The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1902-12-13

purchase such hotel property as NAV
DC deemed proper for its business, or to lease
the same; to repair, improve and recOnstr, Ct
such property, or building thereon; to opeIs
| IN any manner pertinent or incidental to
said business.
Article ".
The capital stock of this cOrDoration Is
hereby fixed at Ten Thousand Dollars. d.
vided into and represented by One Hundred
!lOol shares of the par value Of One Hundred
dollars (slOO.OO) each; fifty per centum 80
per cent. of which stock has been fully paid
for, and the balance of which shall be issued
ut such times and in such amounts as the
board OF directors may determine mt Il special
meeting called for that purpose after thirty
days written notice to each member, only for
money or property actually received. 4 sui.
ncient amount Of capital stock having been
mence business Immediately after its incOr-
pOratiOn. The capital stock of this corpora
ton snail be transferable only by registry
secretary or under his direction.
Article V.
All OF the powers OF this corporation are
vested in and shall be exercised by a board
OF directors. to be composed of not less thun
majority of said directors shall constitute
quorum for the transaction Of business and
majority OF the members of any meeting
thereof shall control and constitute valid
binding act and obligation of the corpO.
ration The first board OF directors shalt be
elected on the fourth (4th) Monday in the
present month of November, 1902, and they
shall hold office until the fourth Monday Of
November, 1908, on which date, and on the
fourth Monday of November Of each subse.
gnent year; board of directors shall be
elected. unless said fourth Monday shall be
holiday, in which event, the said election
shall be held on the next legal day thereaf-
ter. Said elections shall be by ballot, to be
cast cast either in person or by proxy in writing;
vote for each share Of stock standing in his
name upon the books of the corporation and
majority of votes shall elect. On the same
day and Immediately after said election. the
directors elected shall organize themselves
into board and shall elect from among their
number Il president, vice. president and .
secretary and treasurer; but the offices of
secretary and treasurer may he occupied by
one and the same director.
All officers and directors shall remain in
Office until their successors shall have been
an election is not held on the day specified,
from any cause whatever. the same may be
held on some day thereafter to be designated
by majority OF the board of directors.
Article vi.
The board OF directors shall have mower To
NIL all vacancies occurring in their number,
and must do SO promptly us they may occur
from any reason whatsoever. The board of
directors shall appoint such managers
clerks, agents, servants and employers rs
may be necessary. and fix their cOnpensa.
ton; and such employees generally shall
hold their positions subject to the right Of
the Board to discharge them ut pleasure.
Article VII.
This charter may DO amended or altered or
the corporation dissolved ut IL meeting OF
the stockholders convened for the purpose
and according to law, with the assent and
vote OF twO.thirds or more of the capital |
stock present or represented by written !
proxy at such meeting; provided prior no.
tice OF such meeting shall have been given by |
publication In one of the newspapers pub. |
lished In the town Of Franklin, IIOuisia a and |
by written or printed notice mailed to each |
and every stakeholder, fully thirty DAYS
previous to such meeting.
In case OF the dissolution of this corpora.
ton by Limitation of its charter or other |
wise. the liquidation of its affairs shall be
and done by two commissioners
elected by and from the stockholders with |
he same vote and assent as set forth above |
in this article; and the cOmpen sation of said
commissioners shall be fixed in the same
manner and ut the same meeting.
Article VIII.
A stakeholder of this corporation shall
never be held liable for the contracts, faults
Or obligations OF this corporation, in any
further sum than the unpaid portion of their
stock subscription, IL any; nor shall any
in organization have the1effect Of |
this charter null nor Of exposing