The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1901-07-27

e..
other things necessary for prospecting
such lands and deriving the oil, petroleum,
salt and other minerals therefrom and gen.
erally to carry on an oil and mineral pros.
pecting business and eventually to estab-
ilsh such apparatus and establishments
and equipments, pipe lines, tanks, etc., as
may be deemed necessary. in the prospect
ing, drilling, mining extracting, refining
and selling and otherwise dealing in
oil, petroleum, salt and all other minerals,
to do all things in any manner pertinent
thereto.
ARTICLE Nv.
The capital stock of this corporation is
hereby fixed at Five Hundred Thousand
Dollars which is divided into five hundred
Dollar (S1) per share, which shall be issued
at such times and in such manner and sub
scribed for and paid for as the Board Of
Directors may designate, but no stock shall
be sold for less than its par value either In
cash or its equivalent, after Two Hundred
and Sixty Thousand shares shall have
been disposed Of.
And it is further provided for the pro-
lection of ali cash investors, that the stock
for which cash is paid, shall be stamped
"Cash Stock" and this stock shall be sat-
istied by preference over other stock in the
event Of liquidation. And this cash stock
shall also be entitled to preferential divi-
dend of twelve (12) per cent. and after the
payment thereof, the cash stock shall share
in the residuary dividend with stock is-
sued for lands, options, and other equiva-
Tents Of cash.
Said stock shall be represented by GER
titicates signed by the President and cOun-
tersigned by the Secretary hereof, and
bearing the impress Of the corporate seal,
and no transfer of stock shall be valid un.
less made upon the books of this corpora
low >S Z neto oIr nit hnv. hvn or
under the direction of the Secretary hereof.
Nor shall any such transfer be made as
long as the holder Of stock desiring it's
transfer may be in arrears or indebted to
this corporation.
This corporation shall become operative
and 20 into effect rs soon as Fifty ThOus-
and shares shall have been subscribed, and
this number having been fully subscribed,
the said corporation shall so into effect
charter.
ARTICLE V.
The corporate power of this corporation
shall be and they are hereby vested in a
Board of Directors to he composed of
seven (7) shareholders and the President
to be elected by ballot on the first Monday
in May, 1902, and on the corresponding day
of each year hereafter, at general meeting
of the stockholders, il said day shall here
ing shall be held on the next legal day
following, said shareholders shall be mott.
fed by publication in weekly paper
published IN Franklin, la, for thirty days
preceding such election. At such election
majority of votes actually cast shall
elect, and each stakeholder shall be enti-
tied to cast, either personally or by proxy,
one vote for each share owned by him, but
no stock shall be transferable within ten
1O) days preceding an election. In case
of the failure to elect Directors, for any
cause whatsoever, the corporation shall
not thereby become dissolve. but the Di-
rectOrs and officers shall continue in office
until she next general annual election. or
until their successors are elected, qualified
and indicted into Office.
ARTICLE vi.
The officers Of this corporation, to be
elected by the Board of Directors, shall
consist of a President, who shall be Elk.
Officio Chairman of the Board of Directors,
a Vice. President, Secretary and Treas
urer, and such superintendent, Overseers,
managers, clerks, and other employees as
they may deem advisable. And said Board
of Directors shall also have power to fill
any vacancies occurring in their number,
for any cause whatsoever, and also to
make, adopt, amend, alter or abolish such
rules, regulations and bylaws as they may
deem necessary or proper or convenient
TO: the proper management OF this cOrpO-
ration, and also to define the duties and
obligations and responsibilities Of each and
every officer, manager, superintendent,
or other employees, to fix their bonds and
to accept or reject the same, to tx the
rates of salaries and wages. to purchase
necessary machinery, tanks, piping, etc.,
to fix freight rates, prices OF the products
of the operations Of the company, to APP
point or designate the officer or agent who
shall execute mortgages, or procure leases,
options. servitudes, purchase the rights of
boring and prospecting for oil and miner
ais, to make sales, deeds, pledges and other
conveyances and alterations. They shall
also have general power to do and perform
any aud all acts which they may deem
proper in the administration and manage.
ment of the affairs of this corporation, the
same As il each act were specially dele
gated; and they shall be permitted so to
do either directly or through such officers
and agents as they may select either for
general acts or for such special act. Three
(3) members of the Board of Directors
shall constitute quorum for the transact
ton of business, but stockholders who are
absent or unable to attend may vote by
proxy in writing, given either to member
Of the Board or any other stockholder.
ARTICLE VII.
Until the next general election to be
uclU uuucI GulS Cuol toIs l. e., WILL luo III ~
Monday in May, 1902, the Board of Direc-
tors shall be com posed of DOnelson CAT
ferry, Joseph A. Loret, Alfred A. Puselier,
Jr., Mathew Bell, A. NJ. Underwood, E
Will am Dreibholz and j. +. Britain. Ar
thur A. Bonvillain shall be President of
this corporations; Hon. Albert G. Allen
shall be Vice. President; Francois =. Per.
ret shall be Secretary; Mathew Bell shall
be Treasurer, and J. Gabriel Martel, As
sistant Secretary and the said constituted
Board and the said officers shall serve un-
til their respective successors may be
elected and qualified
ARTICLE VIII.
The Board of Directors as hereinabove
constituted or as NAV be hereinafter con-
stituted or composed, shall have power to
borrow money and to secure the payment
and Reimbursement thereof by mortgages
and pledges, and In any manner to encum-
Der the property Of this corporation either
present or future, movable or immovable,
corpOreal or incorpOreal and especially to
pledge or otherwise dispose of or encum.
Der the franchise and privileges Of this
company, such loans may be evidenced by
bonds Of this corporation to bear interest
at a rate not to exceed eight per cent, and
not to exceed in amount Two Hundred
Thousand Dollars and to be issued in such
numbers and in such denominations as the
Board may deem proper and to run for
period not to exceed forty years.
ARTICLE TX.