St. Tammany farmer., 1906-06-02

shall be paid for In cash at sucn sl.ne,
| In such amounts and after such notice
to the subscribers as may be 6xed BY
the Board of Directors. or the same be
issued at not less than par for labor
done or property actually received BY
the corporation.
ARTICLE v.
All the corporate powers OF said cor.
poration shall be vested In and exer-
cised by q Board Of Directors, to be
composed of not less than three (3) nor
more than seven (7) stockholders, ma-
iority of whom shall constitute q 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 snch elections, and at all corporate
meetings, every stockholder 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 or
by his written proxy, and . majoritytof
the votes cast shall elect.
Any vacancies occurring among the
Directors by death, resignation or 9TH
erwise, shall be filled by election for
the remainder ct the term by the re-
msining 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 office until their
successors are elected and qualified.
The Board of Directors shall elect
from their own number President and
q 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 !
hx and define the duties Of every officer
and employee, and all officers and en-
ployees shall hold Office and employ
ment at the pleasure of the Board. The
Board may make and establish, as well |
as alter and amend, any and all by laws,
rules and regulations necessary and |
proper In its judgment for tho 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
iaaue bonds, notes and other obllRa-
tions, and generally to do oil things
convenient and necessary
for the proper carving on Ut the busi-
ness of the corporation.
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
either by Limitation or from
any other Cause, its Affairs shall be IL
quidsted by three Commissioners, to be
appointed from among the stockholders
for that purpose, Of which
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.;. Said Com
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 Commits
sioners.