New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-05-16
CHARTER OF The
iberia MERCANTILE ASSOCIATION, Ito.

lBtKlA MtRCAN Illt ASSUCIA lUN,lID.
United States of America state of Louisiana
Parish of Iberia.
| Personals came aud appeared before me, Juhi
| 4. s;ehwing, Notary Public. duly commissioner
aud qualified in and fnf the Parish of iberia
/ State. of Louisiana. ani in tht presence of the
Witnesses hereinafter named and undersigue this
/ parti = whose names are hereunt" subscribed. nj
| of full age who DECLARED that awaiting themselves
Of the provisions of the laws of this State relative
t corr orations, and especially uf net No 36 "f tbs
General Assembly of Louisiana they have cove
nanted and agreed. and by those present
covenant and agree, and bind themselves, as wei
as all other persons who may become asS""iated
with them TO form and constitute corporation
and body polite in law. for the purpose aud ob
conditions following tn-wit
ARTrCLEI
The name and title ~ said corporation shall he
! The Iberia Mercantile Assuri.'i n. Limited
anl its dominir is hereby established a New liz
! ria Parish Of ihrrin. state of Louisiana; and
under its corporate name. said corporation Shnt
have power aud authority (" contract, sac aud lee
sued Ia make ind use corporate seal, uni tho
/ snmetr jrrak AID alter ~ rlpnsnr'3 = h''d. re
ceive. have purchase. tnPr SO, alipant,, convey
sell. borrow, pledge, m"rign"" aud hyr"ih"ratr
under it9 said cor orlt' uHr.tr, property. ftHl
| personal aud mixed: g., name mt appoint sI"h
| officer dirsrt v, arcm aud man GERS aud ~
| pluyes, ms the interest "r convenience Of the ett
| pnration may require; t" make Hnl establish by
laws, rlles aud regulations for the proper man
agement of its affairs may be deemed necessary
| and proper and the same to change aud alter at
pleasure. and to do all other acts and things prr
United by law, or rs shall or may lee necessary
and proper to carry ont the objects aud purposes
of said corporation.
Said corporation, unless sooner dissolved in ar-
cordance with its charter, shall xist aud continue
for the period of Ninety Nine fo9l years from
and after the date hereof.
The President and in his absence the Vice Presi-
dent or Secretary shall be the proper person upon
whom citation or other legal process shall be
served
ARTICLE u
The objects and purpose for which this cor
porntien Is organized and the nature OF the bust
to he carried On by it, hereby declared to
be the accumulation of funds tor the establish
msnt and operation of general mercantile busi-
ness; to purchase, hold. own, or lease such build
ings, lands and other property, movable or I'M
movable, may be consistent with the proper
management and successful operation OF its bust
ness.
ARTICLE III.
The capital stock of this corporation shall be
Twenty Thousand 500 10000 Dollars 1T shall
be authorized to begin business when -Four Humid
red 600 00l Dollars shall have been actually
subscribed and paid in Said capital stock shall
be divided into Four Hundred lloO) shares of
Fifty $50 00l Dollars each. Payment on shares to
be Twenty five O. 30 cents due aud payable week
" on each Tuesday Mt the office of the Secretary
No shareholder shall be allowed to subscribe T."
more than 90 shares In the event that share.
holder should fall Five weeks in arrears in the
payment OF his stock. such stockhoder shall pay
as n penalty Five IS O5) cents each share for
week he shall be in such arrears. Ana IN
event that such shares pledged there shall be n
penalty of Ten IS l0l cents on each share.
Any stakeholder may sell, ASST On or transfer his
stock in this corporation, provided Thirty (3o)
DAYS notice bc given the corporation, OF such IN
tention to sell assign or transfer the same,
and the other stockholders thereof shal have the
preference and first privilege of purchasing the
same; after said Thirty t3Ol days notice the
stock shall be sold in open market
The transfer of the said stock Of this corpora
ton under the above conditions shall be made
Il H.. IL. In
book of the corporation, Mt its office, and on the
surrender of the certificate therefor. No transfer
of any fractional part of share shall be made
The board NJ Directors shnll determine how
much stock shall be issued
ARTICLE ",
The corporate power of this corporation Shhil
be vested in and exercised by Board of Seven %
Directors consisting of President, Wee Presi
dent Secretary, and Treasurer, md Three 90
stockholders, Four a. members Of said Board
shall constitute quorum to do business, and
their decisions shall be valid corporate acts.
