The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1888-10-13
NEW ADVERTISEMENTS.
ACT OF INCORPORATION
The Monroe Cotton Yarn and
Bagging Factory.

Bagglng Factory.
DE IT KNOWN AND REMEMBERED
ID that before me- Dennis NJ. Sholars, No
tary Public, duly commissioned and quail
fed in and for the parish of Ouachita aud
State of Louisiana, on the -th day of Octo-
following named citizens Of said parish and
Andrew A. Gunby, Rober, Layton, Fred
Enao% whE'eS w. ae kSoe Mo:es E M
saps, Green L. Bate, Hypolite Eilhiol,
Robert J. Nelson, c. b. johnson, rh"mss
J: Broadway. A: B. Sholars, +: EHdickar.
Who declare that they have associated
and formed themselves into = corporation
and body polite under the laws OF Louis
lana lana for the purposes ana IN the manner
I.
The name Of this corporation shall be
The Monroe Cotton Yarn and Tagging
Factory and by that name it shall sue and
be sued, provided that citation shall be
served on the President OF the Board of
Directors as hereinafter specified. This
corporation shall exist for ninetynine
years. Its domicile shall be Monroe.
II.
The purpose and object for which this
corporation Is formed is the mann factnre
in or near the corporate limits of Monroe.
other fabrics whenever deemed advisable
or necessary, and, to that end, the purchase
of ground, The erection of buildings, the
operation of mills and the performance of
out the purpose aforesaid. 1t is hereby de-
clared that this corporation is formed with
reference to Article POI of tho Constitution
Of the State of Louisiana, as amended in
1883, and that the capital, machinery and
other property that said corporation may
acquire and employ in its business, shall
be exempt from taxation for period of
twenty years from the adoption OF said
The capital stock of this corporation
shall be one hundred thousand llO0,OO0}
dollars. divided into two thousand shares
(2OOO) of fifty COY dollars each. At all meet
ings of the stock holders, eaci stocSholder
shall be entitled to one vote for each share
of paid.up stock he may hold. The stock
subscribed for shall be payable in such in
stallments as the Board of Directors may
determine and require.
Nv.
The affairs OF this corporal ion shall be
conducted, and its business transacted and
managed. by hoard OF directors consist cons =.
stockholders, and shall be elected by ma
jority Of the Stockholders at an annual
meeting to be called by the president
m %en nt in newspaper published in the city
of Monroe. The first ten incorporators
hereinbefore named shall constitute a
Board of Directors for the purpose Of or
scriptions. correspondence and collection
OF data and bids for work to be done. But
no purchases shall be made by this Board
until after a general meeting Of the stock
holders, which shall be called as soon as
fifty thousand dollars Of the stock has been
subscribed.
The Board of Directors shall elect from
- TOO. =
treasurer. The treasurer shall give bond
with good security for a sum not less than
&c, OOO) ten thousand dollars and for more
If required by the Board. He shall keep
aIIthe funds of the corporation and disburse
the same on tho order Of the president as
shall be directed by the Board. The Board
of Directors shall have full and plenary
power to make all contracts agreements and
Obligations relating to aud necessary for
the establishment and transaction Of tho
business of the mandatory hereinbefore
described; provided that no money shall
he borrowed by said Directors, without
special authorization by a meeting of the
stockholders; and provided further that
the Directors shall never vote themselves,
or their officers, any compensation or sal
ary, without submitting same to q meeting
of the stockholders. They shall haye pow
er to select and buy site for the buildings
needed by said mandatory, to contract
for the buildings required, to select and
buy on such terms, as they deem expedi-
emit, all the machinery and materials need
ed for the business of said manu- factory, to
hire superintendent and other employ
ers, and toSfix their compensation, to pur:
chase cotton, to sell manufactures. and
generally to do and perform all such acts,
as are customary in the management and
for the interest ofthe cotton manufacturing
said Board of Directors shall be binding or
this corporation and its property.
vi.
The meetings of the Board OF Directors
and tho duties of its officers, shall be gov
erned by rules and regulations TO be adopt
| ed by them. majority of the Board shall
constitute a quorum.
VII.
Immediately after the signing of this act
the Board of Directors herein provided for
shall elect secretary whose duty il shat
| be to rovide himself with subscript lot
| book in which he shall receive snbrcription
TO be signed by the person subscribing
| specifying the amount and number of share
| subscribed for. The secretary shall no
receive subscriptions from persons who il
his judgment are not good for the amour
subscribed, unless such person gives secur
ity. The act of signing the subscription il
| said book shall create a legal obligation o,
| the part OF each subscriber, to pay til
amount subscribed to the corporation proyi
ded the amounted fifty Thousand dollars i
subscribed by all the subscribers: and
provided that the Directors shall, at thei
discretion, sue for subscriptions unpaid, Il
lions from the books of tile company an
deny the rights of a stockholder to tn
maker Of such subscription.
When the sum of fifty thousand dollar
Directors shall call meeting of the stock
holders to elect new Board of Director
and take such other action as they ma
deem wise and beneficial.
VIII.
i This act of incorporation may tie amend