The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-07-21


first Monday in August of the year 1907,
and shall hold their respective offices
until their successors are elected and
qualified All such elections shall be by
| ballot, and each stockholder shall be en-
! titled to one vote for each share of stock
! standing in his name on the books of
| the corporations: which vote shall be
cast in person or by proxy. and it shall
| require majority of the stock present
| or represented to elect.
No person shall be member of the
Board of Directors of this company who
is not a stockholder in said company
The Board of Directors, while pres
emily established at three, shall, upon
two-thirds (2-3) vote of the stock OF the
company. be increased t, 7 ? should the
stockholders of said COMP II be increas-
ed to that or greater number
Should the Directorate be increased to
four or five, it shall require three to
constitute a quorum.
In all matters relating to the manages
ment and general business Of said CONS
pany that may require an action of the
Board of Directors. a majority of the
Directors shall control: but should it be
desired to buy or sell real estate, or
mortgage or otherwise hypothecate same
OF to pledge or hypothecate the crops
grown by said company, it shall require
a two-rhirds (2-3) vote of the stock of
said company.
ARTICLE vi.
A failure to cleo, Directors or officers
at any given time shall not have the eff
feet of dissolving the corporation, but
the encumbent directors or officers shall,
in such event, hold Office continuously
| until their successors shall be elected.
All notices. of stock holders or direc-
tors meetings shall be by written notice
given ten days in advance of the meet
! ing except notices to increase the capi-
| tai stock or alter or amend the charter or
dissolve the corporation-which shall
be given for thirty days in writing and in
| public print.
ARTICLE VII.
| The officers of this corporation shall
consist Of a President. Vice President,
and u Secretary and Treasurer. The
office of Secretary and Treasurer shall
be held by one and the same person.
| Until the election to be held on the
first Monday in August, 1907. the fol-
lowing named persons shall constitute
| the first Board of Directors, tO-wit:
| ALFRED MONROE UNDERWOOD.
ADAM SHORT and ASMON GAINES
REEVES, with A. NJ UNDERWOOD AS
President. A. &. REEVES as Vice. Pres
ident, and ADAM SHORT as Secretary
| Treasurer.
ARTICLE VIII.
This charter may be amended, mod;-
fed or altered, or the corporation dis
! solved with the assent of three.fourths
| GA in amount Of the capital stock pres
ent or represented at general or
special meeting of the stockholders held
| and convened for that purpose after thirty
days prior notice in writing and in
! print shall have been given unto each
stockholder or sent him by mail to his
last known postofice address.
ARTICLE TX.
| All transfers Of stock of this corpora
| tion must be made upon the surrender
of the certificate of stock and by or un-
der the direction of the Secretary uf this
| corporation. Any stockholder desiring
| to sell his stock shall first offer the same
to the remaining stockholders and shall
| not he permitted to sell same to any
person not already stakeholder until
| he has first rendered the stock to the
! remaining stockholders and given them
| at least ten days option to purchase
| same. After which, he is to be permit
ted to sell to anyone desiring to purchase.
All stock shall have printed on its
| face: ''Transferred to persons not orig
inally charter members Of this company
only upon conditions named in Article
TX of the charter of the company"
ARTICLE X.
No stakeholder of this corporation
shall ever be held liable for any of tie
Indebtedness, contracts or faults thereof
in any further sum than the unpaid bal
ance due the corporation on the shares
owned by him, nor shall any mere in
formality in the organization have the
effect of rendering this charter null or
of exposing shareholder to any liabl-
ity whatever.
ARTICLE XI.
At the expiration of this charter or the
earlier dissolution of this corporation,
its affairs shall be liquidated by three
commissioners. two of whom shall hold
stock in said company, and said commits
sioners are hereby vested with full power
and authority to sell any and all assets
and property, real, personal or mixed, of
this corporation, and to convey full and
complete title thereto, and to do and per-
form any and all acts essential and prop
er to full and complete liquidation of
the affairs Of this corporation. and to
distribute the proceeds, if any, as herein
provided. In the event If the death,
inability or resignation of any one or
more of said commissioners, the survivor
or survivors shall continue to act and be
likewise vested with all power and
authority as herein mentioned.
So that this charter may serve also the