The herald., 1922-02-16
Feb. 2-Alch. o
CHARTER OF
PICARD CnNSTRECTUn

Louisiana, Parish of Orleans, City of New
Orleans. BE IL known that on this the
23rd day of the month of January, in the
year of our Lord one thousand nine hun
dred and twenty-five, before me, EDOU-
ARD f. HENRIQUES, Notary Public
in and for the Parish of Orleans, State
Of Louisiana, duly commissioned and
qualified, and in the presence of the wit
nesses hereinafter named and under
signed. personally came and appeared the
persons whose names are hereunto sub
scribed, all above the full age of major
ity, who severally declared that, availing
themselves of the provisions of the laws
of this State relative to the organization
OF corporations, they have formed and
organized, and by these presents do form
themselves and those whom they repre-
sent into aud constitute a corporation
and body polite in law for the objects
and purposes and under the stipulations
and agreements hereinafter set forth and
expressed, which they hereby adopt as
their charter.
ARTICLE /. The name and title of
the corporation hereby formed is de-
clared to be the PICARD CONSTRUC-
TION CO., INC. Its domicile shall be in
the City OF New Orleans, State of Louis
lana, and 1t shall have and enjoy sue
cession by its corporate name for a pc
riod of ninety-nine (99) years from and
after the date hereof.
This corporation shall have power and
| authority to contract. sue and be sued
in its corporate name; to make and use
corporate seal: to hold receive, hire
and purchase real and personal property,
and to sell, mortgage or pledge the same /;
| and to borrow money and issue bonds,
notes and other obligations.
All citations or other legal process shall
be served upon the President end in the
event of his absence or inability to act
| from any cause the same shall be served
| upon the yice-President or Secretary
Treasurer.
ARTICLE H. The objects and pur-
| lied and the nature of the business to
be carried on by it are hereby declared
| to be:
~ To carry on a general contracting
business and TO excavate, grade, pave
and construct sewers, highways, drain
age, irrigation and other canals, levees
| and public and private works of all kinds.
~ To apply for, purchase or other
wise acquire. execute any contracts and
| concessions for or in relation to the con-
struction, execution, carrying out, equip
ment, improvement or control of public
works and conveniences. and to under
| take. execute. carry out, dispose OF, or
otherwise turn to account the same.
go To manufacture, buy, sell, lease,
exchange, dispose of, or otherwise deal
| in all kinds of machinery, implements.
engineering and hardware specialties.
gasoline, gas or steam engines, motors.
travelling cranes, steam shovels, and i'm
plements and machinery of all kinds used
| In or adaped to the construction Of canals,
levees and highways, and in general con-
| tracing and construction work.
| ARTICLE III. The capital stock or
this corporation is hereby fixed at the
sum Of ONE HUNDRED AND SIX
THOUSAND AND NINE HUNDRED AND
NO 400 DOLLARS ($106, 10000, divided
into and represented by one thousand
and sixty-nine Q.069) shares Of the par
value of One Hundred Dollars ($1OO.OOl
each. OF said capital stock, one thousand
| 1,000) shares Of the par value Of One
i Hundrad Thausaud n0llQrc (x1O0 OO0 OOl
| shall be cumulative, preferred stock, and
l sixty nine 1897 shares Of the par value
Of Sixty-nine Hundred Dollars ($6900.00)
shall be common stock. :,
be paid for in cash, or same may be
issued at not less than par value, for
personal property, services, real estate.
leases. contracts, claims or other rights
actually received by said corporation.
The holders of the preferred stock shall
| be entitled to receive from the surplus
| or net profits, whenever ascertained, a
/ yearly cumulative dividend Of seven 81
per cent, payable before any dividend
/ shall be paid on the common stock.
The common stock shall be subject to
the prior rights of holders of the pre-
ferred stock as herein declared. II, after
| providing for the payment Of full divi-
/ dends for any year on the preferred stock,
| and for any balance that may remain due
| on the cumulative dividends on such pre-
| ferred stock for preceding years, as well
| as recurring anu CdncefnnK sucn IN dmOunt
Of preferred stock, as the Board Of Direc-
tors may deem IL advisable to retire, un-
der the authority hereinafter provided,
there shall remain any surplus net profits,
| any and all such surplus net profits not.
In the opinion of the Board Of Direcors.
| required to provide for the maintenance,
improvement, enlargement and operation
Of the property and business OF the cor
poration, or for the payment of its la
bilities. shall be applicable to dividends
upon the common stock for such year,
when, and as, from time to time, the
same shall be declared by the Board of
Directors, which dividends upon the COM
mon stock shall not be cumulative but
shall only be paid II earned.
The holders of preferred stock shall
not be entitled to vote at any meeting
Of stockholders or election Of directors
The voting power of the corporation shall
be and Is hereby vested in the holders
of the common stock exclusively.
This corporation shall have the right.
through fits Board Of Directors, from
time TO time, after one year from the
date of this charter. to take up and
cancel any Of the preferred stock which
may be issued, at its par value, with ac-
cumulated dividends unpaid at the time
Of redemption on any date of payment
OF preferred stock dividends. This right
| stock shall be cancelled.
In the event Of liquidation. or dissolu-
uon from any cause, all. Of the preferred
stock (together with all accrued and un-
paid dividends therecn) which has NOT