Madison times. (Tallulah, Madison Parish, La.) 1884-1???, 1886-04-24
"ASHLY LAND COMPANY

; and it's domicile at the main office of said
Company on Ashly Estate, in Madison
Parish, State of LOuisiana; but said dom
icile mayin the discretion of the Direct
DRY be changed to any other locality,
not inconsistent with the laws of this
State.
Said Corporation, shall exist and
have and enjoy succession underits cor
porate name for the term and period
of nlnty nine years, commencing on,
and to be counted from and after the
day and date hereof
The President, and in his absence the
General Manager, and in the absence
of both of these, the Secretary of the
Company are hereby designated as the
officers on whom all citations and other
legal processes shall be served.
Said Corporation shall have powe I
and authority to contract, sue and be
sued under its corporate name-to
make and use corporate seal, the same
to break or alter at will-to purch ase,
receive, hold, and convey, as well as
lease, mortgage and hypothecate under
its corporate name, property, both real
and persOnal-to make, sign, and en-
dorse promisory notes, bonds. drafts,
and bills of exchange in the transact ton
of its business-tO borrow such sums OF
money as may be required in the man
agement, purchase, cultivation, i'm
provement, reclamation, protection, and
| development of lands and other proper
ty and all or any kind OF improvements.
and the promotion of other corporate
interests, and for this purpnse may is
sue bonds or other obligations, secured
| by mortgage upon the franchises and
all or any part of the property, both
real and personal of said Company,
with power to sell, pledge or otherwi Sc
dispose of said bonds, and to use the
same in purchase and payment for
property. To name and to appoi Mt
such Managers, Directors and officers,
and to make and establish such bylaws.
rules, and regulations for the proper
management and government of the
affairs of said Corporation, as NAV be
necessary and proper, and the same to
change, amend, and alter at pleasure.
ARTICLE III.
The purposes for which this Corpor-
alton is established are declared to be,
to buy, hold, cultivate, improve and sell
land, and with power to mortgage and
cucumber the same, to construct and
maintain works of land reclaim alton.
drainage and protection-to promote
immigration-to cultivate cotton and
other products of the soil, and generally
to foster agriculture and the raising of
stock-to manufacture cotton, cotton
seed oil and wooden yarns and cloths,
either or all to manufacture lumber.
and to generally manufacture any and
all Of the raw products of of this State.
To keep Wharf Boats and Public Land
ings at points controlled by the Com
pany and important to it's property: To
construct and maintain Telegraph lines:
Telephone lines, Railways, Canals,
Plank roads, and covered roads: To
improve and navigate the waterways
leading to, passing thr ough and contig-
uous to said lands. and to general y de-
velope the resources Of the corporate
ARTICLE III.
The capital stock is hereby
fixed at the sum of Two
Hundred Thousand Dollars.
$500 ,OOO,) divided into or represe n ted
by two thousand shares of the sum of
one hundred dollars each. But the
stockholders of said company may from
time to time by majority vote increase
its capital.
ARTICLE Nv.
The business and affairs of said Cor
poration shall be under the SUPER
intendence and management of Board
of Directors composed of three ~ stock
holders, each of whom shall own in his
own name at least one share of the Capt.
tai stock of said Company. The number
of Directors may be increased at any
annual meeting of Stockholders, if SO
desired, provided the vote cast in favor
Of such change shall be a majority of
the whole stock issued.
The Stockholde rs shall meet annual
Iv for the m al oro finp of ~ n
OF the Company and the election of a
Roard of Directors. Said Board of Di-
rectors shall be elected for
the term Of one year and a majority of
the votes cast shall elect. In the event
Of failure to elect Directors at the
time stated, the old Directors shall con-
tinue to serve until their successors are
duly elected. All such elections shall
be by ballot. Each share of stock shall
De entitled to one vote either in per-
son or by proxy: And ten DAYS prior
notice OF such election shall be given
Dy, publication in newspaper
published in the Parish of
OF Madison, Louisiana, or in the
city OF Vieksburg, Mississippi. The said
BOARD OF Directors shall have full pow
er and authority to appoint such Off
GERS, clerks or agents as they NAV deem
necessary for the business of said Com
pany: and to make and establish as
well as to alter and amend any and all |
bylaws, rules and regulations as they
may deem necessary for the protect on |
support and management of the affairs, |
interests and business of aid Company, |
and said bylaws shall also fix the time
and place for annual meetings and de- |
fine and restrict the duties and powers
OF all officers Of the Company.
A majority of the Directors shall
quorum for the transaction |
OF business, and any vacancy which |
may occur in any Board from death or
resignation, shall be filled by the re-
naming Directors. Directors shall ut
their regular annual meetings elect one
Of their number to be President of the
Corporation, and shall also elect Sec
rotary and Treasurer who shall give
such bond as the Directors shall re-
quire. 1t shall not be essential that
the person so elected Secretary and
Treasurer shall be stakeholder. All
officers Of the Corporation shall hold
their offices until their successors are
duly elected and qualified,
ARTICLE v.
No stakeholder shall ever be liable or
for the contracts or faults
Of said corporation in any further sum
than the unpaid balance due the Com
pany on the shares owned by him or her
nor shall any mere infOrmality in or
sanization have the effect of rendering