New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-08-29


on. vote for Zach share of stock standing
in hi, name on the books of the Company,
10 be cast either in person or by proxy,
and maj arity of the votes east shall
elect.
Any vacancy occurring among the dreci-
ors by death, resignation or OF herwise. shalt
be filed by election for the remainder of the
term of the board by the remaining direc-
tors.
A failure to elect board on the
date above specified shall not dis
solve the corporation, but the directors
then in Office shall remain in office until
their successors are elected and qualified
aud shall cause another election to be
held ms soon as possible thereafter, after
notice shall have been given as above pro.
vided.
Each director shall be entitled to vote
at meeting of the board either in per-
son or by proxy, aud II majority of the
Board ut Directors present, either IN per-
son or by proxy, shall constitute "A quorum
for the transaction of business.
The FIRST board of directors named in
this charter, aud such boards as may be
thereafter elected in accordance herewith,
shall elect from tn. ir own number Presi
dent and cePresident and they shall
also elect Secretary, Treasurer aud Gen
eral Manager, who may or may not he
members Of the Board or Stockholders
The board of directors shall have the
power to elect the same person to fill any
two or more Of the Offices above provided.
The said board may make and establish,
rs well as alter and amend, any and all
bylaws, rules and regulations necessary
and proper for the support and manage
ment of the business aud affairs Of said
corporations; and the said board shall have
full power and authority TO borrow money,
execute mortgages and create liens, issue
notes, bonds or other obligations, and
generally to do all things reasonable or
necessary for the proper carrying on of
the business Of the said corporation, aud
also, ~ above provided, to issue and deliver
full paid shares of stock for cash or in pay
ment of labor done or services rendered or
property actually received, upon such
terms and conditions AS it may see fit.
ARTICLE vi.
At the expiration of this charter, or in
the event Of he prior dissolution of the
corporation, it shall be liqudated by two
commissioners to be elected by the Board |
Of Directors from among the stockholders, |
and tn. said commissioners arr hereby |
vested with full power to seI all the assets |
and property, both real and personal Of
the corporation, aud to- convey full and |
title thereto, and I" do all acts
essential or proper to n full aud complete |
liquidation of its affairs and distribution /
Of the proceeds, ii any, among the stock |
holders. ARTICLE VII.
No transfers Of stock shall be admitted |
or held to be valid and binding SO far ms
the company is concered, unless made on |
the books OF the company. and no such |
sale or transfer shall be valid in any event |
unless and until sixty days notice shall |
be given to the president of the company, |
whose duty it shall be to notify all stock
holders, who within the said period OF |
sixty days shall have the privilege. in
proportion of their respective holdings of
stock, to buy the stock proposed to he
sold ut the price bona lide bid for the
same. ov ut the current market price, pro
vided that the above limitation, upon the
right OF alienation shall not apply to a sale
Or transfer from one stakeholder to anoth er
II ockbolder; and provided further that the
,aid limitation shall not apply to trans
Ter by will or by inheritance except to one
.eas,i sioehiioli,r, but shall apply il
acl case.
ARTICLE vii.
This net OF incorporation may be modi-
led, changed or altered, or the said cor
,oration may be dissolved with the assent
Il three fonrths Of the capital stock repre-
.ented at a general meeting of the stock
,oiders convened for such purpose, after a
written notice to each stakeholder mailed
o him at his usual place OF residence
It least thirty days prior to the date Of the
Meeting. /
ARTICLE TX.
No stockhoIder shall ever be held liable
or the contracts or faults OF the said cor
,oration in any further sum than the I'M
laid balance due the corporation on the
'hares Of stock owned by him, nor shall any
mere informality in organization have
he effect Of rendering this charter null,
n Of exposing any stakeholder to any
liability beyond the unpaid amount re-
naming due on his stock.
ARTICLE X.
Dudley Avery, Daniel D. Avery, John
I. McIlhenny, Edward A. Mc1lhenny and
Joseph s. Clark shall constitute the first
3oard OF Directors OF the SAID corporation.
o serve until their successors shall have
,een elected and qualified, rs above pro.
,ided.
The subscribers hereto have respectively
written OPP osfte their names the amount
/ stock in this corporation subscribed for
ach OF them, 80 that this act Of incorpor-
tion may also serve As the original sub