The herald. [volume] (New Orleans, La.) 1905-1953, 1922-04-27
CHARTER.

needed repairs and extensions TO the COM
panies plants and necessary extensions
to its business the said further amount
shall be divided pro rata among the hold
ers of the preferred and common stock
in accordance with their holdings: pro
yided, however that the Board of Dircc-
tors of the company may in their dis
erection declare dividends in any fiscal
year on the common stock. but no such
dividends shall be declared on the COM
mon stock, unless all cumulative dividends
for previous years and all accrued install
ments, If any for the current year. on the
preferred stock shall have been set apart
or paid.
The holders of the preferred stock shall.
in case of liquidation or dissolution of
the company, be entitled to be paid in full
the par value of this preferred shares and
the dividends accumulated and unpaid
thereon, before any amount shall be paid
/ TO the holders of the common stock. Said
preferred stock shall be subject to re-
demption ut one Hundred and Ten Dol
. lars tSllO.UO) per share and accumulated
dividends thereon at any time after one
year from the issue thereof at such time
or times and in such manner as the
Board of Directors shall determine.
ARTICLE IN.-The objects and pur-
poses for which this corporation is or
Eanized and the nature of the business
! to be carried on by il is hereby declared
! to be: To carry on at LOyola University
in the city of New Orleans Parish of
Orleans. State of Louisiana, or elsewhere,
an Auto Mechanic school or schools.
where students may obtain on moderate
/ terms. a sound and practical general and
/ technical auto mechanic training of the
highest order. to provide for the instruc-
ton of students. shop practice. classes.
. individual instruction. exhibitions and
conferences, calculated directly or indi-
/ rcctly. to advance the practical knowledge
/ and general professional and technical
education of the student.
To manufacture, construct and deal in
! automobiles motor trucks vehicles. auto
and truck parts. machinery. appliances
and accessories and auto machine plants
/ of every kind nature and description
whatsoever to acquire by purchase lease
. ar otherwise and to manufacture con
>truct. rebuild or repair automobiles.
. trucks and machines ana machinery of
! every kind whatsoever. and to equip,
! erect and install the same for use and
! operation by electricity, compressed air.
! oil. gas or by any other means of natural
/ power and to operate, sell lease or hire
/ the same and t. carry on general manu-
/ featuring rebuilding wholesale and retail
I auto and truck business, as well as Il
general accessory and supply business.
/ ARTICLE V.-The corporate powers of
. this corporation shall be vested in and
/ exercised by Board of Five Directors.
a majority of whom shall constitute a
/ quorum for the transaction of business.
From the Board of Directors shall be
/ chosen four officers namely. a President.
/ a Vice PreSident. a Secretary and Treas
urer. both of last named officers may be
/ held by single director.
The first Board of Directors and the
/ Officers of this corporation shall be
/ elected at the first meeting of the stock
, holders and Directors respectively, held
! after the passing of this charter. and
! they shall serve as such until the second
/ Monday of January, 1923. or until their
successors are duly qualified and elected
Absent directors may vote at any direc-
inn Nv in ffTsr
. 10 another director, and made for a speci-
| fic or particular meeting.
| ARTICLE NI.-The corporate powers OF
this corporation are expressed and set
forth by Section Seven % of Act 26T. of
the year 1914, and shall be duly employed
! by and through the Board of Directors.
The Board of Directors may without
[ reference to the stockholders buy, sell
and mortgage real estate, buy, sell. mort
gage or hypOtheCate any part of the en-
tirety of the assets, business, rights oil
| good will of this corporation, all upon
such terms. conditions and for such price
! sums or assets as the Board of Directors
ed: the capital stock mag be increased
ARTICLE NIL.~Th-s act of ircOrpora
ton may be modified. changed or alter
decreased. modified OF added to, or the
number of shares may be change, or this
corporation may be dissolved by vote
of twO-thirds of the amount of capital
stock when present or represented and
voting at a general meeting of the stock
.
! poses. after thirty 500 days notice by
publication in newspaper in the City OF
New Orleans, and written notice duly ad'
| dressed and mailed to every stOckholdei
of record at his last known address, oil
if such address is unknown, then by mail
ing same to such stOckhOlder care of Gen
eral Delivery. New orleans Louisiana, al
least thirty 500 days previous to said
meeting.
Such meeting or meetings may be called
of Tina nv ard Of N r
upon its own motion. and must be called
by said Board upon the written request
of stockholders holding majority of tbs
capital stock of this corporation.
Upon dissolution of this cOrpration by
the action Of its stockholders. as aforesaid
or at the expiration of its charter, its af
fairs shall be liquidated by three com
missiOners. appointed by majority OF
| the stockholders present or represented
| and voting at said general meeting. The
manner Of liquidating, the compensation
and the powers of the commissioners, and
all other matters pertaining to the liquid
alton of this corporation shall be fixed
| apd determined by majority or th'
| stockholders present or represented and
voting at such general meeting of stock
holders.
ARTICLE VIII.-NO stakeholder shall
ever be liable for the contracts, faults oil
debts of this corporation nor shall any
mere infOrmality in the organization o.
this corporation have the effect of rem
dering this charter null. or rendering any
stakeholder liable beyond the UNPAID
amount, if any, remaining due on hi
stock.
ARTICLE IX.-The First Board of Di
rectOrs of this corporation is hereby fixeC
AZ five in number and shall be composed
of n. L. Bird. 1904 Louisiana Ave; l..
Wertheimer, LOyOia Inn; c. A, Primer
626 Delaronde St; John 4. Swadener. 30
Hillary St; Martin Willis, 1880 State st.
New Orleans, La, who shall serve unit
the first meeting of the stockholders o
this corporation, or until their successor
shall have been elected, qualified and in
stalled with n. l.. Bird as President: J
A. Swadener, as Nice-President, NJ. Will
as Secretary. and c. A. Primer as Treas
urer. who shall hold office until the frs
regular meeting OF the Board of Direc
tors of this corporation or until his sue
cessOrs shall be elected, qualified and in
stalled.
Thus done and passed in my notaria
2 office in the City of New Orleans,
: aforesaid, in the presence of {.
, Speirer and Eugene II. HayfOrd. com
petent witnesses of lawful age an