The herald. [volume] (New Orleans, La.) 1905-1953, 1922-09-28
CHARTER

|
stockholders of said company present and
: represented at said meeting, the said
stockholders present and represented at
! said meeting being the holders of more
than two-thirds of the outstanding capt
tai stock Of said company, that the capt.
. tai stock of said company be increa sed
from seven hundred fifty thousand $3.50,
4, OOOOO) dollars to one million five hundred
thousand S1,5O0O 100000 dollars
The said James ]. A. FOrtier and the
said Elmer l.. Chesney, the president and
secretary, respectively, of Commercial
Credit Company, Inc, further declared
that at said special meeting of stock
holders II was resolved that they, as Of
hcerS OF the company, be authorized, en-
powered and directed TO take such steps
as may be. or become necessary to make
effective the foregoing amendment to the
charter.
Whereupon the said James ]. A. For
tier, president, and the said Elmer l..
Chesney, secretary. of Commercial Credit
Company, Inc. declared that they do now
appear for and in behalf of said CONNER
cial Credit Company, Inc, for the purpose
of making effective the action of the
stockholders of said company by embOdy-
ing the said amendment in nOtarial form
and they now declare unto me, notary,
that Article " Of the charter of Com
mercial Credit Company, Inc, shall be and
is now amended so as to read as follows
tO-wit:
. ARTICLE Iy-The capital stock Of
million. five hundred thousand dollars
(Sl.5OO, 00O.00), divided as follows:
Seven hundred and fifty thousand dol
lars EI5O,OO000) of preferred stock, re-
= presented by seven thousand, five hun
dred (75OO) shares OF the par value of
one hundred 600 O0) dollars each; and
Seven hundred and fifty thousand dol
lars $3.50. 900 0O) of common stock, repre-
= scented by seven thousand five hundred
1900 shares of the par value of one hun
, dred dollars CS1OOOO) dollars each; all
of said capital stock to be full paid and
worcestershire.
, Separate and distinct certificates shall
he issued for each class of stock. said
I stock shall be paid for in cash, at such
time, in such amounts and after such no
tice to the subscribers may be fixed
: by the board of directors, and the same
may be issued at not less than par for
labor done and property actually received
by the corporation
The corporation shall not become a GO
ing concern and be authorized to do bust
ness until seven hundred and fifty thous
and $3.50. O00.O0l dollars of its capital
stock shall have been subscribed and paid
for.
Preferred stock shall be and is en-
p titled TO preference and priority over the
, common stock in the following manner.
| tO-wit: To receive cumulative dividends
| at the rate of seven per cent (Tcc) per
annum, accounting from February l, 1920.
> payable in one or more instruments as
the board of directors may determine, be-
fore any dividend on the common stock
> shall be paid, and. upon liquidation or
, dissolution, whether voluntary or inyol-
untary. after all of its debts shall have
been paid. the remaining assets property
, and effects shall be applied to the pay
! ment of the preferrd stock at par, with
any unpaid dividend accumulation thereon
and before any payment Is made TO the
holders Of the common stock the balance
! then remaining shall be divided among
! and paid to the holders of the Outstand-
, ing common stock pro rata. The common
stock shall be entitled to all net earnings
: dividend of seven per cent Gcc) per an
mum to be paid on the preferred stock, as
herein provided. but no more than six
! per cent C6cc) dividend in any one year
shall he paid upon the common stock I'M
less and until after the payment thereof,
there shall remain surplus equal 10
; fifty per cent (50E) of the par value of
the then outstanding preferred stock in
! per cent per annum may be paid upon the
, common stock.
The board of directors shall have full
power and authority to redeem and retire
! the whole or any part of the preferred
: stock. on any day on which a dividend
thereon shall be payable. by paying to
I the holders thereof one hundred and ten
I dollars (Sl1OD per share and accumulated
: dividends provided that notice of such
q intention he published for ten (l0) con
! secutive days in a daily newspaper pub
liShed in the English language in the
: City of New Orleans, State of Louisiana,
Z the first publication to begin at least ff-
teen I'D days before the date of such
proposed redemption and retirement; and,
| after the time fixed for such redemption,
. dividends upon stock so redeemed or so
- called for redemption shall cease to ac-
: crue. If any amount less than the whole
of the outstanding preferred stock shall
. be retired, then the retirement shall be on
= a pro rata basis so that each stakeholder
shall contribute his quota towards the
stock to be retired
Both the preferred and the common
n stock of this corporation shall have equal
a voting powers.
"The amount to which the capital stock
r of this corporation may be increased shall
2 be the sum of five million dollars (S5,OOO.-
g OOO) of which One-half shall be preferred
{ stock and One-half common stock, pro-
5 vided that there shall always be Outstand-
a ing an amount of full paid common stock
= at least equal to the then outstanding
r preferred stock.
/ The said appearers did produce to me,
notary. to be annexed to and made part
of this act, a duly certified copy of the
minutes of the meeting of the stock
u holders of said Commercial Credit Com
pany Inc, held on the Sth day of Septem-
Der. 1922. as hereinabOve set out; and l.
e said notary, have annexed the said copy
5 of the said minutes hereto and made same
= part hereof.
Thus done and passed at my office In
: the City of New Orleans on the day,
4 month and year hereinabove first written
D in the presence of Abraham GOldberk ana
Q Raoul Sere Jr, competent witnesses, VINO
have hereuntO sigH-d their names TO,
gether with said appearers and me, SAID
$ notary. after due reading of the whole
r Witnesses: Original Signed: Abraham
f Goldberg. Raoul Sere, Jr.
n ORIGINAL SIGNEDD
. JAMES j. A. PORTER. President.
: Z. L. CHESNEY, Secretary.
{ (SeaD AL. 4. hAMMEk.
3 Notary Public
r l. the undersigned Recorder of Mort
cages, in and for the Parish of Orleans
8 State of Louisiana. do hereby certify that
= the above and foregoing Act of Amend
ment of the Commercial Credit Co, Inc.
. was this day duly recorded in my Office
: in Book No. 1919, folio 16.
New Orleans, September II. 1922.
. (Signed) RoBT. SCoIl'
by. Recorder of Mortgages
I hereby certify that the above and
:. foregoing is a true and correct copy oi
the original Act of Amendment OF the
o charter of Commercial Credit Company
. Inc, passed before me on the 18th day
: of September, 1922, on file and on record
in my office. together with the certificate
of the Deputy Recorder of Mortgages
thereto attached.
In faith whereof have hereuntO set my
4 hand and seal of office, at New Orleans
> La this 18th of September, 1922.
I CSeaD AL. c. HAMMER,
Notary Public