The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-15

through its Board of Directors, shall
have the right to buy said stock at such
bona tide price as may be offered for same.
The association shall reissue said stock
before the expiration of thirty days
from its purchase. Stock transferred to
third parties in disregard of this article
| shall be considered sold to the associa-
ton at its market price and the old GER
tjficate shall he cancelled, and new ones
issued to the association.
ARTICLE VII.
This corporation shall be managed by
a Board of Directors composed of twelv.
stockholders. The following persons
are hereby nominated for the first Board
| of Directors, tO-wit:
DONELSON CAFFERY. WILLIAM
KRAMER, j. B. RODRIGUEZ,
WILSON r. PETERMAN. JOHN D..
BELL, j. B. BROWN, J. SULLY
MARTEL, WILSON MCKERALL, j.
w. FOSTER, ID. CAFFERY, JR..
JOHN NJ. MIGEOT, r. EMMETT
O'NIELL.
Said Directors shall hold Office until
the second Tuesday of January, 1907.
The President of this Bank shall be
Wilson McKerall, and the Cashier shall
be K. Emmett O'NielI, and they shall
hold office until their successors are
elected Donelson Caffery Jr., shall he
the Trust Officer of this Corporation,
and his term of office shall expire when
"A new Board of Directors is elected, and
his successor shall be elected from among
Board. J. w. Foster shall be First
shall be Second Vice President.
ARTICCE VIII.
The Board Of Directors shall be elect
cd annually Oh the second Tuesday of
January. of each year. No person shall
be eligible to serve on the Board of Di-
rectors who owns less than ten shares of
the capital stock of this corporation
All such elections shall be by ballot and
conducted at the Office of the assOcia-
ton, under the supervision of three
commissioners. to be appointed by the
Board of Directors. Notice of such
election shall be given by publishing
same Tor not .ess than ten days prior to
said election. in one or more ncwspa>
pers in the Town Of Franklin. Each
share of stock shall be entitled to one
vote. The stockholders may vote bv
written proxy, and a majority of the
votes cast shall elect. Any vacancies
occurring on the Board of Directors
shall be filled by it for the remainder of
the term of the board In case an cleo
ton is not held as provided for herein,
the Directors then in Office shall hold
over until their successors are elected
and qualified, and in that case, an cleo
ton shall be held as soon as possible.
after notice has been given as above pro-
vided for. Five Directors, including
the President or acting President shall
constitute a quorum for the transaction
Of business, ut the Office of the Bank.
The Directors shall elect from their num-
Der President. one or more Vice. Prpsi-
dents. and Cashier They NAV from
time to time appoint and employ such
officers, assistant cashiers, clerks and
other employees, as they may deem
necessary for the purpose of the bust
ness Of this corporation, and they shall |
hold office at the pleasure of the Board. +,
ARTICLE TX.
The Board of Directors may make and
establish, alter or amend any and all |
bylaws. rules and regulations necessary |
ness and affairs of this corporation, All |,
corporate powers are hereby vested in
the Board of Directors, or in such Com
mlttees or of1lcers as may be appointed b; |,
the Board with sub delegation of author
ity.
ARTICLE
The seal of this corporation shall be
IA Pelican feeding her young encircled
with the words The St. Mary Bank and
Trust Company. Incorporated August
1906.
ARTICLE XII.
Neither the President or Cashier of
his bank shall ever be permitted to bor-
'ow from it, either with or without COL
ateral security any amount exceeding
en- per cent Of the capital stock of the
Bank, and all such loans must be first
sanctioned by the Board OF Directors.
D the absence Of the applicant for the
Dan.
ARTICLE XII.
Whenever this corporation is dissolv-
q, either by limitation or for any other
ause, its affairs shall lie liquidated bv
hree stockholders, to be appointed at
eneral meeting. notice of which shall |
e published for thirty days in a news
apcr or papers published in the Town
f Franklin, and a majority of the stock
olders voting at said meeting will be
equired to elect. In case of vacancy
lnong the Commissioners, the remain \
X Commissioners shall elect IA new one
rom among the stockholders. \
ARTICLE XIII.
This Charter may he modified, altered
amended, the said Corporation dissov- A
with the assent of twO-thirds of tbc
ockhOlders present, or represented bv c
'oxy at general meeting of the stock
'lders called for that purpose, after N