The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-02
CHARTER.

increased up to the amount of five hun
dred thousand dollars (SJOO,OOOOOl.
No stockholder in this corporation shall
dispose of his holdings, or any part there
of without first offering the same TO the
corporation at its book value. Ana the
CORPORATION shall have ten (lO) days WIN
IN which to accept or reject the Salu VI
fer Upon the death of any stOckhOiuer:
his stock shall forthwith, at the option oI
the corporation. be taken over by IL ~
its book value. The surviving widow OF
any stakeholder shall have the rlght 10
purchase this stock in preference 10 an!
and all heirs after the same has been OF
frred 10 and refused by the corporation.
No stakeholder shall be held liable OF
eSpOnSible for the contracts or fault> 81
said corporation in any further sum imam
the unpaid balance due on the shares "l
stock owned by him. nor shall any mere
informality in organization have the tHttt
of rendering this charter null or OF eA-
posing the stockholders To any llability
beyond the unpaid amount due on thelr
stock.
ARTICLE V-An the corporate powers
of this corporation shall be vested III ana
its business aud affairs managed by a
board of directors consisting OF hNt cl
members three of whom shall constitute
Il quorum for the transaction OF business:
Any vacancy or vacancies in the board OF
directors shall be nlled by the remaining
directors.
The stockholders of this corporation
hereof. proceed to the election of a board
of directors to consist of hve members,
a. well as the election OF president Il
vice president. secretary and treasurer
which last two officers may De heiu ~!
one person. Annually thereafter, the
said corporation shall elect from among
it, stockholders on the second Monday OF
March, of each year. board OF directors
consisting of five members, as wen rs Il
president, Il vice president, and secretary
and treasurer, which last two offices may
be held by one person.
The first board of directors and 0nlcers
to he elected under this charter snail hoid
office until the second Monday in March.
1923 or until their successors are elected
and qualified.
Failure To elect directors on the day
above specified shall not dissolve this cor
pOration but the directors then in Office
Shall remain in office until their success
SOrs are elected and qualified.
Any member Of the board of directors
may vote by written proxy.
No contract shall be made or entered
into by this corporation unless the same is
signed by three of its directors. except
contracts for the immediate sale or pur'
chase of commodities dealt in by tins
corporation. which can be executed by the
president or vice-president of the corpora
| ton, as they deem tit and proper, ana
such contracts for immediate delivery shall
be binding on this corporation.
ARTICLE vI-An notices of stock
holders or board of directors meetings
| including the annual meeting herein pro-
vided for, shall be held after twenty -four
! hours written notice shall have been
| mailed by the secretary to each stock
| holder at his last known place of resi-
! dence and at all stockholders meeting a
majority of the stock represented by
proxy or otherwise shall control.
! ARTICLE VIIAThis charter may be
| amended, or the corporation may be dis
| solved and liquidated. by tifty-One pei
cent. (5l05) vote of the capital stock APP
| bearing on the books of the company
| and in case of liquidation, the board OF
| directors then in Office shall liquidate the
| corporation.
Thus done and passed, in my office, at
| the city of New Orleans, on the day
| month and year herein first above written
| in the presence of August ii. Ritter ana
| Miss Amelia Babin, competent witnesses
| who hereuntO sign their names, together
! with said appearers and me, notary. after
| reading of the whole, the said appearers
| likewise subscribing for the number oil
! shares set opposite their respective names
| names of subscribers, together Will
their addresses and No. of sharesl.
! Witnesses: \. III. Ritter. \. Babln.
| j. NJ. QUINTERO.
Notary Public
| /. the undersigned, Recorder of Mort
| cages. in and for the Parish OF Orleans
| the above and foregoing act OF incorpOra
| ton of L. Frank & Co. Inc, was this
| day duly recorded in my office, in BOOK
| l26S. folio -.
New Orleans, La, February 10. 1872.
| (SignedD: ROBT. SCOTT,
! Deputy Recorder Mortgages
| J. NJ. QUINTERO.
(SeaD: Notary Public
| Feb 23-Mch. 30.