New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1903-10-17

cised by Board OF Five [ 5)DlrectOrs,
consisting of the President, Vice Pres
ident, Secretary and Treasurer and
two stockholders. Three 90 members
of said Board shall constitute quorum
for the transaction of business and
their decisions shall be corporate acts
The following persons shall compose
the first Board of Directors H. ,Patout,
President; J. B. Brown, Vice-Presi-
dent; Willie Patout, Secretary Treas
urer, Silvlo 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 ali
nually, Board of Directors shall be
elected, unless the same falls on hol-
/ iday, in which event the election shall
be held Oh the next legal day there
after. Notice of said election shall
be given in writing at least Ten (10)
days Immediately preceding such cleo
ton and the President shall act and
preside at such elections. Any failure
from any cause whatsoever to elect
the Directors at such meeting shall
not dissolve the corporation, but the
Directors then in office, as well as the
officers of said corporation, shall hold
over until their successors are elected.
In any such event the President shall
cause another election to be held
within Thirty (3O) days, and shall
give notice thereof as above provided
for.
At every election and meeting each
stakeholder shall be entitled to vote
for each share of stock registered in
his name, and may vote by proxy.
The election of Directors shall be
by ballot and the majority in amount
of votes cast leach share of stock voted
upon to be counted for one vote) shall
elect the person for whom they have
been cast.
After each election the Board of Di-
rcetors shall elect from their own
number the officers of said corporation.
ARTICLE V.
The Board of Directors shall have
full power to fill vacanies in their
number caused by death, resignation or
otherwise, from among the stockhold-
ers of the corporation.
The said Board shall have full con-
troll of the property of the corporation
and shall SO conduct, manage and use
the same as in their discretion they
deem fit, and that is consistent with
the objects and purposes of this cor
poration, or the welfare of the same.
The said Board is further authorized
to frame and adopt such bylaws, rules
and regulations as the affairs and bus
Mess of the corporation may require
and as it may deem necessary for the
conducting and management thereof;
provided the same shall not conflict
with the charter, or with the laws
of the State or of the United States.
The said Board shall elect or ap
point an assistant Secretary and such
other officers, agents, employees, ser
wants and clerks, as it may deem nee
essary for the carrying on of the bust
ness of the corporation; fix their COM
pensation, term of service, with the
right to dismiss them at said Board s
pleasure and said Board shall have the
right to fix and determine the salaries
of the several offices herein provided
ed for.
ARTICLE vi.
This charter may be changed, modi-
fed or amended, the capital stock in
creased or deceased, or this corporation
may be dissolved at a meeting Of the
shareholders convened for that pur-
pose, with the assent of Three-Fourths
~ of the entire capital stock, SUBJ
scribed, whether represented or pres
ent at such meeting. Ten (1O) days
prior notice Of such meeting shall be
klNCu. LII C06c Va ulocOAuVAOA "a SCA
mination of this corporation, either by
limitation of its charter or from any
cause. the liquidation Of its affairs
shall be conducted by Three (3) COM
missioners, selected from the stock
holders, with like assent and at meet
ing called for that purpose, as set forth
above.
Said commissioners shall remain in
Office until the affairs of said corpor-
alton shall have been liquidated. In
case of the death Of one or more Of
the commissioners, the survivor or sur
vivors shall continue in Office and
settle the Affairs.
ARTICLE VII.
No stockholder Of this corporation
shall ever be held liable or RESPONSE
BILE for the contracts or faults thereof
in any further sum than the unpaid
balance due the corporation on the
shares Of stock subscribed for or owned
by him, nor shall any informality in