New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-09-12

clated Wltll tneln, 10 form ana COnStl
tute corporation and body polite il
| law, for the purposes and objects ant
under the stipulations, articles ant
conditions, to-wit:
ARTICLE l.
The name and title of the said cor.
poratiOn shall be The Salt Waite
Lumber Company, Limited, and it.
domicile is hereby established il
Patoutville, State of Louisiana an(
under its said corporate name, sale
corportion shall have the power ant
authority to contract sue and be sueC
to make a corporate seal and the SAME
to break and alter at pleasure, to hold,
receive, have, purchase, improve,
ALLEVIATE, convey, sell, borrow. pledge,
mortgage and hypothecate, under its
said corporate name, property, real,
point such officers, directors, agents,
managers or employees, as the interest
or convenience of said corporation may
require; to make and establish by
laws, rules and regulations for the pro-
per management and regulation of its
affairs as may be deemed necessary
and proper and the same to change at
pleasure and to do all other acts or
things permitted by law, or as shall
be necessary and proper to carry out
the objects and purpose of said cor
poration.
Said corporation unles sooner dis
solved i'll accordance with its charter,
shall exist and continue for the period
of Ninety Nine (99) years from and
after the date hereof.
The President and in his absence
the Vice President orSecretary shall be
the proper person upon whom citation
OF other legal process shall be served.
ARTICLE II.
The objects and purposes for which
this corporation is organized and the
nature of the business to be carried
on by it are declared to be the follow
ing, towit to buy and sell lands, with
timber, to purchase timber, to cut
and saw timber into merchantable
lumber and to sell same; to construct,
work and maintain canals, railroads
or bitches and bridges necessary for
the proper carrying on of its business !;
to erect, operate and own a mill for
cutting timber; to own and operate
one or more boats for dragging tim
Der or for the purposes i'll connection
Herewith, and to carry on generally
a lumber manufacturing and said
mill business, and to do everything
necessary and convenient i'll cOnnec-
ton with the business.
ARTICLE LII.
The capital stock of the said corpor
alton shall be One Hundred Thousand
and 0O-1OO $500, coo 00) Dollars
divided into and represented
by One Thousand 10000 shares of One
Hundred and 0O-1Oo( $500 Dollars each,
which said stock shall be paid for in
cash at the time of subscription, or
the same may be issued at not less
than par for labor done or property
actually received by the corporation.
or the same may be issued full paid
for money advanced or for snch other
valuable consideration or services as
the Board of Directors may determine;
provided that no stock shall be issued
until the consideration therefor has
been received by the said corporation.
Any stakeholder may sell. assign or
transfer his stock in this corporation,
provided thirty 800 days notice OF
such intention to sell, assign or trans
fer the same be given the corporation
and the shareholders shall have the
first privilege OF purchasing same.
In the event the shareholders refuse
to buy the same, it shall be sold i'll
open market at expiration OF notice.
All transfer of stock shall be made
upon the books of the corporation.
This corporation shall commence
doing business as soon as Ten Thou
sand and 0O-10O $50, GOO COZ Dollars
the capital stock, shall have been
subscribed and paid in.
The Board of Directors shall have
the right to determine how much
stock shall be issued.
ARTICLE ".
The corporate power OF this corpor-
alton shall be invested i'll and exer-
cised by a Board of Fl, e Is Directors,
consisting of the President, Vice Pres
ident, Secretary and Treasurer and
two stockholders. Three ID members
of said Board shall constitute a quorum
for the transaction of business and
their decisions shall be corporate acts.
The following persons shall compose
the first Board of Directors Fl. Patout,
President; J. B. Brown, Vice-Presi-
dent; Willie Patout, Secretary Treas
urer, Silvio Broussard and G. A. Poir-
son two shareholders of this corpora
ton.
Said Board shall continue in office
until the first Tuesday Of August A.
d. 1904. on which date thereafter an
nually, Board of Directors shall be
elected, unless the same falls on hol-
iday, in which event the election shall
be held on the next legal day there
after. Notice of said election shall
be given in writing at least Ten 10
days Immediately preceding such cleo.
tion and the President shall act and
preside at such elections Any failure
from any cause whatsoever to elec'
the Directors at such meeting, shall
not dissolve the corporation. but ths
Directors then in Office. rs we'll as TIN
officers of said corporation, shall hole
over until their successors are elected
In any such event the President shall
cause another election TO be he'll
within Thirty 1907 days, and shall