The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1893-03-04


market value within 10 days from sucl
Offering. then the same may be othefwis,
| disposed Of
/ All stock purchased by the Conpan,
may be resisted at the discretion Of tht
tBoard of Directors.
ARTICLE Nv.
i The corporate powers of this organization
except as hereinafter or otherwise pro
vided. shall he vested in and its affairs anc
business be managed by Board of five hi
/ rectors. each of whom shall own in his OWL
right at least five shares of the stock of said
corporation.
The Board of Directors shall be elected
by tie stockholders annually on the 18th
day of the month OF January oil each year
except when said date falls on sunday then
| in that event. said election shall lake place
| on the day thereafter. the first election on
der this charter to be held on the 3ist dav
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 be delRrcd elected
+directors for the ensuing TIN. provided
that at least three-fourths of the subscribed
stock be voted ut such election otherwise
the election TO be null and void and new
election to be held as hereinafter provided
| for. Said election shall be Ivy ballot and
shall be held at the domicile of theCompany
under the supervision of the stockholders
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 Proyi-
dence. La. Failure to hold an election on
the aforesaid date. or the failure thereof by
reason of the required amount of stool. not
being voted, shall not dissolve this corpor-
alton, but the directors and other officers
then in office shall hold the same and con-
time until an election can be held as soon
thereafter as possible after publication us
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 bust
ness. They shall annually elect from the
stockholders a 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 du-
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 a tie vote, which he shall then
give tue casting vote.
lie Is hereby designated as the officer
upon whom citation and all other legal pro-
cess shall be served. ana in the event of his
absence or vacancy in said Office from any
cause, then upon the Vice President; and
in case OF the absence of both OF said officers
or a vacancy therein, then upon the Secre-
tary.
The Beard 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. ana for the accomplishment of the
objects OF lis formation and sae 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
transaction of the business of the corpor-
alton; and through its proper officers 10 I
make and sign all notes. bills. drafts. orders i
or bonds. contracts and instruments of |
writing necessary aad proper In the con-
duet of such business. TO fl tx the salaries OF
all officers or employees. to fill all vacancies
occurring among their own number or
among the officers OF the Company and gen.
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 for by the charter.
The following named persons are hereby
declared TO constitute the first Board of
Directors. to-wit: Judge +. H. Montgom-
cry. w N. White. Jos. e. Ransdeu. J s.
Guenard aud Chas. X. EgeIly. who shall
bold office until the 10Th day of January,
1854.
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
'etary and Treasurer. V. Nj. Purdy; all of
ghom shall hold office until the 18th day of
January, 1884,
ARTICLE v.
No stakeholder of this corporation shall
,ver be held liable or responsible for the
contract. faults or failures thereof ia any
urther sum than the amount of unpaid
took for which be has subscribed or may
'wn.
Nor shall any informality in organization
lave the effect of rendering this charter
Iul
This corporation shall have power to
ssue stock for services rendered. or TO be
endered TO it, or IN payment of purchases
made by it.
ARTICLE VI.
HNhN 'ci WIS wi GotdtiOu sudil Uc uls-
olved. either by limitation of its charter or
rom any cause. the business and affairs there L
i shall be liquidated and wound up by three
to be appointed by the stock
olders from among their own number at a
General meeting convened for that purpose
fter 20 days prior notice in newspaper
in the town OF Providence, and
lso sent to each stakeholder or bis author
zed agent by the Secretary. through the
lail to his last known address. Said COM
fasteners shall remain in Office until the
fairs of said corporation shall be fully
qaidated, and should there be a vacancy
-om any cause. the remaining commission
RS shall continue to act aud wind up the
fairs of this corporation. Said commits
toner's shall give bond in such an amount
5 should be required by the Board Of BIZ
ectors.
ARTICLE VII.
This act nf instrumentation NOV ba u,odf.