The Meridional. (Abbeville, La.) 1856-1906, 1904-03-26
ARTICLE Y

The capital stock Of this corporation
is hereby fixed at tile sum Of One
Hundred and Tea Thousand ($lI0,-
0OO coy Dollars, divided into or repre-
sented by One Thousand 0ne Hundred
shares Of The sum OF One Hundred
l%l00.00) Dollars each. And SAID
charter shall be operated and 20 into
effect and the corporation shall be-
come q going concern, when the sum
OF Eighty-two Thousand Five Hundred
tS82, 500.00) Dollars shall have been
subscribed and paid for, and
small be paid for in cash or the
equivalent in real estate, improved or
unlnprofed lands, notes, bonds on
mortgages, or any other property
which tine Board Of Directors may APP
prove. tits expressly understood tdat
TT least Twenty-Five per cent. of she
par faiue oEsail stock stall so Usea
and retained by the Board al Directors
for said Company To BE used rs Treas
qr,y stock and such stock SO haid as.
Treasury stock Shall be disposed Ut by
the Board CT Directors Of said Corgof-
alton, upon stleii terms ana fur such.
prices us they shall deem mgst adYIs-
able to tho best interest u said corpo-
ration and the proceeds thereof shall
SIC used to the best interest 0f and for
the purposes OF the business of the cor
poratiul!.
All stock issaoI and paid for shall DO
dividend bearing stock ana
all payments On dividend shall
be without deduction for
any tag or taxes, which by any present
law or intdra laws OF the United States
ar State Of Louisiana may lie payable
for or IN respect to the said dividend
Cor National, State and Municipal ppr-
poses: and the said corporation hereby
agrees to pay any such tax or taxes,
which it may now or hereafter be.
required by any such law to retain
thercfrom. INho dividends shall he
paid as directed by the by laws.
This Treasury stock of said corpora
ton may be issued anu sold in
such blocks or paccels as the Board Of
Directors may determine.
Any part or parcel of said Treasury
stock up to the whole amount thereof
may be used By said board of Directors
upon such terms as they shall deem
most advisable in money, or labor, or
property received by said corporation,
A stock book shall be kept and the
said stock shall be registered and
transferred only thereon. All stock
snail be payable by call Of the Board of
Directors for said labor or property ac-
cording to the contract of subscription.
ARTICLE vi
No stakeholder shall be liable or
responsible for the contracts, faults or
debts of said corporation in any further
sum than the unpaid balance due the
corporation OF shares of stock owned
by him, nor shall any informaiity of
organizing have the effect Of rendering
this charter void or exposing a stock
holder to any liability beyond the
amount of his stock or in any way
rendering a stakeholder liable IS a
partner.
ARTICLE VII
All the corporate powers Of said cor
porate powers of shall be vested in and
exercised by d Board Of nine Directors
who shall be stockholders, to DO elect
ed annually on the Saturday following
the first Tuesday in the month of
February; all such elections shall be by
ballot and shall be conducted By three
commissioners TO be elected by stock
holders at such meeting; and the
stockholders present on aay election