The herald., 1922-12-21
CHARTER.

> bind and form and constitute themselves
as well as such persons who may here
J after join or become associated with them
! into a corporation and body polite II
! law, for the objects and purposes ant
; under the agreements and stipulation
following, to-wit:
HI ARTICLE 1.-The name and style o
this corporation shall be Pallet. Inc, ant
under that name il shall have and EMO.
. all the rights, privileges and advantage
granted by law to corporations; 1t shall
exist for the period of ninety nine year.
from this day; 1t shall have the power Il
name; to make and use corporate seal
and the same to break or alter at pleas
ure; to hold, receive, purchase, convey
mortgage. hypothecate or pledge property
both real and personal; to issue bonds
notes and other obligations or negotiabl,
instrument; to have and employ such
managers. directors, officers, agents and
other employees as the interest and con
venience of said corporation may require
or demand: to make and establish such
bylaws, rules and regulations for the
corporate management and control Of the
| affairs of the corporation as may be
deemed necessary and expedient.
ARTICLE 1.-THE domicile of said
! corporation shall be established in the
City of New Orleans, State of Louisiana
| and all citations and other legal process
shall be served on the president; in his
absence on the vice president; and in the
absence of both, on the secretary.
ARTICLE !lI-The objects and pur-
poses for which this corporation is or
| ganiZed and the nature of the business to
J be carried on by IL are hereby declared
| to be: to acquire, construct own, lease
and operate planning mills, saw mills,
| sash. door and blind factories: to buy,
sell and deal in, for its own account. or
on commission, logs, lumber and other
building materials, and generally to en-
gage In and carry on any other business
or enterprise which may be germane or
incidental to, or connected with. the pur-
poses hereinabOve set forth or contem-
plated by this instrument
ARTICLE Iv-The capital stock of this
corporation is fixed at the sum Of fifteen
thousand (s15,OO0.O0l dollars. divided into
one hundred and fifty shares of the par
value Of one hundred dollars each. All
shares OF stock shall be full-paid and
non assessable. No transfer of stock shall
be binding upon the corporation unless
made upon its books. and all certificates
of stock shall be signed by such officers
as may be designated by the board of
directors.
This corporation shall have the right
to increase its capital stock to the further
sum of fifty thousand $3.50. OOO.OO), to be
divided into shares of one hundred dollars
each, provided said increases in the capt.
tai stock shall have been authorized by the
stockholders at meeting to be held
pursuant to the provisions of Article
VIII of this charter.
ARTICLE N-All the corporate powers
of the company shall be vested in and
the management and control of its affairs
shall be exercised by a board of direc-
tors composed of three stockholders, the
membership of which may be increased to
number not exceeding five by the board
OF directors at any of its regular meetings
\ majority of the directors shall consti-
tute quorum for the transaction of all
business. The directors shall be elected
annually by ballot on the third Monday
in October in each year. Each stock
holder shall be entitled in person or by
proxy, to vote for every share owned
by him and all elections shall be held
under such rules and regulations as may
be determined by the board of directors
after fifteen days notice by mail of such
election shall have been sent to each stock |
holder at his last known address The |
directors thus elected shall continue in |
office for one year, or until their success |
sors shall have been duly elected and !
qualihed. No failure to elect shall be re-
garded as forfeiture of this charter |
Any vacancy occurring on said board |
shall be filled by the remaining directors
for the unexpired term; the said board |
shall likewise elect the additional men,
bers In case they should determine to in
crease the number of said board. Said
board shall have the right to appoint and |
dismiss such clerks. manager and other
employees Of the corporation as conditions
may justify or the business of the cor
Doration may require. The tenure of Of
Ice OF all the employees of the corporation
shall be during the pleasure of the board
II directors. Any of the directors or Of
1cers shall have the right to appoint by
written instrument another director or
'tockholder to act as his proxy and in his
stead at any and all meetings of the board
u directors. Said board shall also have
he right to elect a secretary who need
lot be director or stakeholder.
ARTICLE VINO stakeholder shall ever
,e held liable for the contracts. faults or
mere informality in its organization have
ne effect OF rendering this charter null
n OF exposing stakeholder to any liza
,ility beyond the unpaid balance due on
he shares owned by him.
ARTICLE yII-This act of incorpora- !
Ion may be changed. modified or altered
r this corporation may be dissolved, with
he assent Of the stockholders owning
alton, at a general meeting convened for I
nat purpose, and after at least ten days
written notice Of this meeting has been ,
,iven through mail addressed to each ,
esidence. In case Of dissolution by the /
EXPIRATION of this charter or otherwise. =
he stockholders shall elect three liquida-
ors from among their number to liqui-
he company. In case Of death or dis ,
bility of any one Of said commissioners 4
r nquidators, the survivors of the re- :
lalning hquidators shall appoint a sue y
essor to him. The said liquidators shall 4
ave power to settle the company's at y
airs. collect outstanding debts, and di- |;
lded the remaining money and property
mong the stockholders. They shall also r
ave power to meet and act under the by
Tvs OF the corporation and under regu-
ltions to be made by a majority of said
quidators; to fix the price and prescribe r
he terms Of sale Of said property, and the I
tanner In which the sale shall be made. r
nd take notes and bonds secured by
ortgage and otherwise for part Of the i
urchase price for all or any part of said IL
roperty, provided. however. that the
ghts herein conferred upon the liquida-
RS may be modified, changed or denied
y majority of the shares of the capital a
ock Of the corporation. The said Iiaui- +
ators shall have authority to sue for and Il
cover the debts and property in the m
line OF the corporation and may be sued
the same name. and they shall be liable
soiido to any creditor or stakeholder
r the monies and property of the cor
'ration which shall come to their hands -
possession as liquidators and for the
oper application and distribution there
ARTICLE vIII-The entire capital ..
ock or this corporation has been sub ~
r1Ded at the time n ha sioning 10 tbf, "