The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1902-05-24


them. to form and constitute corporation
and body polite in law, for the purposes
and objects and under the stipulations, arti-
cles and conditions following, to-wit
ARTICLE L
The name and style OF said corporation
shall be
THE PROVIDENCE LAND COM
PANY, LIMITED,
and its domicile is hereby established in
the City OF Providence, parish OF East Car
roll. State OF Louisiana, and under its said
corporation shall have power and authority
to contract, sue and he sued; to make and
use 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 and ap.
point such officers, directors, agents and
managers or employees as the interest OF
convenience of said corporation may re-
quire. to make and establish bylaws. rules
and regulations for the proper manage-
ment aud regulation of its affairs as maybe
deemed necessary and proper. and the same
to alter and change at pleasures; 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
corporation.
Said corporation unless sooner dissolved,
in accordance with its charter, shall exist
and continue for the period OF ninety-nine
years from and after the date hereof.
article u.
This corporation is created for the
purpose of doing a Real Estate BUSH
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 un-
improved lands; also whatever is usual and
customary in the creation, management and
operation OF Land Company.
ARTICLE III
The capital stock of said corporation
shall be One Hundred Thousand Dollars,
divided into and represented by one thous-
and shares of one hundred dollars each. of
which said stock ten per centnm shall be
paid for in cash at the time of SUBJ
scription and the remainder at such
time or times as may be desig-
mated by the board of directors, or
the Same may be issued at not less than par
in payment or exchange for property. or
rights actually received or purchased by
said corporation. or the same may be issued
full paid fOImoney 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 cor
poration
Any stockholder may sell, assign or
transfer his stock in this corporation, pro-
vided thirty 1907 days prior notice of such
Intention 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 1.-The said stock
nay be sold In open market.
The stock of said corporation may be
under the above conditions.
he books Of said company at it's Office in
he city OF Providence. and on the surreDd-
sr of the certificate thereof.
No transfer Of any fractional part of a
hare shall be made.
The corporation shall commence doing
business as soon as twenty thousand dol
ars OF the capital stock shall have been
y bscrlbed for and ten per centum paid
hereon.
The board of directors shall have the
light to determine how much stock shall be
ssued.
ARTICLE Iva,
The corporate powers of this company
hall be vested in and exercised by a board
# three directors consisting of the Presi-
lent, Vice President and Secretary and
Treasurer. Two ofsaiG board shall consti-
ute quorum TOR the transaction of bust
Tess, and their decisions shall be valid cor
orate acts
The following persons shall constitute
be first board of directors
j. s. Millikin. President; J. E. Ransdell, |
ice President; L. j. Hamley, Secretary
nd Treasurer.
During the absence of the president the |
ice president shall act and preside. The |
resident. or in his absence, the vice presi- |
ent shall be the proper person upon whom
itation or other legal process shall be i
erved.
Said board shall continue in Office until |
he first Monday in July Q903) one thous- |
nd nine hundred and three. on which |
ate and hereafter annually. board OF d. |
ectors shall be elected on the first Monday |
q July OF each year, unless the same should |
g legal holiday, when the election shall |
e held on the next day thereafter
Notice OF said election shall be given to |
ach stakeholder by the secretary, in writ !
ng, at least ten days prior to each elections:
nd the board of directors shall appoint one |
r more stockh olders to preside at such |
lection as commissioners. In the event |
I the failure of any commissioner or COM
lissioners to attend. the president shall,
appointment, fill the vacancy. Any fail /
40 ~ any CauoC WudttftE 10 eIecb |
irectors the day named for that /
urpose shall not dissolve the cor
Grafton, but the directors then In |
flee, as well as the officers of said COM
any. shall hold over until their successors
re chosen.
In such event the president shall cause
mother election to be held in 80 days, and |
hall give notice thereof as hereinbefore /
rovided.
At every election and meeting each
shall be entitled to vote for 4
ach share of stock registered in his name
nd may vote by proxy
The election of directors shall be by bal
It and the majority in amount of votes cast.
ach share ofstock voted upon to be counted |
II one vote, shall elect the person or per-
,ns for whom they were cast.
After each election the board of directors |
hall elect from their own number the off,
ers OF said company.
The board of directors shall have full |
over to fill vacancies in their number
aused by death, resignation or otherwise |
ON among the stockholders OF the corpor- /
ton.
ARrIcLEv.
The said board shall conduct all the busi-
ess OF this corporation, with full authority |
, buy. sell, lease lands aud houses for cash |
r on terms of credit. IN Louisiana aud |
lsewhere, and to do whatsoever is neces- |
AIRY and customary in carrying out the
bJects OF this corporation, and it can dele
ate any OF its powers to an agent or agents.
The said board is further authorized to
'ame and adopt such bylaws, rules and /
equations as the affairs and business of /
ne corporation may require, and as it may |
eem necessary for the conducting and I
Management thereof. provided the same
hall not conflict with this charter, or with
be law OF the State or of the United States. /
The said board shall elect or appoint
acretary and treasurer, and such other
Ulcers. agents. employees, servants and /
Jerks as it may deem necessary Ior the
of the business of the corpora
on: fix their compensation term of SER
Ice. with the right to dismiss them at said /
cards pleasure; and said board shall have
ne right to fix and determine the salaries
'r the several officers herein provided for.