The herald. [volume] (New Orleans, La.) 1905-1953, 1922-02-09
CHARTER.

make contracts; receive grants of land.
or OF personal property; and make and
use corporate seal, the same TO alter
or break at pleasure; but the failure TO
have a seal shall not invalidate any of
the acts or proceedings of this corpora
ton; name and appoint such managers.
directors, officers, clerks and employees
and agents as the interest and convenience
of said corporation may require; and
through its Board OF Directors make and
establish such bylaws, rules and regu-
lations for the proper management and
regulation of the affairs of said corpora
ton as may be necessary, and the same
TO alter and change at pleasure, and
shall possess all the rights powers and
privileges to which corporations are or
may be by any general law or laws of
this State authorized and entitled to
possess. Said corporation may exercise
It's corporate powers within any other
State or territory in the United States or
foreign country that shall permit the
same
ARTICLE V.-The capital stock of this
corporation is hereby fixed at the sum of
-Four Hundred Thousand and 00/1O0
tSiOO,OOOOO) Dollars, represented by four
thousand (4.O00l shares of One Hundred
and 0O/100 (S10O.OO) Dollars. each.
All stock subscribed for shall be pay
able at such times and on such terms and
conditions as the Board of Directors may
from time to time fix and determine in
each particular case or by general resolu-
ton, or the Board of Directors may issue
certificates or paid up stock in payment
of property or goods actually delivered to
this corporation or for services actually
rendered to IL, or for rights, privileges or
franchises transferred to il, the valua-
ton in each instance to be agreed to by
the Board Of Directors, which shall have
full and final power to do so.
Said capital stock may be increased 10
the sum of One Million Dollars Isl, 600.
100000 in the manner provided for by the
1 In af IL. NnNA
of said capital stock shall have been
authorized or unsold stock issued fifteen
days written or printed notice shall be
given to each stakeholder within which
| time persons holding stock in this cor
| poration shall haze the right to subscribe
| for said increased stock or additions.
| issue of stock in proportion to the number
of shares of stock then held by them. and
which additional shares shall be paid for
as the Board of Directors may direct
After the expiration of said time the
Board of Directors may dispose of the
shares not taken. for the benefit of the
Company in such manner and on such
terms and conditions as they may think
proper.
Dividends shall be declared on the
amount actually credited on the capital
stock without regard to the amount sub
scribed for.
Dividends ACQUIRING to stockholders who
owe any portion of any stock subscribed
for by them shall be credited to such I'M
paid subscription until the full amount
of all stock subscribed for by such stock
holders shall be paid in full. Such credit
of dividends shall not in any manner
relieve such stockholders from the pay
ment of calls on such subscription, but
the credit OF such dividends shall be II.
excess of the calls on such subscription
to stock. Interest at the rate of eight
per centum per annum shall be charged
on the unpaid portion of calls on stock
subscribed for from the maturity Of each
call.
II any installment or installments OF
stock subscribed for should not be paid
within thirty days after the same shall
become due, such stock and the subscrip-
ton thereto, together with all installments
paid thereon. may be forfeited to the Com
pany by resolution of the Board of Direc-
tors, without further notice or proceed
ings: or the Board of Directors may hold
the subscriber to said stock personally
responsible therefor and take legal pro-
ceedings to collect the installment or in
stallments due thereon.
The Company shall begin operation as
soon as two thousand 10000 shares Of
the capital stock are subscribed for or
disposed Of.
At all elections by or meetings Of the
stockholders, each share Of stock whether
paid for in full or not shall be entitled
to one vote. to be cast either by the
person in whose name the stock appears
on the books Of this corporation at the
time Of the voting or by his agent or
proxy, duly authorized In writing to that
effect.
All transfers OF stock shall be made
on the books Of the corporation and shall
be signed by the stakeholder or by his
attorney.
ARTICLE vI.-The business and affairs
and corporate powers OF this corporation
shall be transacted by Board Of Direc-
tors composed Of not less than three d.
rectOrs nor more than seven directors,
to be composed OF stockholders of
this corporation owning at least ten t10)
shares of the capital stock. The stock
holders may at any annual meeting elect
less than seven directors and the direc-
tors thus elected may prior to the next
annual meeting elect one or more ad-
ditional members Of the board Of directors
so as to make the board of directors
not more than seven. The directors
whether elected by the stockholders or
by the board Of directors, shall be elected
by a majority of the votes at a meet
ing Of the stockholders or Of the direc-
tors, as the case may be.
A majority Of the members OF said
Board Of Directors shall constitute a
quorum for the transaction and manage
ment Of all business of said corporation.
Lester F. Alexander of New Orleans. Lou
isiana. as President. John l.. Dickey Of
New Orleans, Louisiana, as vice-Presi-
dent and Secretary, and Robert X. Null
nix of New Orleans. Louisiana, shall con-
they shall hold office until the second
Tuesday in January 1923 or until their
successors are elected and qualified; each
subsequent Board shall take their seats
Immediately following their election, or
as soon thereafter as practicable. and
shall hold their office until their sue
cessors shall have been elected and quail
fed.
On the second Tuesday in January 1929
and annually thereafter an election for
Directors by the stockholders shall be
held at the office Of the Company after
fifteen days printed orr written notice
shall have been mailed to each stockholder
or subscriber to stock at their respective
addresses appearing on the books of the
Company. Every Board Of Directors
shall at its first meeting after its cleo
ton. or as soon thereafter as practicable.
elect a President, a Vice President: and a
Secretary who may or may not be MEM
her OF the Board. as the Board may de-
termine. Or the Board may elect any
other officer to the position Of Secretary.
The Board may also select one or more
Assistant Secretaries who may or may
not be members Of the Board and grant
them such authority as the Board may
deem wise.
A failure to elect Directors on the datv
above specified shall not dissolve the cor.
poration, but the then existing Board OF
Directors shall continue to hold their Of