The herald. [volume] (New Orleans, La.) 1905-1953, 1922-07-13
CHARTER.

shall be paid in cash at the time of sub
Scription, or the same may De ISSUED. AZ
not less than par, in payment OF exchange
for property or rights actually received or
purchased by said corporation, or thu
same may be issued, fully paid, for money
advanced and for such valuable ConSld-
Grafton or services as the board of dire
tors of said corporation may determine
provided. that no stock shall be issued
until the consideration therefor has been
! received by the said corporation.
All shares of stock when issued shall.
be signed by the President and III" SEQ
rotary of the corporation. No shares OF
capital stock shall be transferred except
upon the books of the corporation and
until the certificate of the shares 70 be
transferred shall have been delivered to
the corporation COR satisfactory proof OF
its loss or destruction, according I" .awb.
and duly cancelled.
This CORPORATION shall commence doing
business a. soon a. fifty tJO'cJ per cent
of the capital stock shall have been sub
scribed for.
right To determine how much stock shan
be ISSUED.
ARTICLE IV-The names and post
office addresses of the incOrpOratorS ana
the number of shares of stock for which
srverally ana respectively We do hereby
subscribe. are as follows.
Maurice Whitehead, New Orleans, La,
- shares; VI. L. McNecly, New Orleans,
La, - shares; Morris l.. LeCompte. New
Orleans, La, shares; W. l.. brown, New
orleans. La. shares.
All the corporate powers of this cor
poratiOn shall be vested i'll and exercised
10y Board of Directors. The board shall
consist of four directors. majority OF
whom shall constitute quorum Tor trans
acting all business. The Board Of Direc-
tors shall be vested with full power and
authority To make all contracts, purchases
and sales and adopt all bylaws, rules
"A il.fi fnF no nant nj
the business and affairs OF the company
and alter, amend and change the same
nj pleasure; appoint, hire and discharge
all officers, agents and employees. fix all
salaries. and generally do and perform
all things necessary in the transaction
of the business and affairs of the COM
pany. Any vacancy occurring in the said
board shall be filled by the remaining
directors from among the stockholders.
The first Board of Directors OF this
corporation shall consist of: Maurice
Whitehead, president; VI. L. AcNeely.
vice president; Morris L. LeCOmpte. see
rotary treasurer. and W. L. Brown. who
shall hold their offices until the first
Monday in January, 1923, or until their
successors are duly elected and qualified.
On the first Monday in January. 1873
and annually thereafter, AN election ter
directors shall be held at the office al
the company. under the supervision Of
three 81 commissioners to be appointed
by the president. and the directors then
and shall hold office until their successors
are duly elected and qualified. Each board
shall elect its own officers, which shall
consist of president. vice-preSident and
secretary treasurer. All corporate cleo
tiOnS snail be by ballot. and a majority
of the votes cast shall elect. either in per
son or by proxy. Written notice of cleo
lions shall he given to each stakeholder
by the secretary treasurer at least ten
tlO) days prior to election.
ARTICLE N-This act of incorporation
may be changed, modified, amended
or the capital stock may be increased u,
and with the consent of twO-thirdS C2-:il
of the stockholders. \ change in the OBJ
Jects and purposes may be made only by
a vote of all the stockholders; but this
corporation may be dissolved by vote
OF the holders of twO-thirdS (2-3D of the
stock at meeting called for that pur-
pose.
ARTICLE vI-whenever this CORPORA
ton is dissolved either by limitation of
ITS charter, or from any cause its affairs
shall be liquidated by three CD liquida-
tors to be appointed from among the
holders of the stock at the meeting con-
Vened for that purpose after ten (lOD DAYS
prior notice shall have been given by the
secretary TO each stakeholder. Said COM
missioners 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 Vino stakeholder of this
corporation shall ever be held liable or
responsible for the contracts of faults
thereof In any further sum than the I'M
paid balance due to the corporation on
the shares owned by him, nor shall any
mere infOrmality in organization have the
effect OF rendering this charter null nor
OF exposing stakeholder to any liability
beyond the amount Of his stock
Thus done and passed In my notarial
office in the city of New Orleans. La.
aforesaid, in the presence of Anna Ber-
beusse and Verlie Bertrand. 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.
Maurice Whitehead, VI. p. McNeely, W
i. Brown, Morris Z. LeCOmpte
witnesses: Anna Berbeusse Verlie Rer-
trand.
BENZ. W. HERMAN
Notary Public.
July l3-Aug. IL.