The herald., 1922-12-07

Louisiana, Parish of Orleans, City of New
Orleans, BE it known, that on this 9th
day of November in the year Of our Lord
one thousand, nine hundred and twenty
two and OF the independence of the United
States Of America the one hundred and
forty seventh, before me, 7. NJ. Logan
stoned and qualified, in and for this city
and the Parish Of Orleans. and in the
presence of the witnesses hereinafter
| named and undersigned, personally came
resident Of this city Of full age OF ma
jority, and president Of the Ivory Garter
Company, duly Incorporated assOcla-
ton, domiciliated in this city, created by
act of Incorporation passed before Me
| lOncy Charles SOniat, notary public, on
the twenty seventh day of August in the
year one thousand: nine hundred and thir-
| teen. and recorded in the mortgage office
| Of this parish in book 1119. folio z, and
| since amended; and also Mr.. Edward X.
Cameron. also resident of this city of
full age OF majority, and treasurer of the
| Ivory Garter Company, above described.
| Both Of said appearers declared: That
| they appeared herein In their respective
capacities for said company, and also act
ing under and by virtue of a resolution
of the stockholders Of the said Ivory Gar
ter Company, held in conformity with law
and under the conditions Of the charter,
at the office of said company on Decem-
Der 81, 1921; that there was present and
voting at said meeting 1888 shares of
common stock and $50 shares Of preferred
/
ton provided for the amendment of the
charter Of the said company, increasing
| the common stock authorized from two
hundred thousand $500 OOOOO) dollars TO
lars. Of the par value Of ten $4,000 dol
lars per share. the disposal of the new
common stock to be: one hundred and
twenty five thousand ($125, OOO.O0) to be
issued In place and stead Of the present
common stock issued, Of the par value of
one. hundred $4,000 dollars per share;
to be sold as of January 2. 1922 or later ;
three hundred thousand ($30O, OOOO0) 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
ockholders of record and said resolution
further authorized said president and
treasurer to take such legal or notarial
action to so amend said charter, a true
copy of the minutes Of said meeting being
hereto attached and made part hereof.
And said appearers in their respective
sas ssana0 thai ns in
Of their instructions article Nv Of the
charter Of the Ivory Garter Company be
and the same Is hereby er,tc, altered and
ARTICLE Iv-The capital stock Of this
corporation is hereby fixed at six hun
dred thousand $500 OO0.OO dollars. of
which five hundred thousand ($50O, 900 .00)
hundred thousand 81000O0O0) dollars
shall be seven per cent. Gq6), preferred
stock. all of which said stock shall be
capital stock shall consist Of fifty thous-
and 100000 shares Of ten $4,000 dollars
each Of common stock and one thousand
Q,O00) shares Of one hundred G10000l
dollars each OF seven per cent preferred
stock.
The preferred stock issued and out
standing prior to July l, 1917. shall b.
, issued as Of date July 1, 1917. shall be
known as Series b.; and all other pre-
, ferred stock shall be similarly issued. al
, serie or series.
The seven per cent preferred stock shall
be entitled to receive a quarterly dividend
Of one and three -fourths Q& 20 per cent
payable out Of the net profits Of the com
: pany upon the first legal day in April
. July, October and January Of each year
. prior to the holders Of the common stoch
receiving any dividend upon their com
, mon stock holdings. This seven per cent
dividend, payable quarterly, on the sever
, per cent preferred stock, shall be cumu
, lative.
ferred as to the assets Of the company.
When the net profits in any one veal
: : ending December the thirty first, derived
! from the manufacture and sale Of the
products Of the company in that year
+. computed after the deductions from thu
! earnings Of the seven per cent dividend oil
,, the cumulative preferrd stock. and aftel
advertising, but not including dividend
on common stock, shall amount to tn,
sums below set forth, the seven per cen,
! preferred stock shall be entitled to extr'
When the net profits shall aggregate TWEEN
,, ty thousand 2O,0OooOl dollars to fort,
= thousand Cs4o,0oo.0ol dollars, the extra diyi
I net profits shall aggregate forty Thousand
. $ac, 00o00( dollars to sixty thog sant
profits shall aggregate sixty thousan!!
($6OOO0.O0) dollars to eighty thousa nd
! (SS0.000O0) dollars the extra dividend
. shall be three (s%l per cent; when tn,
: net profits shall aggregate eighty thousand
sS0,000.0O) dollars to one hundred thous
and ($100. 100000 dollars, the extra divi
dend shall be four t4T6) per cent; wheI
/. dred thousand $500 oCoooS dollars o
: more. the extra dividend shall be five (5%o
= per cent.
! Beginning January I. 1919, the compan.
, not less than five thousand 90
: dollars per annum. until the amount shal
r egnal sixty,tw thousand. hye hIndre'
: | ''Series A. Of the preferred stock at on
o hundred and twenty five $123.00) dollar
. per share, which said reserve fund shal
4 bonds. The company reserves the RICH
q ing Series a" preferred stock on an.
a sfr ssnSaS At dollars Sns
|, share.
/ Beginning July i. 1920. and annual.
: | thereafter. the company shall set asia
for a special reserve fund not less than tel
z 10%) per cent Of the face or par value o
j, all stock Of Series b. Of the preferre'
e stock, which In issued and OUTSTANDING
e until the amount shall be sufficient to re
deem all stock Of Series B" so issued ant
e outstanding, at one hundred and twenty
} five ($12500) dollars per share, which sal.
q reserve fund shall be invested In higl
d grade first mortgage bonds. The compan,
o reserves the right to retire all, but n
e part Of the outstanding Series b" pre-
Q ferred stock on any date after July J
($125.00) dollars Der share.
Beginning three years from the date Q
issuance Of all remaining preferred stock
the company shall set aside for q specia
| reserve fund for each serie or series no
4 less than ten tl0qJ per cent per annun
!. of the face or par value Of all stock q
q such serie or series SO issued and out
Q standing, until the amount shall D
2 sufficient to redeem all stock OF sue
!. serie or series at one hundred and twenty
9 I'VE ($125.O0) dollars per share, which sal
9 reserve fund or funds shall be invested y
d high grade first mortgage bonds. Tn
y company reserves the right to retire a.
. but no part Of. the outstanding stock 2
q each serie or series three years from II
e suance at one hundred and twenty-nv
z (S12500) dollars per share.
y The common stock shall be entitled tt
a and shall receive, Q dividend or dividend
: at a total rate per cent equal to the tots
!. rate per cent declared upon the -preferre
h stock prior to the setting aside Of any SUI