The herald., 1922-10-19
CHARTER.

cised by a Board of Directors. consist
ing of not less than three and NOT NOR
than seven stockholders, majority OF
whom shall constitute quorum Tor the
transaction of business. The Board OF
Directors shall elect annually from their
number President, and may eject one
or more ce-Presidents: they shall aiSo
elect Secretary and Treasurer WhlCn
two latter offices may be filled by ono
person. and which person or persons
need not be a stakeholder OF TINS cor
poration. The first Board of directors
shall consist of five stockholders: anu
shall he composed of Frank 1lsialc
Payne Sidney Louis Grillot Henry Up
shur Payne. Lester &. Gerard anu a -,
Pavne. with Frank Tistale Payne rs
President, Sidney Louis Grillot as VIC
President. and Henry Upshur Payne as
Observation-Disclosures. .
The postoffice addresses or salu nIItT
tors are as follows: Frank Tistale
Payne. $50 Julia street. New orleans,
La: Sidney Louis Grillot. q. st. Johh ;
Court, New Orleans. La; Henry Cpsnui
Payne. $50 Julia street, New orleans s
La; Lester g. Gerard. Matthews. Lou
isiana: a. III. Payne, S22 Perdido street
New Orleans, La. ~
These directors and officers shail
serve until the second Monday IN NO
yember, 1928, or until their successor
have been duly elected and qualified.
The annual meeting of stockhoIders
for the election of directors snail DE
held on the second Monday in Novem-
Der of each year, unless said day be a
legal holiday, and then on the next bank
day thereafter. Each subscriber hereto
sets after his name his postoftlce aus
dress and a statement OF the numper ol
shares of stock which he agrees 10 tahs
in the corporation. At all elections eVeIy
stakeholder shall be entitled TO one Npte
for each share of stock standing IN ms
name on the books OF the corporation
to be cast in person or by MS written
of votes
ARTICLE Win the event OF the
liquidation or dissolution OF this cor
poration. the stockholders shall eject
two liquidators from among their
number at meeting convened for
that purpose after ten days writ
ten notice sent to each stockholde.
by mail to his last known ADDRESS; saiu
liquidation shall have the autnorIy ~, ~
wind up the business and affairs or TINS
corporation. In case of death or either
of said liquidators, the survivor shalI
appoint a stakeholder as successor u
him. ,,
corporation can ever sell stock owned
by him in this corporation, or any part
thereof. without first offering the same,
in writing. to the other stockhoiders
through the Board of Directors. at Its
then book value, who will have the first
option to purchase the same.
ARTICLE VIII-This charter may be
modified. changed or altered, or SAID
corporation may be dissolved with the
assent of stockholders owning three
fourths of the entire capital stock at a
general meeting OF the stockholoers'
convened for that purpose. after M,
teen U5) days written notice shall
have been given to each stakeholder,
mailed to. him at his last known
address.
ARTICLE IX-No subscriber for
stock shall ever be held liable for the
Iant of
poration in any further sum than the
unpaid balance. If any. due the corpor-
alton on the stock for which he has
subscribed: nor shall any stockholder
ever be held liable for such contracts.
faults or debts in any further sum than
the unpaid balance If any, on the STOCK
owned by him; nor shall any mere IN
formality in organization have the
effect OF rendering this charter null or
rendering any subscriber or stockholder
liable beyond the unpaid amount, II any,
remaining due on his stock.
ARTICLE X.-This corporation is or
ganized under the laws of the state OF
Louisiana. and especially Act No. 267 or
1914 and the subscribers hereto. for
themselves and said corporation. and for
it's officers. directors and stockholders,
hereby accept, as part or this cnarter
and as conditions of said corporation.
all the rights, powers. privileges and
immunities granted to corporations. and
granted to and conferred upon OFFICERS,
directors and stockholders of corpora
tons by said laws and said act; such
acceptance being as full, complete and
binding as If said rights, powers. priv
ileges and immunities were set forth at
full length in this instrument.
Thus done and passed in my notariai
office. in the City of New Orleans,
aforesaid. in the presence of Andrew X.
Martinez and Holger G.. Kohnke. compe-
tent witnesses of lawful age and resid-
ing in this city. who hereunto subscribe
their names together with said parties,
and me, notary, on the day and date set
forth in the caption hereof.
(ORIGINAL SIGNED):
(Names of Subscribers Omitted)
Witnesses: Andrew r. Martinez, Hol-
ger c.. Kohnke.
w. W. YOUNG.
Notary Public.
/, the undersigned. Recorder of Mort
cages in and for the Parish of Orleans.
State of Louisiana, do hereby certify
that the above and foregoing act OF in
corporation of Payne Bros. Grillot,
Inc, was this day duly recorded in my
office in Book 1879. folio -. New
Orleans, Oct. II, 1922.
by. Rec.
1 hereby certify the above and fore
going to be a true and correct copy of
the original Act of Incorporation of
Payne Bros. & Grillot, Inc. together
with the certificate of the Recorder of
Mortgages on file and of record in my
office.
In faith whereof 1 hereunto set my
hand and SEAL this 18th day of October,
CSeaD W. w. YOUNG.
oct19-nov16 Notary Public.
AMENDMENT OF CHARTER.