The Banner-Democrat. [volume] (Lake Providence, East Carroll Parish, La.) 1892-current, 1902-04-26
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 be 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 or
convenience of said corporation may re-
quire; 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 ut pleasure; and to do
all other acts and things permitted by law,
or as shall OF. 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 bust
ness in buying, leasing and SELL
ing lands and houses in Louis
iaud ant elBtWDtEt, also UullulO2 houses
for lease or sale; cultiyating agricultural
lands and developing plantations and I'M
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 centum shall be
paid for in cash at the time of sub
scriRtion and the remainder at such
time or times as may be desig.
mated. by the board of directors. sc 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 for money advanced. and for such
other vajuable 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, stakeholder may sell, assign or
transfer his stock in this corporation. pro-
vided thirty t30) 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 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 al
share shall be made.
The oarparaf;oo ohon
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.
ARTICLE w.
The corporate powers of this company
shall be vested in and exercised by board |
u three directors, consisting of the Presi- |
1enty Vice President. and Secretary and |
Treasurer. Two OF saiG board shall consti- |
ute quorum for the transaction of busi-
less. and their decisions shall be valid cor
,orate acts.
The following persons shall CONSTITUTES
he first board of directors
j. s. Milikin, President; E. Ransdell.
vice President; E.sJ. Hamley, Secretary
md Treasurer.
During the absence ofthe president the
ice president shall act and preside. The
PRESIDENT. or in his absence, the vice presi-
lent shall be the proper person upon whom
ltatlon or other legal process shall be |
erved.
Said board shall continue in Office until
he first Monday in July {I9O3l one thous-
nd nine hundred and three. on which |
late and hereafter annually, q board of d.
ectors shall be elected on the first Monday
July OF each year. unless the same should
e legal holiday. when the election shall |
'e held on the next day thereafter.
Notice. OF said election shall be given to
acb stockhotder by the secretary, in writ
ng. at least ten days prior to each election;
nd the board Of directors shall appoint one
T more stockh olders to preside at such
lection as commissioners In the event
f the failure of any commissioner or com
lissioners to attend. the president shall,
y appointment, fill the vacancy. Any fail.
re by any cause whatever to elect
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
tockhoider shall be entitled to vote for !.
ach share OF stock registered in his name
nd may vote by proxy.
The election of directors shall be by hal
It and the majority in amount of votes cast,
ach share ofstock voted upon to be counted
" ene'vote, shall elect the person or per-
ons, for whom they were cast.
After each election the board of directors
ball elect from their own number the off,
srs OF said company.
The board of directors shall have full
over to fill vacancies in their number
aused by death, resignation or otherwise
om among the stockholders OF the corpor.
ton.
ARTICLE ".
The said board shall conduct all the bust
ess of this corporation, with full authority
, buy, sell, lease. lands and houses, for cash
T on terms OF credit. In Louisiana and
lsewhere, snd to do whatsoever il ueces.
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
anne and adopt such bylaws, rules and