Hattiesburg daily progress. (Hattiesburg, Miss.) 18??-1909, 1903-03-02

rules, regulations anu bylaws rs may
Re useful and necessary for the proper
and efficient transaction of the business
of the corporation and may require of
any or ali Of its officers. agents and
employees to give bond in such sums as
may be fixed by the hoard for the faith
full and efficient performance of their
several duties and for the safe keeping
of the money, books and Yaluables of
said corporation coming Into their
hands respectively.
Sec. 4. The capital stock of the
Creek Lumber Company is hereby fixed
at S25, 900 to be divided into shares of
$40 each, but the corporation may com
mence business when 20 per cent of said
capital stock shall have actually been
paid into the corporation, either in money
or property as hereinafter provided. The
said corporation shall have power to
issue 40 per cent of its capital stock
as preferred stock, but such preferred
stock shall not be issued except upon
the authority by vote of IS per cent OF
the stock, and in the event that
preferred stock shall be issued, the
net earnings of the corporation shall &c
applied to the payment Of interest on
preferred stock to the extent OF q per
cent tefore any dividend shall be paya-
BILE to or upon any common stock; after
the payment of the 6 per cent on the
preferred stock like amount of interest
shall be paid upon the common stock
ont of the net earnings, after making
such endorsements, additions and re-
pairs rs may be needful; end after 8 pr
cent shall have been paid on the common
stock then if there should he anything
remaining from said net earnings. the
residue shall be paid on the several
shares of stock in proportion to the
amount Of each in the event there should
not be sufficient of the net earnings in
any year to pay per cent on the pre-
ferred stock, after making the needful
extensions, improvements and repairs,
then the net earnings of any subsequent
year or years shall be first applied to the
interest on the preferred stock to
sufficient amount to make the same 9
per cent per annum and after said sum
or sums shall have been paid in full, the
remainder of the net proceeds may be
applied to the interest on the common
stock in the manner aforesaid. Upon a
majority vote of So per cent of the stock
the corporation may sell or dispose of its
| property in its entirety and may dis
| solve or relinquish the franchise and in
that event or in the event it is dis
solved by law, the proceeds OF the prop
| perty shall be first applied to
the payment in tull of the preferred
stock to its face value and the remainder
shall be applied to the payment of the
Icommon stock to its face value and ii
there should be anything remaining the
residue shall be prorated among the
different shares in the corporation; in
the event that any holder of pre- erred
stock shall desire to sell or transfer the
| same or any part thereof, an option
shall first be given to the holders of the
common stock to buy the same at the
price at which the holder OF the pre-
ferred stock may be able to receive fol
same and the common stock holder sha
have the first right to buy the preferred
stock so offered for sale at the price fol
which the same car. be sold to Others.
Sec. S. All subscriptions to the CAPT
tai stock shall be paid either in cash o
land, timber, lumber, machinery, o.
other necessary property for the u.s.
,, and benefit of the cor poration, hut !
any part of the capital stock or any par
subscribed to the capital stock, shall b
,, paid in anything but cash the same shal
taken only at its actual cash marke
value and no stockholder shall be liabl
for any debts or habilitits Of the corpo
ration except for the amount or balanc
3 that may remain due or unpaid on tn
stock subscribed for ny him.
Sec. 6. That this charter shall. tax
effect and be In force from and after II
f, approval by the governor and its recor
/, as required by law.
9 j. f. WILDER.
r. N. STEADMAN.
: 81 NALL