The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-16
CHARTER.

to by the stockholders of said company
present and voting that ARTICLE "
of the original act of Incorporation Of
said company should be so changed, al
tered or amended as to hereafter read
and be as follows, to-wit:
ARTICLE ". The capital stock of
this corporation is hereby fixed at the
sum of One Hundred Thousand Dollars
(S100OO0.OO), divided into nine hundred
shares OF preferred stock of the par
value Of One Hundred Dollars each, and
one thousand shares of common stock Of
the par value of Ten Dollars each, max
ing total of nineteen hundred shares.
The holders of the preferred stock shall
be entitled to, and shall receive from
the surplus or net profits of the cor
poration yearly preferential cumulative
dividends at the rate of six per cent %
per cent? per annum, payable quarterly.
half yearly. or yearly, as may be deter
mined by the Board Of Directors, before
any dividends shall be set apart or paid
on the common stock.
Dividends shall not be paid on the
common stock except when all guaran-
teed dividends to which the preferred
stock is entitled at full rate TO date have
been paid or set apart for payment.
Should there be an excess of profits over
6 per cent. then one quarter of said ex-
cess profits shall be further applied as
profits on the preferred stock. and the
remaining three-quarters of such profits
shall be applied as profits on the common
stock.
In the distribution of assets upon liqui
datiOn other than profits there shall be
paid. so far as the same will go-frst.
upon the preferred stock the amount of
the par thereof. and the amount of the
then unpaid dividends, IL any; next.
should there be further assets for dis
tributiOn, One-quarter thereof shall be
paid upon the preferred stock, and the
s,sn
the common stock.
All voting powers of this corporation
shall be vested In and exercised by the
common stockholders exclusively, and in
all elections of directors and otherwise
the holders of preferred stock shall have
no voting power.
In the event of liquidation or dissOlu.
ton of the, corporation and in the in
crease or decrease of its capital stock
and under such circumstances only, the
owners of the preferred stock shall have
the same voting power as the holders OF
the common stock. This corporation
shall commence business and be a going
concern as soon as Fifty Thousand Dol
lars of its capital stock shall have been
subscribed. The capital stock Of this
corporation may be increased to the sum
of Two Hundred and Fifty Thousand
Dollars $3.50, 100000 by increasing either
preferred or common stock, or both, pro
vided holders of two-thirds of the stock
of the corporation so determine. at
special meeting called for that purpose,
or at a regular annual meeting of the
corporation. During the time preceding
such meeting TO increase the capital
stock the stockholders shall have the
privilege of taking additional shares in
the proportion which the shares held by
them bear to the capital stock OF the
corporation prior to such increase, and
any such shares not taken at that tim"
h. 1a1 Af nv hA in
their unrestricted discretion, for the ben.
eft of the corporation, at not less than
their par value. All stock shall be paid
for either in cash. in property conveyed
to the company, or for services rendered
as provided by law, in such manner and
installments as the Board of Directors
may determine, and such stock shall be
full paid and non assessable. The Board
of Directors is hereby, in its discretion.
vested with full power and authority
to declare and issue stock dividends.
No common stakeholder shall have the
right to sell any of the shares held by
him without first offering the same, In
writing to the corporation. through Its
Board of Directors. and the said Board
shall have the privilege of purchasing
said shares within thirty days there
after. for cash, at their book value, &C
cording to the inventory last made.
And the said appearers in their said
respective capacities further declared
that under the authority in them vested
as President and ice-President. respec-
lively of the said company, by the afore-
said resolution passed and adopted at
the said meeting of the stockholders OF
said company, they, said appearers. de-
clared in their said several capacities for
and on behalf of said company that
ARTICLE Nv of the original act of in
corporation of said company, passed be-
fore BENJAMIN DRY, Notary, dated
May 2 1921. has been modified. changed
and amended so as to hereafter read. and
be, and exist as is hereinbefore written
and set forth: and that they hereby au
thorize and require the recording and
publication Of said amendment and alter
alton in the manner required by law. to
the end that the same shall hereafter
and at all times be binding upon the
present members and stockholders OF
said corporation. and all such person or
persons who may hereafter become SUCH
Thus done and passed in my office at
New Orleans. La, on the day.. month and
year first before written, in the presence
Of Miss Sophie F. Gerken and Miss Marie
Mabel Delhomme, both competent wit
nesses of lawful age, residing In this city
and parish. who have hereunto signed
their names. together with the said ap-
pearers and me. Notary, after due read
Ing Of the whole.
(Original signed:)
J. B. MONTEROs.
President;