The herald., 1922-02-02
CHARTER.

been redeemed and cancelled as herein
provided, and Is still outstanding, shall
share, ratably with the common STOCK
in the distribution of the assets of the
corporation.
This corporation shall have the right
to increase its capital stock to any
amount, not exceeding Two Hundred
Thousand Dollars. in the manner here
| after provided.
ARTICLE ". All of the stock of this
corporation has been subscribed and paid
| for at the time of the passing of this
| act of incorporation, and this corporation
| becomes going concern Immediately
| upon the completion of its organization.
ARTICLE V. All Of the corporate pow
| ers of this corporation shall be vested in
and exercised by a Board of five 90 direc-
| tors, to be composed of common stock
| holders, majority of whom shall con-
| stitute quorum for the transaction of
/ all business. The Board of Directors
! shall have full power and authority to
make all contracts, purchases and sales,
| and adopt all bylaws, rules and regula-
tons for the government of the business
and affairs of the company. and alter.
amend and change the same at pleasure;
| appoint, hire and discharge all officers,
| agents and employees; Fix all salaries,
and generally to do and perform all
things necessary in the transaction of
the business and affairs of the company.
Any vacancy occurring in said BOARD
shall be filled by the remaining directors
lTOiu dllbuE the STOCKHOLDERS.
The first Board of Directors of this
corporation shall consist of Achille L.
Picard, Henry NJ. Picard. $. Arthur Buck
master, Joseph Il. Picard Edward de
Bocr, with Achille I. Picard as PreSi-
dent; Henry NJ. Picard. icePresident.
and Joseph X. Picard. Secretary Treas
urer. who shall hold their offices until
the second Monday in January 1923. or
until their successors are duly elected
and qualified.
ON the second Monday in January.
1923. and annually thereafter election
for directors shall be held nj III. Offices
} of the company, under the auspices of
three 90 commissioners to be appointed
. by the President, and the directors then
} elected shall take their seats Immediately
and shall hold office until their success
sOrS are duly elected and qualified.
Each Board shall elect its own officers
which shall consist of President. Vice
President and a Secretary Treasurer. Al
corporate elections shall be by ballot. and
majority of the votes east shall elect
. each share of the common stock shall b,
{ entitled to one vote either in person oil
: by proxy. Written notice of election
shall be given to each holder of common
stock by the Secretary-treas urer Ut leas
fifteen I'D days prior to election.
ARTICLE VI. This act of iucOrpora
tiOn may be changed, modified or amend
ed or the capital stock increased or de
! creased, by and with the consent of two
Z thirds (2-3) of all of the common stock
e \ change in the objects and purpose:
4 may be made only by a vote of all o
. | the common stock, but this corporation
!, ! may be dissolved by vote of the hold
v ers of two-thirds (2-3) of the common
. stock at a meeting called for that pur
4 pose
: ARTICLE VII. Whenever this corpor
alton is dissolved. either by Limitation
of its charter. or from any cause, it
affairs shall be liquidated by three com
misSioners to be appointed from amOni
- the holders of common stock at a meet
ing of the OpkhOldprS convened tina
purpose after fifteen (15) days prio
# notice shall have been given by the sec
y rotary to each stakeholder. Said commits
q sionerS shall remain in office until tn
o affairs of said corporation shall have bee
l. fully hquidated. In case of the deaf
! of any commissioner. the survivors sha
- continue to act.
q ARTICLE VIII. No stakeholder @
a this corporation shall ever be held liabl
= or responsible for the contracts fault
? thereof in any further sum than the IN
10 paid balance due TO the corporation o
J., the shares owned by him. nor shall an
r mere informality in organization have I'll
% effect of rendering this charter null, nc
IS of exposing stakeholder to any liabilit
N beyond the amount of his stock.
"A Thus done and passed in my nOtari;
m office in the City of New Orleans afor
p said, in the presence of Charles A. Dl
m champ and o. c. Brandenburg, competeI
IS witnesses of lawful age and residing
~ this city, who hereuntO subscribed the
N names, together with said parties an
,s me, Notary, on the day and date set fort
in the caption hereof.
NJ Original Signed)
o. Henry NJ. Picard. Gonzales, La,
r. shares common; Joseph Il. Picard. Dutcl
in town. La, 10 shares common: :. A. Buc
8 master, per A. 1. Picard, New Orlean
o La, 1 share common; Ed De BOer, p
o A. 1. Picard. Shreveport, La, Z shar
al lcommOn; Achille l. Picard, Gonzales Ii
Al shares common, 1000 shares prefsgre
nd Witnesses:
al CHAS. A. DUCHAMP.
SO o. G. BRANDENBURG.
no EDOUARD L. HENRIQUES.
-y Notary. Public.
% /, the undersigned Recorder of Mol
is | cages in and for the Parish of OrleaI
State of Louisiana, do hereby certify tn
all the above and foregoing act of incorpC
he | alton of the PICARD CONSTRUCTIC
,ct CO., INC, was this day duly recorded
cd my office in book 126S. folio
" New Orleans, Jan. "a. 1922.
. (Signed) ROBT. SCOTT,
~ by. r
n A true copy of the original act on
N in my office.
ed EDOUARD f. HENRIQUES.
Notary Public