The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1903-07-18

nra.I ,inderstrpd ard agreed however
that at least Twenty five t22J per cent OF lie
be hr, s II 81 BY s!9fs
BOARD of Directors at such times. Tor cash,
and in such a manner and 1pon sueh i hHlice
and for SUCH prices as salu ,oi ~ Wy
best andthe pr4css esfraying the expenses of
the corp6raffion "a for any Corporate purpose
whatsoever. All stock OF this corporation Ii.
shah be full paid and non -asstssable This
corporation Shall be authorized to exercise
all corporate powers when Sl9.OooW is SUB.
scribed. serf 70 =.
All the powers of said corporation shal be
vested in and exercised hy the Eoard OF vi:
rectors t. be composed OF NINE ~ Stock !.
holders to be elected annu;i1ly on the first
Monday in July i'll each year, and The ifrst
Board of Directors appointed in this charter
shall hold their Offices until the nrSt Monday
IN July 1904. All SUCH elections shall pe. ny
ballot and conducted at the office OF SAID
corporation under the SUPERVISION OF three
commissioners 10 be appointed by the hoAfd
of Directors. Notice of such ELECTION shall
be given by written notice n!ailed'to each
member by the Secretary not more than
fourteen nor less than ten days prior to such
election in one or more new spapers publish:
ed i'll the City of Franklin, IN the state OF
Louisiana.
Livery stakeholder shall be cntited TO one
Note for each share of stock. StaudInS III MS
name ON the books OF the conipany,.!o be
cast in person or by proxy, and majority
CT the votes cast shall eject. Any vacancy
occurring among tile. Directors by death,
resignation or otherwise snail be hled iof
the remainder of the term OF the Board by
the remaining directors :. A failure to elect
directors on the date Specified shall not
dissolve the corporation but the directors
then in office snail remain = III Office until
their Successors are elccte y. and qualified.
The first Doard of Directors named in rhis
Charter shall immediately upon tho orgttni-
cation of this company and.th, Board OF
Directors thereafter elected, snail eject from
their own number Il President AMI shall also
elect Secretary and IA Treasurer W no lii;fy
or may not be a member of the Board. The
Board of Directors shall haye the power
either to combine VI separats the offices OF
the Secretary and the Treasurer.
Said Board of Directors may appoint from
time to time, such officers, CLERKS or agents
and other employees AS they may Deem
necessary for the purposes and business OF
said corporptiou and who shall hold offce at
the pleasure OF the Board.
The Board may make ana establish, us
well alter and amend, any and all by
laws, rules and regulations necessary and
proper for the support and management OF
the business and the aftais of the corpora
ton. said Board shall have the power and
authority to borrow money, execute mort
cages and create liens. issue notes or other
obiIgations, and generally to DO an things
reasonable or necessary tor the proper car
rying on OF the business of said corporation,
and also to issue and deliver full paid shares
of stock for cash, or in payment of labor
done or property actually Received by
ihe SAID corporatinn. Each director
shall have authority to appoint IN WRIT
ing proxy to represent him at all
meetings OF the Board.
Article vi.
Whenever this corporation may be
dissolved, either by Limitations or from
any other cause, its affairs shall BE-
liquidated by three commissioners TO !
appointed from amongst. the SOCK Z
holders at general meeting II STOCK
folders convened for such purpose or
Witch meeting notice SlnII be gwen IN