The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1901-11-23


officers directors. agents and managers o.
! employ ees as the interest or convenience o
saidcorporauOn may require; to make ant
establish bylaws. rules and regulations fo
1.-The proper management and regulation o
its affairs. as may be deemed necessary ant
proper. and the same to alter aud change "a
pleasure: and to do all other acts anC
things permitted by law, or as shall or may
he necessary and proper TO carry on the OBJ
iects and purposes of said corporation.
Said corporation. unless sooner dis
solved. in accordance with its charter
shall exist and continue for the period o
ninety mine years, from and after the date
hereof.
ARTICLE ~.
This corporation is created for the pur
pose ofmanufacturlng products ofall kinds
from crude cotton seed, refining oil, manu-
featuring fertilizers. soap. cattle feed. buy
| ing and selling cotton seed. operating an
oil mill and cotton ginnery, and with the
right to construct railroad for use in its
| business. and operate the same by hand
power, steam or electricity. and with the
! right 10 own and operate bridges and
! steamboats, in connection herewith, also
! the operation of an ice factory and bOttling
works; also the lease or purchase of lands
! buildings. machinery and such other
things AS may be necessary for same; also
the erection of buildings, setting up and
| equippIng of all machinery and other
things necessary for same; also Whatever
may he usual, necessary and convenient in
conducting said business.
ARTICLE III.
The capital stock of said corporation
shall be two hundred Thousand dollars.
divided into aud represented by two thous-
and shares OF one hundred dollars each.
of which said stock ten per centum shall be
paid Tor in cash at the time of subscription
and the remainder Mt such time or times as
may he designated by the board OF direct
ors. or the same may be Issued at not less
than par in payment or exchange Tor prob
erty. or rights actually received or pIir-
chased by said corporation. or the same
may be issued full paid for money ad-
vanced. and for such other valuable con-
siderations or services as the board of d.
rectors or said corporation may determine;
provided that no stock shall be issued I'M
Ill the consideration therefor has been re-
ceived by the said corporation.
Any stakeholder may sell, assign or trans
thirty (30) days prior notice of such inten-
tion to sell; assign or transfer the same be
given to the Company, and the other stock
holders thereof shall have the first privil-
eye of purchasing same, alter which thirty
days notice, the said stock may be sold in
open market.
The stock of SAID corporation may be
transferred under the above conditions,
provided such transfer thereof be made on
the books of said company at it's office in
the city of Providence, and on the surrend-
er of the certificate therefor.
No transfer OF any fractional part of
share shall be made.
The corporation shall commence doing
business as soon as twenty thousand dol
lars of the capital stock shall have been
subscribed for and ten per centum paid
thereon.
The board of directors shall have the
right to determine how much stock shall
be issued.
ARTICLE ~.
The corporate powers of this Company
shall be vested in and exercised by board
of five directors. consisting of the Presi-
dent, Vice-president and three stockhoid-
ers. Three of said board shall constitute a
quorum for the transaction of business,
and their decisions shall be valid corporate
acts.
The following persons shall constitute
the first board of directors: f.. j. Hamley.
President; Yancey Bell. Vice president
J. s. MiIlkin. Robt. Nicholson and j. E.
Ransdell.
No person shall be eligible as a director
or officer who is not stakeholder of thus
Company.
During the absence of the President the
Vfce-President shall act and preside. The
President or in his absence, the Vice.
president shall he the proper person upon
whom citation or other legal process shall
be served
Said board shall continue in office until
the first Monday in January, (i9a3) One
Thousand Nine Hundred and Three. on
which date and thereafter annually. a
board of directors shall be elected on the
first Monday in January of each year
unless the same should be legal holiday
I. I
Illegal day thereafter
Notice of such election shall be given to
each stakeholder by the secretary in writ
Jog. at least ten days prior to each election;
and the board of directors shall appoint one
or more stockholders TO preside at such
election as commissioners. In the event OIL
the failure of any commissioner or commits !
sioners to attend. the President shall. by
appointment. fill the vacancy. Any failure |
by any cause whatever to elect directors |
the day named for that purpose shall not
dissolve the corporation. but the directors |
then in office as we'll rs the officers of said |
Company. shall hold over until their sue |
cessofs are chosen.
In such event, the President shall cause |
another election to be held in thirty DAYS. |
aud shall give notice thereof as herein be-
fore provided.
At every election and meeting each stock |
holder shall be entitled to vote tor each |
share of stock registered in his name and |
may vote bv proxy.
The election of directors shall be by bal
lot and the majority in amount of votes
east. each share of stock voted upon to be
for one vote, shall elect the per-
son or persons tor whom they were cast.
After each election the board of directors
shall elect from their own number the OFF,
GERS of said ompany.
The board of directors shall have full
power to ill vacancies in their number
caused by death. resignation or otherwise
from among the stockholders OF the cor
poration.
: ARTICLE ".
The said board shall have full control of
the property of this Company. and shall SO
conduct. manage and use the same as in
their discretion they deem fit and that is
consistent with the interests OF this Com
pany or tie welfare of same.
The said board is further authorized to
frame and adopt such bylaws. rules and
regulations as the affairs and business of
the corporation mayFequire, and as it may
deem necessary for the conducting and
thereof. provided the same
shall not conflict with this charter. or with
the laws of the State or of the United States.
The said board shall elect or appoint a
secretary and treasurer. and such other
officers. agents, employees. servants and
clerks as il may deem necessary, for the |
of the business of the corpora
ton; fix their compensation, term of SER
vice, with the right to dismiss them at the |
said boards pleasures: and said board shall
have the right to fix and determine the |
salaries for the several officers herein pro-
vided for.
ARTICLE vi.
This charter may he changed. modified or |
amended. the capital stock increased or de-
creased, or this corporation may be dis
solved at general meeting of the stock
holders convened for the purpose. with the
assent of three-fourths of the entire capt.
tai stock. whether present or represented |
at such meeting.