St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1911-05-20

issued at not less than par for cash,
or in payment or exchange of prop
erty or rights actually received or
purchased by said corporation, pro-
vided that all stock certificates shall
be signed by the president and secre-
tary of said corporation, and no stock
shall be issued unless the considera-
tion therefor has been received by
said corporation.
All transfers of stock shall be made
on the books of said company, at its
office on the surrender of the certifi-
cate thereof
No stockholder shall have 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 ten (10) days written notice
of his intention or desire to dispose
of any of his stock or a part there
of, and allowing the board of direc-
tors or in it's default, any stockhold-
er, the first opportunity of purchas-
ing the stock.
This corporation shall commence
doing business as soon as ten lkous-
and ($10, 0,O00.0O) dollars of it's capi-
tai stock shall have been subscribed
for and paid in, as above provided.
ARTICLE w.
The corporate powers of this cor
poration shall be vested in and eX-
ercised by board of directors,
which shall conist of four "a stock
holders; a majority of whom shall
constitute a quorum for the trans
action of business. Said directors
shall be elected annually from amons
the stockholders on the first Monday
which shall consist of four (4) stock
of May of each year, commencing in
May, 1912.
Notice of such election shall be
given by two Cd publications in a
newspaper published In the town OF
Covington, La, within fifteen (15)
days Immediately preceding said
election.
At said election, and a1 all other
meetings of the stockholders, the
voting shall be by ballet, and each
share of stock shall be entitled to
one vote by the owner in person, or
by written proxy.
Within one week of their election
as above provided for, the board of
directors shall elect from among
their number president, a vice
president and secretary and treas
urer, provided one person may hold
the office of both secretary and treas
urer, and all of said officers and di-
rectors shall hold their respective Of
fcers fo ra period of one % year
ln+a of hnir n1n
until their successors are elected. But
the failure to hold an annual election,
or to elect the officers as above pro-
vided for, shall not result in a dis
solution of this corporation, but the
then board of directors and officers
shall hold their offices until their
are duly elected.
Any vacancies occurring in said
beard of directors shall be filled by
the remaining members of the board,
for the unexpired term, at a meeting
called for that purpose after FIVE (5i
days notice in writing. sent by mail
to said directors at their last known
residence.
The said board of directors shall
have the power to make all bylaw,
rules and regulations for the proper
and conduct of the af-
fairs of this corporation, and to
change, alter, abolish and amend
same at pleasure, and shall have anu
exercise all the powers conferred by
law on this corporation, and as set
forth generally above.
The said board of directors may
also delegate any of said powers in
the transaction of the business OF
this corporation to committees OF
their own body or to the officers and
agents of this corporation.
The first board of directors OF this
are hereby declared to
be, b. T. Toomer, August Stef, Chas.
T. Bradley and Alphonse Stef, with
B. T. Toomer as president, August
Stef as vice president, and Charles
T. Bradley as secretary-treasurer,
who shall hold their respective Of
fees until the first Monday in May,
1912. or until their successors are
elected.
It shall be the duty of the presi-
dent of this corporation, or in the
event of his inability to act, the vice
president, to call meeting OF the
board OF directors OF OI tHe StoSh
holders thereof, on the written re-
quest to that effect signed by two or
more directors, or upon the written
request to that effect of twenty per
cent of the capital stock.
ARTICLE v.
This corporation may be dissolved
by vote of three-fourths of the
capital stock thereof, at a general
meeting convened for that purpose
after forty days advertisement in a
newspaper published in the town OF
Covington, st. Tammany Parish, La,
imme ediately preceding said meeting
and written notices of the objects OF
said meetnt sent to each stockolder
thirty 500 days Immediately prior
to said meeting, at his last known
place of residence.
Whenever this corporation is dis
solved, whether by limitation or
otherwise, its affairs shall be liqui-
dated by three liquidating commits
sioners to be elected at a general
r,oot;pu and in ease of death or in