The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-07-28

ballot and each stakeholder shall be en-
tltled ta one vote for each share of stock
! standing IN his name on the books of
the corporation: which vote shall be
cast IN person or by proxy. and it shall
require a majority of the stock present
or represented to elect.
NO person shall he a member of the
Board of Directors of this company who
Is not stakeholder in said company.
me Board of Directors, while pres
| emily estaDllShed at three shall, upon a
t"o-thlrds (2-3) vote of the stock Of the
| company he increased to five should the
| stockholders OF said company be increas-
cn To that or greater number.
/ Should the Directorate be increased to
foui or five, it shall require three to
| constitute a quorum.
In all matters relating to the manages
ment and general business of said COM
pany that may require an action of the
Board of Directors. majority of the
directors shall control; but sho uldit be
desired to buy or sell real estate. or
mortgage or otherwise hypothecate same
or To pledge or hypothecate the crops
grown by said company, it shall require |
two-thirds t2-3) vote of the stock of
said company.
ARTICLE vi.
failure to elect Directors or officers
az any given time shall not have. the ef- |
rect OF dIssolving the corporation out |
the encumbent directors or officers shall
IN such event, hold onsce continuously
until their successors shall be elected
All notices. Q! stockholders or direc-
tors meetings shall, be by written notice
gwen zen days in advance of the meet
ing except notices to increase the capi-
tai STOCK or alter or amend the charter or
d'ssoive the cOrporation-which shall
be given for thirty days in writing and in
public print
ARTICLE VII.
lhe officers of this corporation shall
consist OF a President. Vice President |
ana Secretary and Treasurer, The
once OF Secretary and Treasurer shall
be held by one and the same person,
Until the election to be neid 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. &. REEVES AS Vice. Pres
ldent, and ADAM SHORT as Secretary
Treasurer. :
ARTICLE VIII.
This charter may be amended, modi-
ned or altered, or the corporation dis
solved with the assent of three. .forrths
Ga in amount of the capital stock pres :
ent or represented at general or
special meeting of tho stockholders held
and convened: for that purpose after thirty
days prior notice in writing and in
prlnt shall have been given unto each :
or sent him by mail to his !.
last known postoffice address.
ARTICLE TX. Il
All transfers Of stock of this corpora-I
tlon must be made upon the surrender
Of the certificate of stock and by or un- a
der the direction of the Secretary uf this S
corporation. Any stOckholder desiringl
10 sell his stock shall first offer the same t
to the remaining stockholders and shall O
not be permitted to sell same to any S
person not already a stakeholder until @
ne has first rendered the stock to the O
remaining stockholders and given them r.
At least ten days option to purchase W
same. After which, he is to be permit Ii
ed to sell to anyone desiring to purchase. a
All stock shall have printed on its V
ace: Transferred to persons not orig a
na'ly charter members of this company O.
'nly upon conditions named in Article tc
4 OF the charter of the company re
ARTICLE \. tf
No stakeholder of this corporation y,
hall ever be held liable for any of tie =.
Indebtedness, contracts or faults thereof Sc
any further sum than the unpaid bal
nee due the corporation on the shares G
wned by him, nor shall any mere in.
in the organization have the =
fect of rendering this charter null or
exposing shareholder to any liabil-
= whatever.
ARTICLE XI.
AT the expiration of this charter or the Il
ariler dissolution of this corporation.
S affairs shall be liqnidated by three r.
two of whom shall hold O1
lock In said company, and said commits :
0ners are hereby vested with full power
nd authority to sell any and all assets
nd property, real, personal or mixed. of
lls corporation, and to convey full and
'mplete title thereto, and to do and per- in
'rm any and all acts essential and prop -,
to full and complete liquidation Of VI
10 affairs OF this corporation, and to til
strlbute the proceeds, if any. as herein -
'ovlded. In tho event "f the death
ability or resignation Of any one or
ore OF said commissioners. the survivor
survivors shall continue to act and be
<ewise vested with all power aud -,
lthority as herein mentioned. w
SO that this charter may serve also the Ill
lrpose OF and as a subscription list, the u,
ldersgred organizers of this corp,r..