The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-12-24

'ADN
ceIyed by the corporation. The corpora
ton shall become Il going concern and be
authorized to do business as soon rs
THIRTY five Thousand 49,, 000) Dollars of
its capital stock shall have been subscribed
for.
ARTICLE V.
All the powers of said corporation shall
be vested in and exercised ay Board of
Directors to be composed of not less than
three nor more than nine stockholders to
be elected annually on the first Monday IN
January of each year, except the first
Board appointed in this character, who
shall hold their office until the first Mon
day in January, 1912. The Stockholders.
before proceeding to erect a Board of Dl-
rectors at each annual meeting, shall Tx
the number thereof within the limits
above prescribed. majority OF whom
shall constitute quorum. Al such elec>
tons shall be held by ballot and con-
Quoted at the office of said COOPERATION I'm.
der the supervision of three commission
ers to be appointed by the Board of Di-
rectors. Notice of such election shall be
given by the Secretary of the company by
publication sor not less than ten days, nor
more than fifteen days prior thereto. in a
newspaper published in the TOwr of Nor.
gan City, Parish of st. Mary. Louisiana.
At all such elections and at all meetings
of stockholders every stakeholder shall be
entitled to one vote for each share OF stock
standing in his name on the books of the
Company to be cast in person or by wrlt>
ten proxy, and ma jority of votes cast
shall elect. ANY vacancy occurring among
the Directors by death. resignation OF
otherwise, shall be filled by election for
the remainder of the term by the remain
ing directors. Failure TO elect Directors
upon 1.-THE date above specified shall no.
dissolve the corporation nor impair It's
corporate management, but the Directors
then in office snail remain IN office until
their successors are elected and qualified.
The Board Of Directors shall eject from
their number President and Vice: Pre>l-
dent, and they shall also elect Secretary
and Treasurer, or one person who shall
occupy both positions, which person or
persons may or may not be a member of
the board. The said Board may from time
to time name and appoint all such other
officers and agents as they may deem ne
cessary for the purpose and BUSINESS of
the corporation. They shall have power
to fix and define the powers and duties of
all other officers and employees and liz the
salaries of same, and ali officers and en-
ployees shall hold office and employment
at the pleasure of the Board. The Board
may make and establish, as we'll as alter
and amend by two-thlrdS majoaity, any
and all by laws, rules and regulations ne
cessary and proper in its judgment for the
conduct, support and management of the
business and affairs of said corporation.
The Board shall have the full power and
authority to borrow or loan money, to ex-
ecute or receive mortgages and liens, to
issue bonds. notes and other obligations,
to create servitudes, and generally to do
all things reasonable, convenient and ne
cessary for the proper carrying on of the
business of the corporation. Every Di-
rector in case of his absence from the Par
ish of st. Mary, or the state of Louisiana,
shall have the power and auth ority to
appoint in writing a stakeholder, or any
member of the Board of Directors sof the
company as his proxy to 1T in his lieu aud
stead at all meetings Of the Board of Di-
rectors, and to represent him at such
meetings, as fully as though he himself
were present. such written proxies must
be filed with the Secretary OF the Com.
pany.
Upon the written request of stock olders
owning at least one third of the stock of
the Company, the President shall be re
quired to call special meeting of the
stockholders hereof. Notice of such
special meeting shall be given both by
publication IN weekly newspaper pubs
lished in the Town of Morgan City, Parish
of st. Mary, of such proposed meeting for
period of four weeks, and by written
notice mailed by the Secretary to each
stakeholder at his last known address
at least ten days prior to such meeting.
ARTICLE vi.
Whenever this corporation NAV be dis.
solved, either by limitation or from anv
other cause, its affairs shall be liquidated
by three commissioners to be appointed
from among the stockholders at a general
meeting of the stockholders convened for
such purpose OF which meeting notice shall
be given IN the manner and time provided
for by article seven of this charter, and a
majority in amount of the capital stock OF
said company represented at such meeting
shall be requisite to elect. Said commits
sioners shah remain in office until the af-
fairs OF the said corporation shall hive been
fully liquidated. In case of death of one
or more of said commissioners. the
vacancy shall be filled by election of the
surviving commissioners.
ARTICLE VII.
This act of corporation may be modified.
changed or altered, or said corporation
may be dissolved with the assent of two.
thirds of the capital stock represented at a
general meeting of the stockhol 'ers con.
vened for such purpose and after notice
shall have been given In one or more
newspapers published in the Town of Nor.
gan City, Parish of ST. Mary, once a week
for four weeks preceding the meeting. AMI
by written notice to each stOckhOlder
mailed to him thirty days prior t. the date
of meeting at the post office address de.
by him in writing. Any changes
proposed or made is Difference to the
capital stock shall be made in accordance
Mlth the laws of the State of Louisiana on
the subject o, altering the capital stock of
corporations.
ARTICLE VIII.
No stakeholder shall ever be liable for
contructs or faults of said corporation in
any lther sum than the unpaid balance
due the corporation on thelshares of stock
owned by him. nor shall any more inform
atty of organization affect or render this
charter null or expose any stakeholder to
any liability beyond the unpaid amount
remaining due on his stock.
ARTICLE TX.
E. A. Pharr, John A. Pharr, Earl S.
Barnett, Robert E. Milling, Warren B.
Reed, E. B. Hewes. Chas. A. Denis. Maui