The herald. [volume] (New Orleans, La.) 1905-1953, 1922-05-11
CHARTER.
AMENDMENT TO CHARTER OF INTER
STATE ELECTRIC co.

AMENDMENT TO CHARTER OF INTER
STATE ELECTRIC co.
United States of America State of Louis
lana, Parish of Orleans, City of New Or
leans, BE il known, that on this SIX
teenth day Of the month of January, in
the year of our Lord. one thousand, nine
hundred and twenty-five, and OF the IN
dependence of the United States OF Amerl-
ca the one hundred and forty-siNth, be
fore me, Seim Il. Lemle, notary puDhc.
duly commissioned and qualified, in ana
for this City and the Parish of Orleans.
therein residing, and in the presence ol
the witnesses hereinafter named ana un-
dersigned, personally came and appeared :
Perciyal Stern and J. ID. Lea, who de-
clared that at general meeting OF the
stockholders Of the Interstate Electric
COMPANY, corporation organized by act
passed before Joseph Lautenschlaeger, a
notary public in and for the Parish of
Orleans, of date May LIST, 1904. and amend
ed by act before Arthur A. Moreno, no
tary public in and for the Parish OF or
leans, of date February 10th, 1915, ana
further amended by act before Arthur y.
Moreno, a notary public. in and for the
Parish of Orleans, OF date July 18th, 1918,
they were elected respectively chairman
and secretary of said stockholders meet
ing as will appear by a certified copy or
the minutes annexed hereto for greater
reference, and that the said Percival Stern
and j. u. Lea, as chairman and secretary
respectively, of said stockholders meet
appear before me fox the purpose OF
amending the said charter Of the Inter
state Electric Company.
And the said appearers, as chairman
and as secretary, respectively. OF the sara
stockholders meeting and acting IN sald
capacities and on behalf of said corpora
ton by virtue of the authority conferred
upon them at the general meeting of the
said stockholders, declared that the char-
ter of the Interstate Electric Company
n 1ss1l n.aN m
tary, on May LIST. 1904. and amended by
act before Arthur A. Moreno notary. on
February 10th. 1913, and further amended
by act before Arthur \. Moreno. notary
public, on July 18th, 1918 has been
changed. altered and amended so that
Article " in its entirety shall read as
follows:
THE capital stock OF this corporation is
hereby fixed at one million, two hundred
fifty thousand tsl.2oO'ooOl dollars
divided into twelve thousand. five hun
dred 125OO) shares of the par value of
one hundred (S1O000) dollars each. of the
shares authorized ten thousand CtrOOo)
shares shall be common stock and TWO
thousand. five hundred (2,50O) shares shall
be preferred stock. Each share of che COM
mon stock shall be entitled to one vote,
in person or by proxy, at all meetings OF
the stockholders. The preferred stock
holders shall not be entitled to any vote
at any stockholders meetings.
The terms, conditions, limitations and
provisions upon which said preferred
stock is issued are these:-
1.-THE holders thereof shall be entitled
to receive out of the net profits a fixed
cumulative dividend of eight tSGd) per
cent per annum on the 10Th day OF Feb
ruary, of each year, and the par value of
said preferred stock, with cumulative So
dividends, and six per cent. (6Go) interest
on arrears from the time they become due.
shall be paid In full out of the assets of
N
stock in the event of any liquidation or the
company, whether through insolvency or
the termination Of its corporate exist
ence or any other cause. before any dis
tribution Of capital shall be made to the
holders of the common stock. The pre-
ferred stock, however, shall not be en-
titled to participate in any other or adj
ditionai earnings or profit.
Until the preferred stock has been re-
tired. no dividends shall be declared on
the common stock, unless all dividends
and interest due on the preferred stock
have been actually paid.
Five years after its issuance, the COM
pany may retire any or all Of the pre-
ferred stock by payment of the par value
thereof, and accumulated dividends In
GLIDING a pro rata Of the dividend for the
current year. and interest on dividends in
arrears, IL any be due. and shall retire the |
same by making a like payment, on sixty |
t60) days written demand being made on |
the company to do so by any holder of the
n.
"The company shall have the right to
retire any or all of the preferred stock at
any time before five (5) years by making |
similar payment to the above and bonus |
of such stock
"The preferred stock shall cease to earn |
dividends and interest from the day |
designated by the company for the re-
tirement of such stock.
This being an increase Of seven thous- |
and, five hundred shares Of preferred stock
over that authorized by the prior charter |
of this company, as amended by act be- |
fore Arthur A. Moreno. notary public, OF
date July 18th, 1918, said increase of stock |
is to be disposed of as follows:
"All Of the increase in preferred stock |
herein authorized shall be held in the |
treasury Of the corporation and sold from |
time to time at prices to be fixed by the |
board Of directors, but at no time less !
than par.
"Of the seven thousand, five hundred /
shares Of common stock authorized in |
crease herein, five thousand 5000 shares |
Of the par value Of one hundred $4,000
dollars. or total OF five hundred thous- |
and $500 OOOOO) dollars shall be paid by |
the company as a stock dividend out Of
the surplus Of the company, as shown by |
the books of the company on October 31st. |
1921, to the stockholders Of the common
stock of record on December 18th, 1921, or |
two (2) shares for each share. An ac- |
curate, detailed and itemized statement, |
showing the description of the property |
as to amount. location and character OF
the said surplus and what compose Ii, is |
on file with the secretary of this company. |
subject to inspection on request at all |
times and a condensed statement thereof |
will be filed with the Secretary of State |
of the State Of Louisiana and in the office |