St. Landry clarion. (Opelousas, La.) 1890-1921, 1902-08-02
STATE OF LOUISIANA.

4 DE IT KNOW N, that on this 18th day
ID of May, in the year of our Lord
/ One Thousand Nine Hundred and Two
/ before me, B. f. Vannoy. a notary pub
| lie, in and for the parish and State above
J written, duly commissioned, sworn and
I qualified, and in the presence of the
! witnesses hereinafter named and un-
1 ydersigned, personally came and appear
ed, w. +. Clopton, j. j. Scott, D. S. Hav-
/ ard. Ernest Morrow. L. Goudcaaux and
L.. A. Hayard, all residents of the parish
and State above written and to me we'll
| known, who segerally declared that,
awaiting themselves of the provisions OF
Act No. 36 of the General Assembly OF
| the State of Louisiana, approved and
signed on June q, 1888, they have con-
/ tracted and agreed, and by these pres
ents do contract and agree and have
formed themselves into a corporation
/ for the objects and purposes and under
the terms, limitations and stipulations
hereinafter set forth, to-wit: that is to
say:
The name and title of this corporation
shall be THE MORROW GINNING
lG0., LIMITED. It's domieiie shall be
/ in the village of Morrow, La, and it
shall exist for the term of ninetY-nine
wears from this date, provided. however,
| that by mutual consent the present ln-
corporatorsor their successors or assigns
shall have and enjoy the privilege of
extending the term of this charter be-
yond said date or of limiting its dura-
| ton and liquidating Its affairs if they
see proper SO 10 do.
ARTICLE II.
The objects and purposes of this cor
| poration are hereby declared to be to
| maintain and operate cotton gin for
| the purpose of ginning, pressing and
viii.
| Iage of Morrow, and to buy and sell cot
ton. Said corporation shall be author
| lied to acquire such real estate as may
be necessary to carry on its said bnsi-
| ness, as also such personal property as
may be advantageous or necessary for
| operating the same.
ARTICLE III.
The capital stock of this corporation
is hereby fixed at the sum of four thous-
and eight hundred dollars, divided into
six shares of the par value of $S00.G0
each, and subscribed by the present in
corporators in the amountset opposite
their respective names.
And it is now hereby expressly pro-
yided that all persons who may become
members of the same by signing the
copy of this present charter, which the
Secretary of this corporation is hereby
directed to keep in his office, provided,
increased in such amount as may be
agreed upon by the stockholders at a
general meeting called for that purpose,
and on the affirmatiyey vote of two-thirds
of such stockholders who may vote for
such increase of stock.
ARTICLE ~.
This corporation shall begin business
as soon as all stock is paid in. A stock
certificate shall be issued to each menl-
Der of this corporation for the amount
of stock subscribed by him. The stock
certificate shall be signed by the Pfesi-
dent and countersigned by the Secre-
tary and Treasurer. That the property
assets and credits of this corporation
shall alone be liable for its debts.
ARTICLE v.
The business and affairs of this cor
poration shall be carried on and man
aged by Board of Directors, composed
of six stockholders, who shall from their
number elect u President Vice Pfesi-
dent, Secretary and Treasurer, which
last offices shall be filled by one and the
same person. All legal process shall be
served upon the President, and in case
of his absence or death, upon the Vice
President, and in case of the absence or
death of the President and Vice-Presi-
dent, then same shall be served upon
the Secretary and Treasurer. In case of
death the five remaining directors shall
have right to choose from among the
ckholders new director, who shall
serve until the next general election for
Board of Directors. Until otherwise
provided for, DR.. w. f. Clopton shall
be President. and j. S. Hazard, Vice
President, and Joseph j. Scott shall be
Secretary and Treasurer; provided,
however, that the Board of Directors
may select, hire and employ and dis
charge at pleasure such managers, en-
ployees and laborers as the business of
the corporation may require, and shall
also have power and authority TO fix
their compensation.
ARTICLE VI.
The net profits of the business of this
corporation shall be divided rateably1
among the stockholders i'll proportion
to the amount of stock held by each one
seyeraily, and such profits are to be di-
yiied at such time as may be deterlnin-
ed by the Board Of Directors after full
statement of the business of the com
pany justifying such dividends to be
made by them; provided. however, that
all salaries, wages and other expenses
of running the corporation and of keep
ing the plant in repair, shall be paid by
the corporation before any profits are
declared and divided.
ARTICLE VII.
This corporation shall not expire or
cease on the death of any of its stock
holders, but in such event, the business
shall be carried ON by the surviving
members until the expiration of the
term of this charter or the extended
term which it has begun to run; pro-
yided, however, that this corporation
may be terminated and its business
affairs liauidated at any time on vote
of three-fourths in amount OF the stock
held by the members at special meet
ing called for that purpose, and after
due notice shall have been given to the
stock khoiders OF the time and place of
such meeting and of Its objects and pur-
poses to be given In writing.
ARTICLE VIII.
The Board of Directors, as well as all
officers of this company, shall hold their
office for the term of one year from the
date of this charter, at which time
general election for such officers and dl-
rectors shall be held at the office of the
company, on the second Monday in May
in each and every year, and at such
election each steckhaldep shall be en-
titled to as nlauy votes az ho may own
shares in this company. and such voting
may be done either in person or by
proxy. The manner of holding said
election shall be as follows: Twenty
days, notice of the time and place and
hour of such election shall be given in
writing, and at the time appointed for
such election the Board of Directors
then in office shall name two com mis-