St. Tammany farmer., 1903-03-28
Article /.

ration shall have the right and power
to contract and be contracted with, to
sue and be sued plead and be impleadel.
To acquire the ownership and posses-
sion OF property real and personal, mov-
able and immovable, by purchase, eale,
exchange, prescription and in any other
manner and form authorized by law.
To lease, let and hire property real and
personal, movable and immovable. To
pledge, receive In pledge, mortgage and
take mortgage, upon all kind of prop
erty subject thereto. To borrow money,
give security, sign bonds, etc. To make,
draw, endorse, issue and utter negotia-
bic notes, checks, drafts, receipts. due
bills, bills Of exchange, bills OF lading,
and to take, acquire, receive and hold
the same, and to do all other things and
acts necessary and proper in the exer-
else of the rights and powers above men-
toned, and in the control, management
and government Of tre business and
affairs of this corporation.
All citations and legal process shall
be served upon the President, and ia
his absence upon the Vice President,
and in case of tue absence of both the
President and Vice President, upon the
secretary anu treasurer.
Article III.
The capital stock OF this corpora ton
is fixed at one hundred thousand ($l0O,-
OOO) dollars, divided into 1000 shares OF
$lOo each, and which shall be paid for
in cash at the time of subscribing there
for, except as to J. s. Jones and J. F.
Pickett, who may pay for stock in this
corporation with property real and per-
sonal, movable and immovable belong
ing to Jones l. Pickett, q firm composed
of said Jones l. Pickett domiclled In St.
Tammany Parish, Louisiana, and en-
gagged in the business above mentioned
aud of which firm this corporation is
intended to be the successor. Said }. s.
Jones and J. F. Pickett, however, in
order that they may receive stock In
this corporation. in lieu of property be-
longing to said firm. shall make sworn
cash valuation and inventory of all
property intended to be turned over to
this corporation in exchange for stock
theI Elm, and deliver same to the Board
Of Directors hereof, who shall consider
the valuation thereof and as soon as the
valuati ion shall be agreed to said Jones
and Pickett shall Immediately transfer
said property to this corporation and
upon which they shall each be entitled
to take as many shares OF stock In this
corporation as the pro perty transferred
by them to this corporation will answer
for. Shares of stock shall be transfer
rable only by entry of the transfer In
the stock book of this corporation and
the surrender OF the original certificates
Of stock to this corporation to be can
celled and new certificates Of stock
shall be issued to the transferee.
This corporation shall commence
business as soon as Fifteen ThOus-
and Dollars worth of stock has been
taken and paid for as above said.
Article Nv.
Tie powers, Control and businese af-
fllrs o: this corporation shall be man
a Board Of three Directors. No p.fson
shall be eligible AS director except stock
holders. \ maj jority OF the directors
shn,l constitute u quorum for the trans.
action of business. A majority o. the
directors must be residents Of the Parish
of St. iammany. Each of the directors
shall have an equal voice and vote in
the affairs Of the corporation. The Board
of Directors shall pass all Ordinance and
bylaws needfu1 and necessary for their
own government and to carry out and
exercise the powers conferred by this
charter and the purposes for which it is
established. They shall require the
Treasurer Of the corporation to give
bond for the faithful performance Of his
duty befo-e he takes charge Of his Office
and russ on the suficiency of the bond
rendered. Fix the compensation of the
officers OF this corporation. Employ as-
sistants, agents and employees for this
corporation and ix their duties, pre-
scribe their eluploynents and ccmpen-
sation and discharge such assistant,
agents and employees, employee! by |
them at will and whenever they zee |
proper, and hire others in their placea,
and do everything needful and n cessary |
in carrying on and conducting the AZ |
fairs of this corporation. The officers Of |
this corporation shall be President,
Vlc= President and Secretary and Treas.
urer, who shall be the Board of Dircc-
tors above mentioned. III voting :or
Directors the stockholders shall desiR-
nate Oh their ballots which shall be
President, which Vice President and
which Secretary and treasurer. Mr.. J.
$. Jones shall be the first President, Mr..
J. F. Pickett, the first Vice President
Al d Airs. Emma Jones the irst Secrc-
tary and Treasurer and they shall hold
their Offices until February II, 1904. at tl2
o'clock NJ. 1t which tiule an election
shall be held by the stockholders, and
directors and officers elected, who shall
serve for one year, and directors and
officers shall oe elected at the san Q time
and il the same way an nu all v thereafter,
but in the event no election il held IT
the tino fixed this failure shall not
cause the dissolution of this corpcaation.
but the directors aud officers in Office
vt the time of the.failure shall continue
in Office until an election is held and
officers and directors elected which shall
oe "s coon after the dste fixed Ivy this
charter as possible. In caaes where the
officers aud directors have not been
elected on the date fixed in th is charter,
but are elected on day subsequent.
The directore and officers SO elected shall ,
serve until tho following elec ton; but in {
svery case when no election is held at
he date 11ed by this char ter, this cor
ooratlon shall not be annulled b, reason
thereof, Eu' che directors and officers il
'ttice at the time of the failure shall
1n Office until an electien il
'eld and directors AID officers elected 9
s provided for in this charter.
In case of the removal, resignation or
leath of any director or officer, q meet :
Dg Of the stockholders shall be called
nd they shall elect successor to I'LL (