Hattiesburg daily progress. (Hattiesburg, Miss.) 18??-1909, 1903-05-14
CHARTER OF THE MISSISSIPPI NAVAL
STORES COMPANY.


tence for fifty years, and by that name
may sue and be sued, plead and be i'm
pleaded, and prosecute to Judgment
and final determination. any suit or
cause. 1t may have a seal and may
alter or change the same at pleasure,
and it shall have all the powers and ex
emptions conferred upon similar cor
porations under chapter %, annotated
code, 1892, and amendments thereto. 1t
shall have the power to purchase, &C
quire and hold property, real, personal
and mixed, necessary and proper for
its purposes not exceeding the value
allowed by law, and it may sell. lease,
contract, mortgage and dispose of the
same at pleasure. And it may borrow
money or create debts and secure pay
ment by mortgage, deed of trust or
otherwise, may issue bonds and secure
them, and may hypothecate its fran
chise as well as its property.
Section 2. The purposes for which
this corporation is created are to en-
gage in and prosecute the manufactur
ing of spirits. oils, chemicals, and such
other products as may be made of, ex
tracted from, or obtained by, any pro-
cess of any kind from pine wood, pine
straw, or other pine substance whether
such products shall be wholly finished
or not, and for such purpose this cor
poration shall have the power to erect,
keep, MAINTAIN and operate all such
machinery, ways and appliances, re-
tort stills and refneries as it may deem
proper and necessary fer its use in
manufacturing any kind of wood
product an to that end may purchase
| har nd nv
needful and useful In said enterprise,
and it may make, build, equip and
operate such dummy lines, tram roads,
cars, engines AMI machinery and such
other conveyances, dams, bitches,
ponds, chutes and booms as may be
necessary or useful for conveying ma
terial and holding same for said plants.
It may also erect, acquire, hold and
operate telephones, photographs and
| telephone lines, electric lights, gas and
waterworks plant AMI by such proceeds
and other things that may be necessary
or useful to any or all of the foregoing
objects; and may erect, put up, own
and acquire such telephone, telegraph
and electric light and gass poles, wires
and plants as may be necessary or use
full for the purposes for which they are
intended, and it may string thereon
such wires as may be useful and need
full, and keep, own and operate all such
attachments, machinery, ETC.. that may
he useful or necessary to said business
or any part thereof. 1t may also pur
chase, acquire and erect store buildings
and operate general mercantile bust
ness, both retail and wholesale, ant
may buy, sell and dispose of goods o.
any and all kinds, and may establish
such branch stores and such branch
plants as it may think proper or neces
sary. and may establish such offices ant
land agencies in this state or out of /
that it may think useful or necessary t.
the successful conduct of its said bust
ness.
Section 8. The control and manage
ment of said corporation shall be vested
in board of directors to be composed
of three stockholders whose numbe
NAV be increased by a vote of the stool
to not more than seven who shall b.
chosen annually on the day fixed by tn
stockholders for said purpose and an
nually thereafter unless said stock
holders shall, by resolution or b,
bylaw, change the date of the annua
meeting to some other day, and if tn
stockholders from any cause shall fai
to elect directors on the date named o.
on the date hereafter fixed for sucl
purpose then they may do so on any da
upon notice thereof duly served for a
least five days on said stockholders
Said directors shall be elected by ma
iority vote of the stock as directed b.
) law, and from said directors,
, president, vice president, secretar
and treasurer shall be elected
but the offices of secretary and treasure
may be held by one person at the discre
: ton of the stockholders; the said direc
, tors snail hold their offices for twelv
: months and until their successors ar
; elected and qualified, but no person sha
) be director of the corporation unles
he be stakeholder therein, The boar
of directors may appoint or elect sue
other officers, agents and employees an
! fix their compensation as may be deeme
j necessary or proper for the successfr
Il conduct and management of said bust
II ness, and they may also employ sue
II ]aborers, servants and agents and b
Il their compensation as they may sc
Il proper: the board may make such rule!
Il regulations and by laws as may be use
II full and necessary and proper and eft
Il cient transaction of the business of th
u corporation. and may require of an
| and all of its officers. agents and en-
4 ployes to give bond in such sums
| may be fixed by the board for the faitt
Il full and efficient performance of the
h several duties and for the safe keepin
Il of the money, books and valuables
| said corporation coming into thei
/ hands respectively.
!, Section 4. The capital stock OF tt
/ Mississippi Naval Stores Company
i hereby fixed at $4,000 to be divide
! into shares of $4,000 each. The corpora
1 ton may commence business when a
/ of said capital stock shall have bee
actually paid into the corporation
Il either in money or property as herein
after provised. Upon majority vo
! of three fourths of the stock, the col
Il poration may sell or dispose OF i
II property in Its entirety and may di!
II solveor relinquish the franchise and
Il that event or in the event it is dissolve
4 by law the property and effects shall
dealt with as provided by law.
Ill Section 5. All subscriptions to Il
III oon,tal stock shall he paid either