The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1896-07-04

STATE OF LOUISIANA, PARISH OF
EAST CARROLL.

| Be it known that on this 25th day of May,
A. ID. 1896, before me. w. II. Montgomery,
Notary Public for parish and State afore-
said, came and appeared the several per-
sons whose names are hereto subscribed.
| who in the presence of the undersigned
witnesses, severally declared that awaiting
| themselves of the law relative to Corpor-
atoms, they do hereby contract. bind,
agree, and obligate Themselves, as well as
such other persons as may hereafter be-
come associated with them, to form and con-
stitute body polite in law tor the objects
and purposes and under the agreements
and stipulations hereinafter set out, to-wit ::
| ARTICLE 1.
The name and title of this corporation
shall be THE PEOPLES COTTON GIN COM
PANY, LIMITED; under which name and
title the said Corporation shall have power
to exist for fifty years, to sue and be sued,
to make and use corporate seal, and to
break or change same at pleasure. same to
be designated by the Board of Directors !;
| to purchase, lease own, sell, mortgage and
| pledge real estate and personal property
| to appoint such managers and agents as the
business OF the Corporation may demand.
and generally to do all such acts ana
rying out the objects OF this Corporation
as hereinafter stated.
ARTICLE III.
I
| in the town of Providence, East Carroll
parish, Louisiana, and all citations or other
| legal processes shall be served on the Presi-
dent, and III his absence, on the Secretary.
ARTICLE III.
The purpose for which this Corporation
| is established and the business to be car
| RED on by it is operating a PUBLIC COTTON
GIN AND GRIST MILL in the parish afore-
said and the lease or purchase OF the land
necessary for same; and the purchase and
construction OF all necessary buildings and
machinery for same and the construction
for lease of such buildings near the gin site
as can be leased to advantage; together
with the general power to do all things
necessary and convenient in conducting
said business.
ARTICLEIV.
The capital stock of this Corporation is
hereby fixed at Ten Thousand Dollars
($l0, 000) divided into and represented by
Two Hundred Shares OF Fifty Dollars each.
The number of shares to be subscribed Tor
organization shall be thirty (30), and as
soon as that number shall have been sub
scrlbed and paid in full, the Company shall
organize and commence business. No GER
ifcate of stock shall be issued until the
same shall have been fully paid for in cash
or property. The stock shall be evidenced
by such certificates issued and signed
by such officers as the Board of Di-
rectors may designate and shall be trans
ferrable only on the books of the Company
No transfer of stock shall be valid or bind
ing unless and until same shall have been
made and entered on its books. No share
holder, his heirs. representatives, or
assigns. shall sell or dispose of stock held
by him in this Corporation until the same
shall have been rendered to the remaining
stockholders in writing through the officer
designated by the BYLAWS of SAID Corpor-
alton to receive such tender, who are to
have an option on said stock at the market
price for a period of fifteen days. The
bylaws shall be adopted by the Board of
Directors at their first meeting after this
said Corporation shall have been organ
lied.
ARTICLE v.
The corporate powers of this Company
shall be vested in a Board of Directors to
be composed of three stockholders. The
first Board of Directors shall be chosen as
hereafter provided. on the End Monday in
May, 1897. Prior to that time the Board of
Directors shall be composed as hereinafter
stated. On the second Monday OF May
OF each year general meeting of the
stockholders of said Corporation shall be
held and thereat shall be elected three Di-
rectors for the ensuing year, alter hlteen
days written notice served on each OF the
share holders by the secretary of this Cor
poration. At all elections majority of the
votes cast shall elect, and each share holder
shall be entitled to cast either in person or
by proxy one vote for each share of stock
held by him. but not to vote Oh any share
of stock transferred to him within twenty
days prior to an election. All Directors,
both those appointed in this charter and
those hereinafter elected, shall hold Office
until their successors are elected and in
Quoted into office. In case OF failure to
elect officers on the day hereinabove liked
or on such day as said annual meeting shall
have been regularly adjourned to, tlis Cor
poration shall not be thereby dissolved,
but the three Directors shall continue 10
office and a new election shall be held to be
proceeded by fifteen days notice as above
provided.
ARTICLE WI.
Until the first election to be held under
this charter as hereinaboye provided the
following named persons shall serve as
Directors, to-wit:
Jos. r.. Rasdell as President
Jas. s. Millikin as Vice President
Ed. j. Hamley as Secretary and Treasurer.
Said Directors shall serve aud hold
Office until their successors shall have been
elected and qualified at the first annual
meeting of the share holders as above pro-
vided. In case of vacancy from death.
resignation or otherwise, the said Board of
Directors shall elect successor.
ARTICLE VII
TIE Board Of Directors shall, AZ their first