The St. Mary banner., 1906-07-14
FRANKLIN, La, SATURDAY, JULY IA, 1906

until their SUCCESSORS are elected and
qualified. All such elections shall be by
( ballot, and each stockholder shall be en-
! titled to one vote for each 81 are Of stock
| standing in his name on tfe books of
the corporations; 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 be a member of the
Board Of Directors of this company who
| is not a stockholder in said company
The Board of Directors, while pres
emily established at three, shall, upon
two-thirds (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 greater number.
Should the Directorate be increased to
four or five. it shall require three to
constitute d quorum.
In all matters relating to the manages
ment and general business of said com-
pany that may require IN action Of the
Board of Directors. a majority of the
Directors shall control: but should it be
desired TO buy or sell real estate, or
mortgage or otherwise bypothecate same
or to pledge or hypothecate the crops
grown by said company, it shall require
two-thirds (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-
| feet Of dssolving the corporation, but
| the encumbent directors or officers shall,
| in such event, hold office continuously
until their successors shall be elected.
| All notices. of stockholders or direc-
tors meetings shal, be by written notice
| given ten days in advance of the meet
ing except notices to increase the capl-
tai stock or alter or amend the charter or
dissolve the orporation-which shall
be given for thirty days in writing and in
public print.
ARTICLE VII.
The officers of this corporation shall
consist of President, Vice-President,
and a Secretary and Treasurer. The
Office Of Secretary and Treasurer shall
be held by one and the same person.
Until the election to be held on the
first 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, 4. G. REEVES as Vice.Pres-
ident, and ADAM SHORT as Secretary
| Treasurer.
ARTICLE VIII.
| This charter may be amended. mod;
| fed or altered, or the corporation dis
solved with the assent of three-fourths
! GA in amount of the capital stock pres
to1 ot
| special meeting of the stockholders held
days prior notice in writing and in
stockholder or sent him by mail to his
last known postofice address.
ARTICLE TX.
| All transfers of stock of this corpora
! tion must be made upon the surrender
of the certificate of stock and by or un-
der the direction Of the Secretary If this
corporation Any siockholder desiring
| to sell his stock shall first offer the same
to the remaining stockholders and shall
not be permitted to sell same to any
person not already stockhol,ler until
be has first rendered the stock to the
remaining stockholders and given them
at least a ten days option to purchase
same. After which, he is to be permit
ted to sell to anyone desiring to purchase
All stock shall have printed on its
| face: ''Transferred to persons not orig
| inally charter members of this company
only upon conditions Damed in Article
TX of the charter of the company"
ARTICLE X.
No stockholder of this corporation
Indebtedness, contracts or faults thereof
in any further sum than the unpaid bal
ance due the corporation on the shares
| owned by him, nor shall any mere in
| formality in the organization have the
effect of rendering this charter null or
of exposing shareholder to any liabil-
| ity whatever.
ARTICLE nj.
At the expiration of this charter or the
earlier dissolution of this corporation,
its affairs shall be liquidated by three
commissioners. two OF whom shall hold
stock in said company, and said commits
sioners are hereby vested with full power
and authority to sell any and all assets
! and property, real, personal or mixed, of
| this corporation, and to convey full and
complete title thereto, and to do and per-
form any and all acts essential and prop
| er to full aud complete liquidation of
the affairs Of this corporation, and to
distribute the proceeds, if any. as herein
provided. In the event "f the death,
inability or resignation of any one or
, more of said commissioners, the survivor
| or survivors shall continue to act and be
| likewise vested with all power and
| authority as herein mentioned.
So that this charter may serve also the
purpose of and as subscription list, the
| undersigned organizers OF this corpora
| tian have respectively subscribed for
stock therein in the number of shares