The herald., 1922-02-16
CHARTER.


been redeemed and cancelled as herein
provided, and is still outstanding, shall
snare, ratably with the common stock,
In the distribution Of the assets of the
corporation.
This corporation shall have the right
TO increase its capital stock to any
amount, not exceeding Two Hundred
Thousand Dollars, in the manner here
after provided.
ARTICLE Nv. All Of the stock of this
corporation has been subscribed and paid
for at the time of the passing of this
act OF incorporation, and this corporation
becomes going concern Immediately
upon the completion of its organization.
ARTICLE V. All of the corporate pow
ers Of this corporation shall be vested in
and exercised by a Board Of five 90 direc-
tors, TO be composed of common stock
holders, n majority of whom shall con-
stitute quorum for the transaction Of
all business. The Board of Directors
shall have full power and authority to
make all contracts, purchases and sales,
and adopt all bylaws, rules and regula-
tions for the government of the business
and affairs of the company, and alter.
amend and change the same at pleasure
appoint, hire and discharge all officers,
agents and employees; fix all salaries.
and generally to do and perform all
things necessary in the transaction of
the business and affairs of the company.
Any vacancy occurring in said Board
shall be filled by the remaining directors
from among the stockholders.
The first Board Of Directors Of this
corporation shall consist of Achille l.
Picard. Henry NJ. Picard, s. Arthur Buck
master, Joseph X. Picard, Edward dc
Boer, with Achille /. Picard as Presi-
dent; Henry NJ. Picard. Vice President,
and Joseph X. Picard. Secretary Treas
urer, who shall hold their offices until
/ the second Monday in January. 1923. or
until their successors are duly elected
and qualified.
1923, and annually thereafter. an election
| for directors shall be held at the offices
of the company, under the auspices of
three 90 commissioners to be appointed
! by the President, and the directors then
elected shall take their seats Immediately
and shall hold office until their success
sors are duly elected and qualified.
Each Board shall elect its own officers,
which shall consist of a President, Vice
President and Secretary Treasurer All
| corporate elections shall be by ballot. and
| majority of the votes cast shall elect
each share of the common stock shall be
entitled to one vote. either in person or
| by proxy. Written notice of election
shall be given to each holder of common
stock by the secretary-treasurer at least
ARTICLE vi. This act of iucorpora-
ton may be changed, modified or amend
ed, or the capital stock increased or de-
creased, by and with the consent OF two
thirds (2-3) of all of the common stock.
! n change in the objects and purposes
may be made only by vote of all of
the common stock. but this corporation
may be dissolved by a vote Of the hold
ers of two-thirds (2-3) of the common
stock at meeting called for that pur-
pose.
ARTICLE VII. Whenever this corpor-
alton is dissolved, either by limitation
| of its charter, or from any cause, its
affairs shall be liquidated by three CON-
missioners to be appointed from among
the holders of common stock at a meet
| ing of the stockholders convened for that
purpose after fifteen 15) days prior
notice shall have been given by the Sec
| rotary to each stakeholder. Said commits
| siOners shall remain in office until the
affairs of said corporation shall have been
fully liquidated. In case of the death
Of any commissioner, the survivors shall
continue to act.
ARTICLE VIII. No stakeholder of
this corporation shall ever be held liable
| or responsible for the contracts or faults
| thereof in any further sum than the IN
paid balance due to the corporation OH
the shares owned by him, nor shall any
mere informality in organization have the
| effect of rendering this charter null, nor
of exposing a stakeholder to any liability
| beyond the amount of his stock.
| Thus done and passed in my notarial
| office in the City of New Orleans afore
champ and o. c. Brandenburg competent
witnesses of lawful age and residing In
this city. who hereunto subscribed Their
names. together with said parties and
me, Notary, on the day and date set forth
| in the caption hereof.
(Original Signed)
Henry NJ. Picard, Gonzales, La, Il
shares common; Joseph II. Picard. Dutch.
| town, La, 10 shares common; s. A Buck
master, per a. /. Picard, New Orleans
La, 1 share common; Ed De Boer. pei
A. l. Picard, Shreveport, La, share,
| common: Achille /. Picard, Gonzales. La.
Al shares common, 1000 shares preferred
| Witnesses:
| CHAS. A. DUCHAMP,
o. c. BRANDENBURG.
EDOUARD +. HENRIQUES,
Notary Public.
/. the undersigned Recorder of Mort
| cages in and for the Parish of Orleans
State of Louisiana, do hereby certify tina
the above and foregoing act of incorpor
alton of the PICARD CONSTRUCTION
CO., INC, was this day duly recorded IL
my office in book 1868. folio
New Orleans, Jan. "a. 1922.
(Signed) ROBT. SCOTT,
| by. r.
A true copy Of the original act on fil'
| In my office.
| EDOUARD F. HENRIQUES.
Notary Public.
| Eah Nfoh