The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-08-11

al" euaii Aoll tutl respective CfflCeS
until their successors are elected and
quallhed. All such elections shall be by
ballot, and each stockhoder 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 il shall
! require majority of the stock present
| or represented to elect.
No person shall be a member Of the
Board Of Directors of this company who
Is not stockholder in said company.
The Board of Directors. while pres
emily established at three, shall, npon a
tWo-thlrds (2-3) vote of the stock OF the
company. be increased to five Should the
stockholders of said company be increas-
ed to that or a greater number
Should the Directorate be increased t.
four or five, it shall require three to
constitute a quorum.
In all matters relating to the MANAGES
ment and general business of sal! com,
pany that may require an action Of the
Board OF Directors. majority Of the
directors shall control: but slo uId;t he
desired to buy or sell real estate. or
mortgage or otherwise hypothecate same
or to pledge or hypothcca,e the crops
grown by said company, it shall require
a two-thrds (2-3) vote of the stock of
said company.
ARTICLE vi.
A failure to elect Directors or officers
at any given time shall not have the ef- |
lect of dlssOiving the corporation but |
the encumbent directors or officers shall
IN such event. hold office continuously |
until their SUCCESSORS shall be elected,
All notices. of ockholders' or djrec- !
tors meetings shal, be by written notice
given ten days in advance Of the meet
ing except notices to increase the cap-
tai stock or alter Or amend the charter or
dissolve the corporation which shall
be gwen for thirty days in writing and in
public print.
ARTICLE VII.
The officers Of this corporation shall
consist of President, Vice President
and Secretary and Treasurer. The
Once OF Secretary and Treasurer shah
be held by one and the same person
Until the election to be held on the
hrst 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. G, REEVES as Vice. Pres
ldent, and ADAM SHORT as Secretary
Treasures.
ARTICLE VIII.
This charter may be amended. mod;-
bed or altered, or the corporation dis
solved with the assent Of three-fourths
3-4 III 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
lays prior notice in writing and in
orlnt shall have been given unto each {
'tockholder or sent him by mail to his
asst known postotfice address.
ARTICLE TX. i
All transfers Of stock Of this CORPORA
ION must be made upon the surrender !
II the certificate of stock and by or un- &
Ier the direction of the Secretary IF this S
corporation. Any stockholder desiring
o sell his stock shall first offer the same (
o the remaining stockholders and shall c
lot be permitted to sell same to any S
'erson not already stakeholder until | q
e has first rendered the stock to the {
stockholders and given them r
t least a ten days option to purchase "
ame After which, he is to be permit Il
ed to sell to anyone desiring TO purchase a
All stock shall have printed on its '
ace: 'Iransfer2ad so pe,soas not orig a
paily cfarter members Of this company O
My SpoI conditions named in Article tt
\ OF tse charter Of the company r.
ARTICLE X. u
No stakeholder of this corporation -
hall ever be held liable for any of tie -
contracts or faults thereof 6,
any further sum than the unpaid bal
nee due the corporation on the shares G
wned by him, nor shall any mere in "
srmality in the organization have the
fect Of rendering this charter null or
exposing shareholder to any liabil-
Y whatever.
ARTICLE XI.
At the expiration of this charter or the q
,rller dissolution of this corporation,
affairs shall be liquidated by three p
two of whCIa shall hold n
Ock In said company, and said commits
oners are hereby vested with full power
nd a4thority to sell any and all assets
I'd property, real, personal or mixed, of
lis corporation, and to convey full and
'mplete title thereto, and to do and pcr
rm any and all acts essential and r.gop- ii,
to full and complete liquidation of r,
. affairs Of this corporation, and to y
strlbute the proceeds, if ANY, as herein +
divided. In the event Of the death
ability or resignation of any one or
ore OF said commissioners, the suyyivorI
survivors shall continue to act and be
kewise vested with all power and
thority as herein mentioned. +;
So that this charter may serve also the =,
'rpose of and as subscription list. the II
'dersigned organizers of this corpora Y