The herald., 1922-02-02
CHARTER.
CHARTER OF
PORTER CLOTHING CO., INC.

bred and twenty-five Q922), and Of III
Independence OF the United states o
America, the one hundred and forty
sixth, before me, WATTS h. LEV
ERICH, q Notary Public, duly commits
stoned and qualified in and for the Parisl
of Orleans, State Of Louisiana, therein
residing, and in the presence OF the wit
nesSes hereinafter named and under
signed personally came and appeared tn
several persons whose names are here
unto subscribed, who declared that avail
ing themsc selves of the laws of this Stat'
relative TO the organization of corpora
lions they have covenanCed and agreed
and do by these presents covenant, agree
bind. form and constitute themselves, "a
well as such persons as may hereafter
join or become associated with them, into
a corporation or body polite in law, fol
the objects and purposes and under the
agreements and stipulations following
tO-Wit:
ARTICLE 1. The name aud title OF
this corporation shall be the PoR TEE
CLOTHING CO, INC, and under its
corporate name it shall enjoy succession
for the full term and period Of ninety
nine years from and after the date mere
of. and shall have power and authorlt!
to contract. sue and be sued TO acctpI
and receive mortgages, pledges or other
hypOthecationS; to make and use cor
pOrate seal, and the same 10 breah anu
alter at pleasure; TO purchase' receN'
lease hold or otherwise acquire ana con
yry as well as mortgage and hypOthecate
under its corporate name, property, both
real, personal and mixed 10 borrow
money and make and issue bohds' anu
other evidences of debt, and to secure
the same by mortgage and otherwise; to
subscribe to and hold stock IN other cor
poratiOns; TO acquire, hold ana reissue
shares of its capital stock; 10 carry out
all of the objects and purposes herein
after set out; TO name and appoint such
managers and directors, officers and
agents as the interest and convenience OF
said corporation may require; ana TO
make and establish, as well as alter ana
amend at pleasure such bylaws, rules
and regulations for the management anG
regulation of the affairs of the corpora
ton as may be necessary, proper or CON
yenient; and generally to do all such acts
and things as trading corporations are
authorized TO do under the laws of the
State of Louisiana.
ARTICLE ii. The dOmicile of this cor
poration shall be in the Parish of Or
leans, State Of Louisiana, and all citations
or other legal process shall be served
upon the President of the company; cor.
in his absence, upon the Secretary.
ARTICLE Ill. The objects and pur-
poses for which this corporation Is organ
lied, and the nature of the business to
be carried on by it, are hereby declared
TO be: To buy, sell and deal in, at both
wholesale and retail. clothing, boots,
Shoes hats, caps, millinery. neckwear,
hosiery, gloves, fancy goods, jewelry,
furnishings novelties and wearing APP
parel of all sorts. and all articles and
merchandise of like character and de-
scription, and all other sorts of dry goods
and merchandise, furniture and furnish
ings for personal and household use and
adornment, including all such articles OF
merchandise as are or may be dealt IN
by department stores; to buy and sell
dry goods and to manufacture and sell
as customs tailors wearing apparel of
men, women and children; to conduct the
business of general dry goods and cloth
ing merchants, tailors, diapers, haber-
dashers, milliners, dressmakers and gen
cral outfitters; to carry on the general
mercantile business of department
store; to buy, sell, construct, lease, hold,
develop and improve real estate and
buildings and improvements thereon OF
all sorts: to buy, sell, acquire and hold /
of other corporations; to buy. sell and |
deal in stocks and bonds, and to carry |
on a general investment business; to ex-
change its entire capital stock or any part
thereof for property which 1t is author
lied to acquire; to exchange its entire
assets and business, or any part thereon,
for property. stocks or other obligations
Of other companies, firms or individuals;
to carry on all operations and do all
things incidental to or convenient for the
of any Of the foregoing
purposes, and generally to 30 all such
acts and things as a general trading cor
pOrdtfOn uuuer the laws OF tine state OF |
Louisiana is or may be authorized to do.
ARTICLE Nv. Section !. The capital
stock of this corporation is hereby fixed
at Two Hundred Thousand Dollars $780,
)0000l divided into and represented by
seven hundred and fifty ESQ shares of
preferred stock and twelve hundred and
fifty t1250) shares of common stock, all
u the par value of One Hundred Dollars
$1,000 per share. The preferred stock
may be increased to the sum of Five
Hundred Thousand Dollars $500, OO0.OO).
Ind the common stock may be increased
% a similar figure.
Section .. The capital stock, both pre-
erred and common, shall be represented
BY certificates, shall be full paid and non-
lssessabfe when issued, shall be issued
,nly for labor done or for property act
iaily received, or for cash to be paid at
such times and in such amounts and
)y the Board Of Directors, and shall be
personal property. No transfer of said
'apital stock shall be binding upon this
corporation unless made in accordance
With its charter and bylaws and record
ID on the books thereof.
Section 3. The holders of preferred
SOCK shall be entitled to receive n divi-
lend at the rate of, but never exceeding,
seven U per cent per annum.' cumula-
i've from and after February LIST, 1922
payable out Of the net profits Of the COM
Dany on the first day Of February and
he first day Of August of each year be-
ore any dividend is paid upon the COM
non stock. Should the net profits for
my year be insufficient to pay said pre-
erred dividend therefor, or any part
hereof, any unpaid portion thereof shall
become charge against the net profits
u the company and shall be paid in full
ute said net profits before any divi-
lend is paid upon the common stock. The
referred stock shall never participate in
ne profits Of the company beyond its
lxed preferential cumulative annual divi-
lend OF seven ca per cent, but shall be
mid In full up to its capital or par value,
'lus accrued and unpaid dividends. IL
ny, at the rate OF seven (O per cent per
mum. before any amount shall be dis
ributed among the owners of the COM
non stock. In the event of any liquida-
ion or dissolution or distribution of the ,
ssetsfof the company, and shall not par .
lcipste further In the distribution of the
ssets of the company
Section 4. The preferred stock shall
ave no voting power whatever. and all
latters relating to the corporation in
luding amendments to its charter in
rease or decrease of its capital stock
including increase or decrease of the ,
referred stock, dissolution or liuuida !
lon or the company, and all other cor ,
crate matters shall be decided upon by {
ne holders OF the common stock exclu. !
lively, the rights of the preferred stock
olders being limited to the return OF 4
ne mopey invested by them with cumu-
auve dividends thereon at the rate OF r
even Cd per cent per annum. in the man :
er SCI forth in this charter. =
section .. The entire issue of seven :
undred and fifty (750) shares of pre- I
erred stock authorized by this charter .
haii be known as Series A, and ali ont
lahding stock Of that series. whatever r