The herald., 1922-06-22
CHARTER.

yenience may require, and to make and
establish as well as alter and amend,
from time to time, such bylaws, rules
and regulations as may be necessary
and eNpedient for the PROPER manage
ment and government Of the affairs Of
said corporation.
ARTICLE ii. The dOmicile Of this
corporation Is hereby fixed in the City
Of New Orleans, State of Louisiana, and
all citations or other legal process shall
be served upon the President OF this
corporation; or, in his absence, upon its
Secretary-Treasurer.
ARTICLE III. The objects and pur-
poses for which this corporation is
tablished and the nature Of the business
to be carried on by Ii are hereby de
clared to he: To carry on a general
shipping business, including the recey
ing, handling, shipping and transporting
of goods, wares merchandise and all
classes of freight, by water.
ARTICLE ". The capital stock OF
this corporation is hereby fixed at the
sum Of Twenty five Thousand Dollars
($2J, 600 00), to be divided into and rep
resented by Two Hundred and Fifty
(250) Shares in the sum OF One Hun
bred Dollars $1,000 each; said stock
shall only be issued for cash or in pay
ment Of property actually received or
purchased by said corporation. The cap
! ital stock of this corporation may be
| increased to the sum OF One Million Dol
| lars (S1.G0OOO0 OOJ
! ARTICLE V. All the corporate powers
/ of this corporation shall be exercised
! by Board of Directors. consisting Of
three stockholders, majority Of whom
| shall constitute quorum for the trans
action of business. The directors may
vote in person or by written proxy in
! favor of another director. The Board
of Directors shall elect annually from
among their number President and
Treasurer, and a Nice-President and
! Secretary Treasurer. Any two offices
may be held by the same party
The first Board Of Directors shall con
| siSt of three stockholders, and shall be
composed of W. q. Smith, +. F. Michel
and +. W. Salmen, with the said W. G.
Smith as President and Treasurer, and
+. Z. Michel Vice-President and Sec
Rotary.
The postofnce addresses OF said direc-
tors are as follows: w. G. Smith, f. +
Michel. +. W. Salmen. all Of New Or
leans, La.
These directors snail serve until the
third Tuesday in April. 1928, or until
their successors have been duly elected
and qualified. The annual meeting OF
stockholders for the election of direc-
tors shall be held on the third Tuesday
in April of each year. unless said day
be a legal holiday, and then on the next
bank day thereafter. Any vacancy oc'
curing among the directors by death
resignation or otherwise shall be filled VI
election 70 rthe uneXpired term by the re-
naming directors. Each subscriber hereto
sets after his name his postOffice ad
dress and n statement of the number oil
shares of stock which he agrees to take
in the corporation. At all elections every
stakeholder shall be entitled to one vote
for each share OF stock standing in his
name on the books of the cOrpOratin
to he cast in person or by his written
proxy. A majority of the votes cast shall
elect.
ARTICLE VI. In the event of tn,
liquidation or dissolution OF this corpor'
alton, the stockholders shall elect thre'
liquidators from among their number a
meeting convened for that purpose
after fifteen 15) days written notice
sent to each stakeholder by man to his
last known address; said liquidator'
shall have the authority to wind up thu
business and affairs of this corporation
In case of the death Of a liquidator, th'
survivors shall appoint a stakeholder a
successor to him.
ARTICLE VII. This charter may b
modified. changed or altered. or sale
| corporation may be dissolved, with tn
assent of stockholders owning twO-third
| of the entire capital stock at a genera
meeting Of the stockholders convened TO
that purpose, after fifteen Q5) days
written notice shall have been given {
each stakeholder, mailed to him at hi
last known address.
ARTICLE VIII. No subscriber 70
! stock shall ever be held liable for tn
contracts faults or debts Of said cor
poration in any further sum than n
unpaid balance II any, due the corpor
alton on the stock for which he ha
subscribed; nor shall any stockholde
/, ever be held liable for such contracts
e faults or debts in any further sum tina
E the unpaid balance, II any, on the stoc
owned by him: nor shall any mere In
formality in organization have the eheC
Of rendering this charter null. or rem
derirg any subscriber or stockholde
liable beyond the unpaid amount, II an.
E remaining due on his stock.
No stakeholder IN this corporate
can ever seel the stock owned by hir
in this corporation. or any part thereof
without first offering the same In writ
/, ing to the other stockholders. throug
: the Board Of Directors at its then boo
! value, who will have the first option
purchase the same; and In the event G
the death Of q stakeholder. the right
, hereby reserved to the remaining stock
/ holders TO purchase said stock at Its the
4 book value.
ARTICLE TX. This corporation
ii. organized under the laws Of the stat
b OF Louisiana. and especially Act No. p
Of 1914. and the subscribers hereto, 10
: themselves and said corporation. an
4 for its Officers, directors and stockhold