The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1898-07-16
CHARTER
OF TIE
PROVIDENCE GIN AND IMPROVE
MENT COMPANY, LIMITED.

: MEM UUmTHnIy LiMitLu,
= State Of houisiana, parish OF East Carroll.
IL Be known, that on this Doth day of tn
month of June. in the year of our Lord. On
Thousand Eight Hundred and Ninety
Notary Public in and for the parish OF Eas
Carroll. State OF Louisiana, duly commits
: stoned and qualified. and in the presence o
the witnesses hereinafter named and under
signed, personally came and appeared tn,
parties whose names are hereunto sub
scribed, all of full age, who declared tina
ayailing themselves of the provisions of thu
laws of this State relative to corporations
and especially of Act No. SO of 1888 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 s may
hereafter become associated with them. to
form and constitute corporation and body
polite in law for the purposes and objects
and under the stipulations. articles and
conditions following. to-wit:
ARTICLEI.
| The name and stille of the said corpora.
| ton shall be THE PROVIDENCE GIN
AND IMPROVEMENT COMPANY,
LIMITED, and its domicil is hereby
established in the city ofProvIdence. parish
| OF East Carroll. State OF Louisiana. and un-
| der IFS said corporate name said corpora
| ton shall have power and authority to con-
| tract sue and be sued; to make and use n
corporate seal and the same to break and
alter at pleasure; to hold. receive. have,
purchase, improve. aleniate. 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-
quire; to make and establish bylaws. rules
and regulations for the proper management
and regulation of its affairs, as may oe
deemed necessary and proper, and the same
to change and alter ut pleasure; and to do
all other acts and things permitted by law,
or rs shall or may be necessary and proper
to carry ont 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 Oh by it, 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 Al |
tion of buildings and the setting up and
equipping of all machinery and other things |
necessary FOR same; also whatever NAV be I
usual, necessary and convenient in conduct
ing said business,
ARTICLE Ill.
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 centumj shalt be paid for t
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 determine; provided, that no stock
shall be issued until the consideration
therefor, has been received by the said cor
poratlon.
Any stockholders may sell, assign, or
bis stock in this corporation, pro-
vided. thirty (30) days prior notice of such
intention to sell. assign or transfer the
same be given the company. and the other
stockholders thereof shall have the first
privilege Of purchasing same, after which
tuflly tow OafS nOulce, the SAID stock NAV
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 it's Office in the
city OF Providence, and on surrender of the
certificate therefor.
No transfer of any fractional mart of
share shall be made.
This corporation shall commence doing
business as soon as five thousand dollars of
the capital stock shall have been subscribed
Tor and twenty-five per centum paid there
On.
The board of directors shall have the right
% determine how much stock shall be
issued.
ARTICLE w.
The corporate powers of this company
shall be vested in, aud exercised by board
d i've directors consisting of the president.
1lce president, aud (3) three stockholders
Three of said board shall constitute quo
um for the transaction of business and
heir decisions shall be valid corporate acts.
The following persons shall constitute
ne nrst board OF directors: e. j. Hamley,
PRESIDENT; Yancey Bell, vice president:
lohn c. Pittman, Ct. NJ. Franklin and s. w.
ireen.
No person shall be ELIGIBLE as a director.
II an officer who is not stakeholder of this
ompany.
During tne absence OF the president, the /
ice president shall act and preside. The Z
resident or in his absence tie vice presi- )
lent: shall be the proper person upon whom :
itation or other legal process shall be ,
erved.
Said board shall continue in Office until .
he first Monday OF July, QS99) eighteen
undred and ninety-nine, on which date I
no thereafter annually, board of direc-
ors shall be elected on the first Monday in !
uiy OF each year, unless the same should he
holiday. when the election shall be held :
nthe next legal day thereafter.
Notice of such election shall be given to
ach stockhelder by the secretary in writ :