The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1893-02-11

market value within 10 days from sucl
offering. then the same may be otherwis,
disposed of.
All stock purchased by the Compan,
may be re-issued at the discretion of til,
Board of Directors.
ARTICLE w.
The corporate powers OF this organization
except as hereinafter or otherwise pro
vlded, shall be vested in and its affairs ant
business be managed by a Board of five Di
rectors, each of whom shall own in his owr
right at least five shares of the stock Of sale
corporation.
The Board OF Directors shall be elected
by tie stockholders annually on the I5tl
day of the month OF January OF each year
except when said date falls on sunday then
in that event. said election shall take place
on the day thereafter. the first election un
der this charter to be held on the 31st day
of December. 1892
At such elections each share of stock rep.
resented shall be entitled to one vote. and
the five stockholders receiving the highest
number.of votes shall be declared elected
directors for the ensuing term. provided
that at least three-fonrths of the subscribed
stock be voted at such election otherwise
the election to be null and void and a new
election to be held as hereinafter provided
for. Said election shall be ty ballot, and
shall be held at the ,ionlicile of eCompany
under the supervision of the stockholders
appointed by the Board of Directors
The Secretary shall give 10 DAYS uotice of
such regular election by publication in a
newspaper published in the town OF Provi-
dence. La. Failure to hold an election on
the aforesaid date. or the failure thereof by
reason of the required amount of stock not
being voted, shall not dissolve this corpor-
alton, but the directors and other officers
bpp Of stfol hnl ha
tinue until an election can be held as soon
thereafter as possible alter publication as
aforesaid and after the Secretary shall have
sent to each stakeholder or his authorized
agent through the mail to his last known
address notice thereof 10 days prior there
to.
A majority of said directors shall consti-
tute quorum for the transaction OF BUSH
ness. They shall annually elect from the
stockholders President, Vice President,
Secretary and Treasurer.
The powers and duties of said officers
shall be such as shall be provided by said
Board of Directors, and as properly and
usually belonging to said officers; and be-
fore entering upon the discharge of his dll-
ties the Treasurer shall give bond in such
sum as shall be prescribed by the Board of
Directors, and it shall be discretionary with
the said board TO require bond of any other
officials or employees.
The President shall be and is hereby
designated as the presiding officer, but
shall have no vote herein except in case
there be tie vote. which lie shall then
give the casting vote.
He is hereby designated as the officer
upon whom citation aud all other legal pro-
cess shall be served, and in the event of his
absence or a vacancy in SAID office from any
cause, then upon the Vice President and
in case OF tie absence of both of said officers
or vacancy therein, then upon the Secre-
tary.
The Board of Directors shall have power
and authority to adopt all bylaws. rules
and regulations not inconsistent with this
charter for the proper management, control
and conduct of the business of the Com
pany, and for the accomplishment of the
objects OF its formation and the same to
change, alter or amend, to acquire. receive.
purchase. erect and construct any and all
kinds.of buildings, sell. convey. lease mort
gage, pledge or hypothicatc such property.
real, personal and mixed. as may be neces-
sary and convenient and proper for the
of the business of the corpor-
alton; aud through its proper officers to
make and sign all notes, bills, drafts. orders
or bonds. contracts and Instruments of
writing necessary and proper in the con-
duet OF such business, to fix the salaries OF
all officers or employees, to fill all vacancies
occurring among their own number or
among the officers OF the Company,an gem
orally to do all such matters and things as
may be necessary in the conduct and man.
agement OF the business not otherwise pro-
vided forby the charter.
The following named persons are hereby
declared to constitute the first Board of
Directors. to-wit Judge f. f. Montgom-
cry, w N. White, Jos. K. Ransdell. j s.
and Chas. II. Egelly. who shall
bold office until the 18th day of January,
1891.
And the following named persons are
hereby declared to be the first officers of
said Company, viz: President. j. S. Mil
iken; Vice President. f. r. Bernard Sec
retary and Treasurer. v. NJ. Purdy all of
whom shall hold office until the 18th day of
January, 1894.
ARTICLE ".
No stakeholder of this corporation shall
ever be held Liable or responsible for the
contract. faults or failures thereof in any
urther sum than the amount of unpaid
stock for which be has subscribed or may
,wn.
Nor shall any informality in organization
lave the effect of rendering this charter
iull
This corporation shall have power TO
endered to it, or In payment of purchases
made by 1t.
ARTICLE VI.
Whenever this corporation shall be dis |
olved. either by limitation of its charter or |
rom any cause.-the business and affairs there |
# shall be liquidated and wound up by three
to be appointed by the stock
FOLDERS IRON among their own number at a |
genera. meeting convened for that purpose |
Ifter 20 days prior notice in newspaper |
published in the town OF Providence, and |
lso sent to each stakeholder or his author |
zed agent by the Secretary. through the |
nail to his last known address. Said COM
nissloners shall remain in office until the |
fairs of said corporation shall be fully |
iquidated, and should there be u vacancy |
rom any cause, the remaining commissions
RS shall continue to act and wind up the |
fairs OF this corporation. Said commits |
toner's shall give bond in such an amount |
S should be required by the Board Of Di-
ectors.
ARTICLE VII.
This act of Incorporation may be modi-
ed. changed, altered or amended, or this
orpoation may be dissolved by the /
ssent of three-fourths of the capital stock /
epresented at any general meeting of the
convened for that purpose,
fter 20 days notice given to each stock
older or his authorized agent through the
lail by the Secretary. addressed to his last
esidence, and in a newspaper published IN
he town OF Providence. provided that
lree-tourths Of the subscribed stock shall
e voted. otherwise said vote shall be null
nd void. and a new meeting shall be held
Dr. said purpose.
Thus done and passed at my Office in the
own of Providence, parish and State
foresaid in the presence OF Joseph l..