinafter set forth and
expressed, which they hereby adopt as
ARTICLE L. The name and title Of
| the corporation hereby formed is de-
clared to be the PICARD CONSTRUC-
the City Of New Orleans, State Of Louis
lana, and It shall have and enjoy sue
cession by its corporate name for a Pc
Rod of ninety nine (99) years from and
after the date hereof.
This corporation shall have power and
authority to contract, sue and be sued
in Its corporate name; to make and use
corporate seal; to hold, receive, hire
and purchase real and personal property,
| and to sell, mortgage or pledge the same
and to borrow money and issue bonds.
| notes and other obligations.
All citations or other legal process shall
be served upon the President and in the
event OF his absence or inability to act
| from any cause, the same shall be served
upon the Vice-President or Secretary
Treasurer.
ARTICLE II. The objects and pur-
"a. Lob "a, L.
lied and the nature Of the business to
be carried on by it are hereby declared
to be:
~ To carry on a general contracting
and construct sewers. highways, drain
age, irrigation and other canals, levees
and public and private works Of all kinds.
~ To apply for. purchase or other
concessions for or in relation to the con-
| struction, execution, carrying out, equip
ment, improvement or control of public
works and conveniences, and to under
take, execute. carry out, dispose Of, or
otherwise turn to account the same.
90 To manufacture. buy, sell. lease,
exchange, dispose of, or otherwise deal
in all kinds Of machinery, implements.
engineering and hardware specialties.
gasoline. gas or steam engines, motors,
travelling cranes, steam shovels, and i'm
PIGMENTS and machinery of all kinds used
In or adaped to the construction Of canals,
levees and highways. and in general con-
ARTICLE iii. The capital stock or
this corporation Is hereby fixed at the
sum Of ONE HUNDRED AND SIX
THOUSAND AND NINE HUNDRED AND
NO ZOO DOLLARS .t$1o6, 100000. divided
and sixty-nine (1,06s) shares Of the par
| value of One Hundred Dollars ($1O0.00)
| each. OF said capital stock, one thousand
g.oool shares Of the par vain. .soo Of e. One ooe
shall be cumulative. preferred stock, and
sixty mine (69) shares Of the par value
Of Sixty-nine Hundred Dollars ($6900.00)
shall be common stock.
be paid for in cash, or same may be
issued at not less than par value for
personal property, services, real estate.
leases, contracts, claims or other rights
The holders Of the preferred stock shall
be entitled to receive from the surplus
or net profits. whenever ascertained, a
yearly cumulative dividend Of seven ~
per cent, payable before any dividend
shall be paid on the common stock.
The common stock shall be subject to
the prior rights of holders Of the pre-
ferred stock as herein declared. II, after
providing for the payment Of full divi-
dends for any year on the preferred stock,
and for any balance that may remain due
on the cumulative dividends on such pre-
ferred stock for preceding years, as well
as retiring and cancelling such an amount
Of preferred stock, as the Board Of Direc-
tors may deem It advisable to retire, un-
der the authority hereinafter provided,
there shall remain any surplus net profits,
any and all such surplus net profits not.
In the opinion Of the Board Of Direcors.
required to provide for the maintenance,
| Improvement, enlargement and operation
Of the property and business Of the cor
poration, or for the payment of its la
| bilities, shall be applicable to dividends
| upon the common stock for such year,
when, and as. from time to time, the
same shall be declared by the Board Of
Directors, which dividends upon the COM
mon stock shall not be cumulative, but
shall only be paid IL earned
The holders of preferred stock shall
not be entitled to vote at any meeting
Of stockholders or election Of directors.
The voting power Of the corporation shall
be and Is hereby vested in the holders
| OF the common stock exclusively.
This corporation shall have the right.
| through its Board Of Directors, from
time to time, after one year from the
date OF this charter, to take MP and
cancel any Of the preferred stock which
may be issued, at its par value, with ac-
cumulated dividends unpaid at the time
OF redemption on any date Of payment
OF preferred stock dividends. This right
shall continue until all Of the preferred
| STOCK shall be cancelled.
In the event Of liquidation, or dissolu-
uon from any cause, all Of the preferred
stock together with all accrued and nm
paid dividends thereon) which has not