The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1906-09-08

2 shall sell his stock without first givin.
written notice to the association of hi
intention To do so: and during five day!
, alter such notification, the association
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 It's purchase. Stock transferred to
third parties in disregard of this article
shall be considered sold to the assoca-
ton at lis market price and the old GER
tlticate 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
WILSON r. PETERMAN. JOHN ..
BELL, j. B. BROWN, J. SULLY
MARTEL, WILSON McKERALL. J.
! W. FOSTER, ID. CAFFERY, JR.,
JOHN NJ. MIGEOT, r. EMMETT
lO'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 ONiell. and they shall
hold Office until their successors are
elected. Donelson Gallery .Jr.. shall be
the Trust Officer of this Corporation,
and his term of office shall expire when
u IN ri ,,f 70, ii,
his successor shall be elected from among
Board. j. w. Foster sh; II be First
Vice President. and Donelson Gallery
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 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 |
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, at the office of the Bank.
The Directors shall elect from their num-
Der President. one or more Vice. Presi-
dents. and a 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
less 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
FOR the proper management of the bust
ness and affairs of this corporation. All
corporate powers are hereby vested in
he Board of Directors. or in such Com
nittees or officers as may be appointed By
he Board with sub-delcgation of author
ty.
ARTICLE Y.
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
sank, and all such loans must be first
anctioneG by the Board Of Directors, ,
D the absence of the applicant for the
)an. r
ARTICLE XII.
Whenever this corporation is dissolv- j
u, either by limitation or Tor any other
ause, its affairs shall lie liquidated by !
hree stockholders, to be appointed at a
eneral meeting, notice of which shall t
e published for thirty days in news
aper or papers published in the Town \
f Franklin, and IA majority of the stock
olders voting at said meeting will be {
aquired to elect. In case of vacancy
mong the Commissioners, the remaip- y
ng Commissioners shall elect a new one
rom among the stockholders. \
ARTICLE XIII.
This Charter may be modified, altered
r amended, the said Corporation dissolv- A
4 with the assent of twO-thirds of the
ockhOlderS present or represented bV G.