The herald., 1922-02-09
CHARTER.

been redeemed and cancelled ms herein
provided, and is still outstanding, shall
snare, 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 2Iundred
Thousand Dollars, in the manner here
after provided.
ARTICLE Nv. 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, Il majority of whom shall con
stltute 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
lions 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 i'm said Board
shall be filed by the remaining directors
from among 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
Hocr, with Achille |. Picard as Presi-
dent; Henry NJ. Picard, Vice President,
and Joseph Il. Picard, Secretary Treas
urer, who shall hold their offices until
the second Monday in January, 1928 or
until their successors are duly elected
and qualified.
ON the second Monday in January.
1923, and annually thereafter. an election
for directors shall be held at the 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 a President. Vice
President and a Secretary Treasurer. All
corporate elections shall be by ballot and
n majority of the votes cast shall elect
each share of the common stock shall be
entitled to one vote, either in person or
by proxy. Written notice of election
shall he given to each holder of common
stock by the secretary-treasurer at least
fifteen Q5) days prior to election.
ARTICLE vi. This act of iucorpora-
ton may be changed, modified or amend
ed, or the capital stock increased de-
creased, by and with the consent OF two
thirds (2-3 of all Of the common stock
! a change in the objects and purposes
may be made only by vote of all of
the common stock, but this corporation
may be dissolved by a vote of the hold
ers of two-thirds (2-3l of the common
stock at a meeting called for that pur-
pose.
ARTICLE VII. Whenever this corpor-
alton is dissolved, either by limitation
of its charter, or from any cause, it's
affairs shall be liquidated by three COM
missioners to be appointed from among
the holders of common stock at meet
ing of the stockholders convened for that
purpose after fifteen (15) days prior
notice shall have been given by the sec
rotary to each stakeholder. Said commits
siOners shall remain in office until the
affairs of said corporation shall have been
fully liquidated. In case of the death
OF any commissioner, the survivors shall
continue TO act.
ARTICLE VIII. No stakeholder of
this corporation shall ever be held liable
or responsible for the contracts or faults
thereof in any further sum than the I'M
| paid balance due to the corporation on
the shares owned by him. nor shall any
mere informality in organization have the
effect of rendering this charter null, nor
of exposing a stakeholder to any liability
beyond the amount of his stock.
Thus done and passed in my notarial
office in the City of New Orleans afore-
said, in the presence of Charles A. Du-
champ and o. c. Brandenburg, competent
witnesses of lawful age and residing In
this city, who hereunto subscribed their
names, together with said parties and
me, Notary, on the day and date set forth
| in the caption hereof.
Original Signed)
Henry VI. Picard, Gonzales. La. 10
shares common; Joseph X. Picard. Dutch
| town. La, 10 shares common: S. A. Buck
| master, per A. i. Picard, New Orleans
La, l share common; Ed De Boer. per
| A. i. Picard, Shreveport, La. z shares
common; Achille /. Picard. Gonzales La.
Al shares common, 1000 shares preferred
| Witnesses:
| CHAS.. A. DUCHAMP,
o. G. BRANDENBURG.
EDOUARD +. HENRIQUES.
| Notary Public.
i, the undersigned Recorder of Mort
/ cages in and for the Parish of Orleans
| State of Louisiana, do hereby certify that
the above and foregoing act of incorpor-
alton of the PICARD CONSTRUCTION
CO., INC, was this day duly recorded In
my office in book 1868. folio
New Orleans, Jan. "a, 1922.
(Signed) ROBT. SCOTT,
| by. r.
| A true copy of the original act on file
in my office.
EDOUARD f. HENRIQUES.
Notary Public.
Feb. 2-Mch. o