The herald., 1922-03-16
CHARTER.
increa sed up to the amount of five hun
dred Thousand dollars $500, 000.O0).-

increased up to the amount of five hun
dred thousand dollars (SJoO,ooooo)'
No stakeholder in this corporation shall
dispose of his holdings, or any part there
Of without first Offering the same TO the
corporation ut its book value. And the
corporation shall have ten (1O) days with
in which to accept or reject the salu OF
fer Upon the death of any stakeholder,
his stock shall forthwith, ut the option OF
the corporation, be taken over by IL AT
its book value. The surviving widow OF
any stakeholder shall have the right TO
purchase this stock In preference TO any
and all heirs after the same has been Of
fered TO and refused by the corporation.
No stakeholder shall be held liable or
responsible for the contracts or faults OF
said corporation in any further sum thah
the unpaid balance due on the shares OF
stock owned by him, nor shall any mere
infOrmality in organization have the enect
of rendering this charter null or OF eN-
posing the stockholders 90 any laDlllty
beyond the unpaid amount due on their
stock.
ARTICLE V-All the corporate powers
of this corporation shall be vested In and
its business and affairs managed by
board of directors consisting OF nNe to)
members, three of whom shall constitute
a quorum for the transaction of business.
Any vacancy or vacancies in the board or
directors shall be filled by the remaining
directors.
shall, within ten days from the signing
hereof, proceed TO the election of board
of directors to consist of five members,
as well as the election of president,
vice president, secretary and treasurer
which last two officers may be held by
one person. Annually thereafter, the
said corporation shall elect from among
its stockholders on the second Monday OF
March, of each year. a board of directors,
consisting of five members, as well as n
president, a vice plsident, and secretary
and treasurer, which last two offices may
be held by one person.
The first board of directors and officers
to be elected under this charter shall hold
Office until the second Monday in March.
1929, or until their successors are elected
and qualified.
Failure TO elect directors on the day
above specified shall not dissolve this cor
pOration but the directors then in office
shall remain in office until their success
sors are elected and qualified.
Any member of the board of directors
may vote by written proxy.
No contract shall be made or entered
into by this corporation unless the same is
signed by three of its directors, except
contracts for the immediate sale or pur-
chase of commodities dealt in by this
corporation, which can be executed by the
president or vice-president of the corpora
ton, as they deem fit and proper, and
such contracts for immediate delivery shall
be binding on this corporation.
ARTICLE VI-An notices of stock
holders or board of directors meetings,
including the annual meeting herein pro-
vided for, shall be held after twenty four
hours written notice shall have been
mailed by the secretary TO each STOCK
holder at his last known place of resi-
dence. and at all stockholders meeting a
majority of the stock represented by
proxy or otherwise shall control
ARTICLE VII-This charter may be
amended, or the corporation may be dis
solved and liquidated, by a tifty-one per
cent (5lGo) vote of the capital stock APP
pearing on the books of the company,
and in case Of liquidation, the board of
directors then in office shall liquidate the
corporation.
! Thus done and passed, in my office, at
the city of New Orleans. on the day.
month and year herein first above written,
in the presence of August III. Ritter and
Miss Amelia Babin, competent witnesses,
who hereunto sign their names, together
with said appearers and me, notary, after
reading of the whole, the said appearers
| likewise subscribing for the number oil
shares set opposite their respective names.
thames of subscribers, together with
their addresses and No. of sharesl.
Witnesses: \. ii. Ritter, A. Babin.
]. NJ. QUINTERO.
Notary Public.
/. the undersigned, Recorder of Mort
cages, in and for the Parish of Orleans.
State of Louisiana, do hereby certify that
the above and foregoing act of incOrpora-
ton of l.. Frank & Co., Inc, was this
day duly recorded in my office, in Book
New Orleans. La, February 10, 1922.
(Signed): ROBT. SCOTT
Deputy Recorder Mortgages.
J. MsoUINTERO.
(SeaD: Notary Public.
Feb. 23-Mch. 30.