The herald. [volume] (New Orleans, La.) 1905-1953, 1922-05-11
CHARTER.

convey mortgage, hypOtheCate OF
pledge property, both real and persona
To issue bonds. notes and other oblEa-
lions or negotiable Instruments
to have and employ such managers III
rectOrS. officers, agents ana other en-
plOyes as the interest and convenience
of said corporation may require or de-
mand: to make and establish Such pH
laws. rules and regulations for the cor
porate management and control OF the
affairs of the corporation as may p'
deemed necessary and eNpedlent
ARTICLE 1.-THE domicile of said
| corporation shall be established In the
! City of New Orleans. State OF LOUIS
| lana, and all citations ana otler leS'iI
process shall be served on the prtSi-
| dent: in his absence. on the Nlce-preSl-
| dent: and in the absence Of both, on
! the secretary-treasurer.
| ARTICLE III-The objects and pur-
poses for Which this corporation Is or
| ganiZed and the nature OF the business
| to Ice carried on by II are hcreby u'-
clared to be: To buy. sell and deal IN
| for it's own account. and Tor the &c
| count of any individual firm or cor
| poration. real estate, tenementS, mort
| cages mortgage notes. bonds. ShartS
! of stock and other securities: To lena
| money on property. real, personal or
! mixed: to make leases as lessor or les
! see: to act as broker. agent or trustee
! for individuals. firms or corporations
| TO construct and erect, or To contract
! for the construction and erection OF
| buildings. and generally To DO ana en-
gage in any other business. undertaking
! or enterprise connected with, growing
! out Of gcrmane or incidental To any OF
| the objects and purposes herelnaDoNe
| set forth or contemplated by this CHAR
| ter.
ARTICLE IV-The capital stock OF
| this CORPORATION is fixed at the sum OF
! sixty thousand CS60.OOO.0O) dollars. dl-
| yided into six hundred shares of the
par value of one hundred dollars each
| All shares of stock shall be full-palH
| and -aSSeSSable. No transfer OF
| stock shall he binding upon the corpo-
ration unless made upon its books. ana
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 Ia
| increase its capital stock to the further
sum of two hundred and fifty thousand
! (S250.O0O .00) dollars, to 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 he held
! pursuant to the provisions of Article
Will of this charter.
ARTICLE V-AIl the corporate
powers of the company shall be vested
| in. and the management and control oil
| it's affairs shall be exercised by board
of directors composed of three stock
| holders, the membership of which may
| he increased to number not exceeding
| six by the board of directors at any
| of its regular meetings. \ majority OF
| the directors shall constitute a quorum
| for the transaction OF all business Inc
| directors shall he elected annually by
! ballot on the second Monday in May IN
| each year. Each stakeholder shall De
| entitled, in person or by proxy, TO .
| vote for every share owned by him and
all elections shall he held under such
rules and regulations as may be de
termineG by the Board of Directors
after fifteen days notice by mail OF
such election shall have been sent Il
each stakeholder at his last known ad
dress The directors thus elected shall
continue in office for one year. or un
til their successors shall have been duly
elected and qualified. No failure L
elect shall be regarded as 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 il
case they should determine to increaS,
the number of said board. Said board
shall have the right to appoint an'
dismiss such clerks. managers anC
| other employees of the corporation "A!
conditions may Justify or the bust
ness of the corporation may require
The tenure of office of all the employees
of the corporation shall be during thu
| pleasure of the Board of Directors
Any of the directors or officers shall
have the right to appoint, by writer
instrument. another director or stock
stead at any and all meetings of tn
Board of Directors. Said board shall
also have the right to segregate tn
office of Secretary Treasurer. and ma!
elect a secretary who need not be
director OF stakeholder.
ARTICLE Who sale or other trans
, fer of shares of stock in this corpora
ton shall be valid until and unless tn
opportunity has been first afforded tn
. shareholders of record at the date o
. | such transfer, sale or other alienation
to purchase such stock at true valu
: plus ten per cent the value to be ascer
tanned in the manner herein prescribed
The right to acquire said stock hereb!
first vested in the other stakeholder
of record shall follow the stock int
; any hands to which il may pass an
J may be exercised against the holder
thereof within fifteen days from tn
time any sale or transfer has been of
fered to be entered on the books of tn
association.
/, 1t shall be the duty of any holder o
stock in this corporation who intend
or desires to sell. transfer. ALLEVIATE o
otherwise dispose of the same. to Civ
fifteen days notice of such intention
) or desire to the board of directors o
the corporation, who are hereby con
? stituted agents of the other stockhold
ers for the purpose of such notice. an,
: said board of directors shall give i'm
mediate information thereof. in writ
? ing. to all the other stockholders o
5 record. Before the expiration of tn
; fifteen days from the receipt of sal
! notice by the board of directors, an
! shareholder of record may offer to pur
chase, and may acquire the right I
purchase said stock by notifying tn
! board of directors in writing and there
2 after shall deposit the price of sal
stock in cash with the corporation o.
or before fifteen days from the dat
, last mentioned.
Upon the receipt of the first men
2 toned notice, the board of director
| shall advise the person owning sal
stock his agent or representative. I
join said board in fixing the value O
: said stock, which value shall be estah
, lished on the basis of the market valu
I of the assets of the company. takin
also into account the last annual o
semi-annual statement or report of tn
1 corporation and the last monthly tria
; balance preceding the date of such no
I tice, and to the value thus found an
established there shall be added tie
per cent and the sum thus found an
established shall constitute the valu
, and price of said stock
If within twenty-four hours afte
such notice, the owner. his agent O
representative. does not join with tn
board in establishing the price or valu
of the stock, the board may procee
without further delay to fix the sal
: value, using the report and trial bal
. ance aforesaid for that purpose, whic
, writings are declared to be conclusiv
( evidence for and against all parties |
interest in the premises, whether tn
value is established by the joint act @
the owner, his agent, widow, heirs @
representatives or by the board of III