The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1897-10-09
or property, at the option of the directors.
ARTICLE V.

The corporate powers Of this company
shall be vested in q board OF directors TO be
composed OF five stockholders. who are the
owners OF not less than five shares OF fully
maid stock The board OF directors shall
hoId office for one year, and they shall be
elected at general meeting OF the stock
holders held on the second Monday OF July
of each year. beginniIg N lcAS. after fifteen
Aays' written notice to the stockholders oY
the secretary. Prior 10 the first election,
the board of directors shall he composed as
stated hereafter. At all elections ma
iority OF the votes east shall elect, ana each
shareholder shall be entitled to cast one
vote. either in person or by proxy. for each
share of stock held by him, but not to q
vote on any share OF stock transferred to
him twenty DAYS or less prio- to an election.
All directors shall bold Office until their
successors are elected and indicted into
Office In case OF failure to elect directors
on the day herein above fixed, or on such
day as said annual meeting shall have been
regularly adjourned to, this corporation
shall not thereby be dissolved. but the old
directors shall continue in office anda new
election shall be held, preceded BY fifteen
davs' notice TO the stockholders, as above
provided.
ARTICLE vi.
Until TIE first election is held under this
charter, as above provided the following
named persons shall serve as directors. to-
wit: Edward j. Hamley, JAS. s. Millikin,
Philip Mcclure. Jas. w. Dunn and Jos. f.
Ransdell, and the shall bold office until
their successors are elected and have
qualified. as above provided.
ARTICLE VIII.
Each board of directors at Its first meet
ing shall choose from among its number
President, Vice President, Secretary and
Treasurer of this Corporation, who shall
possess the powers usually vested in such
officers, and such other powers as may be
delegated to them in the bylaws, and they
shall hold office during the term OF the
board. Said board of directors shall have
power TO fill any vacancies IN their own
number or in the offices of the corporations;
| to make as we'll as change, alter or repeal
all bylaws and regulations for the conduct
and management of the business OF the
corporation; to fix the salaries all officers,
| agents, and employees OF the corporations;
to appoint such officers, agents, clerks, or
employees as they see fit, and same to dis
miss at pleasure; to make general or special
provisions for the filling of any office dur
! ing the temporary absence or Inability to
| act OF Its incumbent; to borrow money; to
| buy and sell real estate and other property:
! to issue stock or bonds for labor done or
money, or property actually received; to
! issue bonds or other obligations secured by
| mortgage on the franchises aud property,
real and personal of the corporation. and
payable at such times and places as they
designate; to sell, pledge, or otherwise dis
pose of said bonds or obligations on such
| terms as they deem expediept; to execute,
mortgages and pledges; and generally and
| specially to make all contracts whatsoever
and do all things, matters and acts perth
Enent and beneficial to the objects and pIlr-
poses OF said corporation. And in exer-
cising these powers, the board of directors
| oft hy-na fIxr fhr-n1 oh oh
officers or agents as they may appoint.
Three members of the board OF directors
| shall constitute a quorum for the transact
] ion of business. In case of the absence or
inability of any member OF the board, he
shall have the right to choose from among
the stockholders, by written procuration,
a proxy to act and vote in his stead.
ARTICLE VIII.
| When this corporation is dissolved by
| limitation or otherwise, its affairs shall be
| liquidated by five commissioners selected
by a general meeting Of the stockholders
after thirty days notice served in writing
| on each stakeholder by the secretary,
which commissioners shall remain in office
until the affairs OF the company have been
| fully liquldated; and in case of the death or
| resignation OF one or more OF the commits
sioners, the remainder shall continue to act
4 until said vacancy has been filed by gen.
| eral meeting of the stockholders called as
provided above. The commissioners shall
promptly convert all the assets of the cor
! poration into money at public or private
! sale. as they deem best, and, after paying
all debts of the corporation, they shall di-
vide the balance. if any. share and share
! alike. among the stockholders. The COM
pensation OF the commissioners shall be
| fixed by the board of directors.
ARTILEIX.
| This act OF incorporation may be changed,
modified or altered, or the corporation may
| dissolved at general meeting of the stock
holders convened for that purpose after
| fifteen days written notice served on them
| by the secretary. with the assent of three
tourths of the stock represented at such
meeting; and such meeting shall be called
! upon the written request TO the President
of at least two stockholders, representing
| not less than one-tenth of the stock issued.
ARTlCE Y.
No stakeholder of this corporation shall
ever be held liable or responsible for its
contracts IN any further sum that the I'M
paid balance due on the shares of stock
owned by him. nor shall any mere intor-
mality In organization have the effect of
| rendering this charter null or expose a
stakeholder to any liability beyond the
amount of his stock.
Thus done and signed at my Office in
Lake Providence, Louisiana, on this 9th
Jay Oh AUGUST, a. ~. 1851. III tue presence
of me Notary and w. A. Blount and II. p.
Mcclure. competent witnesses, who have
signed hereto as such.
| JOS. E. RANSDELL,
PHIL MCGUIRE,
Attest. J. w. DUNN.
III. P. MCGUIRE. K. j HAMLEY.
w. A. BLoUNT. j, s. MILLIKIN.
JAS. n. TURNER
W. III. MONTGOMERY,
Notary,
/ hereby certify that the foregoing Char
ter of the Lake Providence 81 Western Rail-
way is duly recorded In Mortgage Book q,
tollos 81 ct seq.
Witness my hand and seal this Sept. l, A..
ID. 1897.
II. w. GILMOUR.
by Clerk It'll Disr. Court and ex-officio
Recorder.
sep. 4-'91-6tl
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