St. Tammany farmer., 1906-06-09

| sh. II be paid for in cash at such tine,
Ia such amounts and after such notlce
| to the subscribers as may be fixed Dy
the Board of Directors. or the same be
issued at not less than par for laDoI
done or property actually received Dy
the corporation.
ARTICLE v.
All the corporate powers OF sald cor
poration shall be vested In and exer-
cised by q Board of Directors, to be
composed of not less than three i3)' nor
more than seven ~ stock k5olders, ma
iority of whom shall constitute quo
rum, to be elected annually ON the first
Monday in May in each year, except
the first Board appointed In this Charter,
who shall hold their offices until the
first Monday in May. 1907.
All such elections shall be held by
ballot and conducted at the office OF
said corporation under the supervision
of three (3) Commissioners to be ap-
pointed by the Directors.
Notice of such election shall be given
by the Secretary of the corporation by
publication for not less ten days prior
thereto in newspaper published in the
town of Covington.
At such elections, and at all corporate
meetings, every st0ckholder shall be
entitled to one vote for each share OF
stock standing in his name on the books
OF the company, to be cast in person OF
by his written proxy, and majority:o of
the votes cast shall elect.
A~,. nnO,, oraanN fhn
Directors by death, resignation or 9th
erwise, shall be filled by election for
the remainder If the term by the re-
msinlng Directors.
A failure to elect Directors on the
date above specified shall not dissolve
the corporation nor impair its corporate
management, but the directors then in
office shall remain in otice until their
SUCCESSORS are elected and qualified.
The Board of Directors shall elect
from their own number President and
Vice President. They shall also elect
q Secretary and Treasurer, or one per-
son who shall be both, either OF whom
may or may not be members Of the
Board. They may from time to time
name and appoint all such other officers
and agents as 1t may deem necessary
for the purpose and business Of the
corporation. They shall have power to
fix and define the duties of every officer
and employee. and all officers and en-
ployees shall hold Office and employ
nent 1T the pleasure of the Board. The
Board may make and establish, rs well
as alter and amend, any and al BY laws,
rules and regulations necessary and
proper in its judgment for the conduct,
support and management of the Dusi-
ness and affairs of said corporation.
The Board shall have full power and
and authority to borrow MONEY, to exc
cute mortgages and to create liens; to
issue bonds, notes and other obliga-
tions, and generally to do oil things
reasonable, convenient and necessary
for the proper carrying on Of the bust
ness of the corporations.
The Board may issue full paid shares |
of stock for cash, or in payment Of Ia
Dor done, or property actually received
by said corporation.
ARTICLE vi.
Whenever this corporation may be |
dissolved, either by limitation or from
any other Cause, its affairs shall be H. |
qufdated by three Commissioners, to be |
appointed from among the stockholders
convened for that purpose, Of which |
meeting notice shall be given In the
manner and time provided for stock
holders meetings by Article VII of
this Charter, and majority IN the
amount of the capital stock of said
company represented at such meeting
shall be requisite to elect. S..id Com |
missloners shall remain In office until |
the affairs of said corporation shall |
have been fully liquidated. In case Of |
the death of one or more Of said Com |
the vacancy shall be filed |
by election by the surviving Commis-
sioners.
ARTICLE VII.