New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-08-08

mailed to each stockkholder at his usua
place Of residence.
| Every stockholder shall be entitled tt
one vote for each share Of stock standing
| in his name on the books OF the Company
to be cast either in person or by proxy
and . majority of the votes cast shall
elect.
Any vacancy occurring among the d1eci-
ors by death, resign alton or otherwise shall
be filled by election for the remainder OF the
term Of the board by the remaining direc-
tors.
A failure to elect . board on the
date above specified shall not dis
solve the corporation, but the directors
then In Office shall remain in Office until
their successors are elected and qualified,
aud shall cause another election to be
held a. soon as possible thereafter, after
notice shall have been given as above pro-
vided.
Each director shall be entitled to vote
at meeting Of the board either in per-
son or by proxy, and ma ority Of the
Board Of Directors present, either in per-
son or by proxy, shall constitute quorum
for the transaction Of business.
The first board of directors named in
this charter, and such boards rs may be
thereafter elected in accordance here with,
shall elect from their own number Presi-
dent and "ice-President and they shall
also elect Secretary, Treasurer and Cen
eral Manager, who may or may not be
members OF the Board or Stockholders
The board OF directors shall have the
power to elect the same person to fill any
two or more OF the Offices above provided.
The said board may make and establish,
as we'll as alter and amend, any and all
bylaws, rules and regulations necessary
and proper for tho support and manage
ment of the business and affairs of said
corporation; and the said board shall have
full power and authority to borrow money,
execute mortgages aud create liens, issue
notes, bonds or other obligations, and
generally to do all things reasonable or
necessary for the proper carrying on Of
the business Of the said corporation, an d
also, as above provided, to issue aud deliver
full paid shares OF stock for cash or In pay
ment Of labor done or services rendered or
property actually received, upon such
terms and conditions as it may see fit.
ARTICLE vi.
At the expiration of this charter, or in
the event Of the prior dissolution OF the
corporation, it shall be liquidated by two
to be elected by the Board
Of Directors from among the stockholders,
and the said commissioners are hereby
vested with full power to sell oil the assets
and property, both real and personal of
the corporation, and to convey full and
complete title thereto, and to do all acts
or proper to full and complete
liquidation OF its affairs and distribution
Of the proceeds, il any, among the stock
holders. ARTICLE VII.
No transfers of stock shall be admitted |
Or held to be valid and binding so far rs
The company is concered, unless made on
The books Of the company, and no such |
sale or transfer shall be valid in any event |
unless and until sixty days notice shall
be given to the president Of the company,
whose duty it shall be to notify all stock
holders, who within the said period of
,ixty days shall have the privilege, in
proportion of their respective holdings of
,tock, to buy the stock proposed to be
,old at the price bona fde bid for the
Iame, or at the current market price, pro-
'ided that the above limitation, upon the
light Of alienation shall not apply to sale
" trans FER from one stakeholder to another
and provided further that the
aid limitation shall not apply to trans
or BY will or by inheritance except to one
lot member OF the family of the de-
'sased stoskholdsr, but shall apply in
uch case.
ARTICLE VIII.
This act Of incorporation may be modi-
led, changed or altered, or the said cor
,oration may be dissolved with the assent
1 three f0urths OF the capital stock repre-
ented 1t . general meeting Of the stock
olders convened for such purpose, after .
vritten notice to each stockholder mailed
0 him ct his usual place of residence
{ least thirty days prior to the date Of the
ARTICLE TX.
No stockholdsr shall ever BE- held liable
D. the contracts or faults of the said cor
Grafton 10 any further sum than tho I'M
aid balance due tho corporation on the
harss Of stock owned BY him. nor shall any
lere informally IL organization have
l. eject Of rendering this charter null,
I Of exposing any stockholder to any
ability beyond the unpaid amount re-
laining due On his stock.
ARTICLE x.
Dudley Avery, Daniel .. Avery, John
!. Nollhenny, Edward 4. MoIlhsnny and
pseph 8. Clark shall constitute the hrst
GARD 81 Directors Of the said corporation.
serve until their successors shsll have
ssn elected and qualified. q above pro.
del.
The subssribers hersto have respectively
rittsn opposite their names the amount