The herald., 1922-12-14
CHARTER.

bind and form and constitute themselves,
as well as such persons who may here
after join or become associated with them,
into corporation. and body polite in
law, for the objects and purposes and
under the agreements and stipulations
i ARTICLE 1.-The name and style of
this corporation shall be Pallet, Inc, and
under that name 1t shall have and enjoy
all the rights, privileges and advantages
granted by law to corporations; it shall
exist for the period of ninety nine years
from this day; it shall have the power to
contract. sue and be sued in its corporate
name; to make and use a corporate seal
and the same to break or alter at pleas
ure; to hold, receive, purchase, convey,
mortgage, hypothecate or pledge property,
notes and other obligations or negotiable
instrument; to have and employ such
managers, directors, officers, agents and
other employees as the interest and con-
| Senlence OF said corporation may require
or demand; to make and establish such
bylaws, rules and regulations for the
corporate management and control of the
a Affairs OF the corporation as may be
deemed necessary and eXpedient.
ARTICLE 1.-THE domicile of said
corporation shall be established in the
city of New Orleans. State of Louisiana,
and all citations and other legal process
shall be served on the president; in his
absence on the vice president: and in the
absence of both. on the secretary
; ARTICLE 1l1-The objects and pur-
poses for which this corporation is or
ganized and the nature of the business TO
be carried on by ii are hereby declared
10 be; to acquire, construct, own, lease
and operate planning mills, saw mills,
sash, door and blind factories; to buy.
sell and deal in, for its own account. or
on commission, logs, lumber and other
building materials, and generally to en-
gage IN and carry on any other business
or enterprise which may be germane or
incidental to, or connected with, the pur-
poses hereinabove set forth or cOntem
plated by this instrument
ARTICLE IE-The capital stock of this
corporation is fixed at the sum of fifteen
thousand (S15.OOOOO) dollars. divided into
one hundred and fifty shares of the par
value of one hundred dollars each. All
shares of stock shall be full-paid and
non .assessable. No transfer of stock shall
be binding upon the corporation unless
made upon its books, and all certificates
of stock shall be signed by such officers
as may be designated by the board of
directors.
This corporation shall have the right
to increase its capital stock to the further
sum of fifty thousand (S50,000OO). to be
divided into shares of one hundred dollars
each, provided said increases in the capt.
tai stock shall have been authorized by the
| stockholders at meeting to be held
pursuant to the provisions of Article
| ARTICLE Vail the corporate powers
Of the company shall be vested in and
the management and control of its affairs
] shall be exercised by board of direc-
tors composed of three stockholders. the
membership of which may be increased to
| number not exceeding five by the board
| OF directors at any of its regular meetings.
\ majority of the directors shall consti-
tute quorum for the transaction Of all
business. The directors shall be elected
annually by ballot on the third Monday
| in october in each year. Each stock
holder shall be entitled. in person or by
| proxy, to vote for every share owned
| by him and all elections shall be held
under such rules and regulations as may
| be determined by the board of directors.
after fifteen days notice by mail of such
election shall have been sent to each stock
| holder at his last known address The
directors thus elected shall continue in
| Office for one year, or until their success
sors shall have been duly elected and
qualified. No failure to elect shall be re-
garded as a forfeiture Of this charter:
shall be filled by the remaining directors
| for the unexpired term; the said board
| shall likewise elect the additional mem
bers in case they should determine to in
| crease the number Of said board. Said
board shall have the right to appoint and
dismiss such clerks manager and other
| employees of the corporation as conditions
may justify or the business of the cor
poration may require. The tenure OF Of
flee of all the employees of the corporation
| shall be during the pleasure of the board
| of directors. Any of the directors or Of
| H'tIs sudll nave Ine Tlg0t appoint, DN
written instrument, another director or
| stakeholder to act as his proxy and in his
| stead at any and all meetings Of the board
of directors. Said board shall also have
the right to elect a secretary who need
| not be a director or stakeholder.
| ARTICLE VINO stakeholder shall ever
be held liable for the contracts, faults or
debts of said corporation. nor shall any
| mere informality in its organization have
| the effect Of rendering this charter null,
or Of exposing stakeholder to any LA
bility beyond the unpaid balance due on
the shares owned by him.
ARTICLE vII-This act of incorpora-
tion may be changed. modified or altered
or this corporation may be dissolved, with
the assent of the stockholders. owning
two-thirds Of all the stock of the corpo-
ration, at a general meeting convened for
| that purpose, and after at least ten days
written notice Of this meeting has been
| given through mail addressed to each
share holder at his last known place Of
| residence. In case of dissolution by the
expiration of this charter or otherwise,
| the stockholders shall elect three liquida-
date and settle the business and affairs Of
the company. In case Of death or dis
ability OF any one OF said commissioners
or liguidators, the survivors Of the re-
naming liquidators shall appoint a sue
cessor to him. The said liquidators shall
have power to settle the company's af-
| fairs, collect outstanding debts, and d.
vided the remaining money and property
Il
have power to meet and act under the by
laws Of the corporation and under regu-
lations to be made by a majority Of said
liquidators; to fix the price and prescribe
| the terms of sale of said property, and the
manner in which the sale shall be made,
and take notes and bonds secured by
mortgage and otherwise for part Of the
purchase price for all or any part Of said
property, provided, however. that the
| rights herein conferred upon the liquida-
! tors may be modified, changed or denied
| by a majority Of the shares of the capital
| stock of the corporation. The said Iqui-
dators shall have authority to sue for and
recover the debts and property in the
name Of the corporation and may be sued
in the same name. and they shall be liable
| in solido to- any creditor or stakeholder
for the monies and property of the cor
poration which shall come to their hands
| or possession as liquidators and for the
proper application and distribution there
| Of.
! ARTICLE vIII-The entire capital
stock Of this corporation has been sub
scribed at the time of the signing of this
charter, as follows: Harold l. Pallet. 1885
| Baronne Street. New Orleans. 125 shares
! Lester Pallet, 1886 Baronne Street, New
/ nrla oh nj