St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1910-05-07


be paid for in cash at the time of sub
scrlption, or the same may be issued
at not less than par, in payment or ex-
change for property or rights actually
received or purchased by said corpora
ton, or the same may be issued, full
paid, for money advanced and for such
other valuable consideration or service,
as the Board of Directors of said cor
poration may determine, provided that
no stock shall be issued until consider
alton therefor has been received by
said corporation; said shares of stock
shall be signed by the President and
Secretary-Treasurer. At all elections by,
or meetings of, the stockholders, each
share of stock shall be entitled to one
vote to be cast by the person in whose
name the stock appears on the books
of the corporation, or by his agent or
proxy, duly authorized to that effect
IN writing. This corporation to become
going concern as soon as the sum Of
Ten Thousand ($10,O0O.00) Dollars is
subscribed for and paid in.
ARTICLE vi.
No stakeholder shall have the author
ity or right to sell Or otherwise dis
pose of his stock in whole or in part
without first giving the, Board Of Di-
rectors fifteen (15) days notice of his
intention or desire to dispose of any
of his stock or a part thereof, and al
lowing the Board of Directors, or in
its default, any stakeholder, the first
opportunity of purchasing the stock.
stock may be sold in open market. The
stock of said corporation may be trans
ferred under the above conditions, pro-
vided such transfer be made on the
books of said corporation at it's Office
at Covington, in the Parish of st. Tam
many, State of Louisiana, and on sur
render of the certificate therefor; the
Board Of Directors shall have the right
to determine how much stock shall be
issued.
ARTICLE VII.
The business affairs and corporate
powers of this corporation shall be
transacted by Board of Directors to
be composed of four "a stockholders.
No person shall be eligible as director
or officer as herein provided in this
Charter, who is not a stockholder in
this corporation.
The members of the Board of Di-
rectors shall be elected by a majority
of the. votes of the stockholders cast
at meeting to be held for that pur-
pose each year The following named
persons shall constitute the first Board
Of Directors, viz: Hardy H. Smith, AL
fred V. Smith, Archie R. Smith, Bar
clay NJ. Smith.
Said Board shall continue in Office
until April, 1911, on the first Monday
thereof, or until their successors are
annually, an election for directors shall
be held at the office of the corporation
at CoVlngton, in the Parish of ST. Tam
many, State of Louisiana, after fifteen
lo days notice thereof shall have
been given by publication in one of the
newspapers published in the Parish of
st. Tammany, by two CD publications
thereof during that time.
A failure to elect Directors on the
date above mentioned shall not dissolve
this corporation, but the existing Board
of Directors shall continue to hold Of
flee, and another election shall be held
as soon thereafter as practicable, of
which notice shall be given in the
manner already provided for notice of
Every Board of Directors shall elect
a; President. a Vice-President and
treasurer, who shall also be the Secre-
tary, from among their own number
me officers as herein created shall
be filled for the ensuing year as fol-
lows: President, H. H. Smith; Vice
Treasurer, A. r. Smith.
ARTICLE VIII.
any vacancy occurring in the Board
Of Directors, from any cause, shall be
hiied by the remaining members of the
Board of Directors, from among the
of the corporation: three
90 members of the Board shall con-
Stitute quorum thereof, unless other
wise provided by the Board of Direc-
tors.
The Board of Directors shall make
such bylaws, rules and regulations as
they think necessary, and change and
alter the same at pleasure. Name and
appoint other officers and EMPLOYEES.
and fix their salaries, term of service,
with the right to dismiss them at said
shall have the right to determine and
TX the salaries and duties of the sew
eral officers herein provided for, and
ascribe other duties to said officers as
WI best subserve the interest and wei
are of the corporation.
They shall also have the power tn
sell, convey, mortgage, pledge, lease,
'up-lease and purchase property, NOV
iDle, lmmovable, personal and mixed
borrow and lend money, and issue notes
IND ponds, make contracts and to do
III things which may be necessary to
properly transact the business of this
ARTICLE TX.
rms act of incorporation NAV be
,hanged. modified or amended, or said
may be dissolved with the
consent Of majority of the amount
u STOCK, present or represented at a
general meeting of the stockholders
II said corporation, and convened for
'uch purpose. after thirty days pre-
,dous notice of such meeting shall have
ne newspapers published in the Par
sh Of st. Tammany, by=fouf publica-
IONS during said time. |
whenever this corporation is dis.
solved, either by Limitation or from
my other cause. it's affairs shall be !
iquidated under the superintendent
# three commissioners chosen for the
purpose from among the stockholders.
~ majority in amount of the stock |
lolders, as above set forth in this
srticle. In the event of the death or |
inability to act of any one of said |
commissioners, the survivors shall con- |
inue to act.
ARTICLE X
No stakeholder of this corporation |
hall ever be held liable or RESPONSE |
lie for the contracts or faults thereof |
n any further sum than the unpaid |
alance due the corporation on the |
mares subscribed for or owned nv |
i'm. nor shall any informally in or
.anfzation have the effect of rendering
his charter null, or exposing a stock
older to any liability beyond the un-
aid balance. If any, of his stock.
THUS DONE AND PASSED in NV
otarial office, in the Town of Coving- |
on, Parish Of st. Tammany, State Of |
louisiana, on the day, month and year
ereln first above written, in the pres
nee of AUGUST COIG and G. BOu-