The herald. [volume] (New Orleans, La.) 1905-1953, 1922-05-18
CHARTER.


convey, mortgage, hypothecate OF
pledge property, both real and personal;
to issue bonds, notes and other obliEa-
uons or negotiable instruments;
to have and employ such managers. di-
rectors. officers. agents and other en-
ployts as the interest and convenience
OF said corporation may require or de-
mand; to make and establish such by
laws. rules and regulations for the cor
porate management and control of the
affairs OF the corporation as may Toe
deemed necessary and eXpedient.
ARTICLE 1.-THE domicile Of said
corporation shall be established in the
city of New Orleans. State of Louis
lana. and all citations and other legal
process shall he served on the prcSi-
dent; in his absence, on the Vice-Presi-
dent. and in the absence of both. on
the OBSERVATION-DISCLOSURES.
ARTICLE III-The objects and pur-
poses for -hich this CORPORATION is or
ganiZed and the nature of the business
To be carried on by IL are hereby dc
ClgTcd 10 Ic. to buy. sell and deal In.
for its own account. and for the ac-
Cu1nt OF any individual. firm or cor
poratlon. real estate. tcnemcntS. mort
cages. mortgage notes. bonds. shares
of stock and other securities. to lend
money on property, real personal or
mixed; To make leases as lessor or les
see. I" act as broker. agent or trustee
for individuals. firms or corporations.
." construct ana erect, or to contract
buildings. and generally 10 do and en-
gage in any other business. undertaking
or enterprise connected with. growing
out OF. Eermaue or incidental to any of
tn" objects and purposes hercinahoVe
set forth or contemplated by this char
ter.
ARTICLE IN-Thc capital stock or
this corporation is fixed at the sum Of
sixty thousand ($6U,OO0.0O) dollars. di-
vidcd into six hundred shares Of the
ttf Ill
All shares Of stock shall he full-paid
and worcestershire. No transfer Of
stock shall be binding upon the corpo-
ration 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 two hundred and fifty thousand
tS25O.O000O) dollars, 10 be divided into
shares of one hundred dollars each.
provided said increase in the capital
stock shall have been authorized by the
stockholders at meeting to be held
pursuant TO the provisions of Article
vii of .this charter.
ARTICLE V-All the corDorat-
powers Of the company shall be vested
IN. and the management and control of
its affairs shall be exercised by a board
of directors composed of three stock
holders. the membership of which may
six by the board of directors at any
Of its regular meetings. \ majority Of
the directors shall constitute quorum
for the transaction of all business. The
shall he elected annually by
ballot on the second Monday i'm May in
each year. Each stakeholder shall be
entitled. in person or by proxy, to a
vote for every share owned by him and
all elections shall he held under such
rules ana regulations as may be de-
termined by the Board Of Directors.
after fifteen days notice by mail of
such election shall have been sent to
each stakeholder at his last known ad-
dreSS. The directors thus elected shall
in office for one year. or I'M
I'll their successors shall have been duly
elected and qualified. No failure to
elect shall be regarded as a forfeiture
of this charter. Any vacancy occur
ring on said board shall be filled by
the remaining directors for the uneX-
pired term; the said board shall like
wise elect the additional members in
case they should determine TO increase
the number of said board. Said board
shall have the right to appoint and
dismiss such clerks. managers and
other employees of the corporation as
conditions may justify or the bust
ness Of the corporation may require.
The tenure of office Of all the employees
or the corporation shall be during the
pleasure Of the Board of Directors
ANY Of the directors or officers shall
instrument. another director or stock
holder to act as his proxy and in his
stead at any and Nall meetings of the
Board of Directors. Said board shall
also have the right to segregate the
office of Secretary Treasurer, and may
elect a secretary who need not be a
director or stakeholder.
ARTICLE VINO sale or other trans
Ter of shares of stock in this corpora
lon snail be valid until and unless the
ri hoe
of record at the date of
such transfer, sale or other alienation,
TO purchase such stock at true value
Plus ten per cent, the value to be ascer-
AIMED in the manner herein prescribed
The right to acquire said stock hereby
lrSt vested in the other stockholders
II record shall follow the stock into
my hands to which il may pass and
nay he exercised against the holders
hereof within fifteen days from the
line any sale or transfer has been Of
cred to be entered on the books of the
association.
1t shall be the duty of any holder of
stock in this corporation who intends
" desires to sell, transfer, ALLEVIATE or
,therwlse dispose of the same. to give
fifteen days notice of such Intention
'r desire to the board of directors of
he corporation, who are hereby con-
'ututed agents of the other stockhold-
rs Tor the purpose of such notice. and
'ald board of directors shall give i'm
Mediate information thereof. in writ
ng. TO all the other stockholders of
,ecord. Before the expiration of the
fifteen days from the receipt of said
notice by the board of directors, any
of record may offer TO pur-
'haSe, and may acquire the right to
said stock by notifying the
'oard of directors in writing and there
.fter shall deposit the price of said
took in cash with the corporation on
n before fifteen days from the date
asst mentioned.
Upon the receipt of the first men
Toned notice, the board of directors
hall advise the person owning said
stock, his agent or Representatives to
DIN said board in fixing the value of /.
aid stock. which value shall be estab- .
lShed on the basis of the market value /
4 the assets of the company. taking I
-lso into account the last annual or /.
emi-annual Statement or report of the 1
corporation and the last monthly trial I
ice, and to the value thus found and I
established there shall be added ten |
er cent and the sum thus found and 4
established shall constitute the value /
nd price of said stock.
If within cwenty-four hours after
UGH notice, the owner, his agent or .
representative. does not Join with the /
4 the stock, the board may proceed |
Without further delay to fix the said .
alue, using the report and trial bal
nee aforesaid for that purpose. which
writings are declared to be conclusive
violence for and against all parties in
interest in the premises, whether the
alue is established by the joint act of
he owner, his agent. widow, heirs or
representatives. or by the board of di-
eCtorS acting in default of the CO.