The herald., 1922-11-30
CHARTER

per share which said reserve fund shall
be invested in high grade first mortgage
bonds: The company reserves the right
to retire all, but no part Of, the outstand-
ing Series A" preferred stock on any
date after January l, 1919, at one hun
bred and twenty-five (S125.O0) dollars per
share.
Beginning July 1, 1920 and annually
thereafter, the company shall set aside
for a special reserve fund not less than ten
O09o) per cent of the face or par value of
all stock of Series Il" of the preferred
stock, which is issued and outstanding
until the amount shall be sufficient to re-
deem all stock of Series b. so issued and
outstanding, at one hundred and twenty
five ($l2o.OO) dollars per share, which said
reserve fund shall be invested in high
grade first mortgage bonds. The company
reserves the right to retire all, but no
part of the outstanding Series pre-
ferred stock on any date after July i,
1920. at one hundred and twenty five
|. (S125OO dollars per share.
Beginning three years from the date of
issuance of all remaining preferred stock.
the company shall set aside for a special
| reserve fund for each serie or series not
less than ten uOTo) per cent per annum
of the face or par value OF all stock In
such serie or series so issued and out
standing, until the amount shall be
sufficient to redeem all stock OF such
! serie or series at one hundred and twenty :
five ($1250O) dollars per share, which said
| reserve fund or funds shall be invested in
high grade first mortgage bonds. The
| company reserves the right to retire all
but no part of, the outstanding stock OF
each serie or series three years from it
| suance at one hundred and twenty five
| t$125.OO) dollars per share.
| The common stock shall be entitled to,
and shall receive, a dividend or dividends
| at total rate per cent equal to the total
| rate per cent declared upon the preferred
stock prior to the setting aside of any sum
| in said reserve funds.
| Extra dividends upon the seven per
cent preferred stock shall be payable upon
the first legal day of January of the fol
lowing year.
All dividends for 1917, upon the seven
per cent preferred stock, Series b. shall
be computed and accrue from July /
1917.
All preferred stock remaining in the
| treasury of the company and not issued
| shall be disposed of, in whole or in part
| stockholders. at a meeting called for that
purpose, by a three -fourths vote shall
elect, provided the action of such meeting
shall be approved by the board of direc-
tors Such stock shall first be offered to
the preferred stockholders of record.
Except as otherwise provided for in this
charter. all preferred stock shall be en-
| titled to the same rights, privileges and
| immunities
One hundred and twenty-five Thousand
(S12J,OOO.OO) dollars of the common stocl
to be issued in place and stead of the
common stock issued of the par value OF
one hundred ($100.00) per share; seventy
five thousand 1875, O0O.OO) dollars of tn,
common stock to be sold as Of January 2
1922. or later. and all common stock re
naming in the treasury of the cOmpan!
and not issued shall be disposed of, ii
whole or in part. as the board of direc
tors may elect. provided that same shall
first be offered to the common stock
holders of record.
Thus done and passed, in my Office. a
the City of New Orleans. on the day
month and year hereinfirst above writ
ten in the presence of William II. Gran
and Frank Farrell. competent witnesses
who hereunto sign their names with tn
said appearers and me, notary, after read
ing of the whole.
Witnesses: Vim. b. Grant. Frank Far
rell
lORIGINAL SIGNED)
Il IVORY GARTER CO.,
n. b. VAIRIN, President.
+. r. CAMERON. Treasurer
Il T. NJ. LOGAN BRUINS,
(SeaD Notary Public
!, Nov 20-Ian