The following persons shall compose the first
Board of Directors, +. T. Walton, j. NJ Springfield,
William y. Douglas, W. Cooper, Il. $, Guillot,
e. NJ Brown, and John Buutte.
No person shall be eligible as director or as of
fjrer who Is not stakeholder OF this corporation.
During the absence of the President, the Vice
President shall act and preside.
Said Board shall continue in Office unt' the
Second Monday III February 1904, on which date
and thereafter annually, Board OF Directors
shall be elected unless the same shall he hon,
AX.N
day thereafter. Notice of said election shall he
given In writing at least Ten t1Ol days immediate.
" proceeding each election. Any failure from
apy cause whatever to elect Directors on the day
named for that purpose. shall not dissolve
the corporation but the Directors then in Office,
ms well as the officers Of the said corporation shall
hold over until their successors are chosen. In
sucb event the President shall call another election
to he held within Thirty (30) days, and shall give
notice thereof ss hereabove provided, at election
and meeting each stakeholder shall be
s;,Io tn fnr har of rpptstarpu
in his name, and may vote by proxy, The cleo
ton of Directors shall be by ballot and the ma.
jority in amount of stock represented, and of
votes east each share of stock voted upon to be
counted for one vote, shall elect the person for
whom they shall have been east. After each
election the Board shall elect from their own
numbers the officers of the said corporation.
ARTICLEv.
The Board of Directors shall have full power to
fill vacancies In their number caused by death re
sguatton otherwise, from among the stockhold-
ers Of the corporation.
The said Board shall have full control of the pro
perty Of this corporation, and shall so conduct,
manage aud use the same rs in their discretion
they deem it, and that Is consistent with the OBJ
ieets of this corporation, or the welfare OF the
same The said Board Is further authorized to
frame and adopt by laws rules and regulations as
the affairs and business of the corporation may re-
auire ms IT may deem necessary for the conducting
and management thereof, provided that the snme
do not conflict with this charter, or with the laws
of This State or with the laws of the United
States The said Board shall have further power
to issue promssory notes or other negotiable
papers and make all contracts that may be neees
sary In Its business. BY two third - vote of
to SELL mortgage lease any and all property
movable and immovable, rights, credits and
titles belonging to the corporation without re
ferripo to the shareholders for power to do So
The said Board shall elect or.appont Secretary
and other such officers and employees as it may
deem necessary for the management of the bust
ness of the corporation: fix their compen sation
term of service. with the right to dismiss them at
said Boards pleasure and said board shall have
the right to Ak and determine the salaries of the
several Offices and employees as herein provided
for.
ARTICLE VI
Shareholders may pledge their stock for any
loans or advances that might be made to them; and
in default of payment of said loans at maturity
said borrowers on their borrowed shares of stock
shall be liable for same, which loans are to
be taken from the withdraw value of the shares,
and the surplus II any, shall revert to the share
holder Shareholders who have not pledged their
shares to the corporation, and who owe nothing
upon their shares may withdraw same from the
corporation by giving Thirty 100 days notice to
the Secretary Of the corporation provided said
Shareholders are unable to pay on account of sick
ness or death In the event of such withdraw all
weekly payments which shall have been paid in
shall be refunded, less all unpaid fines aud pro
portionate current expenses and losses; provided
that a shareholder withdrawing after his share
shall have been in existence over one year. shall
receive in addition to the above, Ten f10) psr
cent of the profits for each year his share shall
have been 10 existence. On the death of any
shareholder whose shares are not pledged to the
corporation his legal representative shall be en-.
titled to receive In cash the withdraw value of
the shares at the time Of the last payment made
by such deceased shareholder less any unpaid
fines or charges or said representative shall be
entitled to either transfer said shares to another
shareholder or shareholders lor to continue by pay
ing the weekly install ments provided that II said
shares be transferred or continued In deeeased's
name notice to that effect must be given TO the
corporation In writing within the next succeeding
Six t6l months Of such death, and in default of
action In that time raid shares aud all ac.
cumulations thereon shall become forfeited aud
revert to and become the property Of the said cor
poration. ARTICLE VII
This charter may be changed, modified or
amended the capital stock increased or decreased
or the corporation may be dissolved ut general
ar ,.eeial meeting If the stockholders convened
~ that purpose. with the assent of Three
Fourths taibof the entire stock whether present or
represented at such meeting
Ten tlO) days prior notice Of such meeting
shall he given in writing to the shareholders In