New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1902-08-16

receive grants of land and personal prop
erty, and make and use corporate seal,
the same to alter and break at pleasure !;
name, nominate, appoint or elect such
employees as the interest and convenience
of said corpoation may requires; make aud
establish such bylaws, rules and regu-
lations of the affairs of the said corporation
as may be necessary and the same to
alter and change at pleasure and shall
possess all the rights, powers and privi-
leges TO which corporations are or may
be by any general law or laws of this
State authorized and entitled TO pos
sess.
ARTICLE V.
The capital Of this corporation is hereby
fixed at Ten thousand $50, 900 OO) Dollars,
represented by one thousand shares of ten
$4,000 each. All stock subscribed for
shall be payable in cash or property, real
and personal on such terms and condi-
ditions as the Board of Directors may at
any time determine. All transfers of
stock shall be made on the books of the
Corporation and shall be signed by the
stakeholder or his Attorney, who must be
authorized in writing. The Corporation
shall go in operation as soon as fifty shares
of the stock shall have been subscribed
for and paid in. And the Board of Ri
rcctors shall have right to receive sub
scriptlon to the balance of said capital
ST ock until all the shares shall have been
taken up. AT all the elections or meet
ngs of the stockholders each share of the
stock shall be entitled to one vote, to be
voted by the person in whose name the
stock appears on the books of the Corpo-
ration at the time of the voting. Attend
ance of Is stock holders shall constitute
quorum.
ARTICLE VI.
All corporate powers of this Corporation
and the management and control of its
business shall be vested in and exercised
by Board of Directors, who shall be citi
zens of this State and actual shareholders
of said Corporation, owning in his own
name not less than one share of stock.
Said Board shall be elected by a majority
Of all the votes cast at meeting to be
held for that purpose on the first Monday
of June of each year after fifteen days
prior notice, of said election having been
published in New Iberia weekly paper.
The said Board shall be composed of nine
stockholders, which number may be in
creased to twelve or lessened to as few as
seven by vote of the majority of shares
present at any call or special meeting of
the stockholders, where Is members are
present The Directors thus elected shall
serve for one year or until their successors
shall have been elected and qualified. No
failure to elect shall operate forfeiture
of this Charter. All elections shall be
conducted under the supervision of three
stockholders to be appointed by tho Board
of Directors from without their number,
for the purpose; and in case of any one Of
said commissioner of election declining
or failing to act, the President shall ap
point another to fill the place. Any va
cancy occurring on said Board shall be
filed by an appointment by the remaining
Directors for the unexpired term. The
Board of Directors shall at its first meet
ing after its election nominate out of its
number President, Vice. President, a
Secretary and Treasurer. Said Board
shall have power and authority to com
bine the functions of Secretary and
Treasurer, and to appoint one officer
therefor.
ARTICLE VII.
Until the election to be held on the
first Monday of June, 1903, the following
named persons shall constitute the first
Board of Directors: Messrs. j. E. Dupuy,
j. w. Sanders, Clarence Duperier, Oscar
Dupre, A. Daigre, II. l.. Smith, L. II.
Morse, Julius Scharff and A. G.. Wilson,
and the said Jules E. Dupuy shall be
President, said DR.. Wofford Sanders shall
be Vice President, said Clarence Duper
Ter shall be Secretary and Henry E. Su-
berbielle shall be Treasurer. A majority
of the Directors shall constitute quorum,
but all members in the Parish must be
notified.
ARTICLE VIII.
No stakeholder shall ever be held liable
or responsible for the contracts, faults or
debts of said corporation in any further
sum than the balance due by him on sub
scription of the capital stock, nor shall
any mere informality in organization of
this corporation have the effect of render
ing this charter null or of exposing a
to any further liability than
the unpaid balance due by him on said
stock.
ARTICLEI TX.
This act of incorporation may be
changed, modified or altered or said corr
poration may be dissolved, at a special
meeting of the stockholders convened for
hat purpose, after fifteen days prior pub
ication IN New Iberia weekly paper
md written notice of this meeting shall
nave been given through mail, addressed
20 each shareholder at his last known
place of residence, with the assent of a
majority of the subscribed stock of said
ARTICLE Y.
This corporation shall be liquidated at
he end of it's term or at its earlier dsso-
ution provided that a majority of the
both in stock and number,
hall have agreed thereto at meeting
called for that purpose by three Commiss
oners appointed by he Board of Direc-
ors at regular meeting of said Board
laid Commissioners shall be stockholders
# said corporation and their compensation
IS liquidators shall be fixed by Board on
he day of their appointment. Said Com
nissioners shall continue to act until the
business of the corporation shall be en-
irely closed and liquidated and in the
vent of death of either or two of them
hen the survivors or survivor alone shall
let.
Thus done ard passed in my Office in
ho C;tv If Nnw Thnria Parish Of liberia