The herald., 1922-12-07
CHARTER.

! bind and form and constitute themselves
as well as such persons who may here
AFTER Join or become associated with them
into a corporation and bsdy polite in
Jaw, TOT the objects and purposes. and
under the agreements and stipulations
! following, to-wit:
ARTICLE The name and style OF
this corporation shall be Pallet Inc and
undet that name IL shall have and enjoy
all the rights, privileges and advantages
granted by law to corporations; it shall
exist for the period of ninety nine years
from this day; 1t shall have the power to
contract' sue and be sued in its corporate
name; to make and use a corporate seal
and the same to break or alter at pleas
ure; to hold, receive. purchase, convey
mortgage. hypothecate or pledge property,
DOM rear ana personal; to issue bonds
notes and other obligations or negotiable
instrument; to have and employ such
managers, directors, officers, agents and
other employees as the interest and con-
Senience Of said corporation may require
or demand; to make and establish such
bylaws, rules and regulations for the
corporate management and control Of the
snairs Of the corporation as may be
deemed necessary and expedient.
ARTICLE 1.-THE domicile of said
corporation shall be established in the
city OF New Orleans, State of Louisiana
and all citations and other legal process
shail be served on the president: in his
absence on the vice-president: and in the
absence OF both. on the secretary
ARTICLE III-The objects and pur-
poses for which this corporation is or
ganized and the nature Of the business to
De carried on by IL are hereby declared
10 be: to acquire, construct, own, lease
ana operate planning mills. saw mills
sash. door and blind factories: to buy,
sell and deal in, for its own account, or
on commission. logs, lumber and other
building materials. and generally to en-
gage In and carry on any other business
or enterprise which may be germane or
incidental to, or connected with. the pur-
plated by this inStrument.
ARTICLE lV-Ihe capital stock Of this
corporation is fixed at the sum OF fifteen
thousand (sl5.OOohOl dollars. divided into
one hundred and fifty shares of the par
value OF one hundred dollars each. All
shares OF stock shall be full-paid and
non .assessable. No transfer Of stock shall
De binding upon the corporation unless
made upon its books. and all Certificates
OF stock shall be signed by such officers
as may be designated by the board Of
directors.
This corporation shall have the right
10 Increase its capital stock to the further
sum OF nifty thousand ($50OOO.OO), to be
divided into shares Of one hundred dollars
each, provided said increases in the capt.
tai stock shall have been authorized by the
stockholders at meeting to be held
pursuant TO the provisions Of Article
ARTICLE V-All the corporate powers
or the company shall be vested in and
the management and control Of its affairs
snail be exercised by a board OF direc-
tors composed OF three stockholders. the
membership Of which may be increased to
a number not exceeding five by the boa rd
OF directors at any of its regular meetings
"A majority OF the directors shall consti-
tute quorum for the transaction of all
business. The directors shall be elected
annually by ballot on the third Monday
10 october in each year. Each stock
holder shall be entitled, in person or by
proxy. to a vote for every share owned
by him and all elections shall be held
under such rules and regulations as may
be determined by the board of directors
after fifteen days notice by mail of such
election shall have been sent to each stock
holder at his last known address The
directors thus elected shall continue in
ONCE Tor one year, or until their success
sorS shall have been duly elected and
qualified. No failure to elect shall be re-
garded as forfeiture Of this charter.
Any vacancy occurring on said board
shall be filled by the remaining directors
for the unexpired term the said board
shall likewise elect the additional men,
bers in case they should determine to in
crease the number of said board. Said
board shall have the right to appoint and
dismiss such clerks, manager and other
employees of the corporation as conditions
may justify or the business of the cor
poratiOn may require. The tenure of of
fee of all the employees of the corporation
shall be during the pleasure of the board
of directors. Any of the directors or Of
ficers shall have the right to appoint. by
written instrument, another director or
stakeholder to act as his proxy and in his
stead at any and all meetings Of the board
of directors. Said board shall also have
the right to elect secretary who need
not be director or stakeholder.
ARTICLE VINO stockholder shall ever
be held liable for the contracts faults or
debts of said corporation, nor shall any
mRrp lnfnrmnIifv nj lott hax
the effect of rendering this charter null.
or Of exposing stakeholder to any liza
bility beyond the unpaid balance due on
the shares owned by him.
ARTICLE VII-This act Of incorpora-
ton may be changed. modified or altered
or this corporation may be dissolved. with
the assent of the stockholders owning
two-thirds of all the stock of the corpo-
ration, at general meeting convened for
that purpose, and after at least ten days
written notice of this meeting has been
given through mail addressed to each
share holder at his last known place of
expiration of this charter or otherwise,
the stockholders shall elect three liquida-
tors from among their number to liQui
date and settle the business and affairs of
the company. In case Of death or dis
ability Of any one Of said commissioners
or liquidatOrs. the survivors of the re-
-Hquidators shall appoint a sue
cessOr to him. The said liquidatOrs shall
nave pOWeT 10 Settie the company al
fairs, collect outstanding debts, and di
vided the remaining money and property
among the stockholders. They shall also
have power to meet and act under the by
laws Of the corporation and under regu
lations to be made by a majority of said
liquidators; to fix the price and prescribe
the terms Of sale of said property, and the
manner in which the sale shall be made.
and take notes and bonds secured by
mortgage and otherwise for part of the
purchase price for all or any part of said
provided, however, that the
rights herein conferred upon the liquida-
tors may be modified. changed or denied
by majority Of the shares of the capital
stock of the corporation. The said liqui-
iators shall have authority to sue for and
recover the debts and property in the
name of the corporation and may be sued
in the same name, and they shall be liable
In solido to any creditor or stakeholder
for the monies and property of the cor
pOration which shall come to their hands
DR. possession as liquidators and for the
proper application and distribution there
Of. !
ARTICLE VIII-The entire capital
stock Of this corporation has been sub |
,cribed at the time of the signing Of this |
.harter, as follows: Harold 1. Pallet, 1886 |
Baronne Street. New Orleans, lbs shares I; |
lester Pallet. 1886 BarOnne Street. New |
orleans, 20 shares: ana Joseph NJ. Ora |
Der. 1856 Baronne Street, New Orleans, 8
shares.
ARTICLE Ix-UntiI the election to be