The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1897-10-02
or property, at the option of the directors.
ARTICLE Y.

or property, at the option of the directors.
ARTICLE Y.
The corporate powers of this company
shall be vested in board OF directors 10 be |
composed OF five stockholders. who are the
! owners of not less than five shares of fully
paid stock. The board OF directors Shall
! hold Office TOR one year. and they shall De
elected at general meeting of the stock
| holders held on the second Monday otJnly
| of each year, beginning IN ISIS, after nIteen
| DAYS written notice to the stockholders oy
the secretary. Prior TO the first election,
the board of directors shall be composed as
stated hereafter. AT all elections ma
jority of the votes cast shall elect, and eacn
| shareholder shall be entitled to cast one
vote. either in person Or 10y proxy. for each
share of stock held by him. but not to
vote on any share OF stock transferred TO
| him twenty DAYS or less prio- to IN election.
All directors shall hold 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
DAYS notice to the stockholders, ne above
provided.
ARTICLE VI.
Until tie first elction is held under this
charter, as above provided. the following
named persons shall serve as directors. to-
wit: Edward j. Halnley, JAS. s. Millikin,
| Philip Mcclure. Jas. w. Dunn and Jos. r..
Ransdeli, and the shall hold 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 veil as change, alter or repeal
| all bylaws and regulations for the conduct
and management OF the business OF the
corporation; to fix the salaries of all officers,
agents, and employees OF the corporation;
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 filing 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 and properly,
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 expedient; to execute,
mortgages and pledges; and generally aud
. specially to make all contracts whatsoever
and do all things, matters and acts perth
nent and beneficial to the objects and pur-
poses OF said corporation. And in exer-
cising these powers. the board of directors
: may act either directly or through such
c officers or agents as they may appoint
. Three members of the board OF directors
9 shall constitute quorum for the transact
: ion of business. In case of the absence OF
d inability of any member OF the board, he
e shall have the right to choose from among
! the stockholders, by written procuration
proxy to act and vote in his stead.
4 ARTICLE VIII.
. When this corporation is dissolved by
' limitation or otherwise, its affairs shall be
liquidated by five commissioners selected
r by 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 liquidated; and in case of the death oil
resignation OF ore or more of the commits
sioners, the remainder shall continue to ac
until said vacancy has been filled by gen
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, alter payins
! 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 bt
fixed by the board of directors.
ARTiLE TX.
This act OF incorporation may be changed
modified or altered. or the corporation may
D., dissolved at a general meeting of the stock
holders convened for that purpose after
. fifteen days written notice served on then
\ by the secretary. with the assent of three
. tourths OF the stock represented at such
y meeting; and such meeting shall be calico
), upon the written request to the President
4 OF at least two stockholders, representing
. not less than one-tenth of the stock issued
e ARTiCE X
J. No stakeholder of this corporation shall
: ever be held liable or responsible for its
!, contracts In any further sum that the I'M
Y paid balance due on the shares of stock
o owned by him. nor shall any mere inior
: maiity IN organization have the effect Of
S rendering this Garter null or expose s
5 stockholder to any liability beyond the
amount of his stock.
Thus done and signed at my office in
j, Lake Providence. Louisiana, on this 9Th
: day OF August, A. ID. 1897. in the presence
of me Notary and w. A. Blount and III. p
Mcclure. competent witnesses, who have
signed hereto as such.
! I JOS. e. RANSOELL,
: PHIL MCGUIRE,
. Attest, J. w. DUNN.
FL P MCGUIRE. +. j HAMDEY,