The herald. [volume] (New Orleans, La.) 1905-1953, 1922-04-20
CHARTER.

needed repairs and extensions to the COM
pantes plants and necessary extensions
| to its business the said further amount
shall be divided pro rata among the hold
| ers or the preferred and common stock
| in accordance with their holdings; pro-
vided, however that the Board of Direc-
| tors OF the company may in their dis
| erection declare dividends in any fiscal
| year on the common stock, but no such
| dividends shall be declared on the com
mon stock, unless all cumulative dividends
| Tor previous years and all accrued INSTALL
ments. IL any for the current year. on the
/ preferred stock shall have been set apart
| or paid.
The holders of the preferred stock shall
| in case of liquidation or dissolution of
| the company, be entitled to be paid in full
the dividends accumulated and unpaid
| thereon, before any amount shall be paid
TO the holders of the common stock. Said
i preferred stock shall be subject to re-
! demption ut One Hundred and Ten Dol.
lars t$l10.O0 per share and accumulated
! dividends thereon at any time after one
year from the issue thereof at such time
| or times and in such manner as the
| Board of Directors shall determine.
| ARTICLE Iy.-The objects and pur-
| poses for which this corporation is or
ganized and the nature of the business
to be carried on by IL is hereby declared
10 be: To carry on at LOyOla University
| in the City Of New Orleans, Parish of
Orleans. State of Louisiana, or elsewhere,
| an Auto Mechanic School or schools,
where students may obtain on moderate
! terms. sound and practical general and
technical auto mechanic training of the
highest order, to provide for the instruc-
ton Of students, shop practice. classes,
| individual instruction, exhibitions and
conferences, calculated directly or indi-
rectly, to advance the practical knowledge
and general professional ami technical
education OF the student.
To manufacture constElct and deal in
automobiles. motor trucks, vehicles. auto
ana truck parts, machinery. appliances
and accessories and auto machine plants
OF every kind, nature and description
whatsoever to acquire by purchase lease
ar otherwise and to manufacture con
Struct, rebuild or repair automobiles.
trucks and machines and machinery OF
every kind whatsoever, and to equip.
erect and install the same for use and
operation by electricity, compressed air.
oil. gas or by any other means of natural
power and to operate, sell, lease or hire
the same and to carry on a general manu-
featuring rebuilding wholesale and retail
| auto and truck business. as well as a
general accessory and supply business.
/ ARTICLE V.-The corporate powers OF
this corporation shall be vested in and
exercised by n Board of Five Directors,
! majority Of whom shall constitute a
quorum for the transaction of business
From the Board OF Directors shall be
chosen four officers namely. President.
a ice-President. a Secretary and a Treas
held by a single director.
! The first Board of Directors and the
Officers OF this corporation shall he
! elected at the first meeting OF the stock
holders and Directors respectively, held
after the passing of this charter. and
they shall serve as such until the second
| Monday of January, 1923. or until their
successors are duly qualified and elected.
Absent directors may vote ut any direc-
tors meeting. by proxy in writing given
| 10 another director, and made for speci-
| fic or particular meeting.
ARTICLE NI.-The corporate powers of
this corporation are expressed and set
/ forth by Section Seven "a of Act 267. of
the year 1914. and shall be duly employed
by and through the Board of Directors.
! The Board of Directors may without
/ reference to the stockholders buy, sell
1 and mortgage real estate. buy, sell. mort
gage or hypOthecate any part of the en-
/ tirety Of the assets, business, rights or
! good will of this corporation, all upon
such terms. conditions and for such price
sums or assets as the Board of Directors
/ ed: the capital stock nay be increased,
ARTICLE VIL-Th-s act OF ircorpOra-
ton may be modified, changed or alter
| decreased. modified OF added to. or the
number Of shares may be change, or this
corporation may be dissolved by vote
| OF twO-thirds of the amount of capital
| stock when present or represented and
voting at a general meeting of the stock
holders convened for such purpose or pur-
poses. after thirty 500 days notice by
! In Il newspaper III the lily OF
New Orleans, and written notice duly ad-
| dressed and mailed to every stakeholder
of record at his last known address, or
If such address is unknown, then by mail
ing same to such stockholder care of Gen
eral Delivery. New orleans Louisiana, at
least thirty 500 days previous to said
| meeting.
Such meeting or meetings may be called
at any time by the Board of Directors
upon it's own motion, and must be called
! nv said I'd tho written rpOnpSt
of stockholders holding a majority Of the
capital stock Of this corporation.
Upon dissolution of this corpration by
the action of its stockholders. as aforesaid,
or at the expiration Of its charter, its af-
fairs. shall be liquidated by three COM
missioners. appointed by a majority of
the stockholders present or represented
and voting at said general meeting. The
and the powers of the commissioners, and
all other matters pertaining to the liquid
alton Of this corporation shall be fixed
and determined by majority OF the
stockholders present or represented and
voting at such general meeting of stock
holders.
| ARTICLE VIII.-No stakeholder shall
ever be liable for the contracts, faults or
debts Of this corporation nor sha any
mere informality in the organization of
this corporation have the effect of rem
dering this charter null. or rendering any
stakeholder liable beyond the unpaid
amount, II any, remaining due on his
| stock.
| ARTICLE IX.-The First Board Of d.
rectors Of this corporation Is hereby fixed
at five in number and shall be composed
of n. l.. Bird. 1904 Louisiana Ave. l.. A.
wertheimer,, Loyofa Inn; c. A. Primer,
626 Delaronde St.; John A. Swadener. 331
Hillary ST.: Martin Willis, 1890 State St.
New Orleans. La, who shall serve until
the first meeting of the stockholders OF
this corporation, or until their successors
shall have been elected, qualified and In
stalled with n. l.. Bird as President. J
A. Swadener, as yice-President, NJ. Willis
as Secretary, and c. A. Primer as Treas
urer. who shall hold Office until the first
regular meeting OF the Board Of Direc-
tors of this corporation or until his sue
cessors shall be elected, qualified and in
stalled
Thus done and passed in my notarial
office in the City of New Orleans, as
aforesaid, in the presence of c. o
Speirer and Eugene II. Hayford, com.
petent witnesses Of lawful age and
residing in this city, who hereunto sub
scribe their names, together with said