The Rice belt journal. (Welsh, Calcasieu Parish, La.) 1900-19??, 1910-08-05


pedient for the business of this cor
pOratiOn.
ARTICLE ".
The capital stock of this corpora
ton is hereby fixed at the sum Of
Twenty Thousand $500, OOO.0O) Dollars,
divided into and represented by Two
Hundred (200l Shares of the par val
ue of One Hundred (SlC0.O0( Dollars
each.
Subscriptions to stock shall be pay
able upon such terms as the Board Of
Directors shall determine, but stock,
fully paid and nOn-a sSesSable, may be
issued for cash, or in payment for
property received by or labor done or
performed for this corporation. No
transfer of stock shall be binding up
on the corporation, unless entered up
on its books.
This corporation shall be and is
hereby authorized to commence bust
ness as going concern and to eXer-
else and enjoy all of the privileges of
a corporation, as soon as Seventy (7O)
Shares of its capital stock shall have
been subscribed for. The remaining
portion Of the stock not subscribed
for upon the organization of this cor
poration, may be placed upon the
market in such blocks, at such times
and upon such terms Of payment as
the Board of Directors may determine,
but in placing said stock upon the
market, the Board OF Directors shall
first offer to such stockholder, at the
time of placing said stock upon the
market, the privilege of purchasing
the same proportion of such block of
new stock as the stock then owned by
him, bears to the total number of
shares issued. All certificates of
stock shall be signed by the President
and countersigned by the Secretary.
ARTICLE V.
All the corporate powers of this
corporation, shall be vested in and
exercised by Board of Directors,
composed of Five ~ stockholders,
who shall be elected annually, on the
First Day of July. of each year, be-
ginning in the year 1910: a majority
of said board shall constitute d quOr-
um for the transaction Of any and all
business.
At all elections each stakeholder
shall be entitled to one vote for each
share of stock held by him. and ma
jority of votes cast shall elect. Stock
holders may vote either in person or
by written proxy. A failure to elect
directors at a regular annual meeting
shall not dissolve the corporation,
but the directors then in Office, will
continue to act until their successors
are elected and qualified, and in that
event another meeting or meetings
shall be called until an election is ef-
fected. =
Notice of the time of holding any
such special election, shall be given
by the Secretary to each stockholder
such notice to be sent by mail, ten
days before such meeting, and direct
ed to each stakeholder at his last
known address,
Immediately upon being elected, the
directors shall elect from among their
own number, President and Vice
President. They shall also elect
Secretary-Treasurer and General
Manager, neither of whom need be d.
rectors of the corporation. The first
meeting of the stockholders for the
election of the Board of Directors,
shall take place on the First Day of
July, 1910, and annually thereafter.
Until said date, the following named
parties shall constitute the Board of
Directors Of this corporation: Geo.
W. Collier, G. w. Hooks, w. H,
Turner, J. II. Putnam, Jr.. and W. D.
Gordon.
Until the first meeting of the stock
holders on the First Day of July, 1910,
the following named parties shall con-
stitute the officers of this corporation,
tO-wit
Geo. W. Collier, President; G. W.
Hooks, Vice President: W. Fl. Turner,
Secretary-Treasurer; aud G. W.
Hooks, General Manager.
They shall exercise the functions
and duties ordinarily exercised by
corresponding or like officers in other
corporations and such others as may
be required of them from time to time,
by the Board of Directors.