The herald. [volume] (New Orleans, La.) 1905-1953, 1922-01-19
CHARTER.

ARTICLE IV.-The capital stock of
this corporation is hereby fixed at the
sum of Five Thousand (S5,OOO0O) Dollars
! divided into and represented by twenty
| COO shares Of Two Hundred and FIFTY
! jS25O.O0 )DOllars each, which shall be pald
for in cash, and this corporation may conf
meuCe business and shall be going con-
Germ Immediately upon the execution OF TINS
act of incorporation and the payment into
the treasury thereof of the amount OF
the capital stock required by law. All
certificates of stock shall be signed by the
President and countersigned by the Sec
retary- L treasurer of said corporation.
Every transfer of stock shall be signed
by the stakeholder or his attorney.
ARTICLE Y.-All the corporate powers
of the said corporation shall be vested
in and exercised by Board of Directors,
composed of three stockholders, who shall
be the President, the Nice-President. and
the Secretary Treasurer of this corpora
ton
At the first meeting, follOYing the cleo
ton of each Board of Directors, said
Board shall elect a President, a Vice
President and a Secretary Treasurer OF
this corporation.
All other clerks and employees may be
discharged at any time without recourse
against the corporation.
The Board of Directors shall be elected
annually on the first Tuesday of Decem-
Der after notice of such election, so to
be held, will have been given by two
weekly publications in a newspaper pub
lishcd in the Parish of Orleans, and after
a written notice by the Secretary, given
To each stakeholder, shall have been
mailed to him at least fifteen (l5) days
previous 10 such meeting, except that the
first Board of Directors of this corpora
tion shall be composed Of Jos. l.. swanson
President; John McGraw, Sr., Nice-Presi-
dent: and FOrres McGraw, Secretary
Treasurer, who shall hold their office
until the first annual election to be held
on the first Tuesday of December, l922
or until their successors shall have been
elected and shall have actually assumed
their duties.
Two members of the Board of Directors
shall constitute a quorum for the trans
action of business.
All elections for directors shall be held
ut the office of the corporation and shall
be by ballot, under the superintendent
Of two commissioners TO be appointed, for
that purpose. by the Board of Directors,
whether they be stockholders or not.
Each share of stock shall be entitled to
one vote and shall be cast by the owner
of same, either in person or by written
proxy, and a majority of the votes shall
elect.
The failure to elect a Board of Direc-
tors will not affect this charter, but the
directors in office shall continue in the
exercise of their duties until their sue
cessOrs shall have been elected and shall
election for directors shall be held on
such subsequent day as may be fixed by
the Board of Directors for that purpose
il being hereby made the duty of the
President of said Board and of the Vice
President and Secretary Treasurer to cali
the said meeting to be held within fifteen
days after such failure to elect.
All vacancies occurring in said Board,
by resignation or other wise, shall be
filled by the remaining directors.
The Board Of Directors shall have the
power and authority TO make and es-
tabliSh. as well as alter and amend, any
and all bylaws, rules and regulations
that may be requisite for the government,
support and management of the business
and affairs of said corporation, and it
shall have power and authority to con-
tract debts, borrow money and issue notes
in representation of same, and to issue
bonds, and, generally to do all things
incidental to the objects and purposes Of
said corporation.
ARTICLE VI.-whenever this corpora
ton is dissolved, whemer by limitation
or for any other cause, its affairs shall
be liQuidated under the superintendent
of two commissioners to be appointed for
that purpose by the stockholders, at
general meeting to be held and convened
for that purpose, after ten days notice
shall have been given to every stakeholder,
through mail. Said commissioners shall
remain in office until the affairs of said
corporation shall have been fully
liquidated and settled, and in the event
of the death of one of said commissioners,
the survivor shall fill the vacancy. Their
compensation is hereby fixed at two and
one-half per cent. on the amount realized
by them.
ARTICLE vIII.This act of incorpora
ton may be changed, modified or altered.
and the capital stock increased so as to
make the capital stock not to exceed the
sum of Twenty Thousand (S20.0O0O0
Dollars. or said corporation may be dis
solved by the assent of two-thirds in
amount of the capital stock at meeting
of the stockholders convened for such
purpose by the Board of Directors after
thirty days previous notice of such meet
ing shall have been published in news
paper in the Parish of Orleans, and after
all the other formalities of lawn shall
have been complied with.
ARTICLE VIII.-No stakeholder shall
ever be held liable or responsible for
the contract or faults of said corporation
in any further sum than the unpaid
balance due to the corporation on the
shares of stock owned by him, nor shall
any mere informality in organizing this
corporation have the effect of rendering
this charter null and of exposing stock
holder to any liability beyond the amount
due on his stock.
ARTICLE IX.-In order that this act
of incorporation may serve as the original
subscription list of said corporation, all
subscribers hereto have written opposit
their respective names the number of
shares and the amount OF stock sub
scribed for by each of them, as well as
their addresses. and the recordatiOn of
this act shall be considered as the recor-
dalton Of the list of shareholders required
by law.
Thus done and passed at the City of
New Orleans, In the Parish of Orleans,
State OF Louisiana. on the day and in
the month and year first above written.
in the presence of W. w. Wright and
Isabella Rice, both of lawful age and
residing in said Parish and State. COM
petent witnesses who have signed these |
presents with the said appearers and me. |
Notary, after due reading of the whole. |
Witnesses: w. w. Wright, Isabella |
Rice.
tSigned) Jos. l.. Swanson, 2310 Milan
Street, New Orleans, La, 10 shares; John |
McGraw. 1929 Sycamore Street, New Or
leans, La, ] share; Forces McGraw, 2429
SOniat Street, New Orleans, La, o shares.
JOHN ID. NIX, JR.,
Nnta Dnh 10