The herald. [volume] (New Orleans, La.) 1905-1953, 1922-10-26
CHARTER.


represented at said meeting, the said
stockholders present and represented at
said meeting being the holders of more
than two-thirds of the outstanding capt.
tai stock of said company, that the capt.
tai stock of said company be increased
from seven hundred fifty thousand ($I5O.-
100000 dollars TO one million. five hundred
thousand (sl.J00,OO0.OO) dollars
The said James J. A. Fortier and the
said Elmer L. Chesney. the president and
secretary. respectively, of Commercial
Credit Company. Inc, further declared
that at said special meeting of stock
holders II was resolved that they, as Of
hcers of the company. be authorized en-
powered and directed to take such steps
as may be. or become necessary to make
effective the foregoing amendment to the
charter.
Whcreupon the said James J. 4 For
tier. president. and the said Elmer J..
Ch,Snry secretary of Commercial Credit
Company. Inc. declared that they DO now
appear for and in behalf of said CONNER
cial Credit Company, Inc, for the purpo>"
of making cf1cctiv" the action of the
stockholders of said company by embody-
ing the said amendment in notarial form.
and they now declare unto me, notary,
that Article " of the charter Of Com
merrial Credit Company, Inc shall be and
is now amended so as to read as follows,
tow it:
ARTICLE IV-The capital stock of
million. nve hundred thousand dollars
(Sl"OO, 00OO0), divided as follows:
Seven hundred and fifty thousand dol
lars tStJO.O 100000 of preferred stock, re-
presented by seven thousand. five hun
dred G. 500 shares of the par value of
one hundred $4,000 dollars EACH and
Seven hundred and fifty thousand dol
lars tS1JO.OOO COZ of common stock, repre-
scented 10y seven thousand five hundred
G.Iuo) shares of the par value of one hun
dred dollars ($IOOOW dollars each; all
of said capital stock TO be full paid and
non asScSsahle.
Separate and distinct certificates shall
lie issued for each class of stock. Said
stock shall be paid for in cash. at such
time. in such amounts and after such no
tice to :he subscribers as may be fixed
by tn" board of directors. and the same
may lac issued at not less than par for
labor done and property actually received
10y the corporation.
The corporation shall not become a go
ing concern and be authorized to do bust
ness until seven hundred and fifty thOus-
and $3.50 100000 dollars of its capital
stock shall have been subscribed and paid
for.
Preferred stock shall be and is en-
titled to preference and priority over the
common stock in the following manner.
tO-wit: To receive cumulative dividends
at the rate of seven per cent (7To) per
annum, accounting from February !, 1870.
payable in one or more instruments as
the board of directors may determine, be-
fore any dividend on the common stock
shall he paid. and. upon liquidation or
dissolution, whether voluntary or invOl-
untary. after all of its debts shall have
been paid, the remaining assets, property
and effects shall be applied to the pay
meut of the prcferrd stock at par, with
any unpaid dividend accumulation thereon
and before any payment is made to the
holders Of the common stock: the balance
then remaining shall be divided among
and paid TO the holders of the outStand-
ing common stock pro rata. The common
stock shall be entitled to all net earnings
and profits in excess of the cumulative
dividend of seven per cent (Ifc) per an
mum TO be paid on the preferred stock, as
herein provided. but no more than six
per cent t6ccD dividend in any one year
shall be paid upon the common stock I'M
less and until after the payment thereof,
there shall remain q surplus equal 10
fifty per cent tJ0Sc) of the par value of
the then outstanding preferred stock in
which event dividends in excess of six
per cent per annum may be paid upon the
common stock.
The board of directors shall have full
power and authority to redeem and retire
the whole or any part of the preferred
stock. on any day on which dividend
thereon shall be payable. by paying 10
the holders thereof one hundred and ten
dollars (S110) per share and accumulated
intention be published for ten GOl con-
secutive days in a daily newspaper pub
liShed in the English language in the
City of New Orleans. State of Louisiana,
the first publication to begin at least fif-
teen G5) days before the date of such
proposed redemption and retirement; and.
after the time fixed for such redemption.
dividends upon stock so redeemed or so
called for redemption shall cease to ac-
Crue. If any amount less than the whole
of the outstanding preferred stock shall
be retired, then the retirement shall be on
Il pro rata basis so that each stakeholder
shall contribute his quota towards the
stock so to be retired.
Both the preferred and the common
stock Of this corporation shall have equal
voting powers.
The amount to which the capital stock
of this corporation may be increased shall
be the sum of five million dollars $1,000
0O0) of which One-half shall be preferred
stock and One-half common stock, pro-
vided that there shall always be Outstand-
ing, an amount of full paid common stock
at least equal TO the then outstanding
preferred stock
The said appearers did produce to me,
notary, to be annexed TO and made a part
of this act, a duly certified copy of the
minutes of the meeting of the stock
holders of said Commercial Credit Com
pany. Inc, held on the Sth day of Septem-
Der, 1922. as hereinabOve set out; and l.
of the said minutes hereto and made same
a part hereof.
Thus done and passed at my office in
the City Of New Orleans on the day,
month and year hereinabOve first written
in the presence of Abraham Goldberk and
RaOul Sere. Jr., competent witnesses, who
have hereunto signed their names to-
gether with said appearers and me, said
notary, after due reading of the whole.
Witnesses: Original Signed: Abraham
Goldberg. Raoul Sere, Jr.
ORIGINAL SIGNED)
JAMES J. A. PORTER. President.
+. l.. CHESNEY, Secretary.
(SeaD AL. c. HAMMER.
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 Amend
ment of the Commercial Credit Co, Inc,
was this day duly recorded in my office,
in Book No. 1919. folio 76.
New Orleans, September a. 1922
(Signed) ROBT. SCOTT.
by. Recorder of Mortgages.
/ hereby certify that the above and
foregoing is true and correct copy or
the original Act Of Amendment of the
charter of Commercial Credit Company,
Inc, passed before me on the 18th day
of September, 1922. on file and on record
in my office. together with the certificate
of the Deputy Recorder of Mortgages
thereto attached.
In faith whereof have hereunto set my
hand and seal of office, at New Orleans,
La. this 18th of September, 1922.
(SeaD AL. G HAMMER:
Notary Public.