St. Tammany farmer., 1906-06-16

sh.ll be paid for in cash ct such time,
In such amounts and after such notice
to the subscribers IS may be dxed 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 (3O nor
more than seyen (D stock 5olders, 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 prlor
thereto in q newspaper published In the
town Of Covineton.
At snch elections, and at ell 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 OF
by bis written proxy, and majortty:of
the votes cast shall elect.
Any vacancies occurring among the
Directors by'death, resignation or 9TH
erwise, shall be filed by election for
the remainder Of 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
pame 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 ohiceY
and employee. and al officers and en-
ployees shall hold Office and employ
n.ent at the pleasure Of the Board. The
Board may make and establish. ae well
as alter and amend, any and oil by laws,
rules and regulations necessary and
proper In its judgment for the conduct
support and management OF the Dusl-
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-
ftions, and generally to do ell things
reasonable, convenient and necessary
for the proper carving on of the busi-
ness of the corporation.
The Board may issue full paid shares
of stock for cash, or in payment OF 10:
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 IL
quidated by three Commissioners, to b<
appointed from among the stockholdere
convened for that purpose, Of which
meeting notice shall be given In the
manner and time provided for stock
holders meetings by Article VII o1
this Charter, and majority IN the
amount of the capital stock of sale
company represented at such meeting
shall be requisite to elect. Said Com
missloners shall remain In Office unit
the affairs of said corporation shal
have been fully liquidated. In case O.
the death of one or more Of said Com.
missioners the vacancy shall be flllet
by election by the surviving Commits
sioners.