The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-10-06

IL
| through it's Board of Directors. shall
| have the right to buy said stock at such
bona fide 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 it's market price and the old GER
titicate shall be cancelled, and new ones
issued to the association.
ARTICLE VII.
This corporation shall be managed by
a Board of Directors composed of twelve
stockholders. The following persons
are hereby nominated for the first Board
Of Directors, tO-wit:
DONELSON CAFFERY. WILLIAM
KRAMER. J. B. RODRIGUEZ,
WILSON T. PETERMAN, JOHN y.
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 hole office until
the second Tuesday of January, 1907.
The President Of this Bank shall be
Wilson McKerall, and the Cashier shall
be K. Emmett ONiell, and they shall
hold office until their successors are
elected. Donelson Caffery Jr.. shall be
the Trust Officer Of this Corporation.
and his term of Office shall expire when
new Board of Directors is elected, and
his successor shall be elected from among
the Board Of Directors on the new
Board. j. w. Foster shall be First
Vice President. and Donelson Gallery
shall be Second Vice President.
ARTICCE VIII.
The Board of Directors shall be elect
cd annually on 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 for not .ess than ten days prior to
said election, in one or more newspa-
pers in the Town of Franklin. Each
share of stock shall be entitled to one
vote. The stockholders may vote by
written proxy, and majority of the
votes cast shall elect. Any vacancies
occurring on the Board of Directors
shall be filled by it for the remainder of
tie 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 quorum for the transaction |
of business, at the Office of the Bank. |
The Directors shall elect from their num-
Der President. one or more Vice Presi- |
dents. and Cashier. They may 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 IN.
The Board Of Directors may make and
establish, alter or amend any and all
bylaws, rules and regulations necessary
for the proper management of the bust
ness and affairs of this corporation. All
corporate powers are hereby vested in
the Board OF Directors, or in such Com
mittees or officers as may be appointed By
the Board with sub delegation of author
ty
ARTICLE X.
The seal Of this corporation shall be
"a Pelican feeding her young encircled
with the words The ST. Mary Bank and
Trust Company. Incorporated August
9O6'.
ARTICLE XII.
Neither the President or Cashier of
his bank shall ever be permitted to Dor
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
by the Board Of Directors,
D the absence Of the applicant for the
Dan.
ARTICLE XII.
Whenever this corporation is dissolv- +
d, either by limitation or for any other
a,se, its affairs shall lie liquidated bv ! .
hree stockholders, to be appointed at "A +,
eneral meeting, notice Of which shall
e published for thirty days in news
apcr or papers published in the Town
+ Franklin, and majority of the stock
oldrrs voting at said meeting will be
equired 10 elect. In case Of vacancy
mong the Commissioners, the remain
lg Commissioners shall elect IA new one
rom among the stockholders.
ARTICLE XIII. 7
This Charter may he modified, altered
ramended, the said Corporation dissov- 4
| with the assent of tWO-thirds of the
ockhOlders present, or represented by {
roxy at a general meeting of the stock
Dlders called for that purpose, after n
ltIcn thnrnnf has haan ariyau Ii, 1,no