The herald. [volume] (New Orleans, La.) 1905-1953, 1922-03-23
CHARTER.

to by the stockholders of said company
present and voting that ARTICLE "
Of the original act of Incorporation Of
said company should be so changed, al
tered or amended as to hereafter read
and be as follows, to-wit:
ARTICLE w. The capital stock Of
this corporation is hereby fixed at the
sum of One Hundred Thousand Dollars
00,0O000), divided into nine hundred
shares of preferred stock Of the par
value Of One Hundred Dollars each, and
one thousand shares of common stock OF
the par value Of Ten Dollars EACH max
ing total of nineteen hundred shares.
The holders of the preferred stock shall
be entitled to, and shall receive from
the surplus or net profits Of the cor
pOration yearly preferential cumulative
dividends at the rate of six per cent 70
per cent? per annum, payable quarterly,
half yearly, or yearly, as may he deter
mined by the Board of Directors, before
any dividends shall be set apart or paid
on the common stock.
Dividends shall not be paid on the
common stock except when all guaran-
teed dividends to which the preferred
stock is entitled at full rate to date have
been paid or set apart for payment.
Should there be an excess of profits over
9 per cent, then one-quarter of said ex-
cess profits shall be further applied as
profits on the preferred stock. and the
remaining three-quarters of such profits
shall be applied as profits on the common
stock.
In the distribution of assets upon liqui
dation other than profits there shall be
paid, so far as the same will gO-first
upon the preferred stock the amount OF
the par thereof and the amount of the
then unpaid dividends, If any; next
should there be further assets for dis
tribution, One-quarter thereof shall be
paid upon the preferred stock, and the
remaining three-fOurths thereof upon
the common stock.
All voting powers of this corporation
shall be vested In and exercised by the
common stockholders exclusively, and in
all elections of directors and otherwise
the holders of preferred stock shall have
no voting power.
In the event of liquidation or dissolu
ton Of the corporation and in the in
crease or decrease of its capital stock
and under such circumstances only, the
| owners of the preferred stock shall have
the same voting power as the holders oil
the common stock. This corporation
shall commence business and be a going
concern as soon as Fifty Thousand Dol
lars of its capital stock shall have beer
subscribed. The capital stock of thi;
corporation may be increased to the sun
of Two Hundred and Fifty Thousand
Dollars ($250, OO0O0) by increasing either
preferred or common stock, or both, pro
vided holders of two-thirds of the stocl
of the corporation so determine, at
special meeting called for that purpose
or at a regular annual meeting of tn,
corporation. During the time preceding
| such meeting to increase the capita
| stock the stockholders shall have Tho
| privilege of taking additional shares ii
| the proportion which the shares held by
them bear to the capital stock of thu
| corporation prior to such increase, anc
any such shares not taken at that tins
may be disposed of by the directors, IL
| their unrestricted discretion, for the ben
eft of the corporation, at not less thar
| their par value. All stock shall be paiC
for either in cash. in property conveyed
| to the company, or for services rendered
as provided by law, in such manner anC
| installments as the Board of Directors
| may determine, and such stock shall b'
full paid and worcestershire. The BoarC
| of Directors is hereby, in its discretion
| vested with full power and authority
to. declare and issue stock dividends
| No common stakeholder shall have thu
right to sell any of the shares held b!
him without first offering the same, II
vrting to the corporation, through 1t
Board of Directors, and the said Boar'
shall have the privilege of purchasin.
| said shares within thirty days there
after. for cash. at their book value, &C
cording to the inventory last made.
And the said appearers in their sai'
| respective capacities further declared
| that under the authority in them vested
| MS President and Vice-President. respec
lively, of the said company, by the afore
said resolution passed and adopted
| the said meeting of the stockholders o
| said company, they, said appearers, de
| clared in their said several capacities 70
| and on behalf of said company tina
ARTICLE " of the original act Of in
corporation OF said company, passed be
fore BENJAMIN DRY, Notary, date
May 2, 1921, has been modified, change
and amended so as to hereafter read, an
be, and exist as is hereinbefore write
and set forth; and that they hereby au
thorize and require the recording an
/ publication Of said amendment and alter
| alton in the manner required by law, I
the end that the same shall hereafte
and at all times be binding upon tn
present members and stockholders O
said corporation. and all such person o
persons who may hereafter become sucf
Thus done and passed in my office q
New Orleans, La, on the day, month an
year first before written, In the presenc
Of Miss Sophie F. Gerken and Miss Mari
Mabel Delhomme, both competent WI
nesses of lawful age, residing IN this cit
and parish, who have hereunto signe
their names, together with the said az
bearers and me. Notary, after due read
ing of the whole.
(Original signed:)
President;
A. EHNI,