The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1902-05-17
THE PROVIDENCE LAND COM.
pANY. LIMITED,

shall have power and authoritv
TO contract sue and be sued; to make and
use a corporate seal, and the same TO break
and alter at pleasure; to hold, receive, have,
purchase. improve, ALLEVIATE. convey, sell.
borrow. pledge, mortgage and hypothecate.
under its said corporate name. property
real, personal and mixed: to name add ap.
point such officers. directors, agents ana
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 manage
ment and regulation of its affairs as may be
deemed necessary and proper. and the same
to alter and change at pleasure; and to do
all other acts and things permitted by Law,
or as shall or may be necessary and proper
to carry on the objects and purposes OF said
Said corporation unless sooner dissolved,
in accordance with its charter, shall exist
and continue for the period OF ninety-nne
years from and after the date hereof.
AKTtcLEsH.
This corporation is created for the
purpose of doing a Real Estate busi-
ness in buying. leasing and sell
ing lands and houses in Louis
lana and elsewhere; also building houses
for lease or sale: cultivating agricultural
lands and developing plantations and I'M
improved lands; also whatever is usual and
customary in the creation management and
operation OF a Land Company.
ARTICLE III.
The capital stock of said corporation
shall be One Hundred Thousand Dollars.
divided into and represented by one tbous-
and shares OF one hundred dollars each, of
which said stock ten per eentum shall be
paid for in cash at the time of sUb-i
scription and the remainder at such
time or times as may be desig-
Mated by the board of directors, or
thessame may be issued at not less than par
in paSr=ant 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 oor-
poration.
ANY stakeholder may sell. assign or
transfer his stock in this corporation. pro-
yided thirty 1907 days prior notice of such
to SELL assign or transfer the
same be given to the company, and the
other stockholders thereof shall have the
first privilege of purchasing the same, after
which thirty days notice the said stock
may be sold In open market.
The stock of said corporation may be
under the above conditions.
provided such transfer thereof be made on
the books of said company at its office in
the city of Providence. and on the surrend-
er of the certificate thereof.
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.
ARTIcLEIu.
The corporate powers of this company
shall be vested in and exercised by aboard
of three directors, consisting of the Presi-
dent, Wee President and Secretary and
Treasurer. Two of sale board shall cOnsti-
tute quorum Tor the transaction of busi-
ness, and their decisions shall be valid cor
porate acts.
The following persons shall constitute
the first board of directors
J. S. Milikin. President; j. E. Ransdell,
Vice President; K. j. Hamley, Secretary
and Treasurer.
During the absence of the president the
vice president shall act and preside. The
president. or in his absence, the vice presi-
dent shall be the proper person upon whom
citation or other legal process shall be
served.
Said board shall continue in Office until
the first Monday in July Q903) one thous-
and nine hundred and three, on which
date and hereafter annually. board OF d.
rectors shall be elected on the first Monday
In July of each year. unless the same should
be legal holiday, when the election shall
be held on the next day thereafter.
Notice OF said election shall be given to
each stakeholder by the secretafy,in writ
ing, at least ten days prior to each election:
and the board of directors shall appoint one
or more stockh olders to preside at such
election as commissioners In the event
of the failure of any commissioner or CON-
missioners to attend. the president shall,
by appointment, fill the vacancy. Any fail
ure by any cause whatever to elect
directors the day named for that
purpose shall not dissolve the cor.
poration. but the directors then in
Office, as well as the officers of said com.
pany. shall hold over until their successors
are chosen.
In such event the president shah cause
another election to be held in 80 days, and
shall give notice thereof as hereinbefort
provided.
At every election and meeting eacf
stakeholder shall be entitled to vote fol
each share of stock registered in his name
and may vote by proxy
The election of directors shall be by bal
lot and the majority in amount of votes east
each share ofstock voted upon to be counte,
| for one vote, shall elect the person or per
sons for whom they were cast.
After each election the board of director
shall elect from their own number the Off
GERS OF said company.
The board of directors shall have tul
power to fill vacancies in their numbe
caused by death, resignation or otherwis
! from among the stockholders OF the corpol
| alton.
! ARTICLE ".
/ The said board shall conduct all the bus
| ness of this corporation, with full authorit
to buy, 'sell, lease lands and houses, for cas-
or on terms OF credit. In Louisiana an
elsewhere, and to do whatsoever is necel
sary and customary in carrying out th
objects OF this corporation, and il can del,
gate any of its powers to an agent or agent
i The said board is further authorized t
frame and adopt such bylaws, rules an
regulations as the affairs and business
the corporation may require, and as 1T ma
deem necessary for the conducting an
management thereof, provided the SAN
shall not conflict with this charter. or wit
the law of the State or of the United State
The said board shall elect or appoint
: secretary and treasurer, and such 9TH
officers. agents. employees, servants an
r clerks as it may deem necessary Tor Il
| conducting of the business Of the corpor
ton; fix their compensation, term of Sc
: vice, with the right to dismiss them at sa
t boards pleasure; and said board shall ha'
the right to fix and determine the salari
for the several officers herein provided fo
ARTICLE VI.
This charter may be changed, modified
amended, the capital stock Increased or d
creased, or this corporation may be d
r solved at a meeting ofthe stockholders co
/ yened for the purpose, with assent of tire
; feurihs OF the entire capital stock, wheth
a present or represented at such meeting.
: Notice OF such meeting shall be served
the secretary on each stockEolder, in wr
ing, ten days prior to such meeting.
In case Of dissolution or termination
this corporation either by limitation of
: charter or from any cause, the liquldgii
of its affairs shall be conducted by thr
commissioners, selected from the stockho
4 ers. with like assent and at meeti
|. called for tbat purpose as above set lol