Hattiesburg daily progress. (Hattiesburg, Miss.) 18??-1909, 1903-05-07
CHARTER OF THE MISSISSIPPI NAVAL
STORES COMPANY.

Mississippi Naval Stores Company, the |
domicIle of which is at Hattiesburg,
Mississippi. and as such shall have exis- |
tence for fifty years, and by that name |
may sue and be sued plead and be i'm |
pleaded, and prosecute to Judgment
and final determination, any suit or
cause. 1t may have a seal and may
d ter or change the same at pleasure,
and it shall have all the powers and ex
emptions conferred upon similar cor
porations under chapter 25, annotated
code, 1892, and amendments thereto. 1t
shall have the power to purchase, &C
quire and hold property, real personal
and mixed, necessary and proper for
its purposes not exc eding the value
allowed by law, and it may sell, lease,
contract, mortgage and dispose of the
same at pleasure. And it may borrow
money or create debts and secure pay
ment by mortgage, deed of trust or
otherwise, may issue bonds and secure
them, and may hypothecate its fran
chise as we'll as its property.
Section 2. The purposes for which
this corporation is created are to en-
gage in aud prosecute the manufactur
ing of spirits, oils, chemicals, and such
other products as may be made of, ex
tracted from, or obtained by, any pro-
cess of any kind from pine wood. pine
straw, or other pine substance whether
such products shall be wholly finished
or not, and for such purpose this cor
poration shall have the power to erect,
keep, maintain and operate all such
machinery ways and appliances, re.
tort stills and refineries as it may deem
proper and necessary fer its use ip
manufacturing any kind of wood
product an to that end may purchase
and acquire lands, timber and property
needful and useful IN said enterprise.
and it may make, build, equip and
operate such dummy lines, tram roads,
cars, engines AMI machinery and such
other conveyances, dams, bitches,
ponds, chutes and booms as may be
necessary or useful for conveying ma
terial and holding same for said plants ?
It may also erect, acquire, hold and
operate telephones, photographs and
telephone lines, electric lights, gas and
waterworks plant AMI by such proceeds
and other things that may be necessary
or useful to any or all of the foregoing
objects; and may erect, put up, own
and acquire such telephone, telegraph
and electric light and gass poles, wires
and plants as may be necessary or use
tut TOr the purposes for which they are
intended, and it may string thereon
such wires as may be useful and need
full, and keep, own and operate all such
attachments, machinery ETC., that may
be useful or necessary to said business
or any part thereof. 1t may also pur-
chase, acquire and erect 81 ore buildings
and operate general mercantile bust
ness, both retail and wholesale, and
may buy, sell and dispose of goods of
any and all kinds, and may establish
such branch stores and such branch
plants as it may think proper or neces-
sary. and may establish such offices and
land agencies in this state or out of it
that it may think useful or necessary to
the successful conduct of its said bust
ness.
Section 8. The control and manage
ment of said corporation shall be vested
in board of directors to be composed
of three stockholders whose number
may be increased by vote of the stock
to not more than seven who shall be
chosen annually on the day fixed by the
stockholders for said purpose and an
nually thereafter unless said stock
holders shall, by resolution or by
bylaw, change the date of the annual
meeting to some other day, and if the
stockholders from any cause shall fail
to elect directors on the date named or
on the date hereafter fixed for such
purpose then they may do so on any day
upon notice thereof duly served for at
least five days on said stockholders.
Said directors shall be elected by ma
jority vote of the stock as directed by
law, and from said directors, a
president, vice president. secretary
and treasurer shall be elected,
but the Offices of secretary and treasurer
may be held by one person at the discre-
ton of the stockholders; the said direc-
tors snail hold their offices for twelve
months and until their successors are
elected and qualified, but no person shall
be director of the corporation unless
he be stockholder therein, The board
of directors may appoint or elect such
other officers, agents and employees and
fix their compensation as may be deemed
necessary or proper for the successful
conduct and management of said bust =.
ness, and they may also employ such
laborers, servants and agents and fix
their compensation as they may see
proper; the board may make such rules,
r6QulaC1OQS anu ny laws DIS may U6 USE
full and necessary and proper and eff
cient transaction of the business of the
corporation. and may require of any
aud all of its officers, agents and en-
ployes to give bond in such sums as
may be fixed by the board for the faith
full and efficient performance of their
several duties and for the safe keeping
of the money, books and valuables of
said corporation coming into their
hands respectively.
Section 4. The capital stock of the
Mississippi Naval Stores Company is
hereby fixed at $4,000 to be divided
into shares of 800. 90 each. The corpora
ton may commence business when all
of said capital stock shall have been
actually paid into the corporation.
either in money or property as herein
after p-ovised. Upon a majority vote
of three -fourths of the stock, the cor
poration may sell or dispose of its
property in It's entirety and may dis
solve or relinquish the franchise and in
that event or in the event it is dissolved
by law the property and effects shall be
dealt with as provided by law
Section B. All subscriptions to the