The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1898-07-02
CHARTER
OF TIE
PROVIDENCE GIN AND IMPROVE.
hEHT COMPANY, LIMITED.

NEIL UuWf hHis LsWstLc'
|. e,at. of i.ouisiasa, parish of East Carroll
Beitknowp. that on.iiis 29th day of the
month of June. in the year OF our LORD, one
Thousand Eight Hundred and Ninety
Eight. before me. w. II. Montgomery.
Notary Public in and for the parish of East
Carroll State of Louisiana, duly commits
stoned and qualified. and in the presence OF
the witnesses hereinafter named and under
signed. personally came and appeared the
parties whose names are hereuhto snb-
scribed, all of full age. who declared that
availing themselves of the provisions OF the
aud especially ofAct No. SO of 1883 Of the
General Assembly of Louisiana, they have
covenanted and agreed and by these pres
ents conyenant and agree and bind them
selves as well as such other persons as may
| hereafter become associated with them, to
polite in law for the purposes and oh]ects
and under the stipulations, articles and
conditions following, to-wit:
ARTICLEI.
The name and stifle of the said corpora.
ton shall be THE PROVIDENCE GIN
AND INVOLVEMENT COMPANY,
LIMITED, and its domicil is hereby
established in the city of Providence. parish
OF East Carroll, State of Louisiana, and I'M
der It's said corporate name said corpora
ton shall have power and authority to con-
tract. sue and be sued; to make and use
corporate seal and the same to break and
alter at pleasure; to hold. receive. have.
purchase, improve. aleDiEte. convey, sell.
borrow. pledge. mortgage and hypothecate,
under its said corporate name, property,
real. personal and mixed; to name and ap-
point such officers, directors, agents and
managers, or employees as the interest or
convenience of said corporation may re-
ouire; to make and establish bylaws. rules
and regulations for the proper management
and regulation of its affairs, as may DE
deemed necessary and proper, and the same
to change and alter at pleasure; and to do
all other acts and things permitted by law,
or as shall or may be necessary and proper
to carry out the objects and purposes Of
said corporation.
Said corporation, unless sooner dissolved,
in accordance with its charter, shall exist
and continue for the period Of ninety-nine
years from and after the date hereof.
ARTICLE III.
The objects and purposes for which this
corporation is organized, and the nature OF
the business to be carried ol by 1t, are
declared to be the following, to-wit:
The operation of cotton gins. cotton COM
presses, cotton seed oil mills and grist mills;
also the lease or purchase of lands. build
ings, machinery and such other things is
may be necessary for same; also the cree
ton of buildings and the setting ur and
equipping of all machinery and other things
necessary for same; also whatever may be
usual, necessary and convenient in conduct
| ing said business,
ARTICLE III.
The capital stock of the said corporation
| shall be One Hundred Thousand Dollars.
divided into and represented by Two
+, Thousand Shares Of the sum of Fifty Dol
lars each of which said stock % per cent.
! twenty-five per centum) shall be paid for
| In cash at the time of subscription and the
remainder at such time or times as may be
designated by the board of directors, or the
same may be issued at not less than par, in
payment or exchange for property. or
rights ACTUALLY received or purchased by
said corporation, or the same may be issued,
| full paid. for money advanced, and for such
other valuable considerations or services
| as the board of directors of said corporation
may determines; provided, that no stock
! shall be issued until the consideration
therefor, has been received by the said cor
poration.
Any stockholders may sell, assign. or
transfer his stock in this corporation. pro-
vided. thirty 1907 days prior notice of such
intention to sell, assign or transfer ..the
same be given tile company, and the other
| stockholders thereof shall have the first
privilege OF purchasing same. after which
thirty (30) days notice. the said stock may
be sold in open market.
The stock of said corporation may be
transferred under the above conditions pro-
vided such transfer thereof be made on the
books Of said company at its Office in the
city of Providence. and on surrender of the
certificate therefor.
No transfer of any fractional part of .
share shall be made.
This corporation shall commence doing
L "A l<1i..
the capital stock shall have been subscribed
for and twenty-five per centum paid there
on.
The board of directors shall have the righ
TO determine how much stock shall BIZ
Issued.
ARTICLE Nv.
The corporate powers of this company
shall be vested in, and exercised by boart
Of five directors consisting of the president
; vice president. and (3) three stockholders
Three of said board shall constitute n quo
rum for the transaction of business ane
their decisions shall be valid corporate acts
The following persons shall cOnstitut,
the first board OF directors: Il. j. Hamley
presid. Mt: Yancey Bell. vice president
John c. Pittma0, q. NJ. Franklin and s. w
Green.
No person shall be ELIGIBLE as director
or an officer who is not a stakeholder oil thi
company.
During the absence of the president, TIL
vice president shall act and preside. Tn
; president or in bis absence the vice presi
dent. shall be the proper person upon whom
citation or other legal process shall b.
served.
/, Said board shall continue In Office unit
the first Monday OF July, 1S99) eighteen
hundred and ninety-nine, on which dat
and thereafter annually, board OF direc
: tors shall be elected on the first Monday il
July of each year, unless the same should b
J a holiday. when the election shall be hel,
on the next legal day thereafter.
Notice of such election shall. be given +