The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1893-02-04
East Carroll Opera House and Build.
ing Association Limited.

The domieile shall be aud remain at the
town of Providence, parish of East Carroll,
State OF Louisiana. aud ft shall commence
business as soon as two thousand dollars
shall have been subscribed and this charter
recorded.
Lit shall have and enjoy succession by its
corporate name tor period of twenty five
years from this date. unless sooner dissolved
as hereinafter provided for; and it shall
have power and authority to contract. aud
to sue and be sued in its corporate name .
to make and use a corporate seal. such as
may he selected by the Board of Directors,
and the same to alter or break at their
pleasure; to hold. acquire. receive. sell,
purchase, convey, lease. mortgage, pledge
anG ilypothcate such property real, person
al or mixed under their corporate name and
under tue restriction established by Law AS
IN the opinion of the Board of Directors
NAV be necessary, convenient and proper
for the transaction of the business thereof.
and the accomplishment OF the objects and
purposes for which it is established; to
name and appoint such managers.d directors,
officers and employees as its.needs, convent
ences and Interest may require; 10 make
and establish such bylaws for the proper
management and regulation of its affairs as
may be necessary and proper, and not In
consistent with this charter or the laws of
this State or the United States; and gcner-
ally to enjoy, possess and exercise all the
rights. powers aud privileges granted by
law to such corporations.
ARTICLE Ii.
The objects and purposes for which this
corporation is established and the nature
OF the business TO be carried 1n by ii are
declared to be primarily to build Town
Hall and Opera House in the town of
Providence, and such other buildings rs
the Board of Directors may determine,
same to he constructed either in Connect
ion Herewith or otherwise.
ARTICLE LII.
The capital stock of this corporation is
hereby declared to be the sum eff Twenty
five Thousand Dollars. divided into 1000
shares Five Dollars each, twenty-five per
cent of which shall be paid on subscription
aud the balance when and bow The Board
OF Directors shall determine. provided a
notice OF at least 30 days shall be gwen to
each subscriber for the payment OF what
ever installment may be required by the
Board OF Directors. which shall not exceed
- per cent. every 30 days, and in case any
stockhalder shall fail to pay any such in
stallment at the time appointed after having
been duly notified as herein. the Board of
Directors shall sell the stock owned by
him. or her. at public auction after 10 days
advertisement, and after payir e out Of the
proceeds thereof the amount OF said call
hebaiance to the owner OF said stock.
Al stock shall be transferred on the
books of the Company in such manner and
form as Shall be provided in the bylaws.
No stakeholder of the Company shall be
permitted TO sell or dispose ofin any man
ner his share or shares OF the stock without
first Offering the same IN writing at its
market vaine TO the Company through its
President or Secretary ;aud il the Company
should fail to purchase the same ut the SAID
market value within 10 days from such
offering. then the same may be otherwise
disposed of.
All stock purchased by the Company
may be re-issued at the discretion OF the
Board OF Directors.
ARTICLE Nv.
The corporate powers of this organization
except as hereinafter or otherwise pro-
vided. shall be vested iii and its affairs ard
business be managed by Board OF flve III
rectors. each of whom shall own la his own
right at least five shares of the stock Of said
corporation.
The Board of Directors shall be elected
by the stockholders annuity on the 18th
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 I'M
der this charter TO be held on the 5lst day
of December, 1892.
At such elections EACH share of stock rep
resented shall he entitled to one vote, and
the five stockholders receiving the highest
number Of votes shall he declared elected
directors Tor the ensuing term. provided
that at least three-fourths OF tlse subscribed
stock be voted at such election; otherwise
the election to be null and void aud new
election to be held as hereinafter provided
for. Said election shall be by ballot. and
shall be held mt the domciie Of the Company
appointed by the Board Of Directors.
The Secretary shall give 10 DAYS notice Of
such regular election by publication in a
newspaper published in the town OF Provi-