The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1902-07-19

the pa. sa.ue Of Ten Dollars $1,000 per share
which shall be paid i'll as the Board of Directors
shall require All stock shall he paid Tor III cash
at such times and in such amounts may DE fixed
by the Board of Directors same may I've issued
at not less than par for labor done services rem
dered or money OF, property actually received OF
purchased by said corporation All shares N OF
stock shall be full paid and non -assessah''. NO
stockholders shall have the right of SELL Hy OF
the shares held by him without hay ns nrst OF
fered the same IN writing to the corporation
shall have the privilege of purchasing said shares
within Thirty (3Ol days thereafter for cash at
their book value according to the inventory last
made. No person shall hold stock unless by and
with the consent of the Board of Director.
ARTICLE V.
All the corporate powers of this company and
the management and control OF Its business shail
be vested III an exercised by Board of Directors
composed of Seven a. stockholders, to be elected
annually majority of whom shall constitute
quorum for the transaction OF business. Said Board
shall Immediately after its election, select from
its members President, EicePresdcnt. Sc
cretary and Treasurer Each stakeholder shall
he entitled to vote on every share owned ny
him, and said election shall be held under snch
rules as shall be provided by the Board OF Direct
ors. The first Board OF Directors as herein con-
stituted shall be composed of John Z. Lewis Jos
eph Brig, f. f. Robertson, f. A. Hanson. 1. +.
Frere Thomas Bodin and w. T. Peterman by
whom the following officers were elected: Jonh
G. Lewis, President, Joseph Brig, NicePresidcnt;
f. f. Robertson, Secretary and +. A. hanson
Treasurer.
The said Board snail continue in office until
their successors are elected and qualified but a
failure to elect shall not constitute forfeiture OF
this charter shall any mere intornallty herein
have such effect,
ANY vacancy occurring on the Board of Direct
shall be filled by the remaining Directors, but
the successor shall be elected only tor the une1-
PRED tenn
The election of Directors shall be held on the
first Monday in March of each year, after notice
published for Thirty (50) days previous III week
~ newspaper in the Town of Franklin
The managers shall. with the consent of the
Board, have the right to appoint and discharge
such employees as they deem expedient for the
proper management of the business of said corpo-
ration.
The duties of the Vice-President of said corpor-
alton shall be to act the President III the alb
sence of the President The offices of the Treas
urcr and Secretary shall be in the Town of Frank
lin.
ARTICLE VI.
This Act of Incorporation may he changed mo-
dificd or altered. or this organization may be dis
solved with the assent of three fourts C4) OF the
stock present or represented at special meeting
convened tor that purpose, after ut least thirty
days written notice of said meeting shall have
been given through the mail addressed to each
stoc hholder at his last known place of residence.
ARTICLE VII.
No stakeholder shall be held liable or responsible
for the contracts and debts of said corporation, nor
shall any mere infnrmalty in organization have
the effect of rendering this charter null or of
posing stakeholder to any liability beyond the
unpaid balance due on the shares owned by him.
ARTICLE VIII.
On the dissolution of this corporation by limita
ton otherwise its affairs shall be liquidated un
der the supervision of the President, Vice Presid
ent, Treasurer and three Directors who are hereby
constituted iquidators to remain i'll Office until the
settlement of said liquidation In case of the
death or disability of any of the said liquida
tors the survivors shall continue the liquidation
Shares Shares