The herald., 1922-12-14

~
GARTER COMPANY.
United States of America. State O,
Louisiana, Parish of Orleans. City of New
Orleans, lie ii known, that on this 18th
day of November in the year of our Lord
one thousand, nine hundred and twenty.
TWO ana of the independence of the United
states or America the one hundred and
forty seventh, before me, T. NJ. Logan
Bruins, notary public, duly commits.
stoned and qualified, in and for this city
ana the Parish of Orleans, and in the
presence of the witnesses hereinafter
named and undersigned, personally cam,
and appeared, Mr.. Nugent b. Vairin. Jr.
a resident of this city of full age of ma
JOrlty, and president of the Ivory Garter
Company, duly incorporated assocIa
ton, dOmiciliated in this city, created by
act or incorporation passed before Ne
i4ncy charles Soniat, notary public. OF
the twenty seventh day of August in tn,
year one thousand, nine hundred and thir
teen, and recorded in the mortgage offic,
of this parish in book 1119 folio Z, and
since amended; and also Mr. Edward X
cameron, also resident of this city OF
1nll age of majority, and treasurer of Tho
ivory Garter Company, above described
BOth OF said appearers declared: Thai
they appeared herein in their respective
capacities for said company, and also act
ing under and by virtue of resolution
of the stockholders of the said Ivory Gar.
ter Company, held in conformity with Law
and under the conditions of the charter
Der 81, 1921; that there was present and
voting at said meeting 1913 shares OF
common stock and 500 shares of preferred
stock. That at said meeting said resolu-
non provided for the amendment of the
charter of the said company, increasing
the common stock authorized from two
hundred thousand $500 100000 dollars To
rye hundred thousand $500. 100000 dol
lars, of the par value of ten (SlOOO) dol
lars per share. the disposal of the new
common stock to be: one hundred and
twenty five thousand (S125. OOOOW to be
issued in place and stead of the present
one hundred (S1OO.OO) dollars per share
seventy-tive thousand (S15.0C0OO) dollars
TO be sold as of January .. 1922 or later
three hundred thousand $500. 1000 O0) dol
lars to be held in the treasury TO be dis
posed of in whole or in part as the board
Of directors might elect. provided that
same should first be offered to the common
stockholders of record. and said resolution
treasurer to take such legal or notarial
action to so amend said charter. n true
copy of the minutes of said meeting being
hereto attached and made part hereof.
And said appearers in their respective
caaacities heclared that i'm conformity
with said resolution and in furtherance
of their instructions article " of the
charter of the Ivory Garter Company he
and the same is hereby altered and
amended to read as follows:
Nsi1T lN-Ine C1D1tal STOCK or this
corporation is hereby fixed at six hun
dred thousand $500 OOOOO) dollars of
which five hundred thousand $500. 900 OO)
dollars shall be common stock and one
hundred thousand Csl0O, 0000O) dollars
shall be seven per cent C7e5) preferred
stock. all of which said stock Shall be
paid for in accordance with law: and the
capital stock shall consist of fifty thous-
and CooOOO) shares of ten (S10.00l dollars
each Of common stock and one thousand
C.OOO) shares Of one hundred (S1OO.OOl
stock.
The preferred stock issued and out
standing prior to July l, 1917. shall be
known as "Series A.: the preferred stock
issued as of date July /. 1917, shall be
known as Series b.; and all other pre-
ferred stock shall be similarly issued. as
'serie or series.
The seven per cent preferred stock shall
be entitled to receive a quarterly dividend
OF one and three-fourths OK es) per cent,
pany upon the first legal day in April.
July, October and January Of each year.
prior to the holders of the common stock
receiving any dividend upon their COM
aSida s5Sek Is, cent
Der cent preferred stock. shall be cumu-
lative.
The preferred stock shall also be pre-
ferred as to the assets Of the company.
When the net profits in any one year
ending December the thirty-frst, derived
from the manufacture and sale of the
products Of the company in that year.
computed after the deductions from the
earnings of the seven per cent dividend on
the cumulative preferrd stock. and after
all other charges whatsoever. including
advertising. but not including dividends
on common stock. shall amount to the
sums below set forth the seven per cent
preferred stock shall be entitled to extra
dividends as follows:
When the net profits shall aggregate TWEEN
Ann
thousand $40 OOOOO) dollars. the extra divi-
dend shall be one ueo) per cent; when the
net profits shall aggregate forty thousand
lSdOOO0.OOl dollars to sixty thousand
1880 0oo.00) dollars the. extra dividend
profits shall aggregate sixty thousand
fs60OOO.O0) dollars to- eighty thousand
ESQ OO000l dollars the extra dividend
shall be three (3qe) per cent: when the
net profits shall aggregate eighty Thousand
ESQ, O00O 0) dollars to one hundred thous-
and $500 900 0) dollars. the extra divi-
dend shall be four (4qs) per cent: when
the net profits shall aggregate one hun
more. the extra dividend shall be five (595)
per cent.
BEGINNING January 1, 1912 the company
shall set aside for special reserve fund
MOI, less than FIVE thousand (s5 OOo oM
dollars ner annum. until the amount shall
equal sixty-two thousand. five hundred
tS62. 5O0O0l dollars. for the redemption Of
Series A" Of the preferred stock ut one
hundred and twenty five tS125.OO) dollars
per share. which said reserve fund shall
he invested In high grade first mortgage
bonds. The company reserves the right
to retire all. but no part Of. the outstand-
ing Series A. preferred stock on any
date after Jannarv /. 1919. at one hun
bred and twenty-five ($125.O0) dollars per
share.
Beginning July 1. 1920. and annually
thereafter: the COMPANY shall set aside
for a special reserve fund not less than ter
all stock of "Series b" of the preferred
stock. which Is issued and outstanding
until the amount shall be sufficient to re-
deem all stock OF Series r" 80 issued and
nutsta nding. at one hundred and twenty.
reserve fund shall be invested in high
grade first mortrage bonds. The COMPANY
reserves the right to retire all. bnt no
r ,s OF the outstanding Series =" pre-
1000. Mt one hundred and twenty five
(s125.OO dollars per share.
Beginning three years from the date Of
issuance OF all remaining preferred stock.
he company shall set aside for a special
reserve fund for each serie or series not
less than ten t1096) per cent per annum
II the face or par value OF all stock jn
sucb serie or series so issued and out
until the amount shall be
to redeem all stock of such
serie or series at one hundred and twentv-
I've ts125.00l dollars per. share. which said
reserve fund or funds shall be invested in
high grade first mortgage bonds. Tho
company reserves the right to retire all
zach serie or series three years from IT.
suance at one hundred and twenty five
l$125.00) dollars per share.
The common stock shall be gentitled to-
Ind shall receive. q dividend or dividends
u n total rate per cent equal to the total
nxxk 1nrv h.