The Colfax chronicle., 1903-06-20

to lend money on real and personal
security and to exercise all Incidental
powers necessary to carry on the
business. This said dcorporation shall
also have power to hold, receive, pur-
chase and convey by and under their
corporate name, such property, real
and personal, as may he indispens-
able to carry out successfully the OBJ
jects OF the association.
ARTICLE Nv.
Said corporation shall be managed
by board Of nine directors, who
shall be citizens of this State and ac-
tual stockholders OF said corporation.
Said directors shall be elected by bal
lot on the second Tuesday of June Of
each year, beginning with the second
Tuesday in June, 1908, and the said
directors shall hold Office for one year.
or until their successors are duly
elected and qualified. The nine per-
sons receiving the highest number Of
votes cast at any annual election
whenever majority of the stock are
represented shall be declared elected.
Said Board of Directors shall elect
annually from among their number a
president and a vice president. They
shall also elect any persons one to
act as cashier, and II necessary one
to act as assistant cashier, and other
employees and fix their salaries. Five
of said directors shall constitute q
quorum for the transaction of any
and all business of said corporation.
All vacancies In the board of directors
shall be filed by the directors after
ten.dayg written notice to the direc-
tors. Previous notice of not less than
ten days shall be given of each annu-
al election by publication in a news
paper published in the town of Mont
gOmery, Grant parish, La, II there
be one, II not then in a newspaper
published nearest thereto in said par
ish, and In case no election for any
cause is held on the day fixed In said
notices, the president of the board of
directors shall call an election to be
held thereafter as soon as possible,
after three several weekly notices pub
lished In newspaper In the town of
Montgomery, II there be one. II not In
a newspaper published nearest there
to In said parish. A failure to elect a
board OF directors shall not forfeit
the charter of this corporation, but
the board of directors then In office
shall remain in Office until their sue
cessors are elected.
ARTICLE v.
The said board of directors shall
make, ordain and adopt such bylaws
and rules for the proper management
of the affairs of the said corporation
as may be necessary and proper, in
conformity with the laws OF this
State and of this charter with au-
thOrlty such bylaws to alter amend
or repeal at pleasure, and they shall
adopt for the use OF the corporation
q seal with such device as they shall
select.
ARTICLE vi.
Whenever this corporation is dis
solved either by limitation or by any
other cause its affairs shall be liqui-
dated under supervision of three CON-
to be selected by the stock
holders from among themselves at a
general meeting convened for that
purpose after thirty days ornotice
by pubiicat1on In a newspaper pub
lished In Montgomery, parish of
Grant, II there be one, II not In a news
paper published nearest thereto in
said parish, and with the assent o.
the owners of three-fourths of the en-
tire capital stock. Said commission
ers to remain In Office until the affairs
OF the corporation shall have been
fully liquidated and settled, and in
case OF death Of one or more of said
commissioners their survivors orsur-
viyor shall continue to act.
ARTICLE VII.
This act OF Incorporation may be
changed, modified or altered, and
said corporation may be dissolved at
a special meeting OF the stockholders
for that purpose after a
thirty days prior notice by publica-
tiOn In newspaper published in
parish of Grant, II there
he one, II not in u newspaper publish
ed nearest thereto in said parish, with
the assent of three-fOurths OF the
of the entire capital stock of
said dc0rporatiOn, subscribed and paid
Tor, and in addition to the required
thirty days notice by publication a
forty days prior notice in writing of
any meeting called for that purpose
shall be mailed to each stockholder.
ARTICLE VIII.
No stockholder shall ever he held
liable or responsible for the hecontracts
or faults or Offenses of said corpora
ton in any further sum than the un-
paid balance due by him on his shares
Of stock.
ARTICLE TX.
The shares OF this corporation shall
be personal property and shall he
only on the books of
the corporation.
ARTICLE x.
The following persons shall consti-
tute the first board of directors, to-
wit: j. NJ. WardlOw, T. j. Harrison,
]. HI. Williams, j. w. Ethridge, j. N.
Fletcher, w. l.. DOwty, ID. b. Ward
ow, Jno. ]. Mccain, VIM. Adder,
with j. M. WardlOw as president,
and j. H. Williams vice president. |
They shall hold their Office as such |
until the next election of |
as provided in this charter |
and until their successors shall have |
been elected and qualified.
ARTICLE XI.
At all meetings of the stockholders
or the election of directors or any
)ther purpose, each stockholder shall |
De entitled to cast one vote for each /
share OF stock held by him either in
person or by proxy.